Evernorth Holdings, an XRP treasury company, said its S-4 registration statement filed with the U.S. Securities and Exchange Commission has been declared effective, clearing the way for the next steps in its planned merger with special purpose acquisition company Armada Acquisition Corp. II and a Nasdaq listing. The company said the effectiveness of the registration statement does not mean the merger has closed, and the transaction still requires shareholder approval. Evernorth plans to operate as a regulated digital asset treasury company focused on giving public market investors exposure to XRP. It also said it intends to allocate capital to XRP-related infrastructure and treasury strategies aimed at increasing the amount of XRP represented on a per-share basis. The company expects the merger to close in late Q3 or early Q4 this year. After completion, the combined company is expected to trade under the ticker XRPN. The S-4 covers up to 34,499,992 shares of Evernorth Class A common stock and 11,499,992 related warrants. Investors in Evernorth include Ripple, Arrington Capital, SBI Group, Pantera Capital, Kraken, and GSR.
Evernorth Holdings said on Aug. 28 that its S-4 registration statement filed with the U.S. Securities and Exchange Commission has become effective, allowing the company to move ahead with the next steps in its planned merger with special purpose acquisition company Armada Acquisition Corp. II and its proposed Nasdaq listing.
The company said the registration becoming effective does not mean the merger has been completed. The deal still needs shareholder approval.
Evernorth outlines planned role after the merger
Evernorth said it plans to operate as a regulated digital asset treasury company that gives public market investors exposure to XRP. It also said it intends to deploy capital into XRP-related infrastructure and treasury strategies designed to increase the amount of XRP represented per share.
According to the company, the merger is expected to close in late in the third quarter or early in the fourth quarter of this year. Once the transaction is completed, the combined company is expected to trade under the ticker XRPN.
S-4 covers shares and warrants
The S-4 filing covers up to 34,499,992 shares of Evernorth Class A common stock and 11,499,992 related warrants.
Backers named by the company
Evernorth's investors include Ripple, Arrington Capital, SBI Group, Pantera Capital, Kraken, and GSR.
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