The SEC declared Evernorth Holdings’ Form S-4 registration statement effective on August 27, paving the way for a merger with Armada Acquisition Corp. II and a subsequent Nasdaq listing under the ticker XRPN. This deal, expected to generate over $1 billion in gross proceeds, would make Evernorth the largest publicly traded XRP treasury vehicle, holding at least 473 million XRP at launch. The investor roster includes SBI Group, Ripple, Pantera Capital, Kraken, and GSR. Armada shareholders will vote on the merger on September 30, with closure expected in late Q3 or early Q4 2026.
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