XRP treasury firm Evernorth says SEC registration now effective, clearing way for Nasdaq listing

Evernorth Holdings, Inc. announced today that the U.S. Securities and Exchange Commission has declared its S-4 registration statement effective, allowing progress toward a public listing. 

The SEC application involves Evernorth's proposed business combination with Armada Acquisition Corp. II, a special purpose acquisition company (SPAC), through which the firm plans to list on the Nasdaq.

Evernorth is a digital asset treasury company designed as a regulated vehicle for public market investors seeking exposure to XRP (XRP). It aims to actively deploy capital into XRP-based infrastructure and execute treasury strategies to grow its XRP-per-share.

"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."

Evernorth said the SPAC merger is expected to close in late Q3 or early Q4 of this year, subject to shareholder approval. Its investors include Ripple, Arrington Capital, SBI Group, Pantera Capital, Kraken, and GSR, among others.

If the merger closes, the combined company is expected to trade under XRPN. The S-4 registers up to 34,499,992 shares of Evernorth Class A common stock and 11,499,992 warrants issuable in the combination.

XRP (XRP) is currently the world's fifth-largest cryptocurrency with a market capitalization of $91.6 billion. It is up 4% in the past 24 hours, trading at $1.46, according to The Block's price page.