The SEC has approved Evernorth’s Form S-4 registration statement, removing the main legal obstacle to its merger with special purpose acquisition company Armada Acquisition Corp. II and opening a direct path for Evernorth to list on Nasdaq under the ticker XRPN. The transaction, expected to close in late Q3 or early Q4 2026, has secured over $1 billion in gross proceeds through investment rounds, including commitments from SBI Group ($200 million), with Ripple and Arrington Capital together contributing over 338 million XRP tokens to the treasury. Evernorth’s digital reserve management model distinguishes itself through active management of its XRP treasury, unlike companies such as Strategy that passively accumulate Bitcoin on their balance sheets. However, the company has already recorded a $233.7 million balance-sheet impairment loss on its reserves due to the token’s price decline from the $2.36 level assumed in the agreement to the current level of around $1.
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