XRP Treasury Company Gets One Step Closer to Listing on Nasdaq

In brief

• 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.

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. Effectiveness doesn't mean the SEC has endorsed the merger, Evernorth's business model, or XRP as an investment; it just clears the paperwork for the vote to happen.