Evernorth secures SEC clearance for Nasdaq listing via Armada SPAC merger
Evernorth Holdings has secured U.S. regulatory clearance to merge with a blank-check company, paving the way for a Nasdaq debut that will give public market investors a regulated vehicle to hold XRP.
Evernorth Holdings has received effective status for its Form S-4 registration from the U.S. Securities and Exchange Commission. This regulatory milestone clears the path for the digital asset treasury company to complete its business combination with Armada Acquisition Corp. II and list on the Nasdaq.
The transaction will create a publicly traded vehicle specifically designed to hold XRP. This structure offers institutional and retail investors a regulated method to gain exposure to the fifth-largest cryptocurrency without managing the underlying digital assets directly. If shareholders approve the deal, the combined entity will begin trading under the ticker symbol XRPN.
The newly effective registration statement covers up to 34,499,992 shares of Class A common stock. It also includes 11,499,992 warrants that will become issuable upon the completion of the corporate combination.
Evernorth expects the merger to close in the late third quarter or early fourth quarter of this year. The firm is backed by a prominent roster of crypto and traditional finance investors, including Ripple, Pantera Capital, Kraken, SBI Group, Arrington Capital, and GSR.
Founder and Chief Executive Asheesh Birla framed the public debut as a strategic move to capitalize on the expanding utility of blockchain networks. "We plan to enter public markets as blockchain utility continues to grow, and we believe institutional finance will increasingly be built on-chain," Birla stated. He added that the corporate entity is specifically built to accelerate the token's role in that ongoing transition.
The corporate milestone arrives as XRP maintains a substantial market footprint, currently valued at approximately $91.6 billion. The underlying digital asset recently traded at $1.46, reflecting a 4 percent gain over a 24-hour period. This price action suggests market participants are actively pricing in the implications of a new, regulated institutional entry point for the token.
