Evernorth advances toward Nasdaq listing as XRP treasury plan nears shareholder vote

Evernorth is advancing toward a Nasdaq listing following the U.S. Securities and Exchange Commission (SEC) declaring its registration statement effective. The company plans to merge with the special purpose acquisition company (SPAC) Armada Acquisition Corp. II.

If the merger receives shareholder approval during a scheduled vote on September 30, the combined entity is expected to trade on the Nasdaq under the ticker symbol “XRPN”. The transaction aims to raise over $1 billion and establish Evernorth as a digital asset treasury company.

The company’s strategy focuses on holding XRP as a corporate treasury asset, with plans to hold hundreds of millions of XRP. Evernorth also intends to participate in the XRP ecosystem through validator operations on the XRP Ledger, liquidity provision, and yield strategies via institutional lending and DeFi.