Evernorth has filed an updated Form S-4 with the SEC to facilitate its Nasdaq listing through a merger with Armada Acquisition Corp. II. The digital asset treasury firm, backed by Ripple Labs, aims to trade under the ticker XRPN, pending regulatory and shareholder approvals. The merger, initially announced in October 2025, is expected to generate approximately $1 billion in gross proceeds, primarily to expand Evernorth's XRP treasury strategy. Evernorth currently holds 473.27 million XRP, acquired at an average price of $2.54 per token. With XRP now trading at $1.38, the firm's holdings have seen a valuation decline of about 21%. The SEC's recent guidance classifies XRP as a digital commodity, aligning with Ripple's stance on its regulatory status.
Evernorth Advances Nasdaq Listing with SPAC Merger Filing
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