Evernorth clears SEC approval, aims to list XRPN on Nasdaq with $1B SPAC merger

Evernorth Holdings received SEC approval for its Form S-4 registration, enabling its merger with Armada Acquisition Corp. II and a Nasdaq listing under the ticker XRPN. The merger is expected to raise over $1 billion, making Evernorth the largest public XRP treasury vehicle with at least 473 million XRP. The company plans active management of its XRP assets through lending and yield strategies rather than passive holding. A shareholder vote on September 30 will decide the merger's finalization, targeting closure by late Q3 or early Q4 2026.