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- Evernorth files amended SEC Form S-4 for its Nasdaq XRP treasury merger plan.
- Ripple, SBI, Pantera, and Kraken back the Evernorth deal with over $1B commitments.
- Evernorth plans XRPL validators, RLUSD use, and tokenized real-world assets.
Ripple-backed Evernorth Holdings has moved its XRP treasury plan closer to a Nasdaq listing. The company filed an amended Form S-4 with the SEC. The filing supports its proposed merger with Armada Acquisition Corp II, backed by over $1 billion.
Armada Acquisition Corp II is a special purpose acquisition company sponsored by Arrington Capital. If approved, the merged company is planned to list on Nasdaq with the ticker XRPN. The amended filing shows the transaction remains under SEC review.
Evernorth Awaits SEC Clearance for XRP Treasury Merger
Evernorth said investor commitments exceed $1 billion. The disclosed backers include Ripple, SBI Holdings, Pantera Capital, Kraken, and Arrington Capital. Ripple has also contributed more than 126.7 million XRP to the treasury plan.
Regulatory clearance remains the next major step. SEC staff are reviewing the amended registration statement and may issue more comments. After the filing becomes effective, Armada shareholders will vote on the proposed business combination.
Evernorth plans to use the listed company for more than XRP accumulation. The company stated that it will be providing its users with support for activities throughout the XRP Ledger ecosystem. It plans to run validators on the XRPL network and bolster tokenized real-world asset (RWA) projects.
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The company also cited Ripple’s RLUSD stablecoin in its strategy. RLSD may be utilized for institutional decentralized finance activity, it said. Evernorth also intends to monitor the treasury performance using XRP per share and yield per token.
XRP Treasury Plan Links XRPL to Financial Markets
Evernorth has been marketing XRP Ledger technology as financial market infrastructure. The company reported that many of the payment systems around the world are slower than modern digital communication networks. It says the rail based on blockchain can decrease the expenses and delays in international transfers.
Chief operating officer Meg Nakamura made related comments at Web Summit Vancouver. Many systems that link major banks were constructed 30 to 60 years ago, she said. Evernorth has tied that perspective to its advocacy of the use of blockchain in settlement and finance.
The company has also outlined uses of XRP other than cross-border payments. The disclosures reference lending, tokenized vaults, decentralized finance applications, and digital asset settlement. Evernorth’s website states that it is a digital asset treasury platform with XRP exposure.
Armada’s stock fell approximately 0.20% in premarket trading Monday, according to Yahoo Finance. The stock remained more than 3% higher year to date. Company disclosures also stated that if there is additional dilution from redemptions, SBI Holdings could hold as much as 59.7% voting power.
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