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Evernorth nears Nasdaq listing after SEC clears registration
A Sept. 30 shareholder vote is the final step before the merged company trades on Nasdaq under the ticker XRPN.
CoinDesk reports the U.S. Securities and Exchange Commission cleared Evernorth’s registration, setting up a Sept. 30 shareholder vote before its merger with Armada Acquisition Corp. II and planned Nasdaq listing under the ticker XRPN.
The San Francisco company is backed by Ripple and other major crypto investors, and plans to hold XRP on a public balance sheet. Evernorth said it wants to invest in XRP infrastructure and gradually increase the amount of XRP backing each share over time.
Evernorth’s approach also comes with risks, according to the outlet, because crypto treasury companies can trade below the value of their token reserves. That discount can limit their ability to raise new capital through additional share issuance.
CoinDesk notes the deal is expected to close in late September or October, and that Evernorth’s merger structure relies on Armada’s shareholders approving the transaction. Ripple is an investor in Evernorth alongside Arrington Capital, SBI Group, Pantera Capital, Kraken and GSR.
Latest closeXRP $1.422 ▼0.0%|Nasdaq Comp. 26,130.20 ▼0.1%