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Evernorth SEC S-4 effective, paving way for Nasdaq listing

The company behind an XRP treasury vehicle said the SPAC merger with Armada Acquisition Corp. II is expected to close in late Q3 or early Q4, subject to shareholder approval.

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Evernorth Holdings, Inc., an XRP treasury firm designed for regulated public market exposure to XRP, said its Form S-4 registration statement with the U.S. Securities and Exchange Commission is now effective. The Block reports the update clears the way for the next steps toward a public listing.

According to The Block, the S-4 relates to Evernorth’s proposed business combination with SPAC firm Armada Acquisition Corp. II, which the company plans to use to list on Nasdaq. If the merger closes, the combined company is expected to trade under ticker XRPN.

The Block adds that the SPAC transaction is expected to close in late Q3 or early Q4 this year, pending shareholder approval. The filing would register up to 34,499,992 shares of Evernorth Class A common stock and 11,499,992 warrants issuable in the combination.

Evernorth’s structure targets capital deployment into XRP-based infrastructure and treasury strategies intended to grow its XRP-per-share, the company said, with its founder and CEO Asheesh Birla arguing institutional finance is increasingly shifting on-chain. The Block also notes XRP is up 4% over the past 24 hours, trading at $1.46, and is currently described as the world’s fifth-largest cryptocurrency by market capitalization at $91.6 billion.

Latest closeXRP $1.422 ▼0.0%|Nasdaq Comp. 26,130.20 ▼0.1%

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