Evernorth Wins SEC Approval With One Step Left for Nasdaq

TL;DR

• Evernorth’s SEC registration is effective, leaving a September 30 Armada Acquisition Corp. II shareholder vote before the Nasdaq listing under ticker XRPN.
• Ripple, Arrington Capital, SBI Group, Pantera Capital, Kraken and GSR back Evernorth, which plans to hold XRP and invest in related infrastructure.
• The company aims to increase XRP backing each share over time, but treasury firms can trade below reserve value, limiting share issuance as a funding tool.

Evernorth has cleared a regulatory hurdle in its bid to become a publicly traded XRP treasury company, after the U.S. Securities and Exchange Commission declared its registration effective. The San Francisco firm is merging with Armada Acquisition Corp. II, a shell company created to take a private business public without a traditional listing. The remaining obstacle is now a shareholder vote scheduled for September 30. If approved, the combined company expects to close the transaction in late September or October and begin trading on Nasdaq under the ticker XRPN. The SEC clearance effectively completes the registration stage.

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