Evernorth Holdings, Inc. announced that the U.S. Securities and Exchange Commission has declared its S-4 registration statement effective, marking a key step toward a public market debut.
The SEC application is tied to Evernorth's proposed business combination with Armada Acquisition Corp. II, a special purpose acquisition company. Through the transaction, the digital asset treasury firm plans to list its shares on the Nasdaq.
Evernorth serves as a regulated vehicle intended to provide public market investors with exposure to XRP. The firm focuses on deploying capital into XRP-based infrastructure and executing treasury strategies designed to increase its XRP-per-share holdings.
"We plan to enter public markets as blockchain utility continues to grow, and we believe institutional finance will increasingly be built on-chain," said Evernorth Founder and CEO Asheesh Birla. "Evernorth is designed to accelerate XRP's role in that work."
The S-4 registration covers up to 34,499,992 shares of Evernorth Class A common stock and 11,499,992 warrants that will be issuable as part of the business combination. Following the anticipated completion of the merger, the combined company is expected to trade under the ticker symbol XRPN.
The merger remains subject to shareholder approval and is expected to close in late the third quarter or early the fourth quarter of the year. Evernorth's investor backing includes Ripple, Arrington Capital, SBI Group, Pantera Capital, Kraken, and GSR.
