SEC Greenlights Evernorth's Merger with Armada Acquisition Corp II
The US SEC has approved the registration statement on Form S-4 for Evernorth Holdings' proposed merger with Armada Acquisition Corp II. This approval brings Evernorth one step closer to launching its proposed XRP treasury, which aims to participate in the ecosystem by allocating capital to XRP-based infrastructure and deploying strategies to grow XRP per share over time.
Armada Acquisition Corp II's shareholders will vote on the proposed business combination on September 30. If approved, the combined company will trade under the ticker 'XRPN' on Nasdaq. The Ripple-backed firm has attracted investors including Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken, and GSR.
As a result of the SEC approval, XRPN stock jumped to $10.55 on Thursday, with a year-to-date increase of almost 3.50%. The XRP price also rallied, rising over 3% to $1.46 amid treasury news. Trading volume has dropped by 7% over the last 24 hours ahead of crypto options expiry.