U.S. Treasury · SEC · Decrypt
The SEC declared the firm’s registration effective, which means it can now merge with Armada
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If the vote passes and the remaining closing conditions clear, the combined firm expects to debut on Nasdaq under the ticker "XRPN," with the deal targeted to close in late Q3 or early Q4 of this year.
Key facts
- XRP has kept sliding since—trading near $1.37 on Friday, down more than 5% on the day and well off its July 2025 all-time high of $3.65
- The Securities and Exchange Commission has cleared a path for Evernoth Holdings, an XRP treasury company, to list on the Nasdaq
- The firm's backers include Ripple, Arrington Capital, SBI Group, Pantera Capital, Kraken, and GSR
- The SEC declared the company’s registration effective, which means it can now merge with Armada, a Nasdaq-listed special purpose acquisition company, or SPAC, and go public—if shareholders approve
Summary
The SEC declared effective Evernorth's Form S-4 registration statement on August 27, clearing Armada Acquisition Corp. II to schedule a shareholder vote on their merger. Armada shareholders of record as of August 20 will vote on the deal September 30; investors seeking redemption must file by September 28. Evernorth aims to become the largest publicly traded XRP treasury, but the roughly $947 million it spent on XRP last October is now worth hundreds of millions less. The Securities and Exchange Commission has cleared a path for Evernoth Holdings, an XRP treasury company, to list on the Nasdaq. The SEC declared the company’s registration effective, which means it can now merge with Armada, a Nasdaq-listed special purpose acquisition company, or SPAC, and go public—if shareholders approve the deal during a vote set for September 30.