# Evernorth Nasdaq listing preparation

> Live situation record from CLSTR: https://clstr.news/situations/evernorth-nasdaq-listing-preparation
> Updated: 2026-07-30T11:06:03.000Z. Sources: 6. Developments: 2.

In July 2026, Evernorth Holdings announced the creation of a Japanese subsidiary backed by SBI, positioning the move as part of its push toward a roughly $1 billion Nasdaq IPO.

Two weeks later, the company filed Amendment No. 5 to its Form S‑4 registration with the SEC, adding employment agreements for three senior officers and outlining their compensation packages. The filing also confirmed Evernorth’s plan to merge with Armada Acquisition Corp II, a SPAC that would list the combined entity on Nasdaq under the ticker XRPN. The amendment noted that the firm’s public XRP treasury, initially raised at about $1 billion, had fallen to roughly $640 million amid a decline in XRP prices, with investors including Ripple, SBI Holdings, and other venture funds.

## Timeline

### 2026-07-30: Evernorth finalizes executive contracts, updates SEC filing before Nasdaq merger

Evernorth, backed by Ripple, filed an SEC Form S‑4 amendment adding executive contracts and moves nearer to merging with Armada Acquisition Corp II and listing on Nasdaq as XRPN, overseeing a public XRP treasur

6 sources. https://clstr.news/cluster/evernorth-finalizes-executive-contracts-updates-sec-filing-before-nasdaq-merger

### 2026-07-12: Evernorth launches Japanese arm with SBI backing ahead of $1 B Nasdaq IPO

Evernorth opened a Japanese arm, backed by $200 million from SBI, as it prepares a $1 billion Nasdaq IPO to build a large public XRP treasury.

3 sources. https://clstr.news/cluster/evernorth-launches-japanese-arm-with-sbi-backing-ahead-of-1-b-nasdaq-ipo

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Cite as: Evernorth Nasdaq listing preparation. CLSTR, https://clstr.news/situations/evernorth-nasdaq-listing-preparation