Evernorth Holdings, Inc. and Armada Acquisition Corp. II confirmed on August 27, 2026 that the U.S. Securities and Exchange Commission has declared effective the Form S-4 registration statement for their proposed business combination, moving the transaction closer to a shareholder decision and a planned Nasdaq listing under the ticker “XRPN.” The companies disclosed the update in an official press release.
Evernorth’s path toward the XRPN listing
The proposed transaction now faces a special meeting of Armada shareholders on September 30, 2026, where investors will vote on the business combination. If approval is secured and the transaction closes, the combined company is expected to trade on Nasdaq under the ticker “XRPN.” Asheesh Birla, founder and CEO of Evernorth, called the SEC effectiveness an important milestone toward completing the proposed business combination. The regulatory step builds on an earlier report that Evernorth Strengthens Positioning for Public Investors as It Advances Toward Nasdaq Listing.
Evernorth has positioned itself as a digital asset treasury company structured to build institutional access to the XRP economy at scale, an approach that separates it from first-generation digital asset treasury firms that mainly bought and held tokens. That listing-focused strategy is part of a broader trend, including another Nasdaq-bound vehicle in which The9 Investee Nanyang Biologics Moves Toward Nasdaq Listing with $1.5 Billion Valuation is pursuing a similar regulatory and public-market route.
What Evernorth’s XRP treasury model means for market watchers
Rather than simply holding XRP, Evernorth says it intends to deploy capital across XRP-based infrastructure and use treasury strategies designed to grow XRP per share over time, while providing a regulated, transparent vehicle for public-market investors seeking exposure to the XRP ecosystem. The company describes the model as an actively managed XRP treasury with the transparency and governance public markets demand. The SEC effectiveness removes a key procedural obstacle, although completion remains subject to shareholder approval and other closing conditions. In another regulatory development that underscored the SEC’s recent posture, Eric Wallace SEC Matter Closes; No Enforcement Action Recommended.
