The SEC declared Evernorth’s Form S-4 registration statement effective on August 27, clearing Armada Acquisition Corp. II to schedule a shareholder vote on their merger set for September 30. Evernorth aims to become the largest publicly traded XRP treasury, having spent roughly $947 million buying XRP last October. That position now shows a significant loss: the holdings were worth about $446 million less than paid by February, and XRP was trading near $1.37 on Friday, down more than 5% on the day and well off its July 2025 all-time high of $3.65. If shareholders approve, the combined entity expects to debut on Nasdaq under the ticker XRPN, with the deal targeted to close in late Q3 or early Q4 of this year.
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