Evernorth's SEC-approved merger with Armada to create an XRP-focused treasury company set for Nasdaq listing (XRPN) after shareholder vote on September 30, backed by $1B+ from Ripple, Kraken, and other major investors.
Regulation & Gov ·
The SEC has cleared the Form S-4 registration statement for Evernorth's combination with Armada Acquisition Corp. II, moving the XRP-focused treasury venture toward a Nasdaq listing under ticker XRPN. Shareholders are set to vote on the transaction on September 30, with the merged entity expected to commence trading should the proposal pass.
Evernorth has lined up over $1 billion in capital commitments and gross proceeds ahead of the combination. The backing includes participation from Ripple, SBI Group, Pantera Capital, and Kraken, positioning the venture to operate as a dedicated holder and manager of XRP reserves. The regulatory approval of the registration statement removes a key procedural hurdle and sets the timeline for the shareholder ballot.
What remains unclear is whether the September 30 vote will result in approval, and if so, the exact timing of when trading on Nasdaq would commence following any affirmative outcome.