Evernorth Holdings, an XRP treasury company backed by Ripple, Kraken, SBI Holdings, Pantera Capital, and Arrington Capital, has cleared SEC registration for its merger with SPAC Armada Acquisition Corp. II, moving it closer to a Nasdaq listing. Armada shareholders vote on the deal on Sep. 30, with the combination expected to close in late Q3 or early Q4 2026.
Evernorth Holdings cleared a key hurdle toward its Nasdaq debut after the SEC cleared its registration statement on Aug. 27. The company, an XRP treasury vehicle backed by Ripple, Kraken, SBI Holdings, Pantera Capital, and Arrington Capital, is led by former Ripple executive Asheesh Birla, with Ripple CEO Brad Garlinghouse serving as an advisor.
SEC clearance sets up shareholder vote
Evernorth filed its registration statement with the U.S. Securities and Exchange Commission in March to go public through a merger with special purpose acquisition company Armada Acquisition Corp. II, which trades on Nasdaq under the ticker AACI. With the registration now effective, Armada can convene a shareholder meeting on Sep. 30 to vote on the transaction, a step Evernorth called one of the last key milestones before its Nasdaq debut.
According to TheStreet, Birla said the registration statement's effectiveness leaves the company "one step closer to delivering on our vision" of an actively managed XRP treasury built with public-market transparency and governance.
Deal timeline and ticker
The business combination is expected to close in late Q3 or early Q4 2026, subject to shareholder approval and customary closing conditions. If the deal completes, the combined company's shares will trade under the ticker "XRPN."
XRP was trading at $1.37 at the time of the report, according to Decibel.
Source: TheStreet
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