Evernorth Speeds Nasdaq Listing Process After SEC Declares S-4 Effective

Evernorth, a digital-asset treasury company focused on XRP, is moving faster toward a Nasdaq listing after the U.S. Securities and Exchange Commission declared effective an S-4 registration statement tied to its planned business combination.

On Aug. 27, Evernorth and special purpose acquisition company Armada Acquisition Corp. II announced that the SEC had declared effective the S-4 registration statement filed in connection with their merger.

The next step is shareholder approval. Armada plans to hold a special shareholder meeting on Sept. 30 to vote on the business combination. If shareholders approve the deal and other listing requirements are met, the combined company will trade on Nasdaq under the ticker XRPN. The transaction is slated to close at the end of the third quarter or in the early part of the fourth quarter.

Evernorth is pursuing a strategy that goes beyond holding XRP alone. The company plans to invest capital in related infrastructure and the broader ecosystem to raise XRP holdings per share. Its plan is to actively manage its XRP treasury through revenue-generating strategies, ecosystem participation and capital-markets activity.

"The effectiveness of the S-4 registration statement is a key milestone toward completing the business combination," Evernorth founder and Chief Executive Officer Ashish Birla said. "It brings us one step closer to building an actively managed XRP treasury with the transparency and governance required by public markets."

Evernorth's key investors include Ripple, SBI Group, Pantera Capital, Kraken, GSR and Arrington Capital. The company plans to expand its role in supplying capital across the XRP ecosystem, including tokenized assets, on-chain credit markets and payments infrastructure.