Evernorth, an XRP digital asset treasury firm backed by Ripple Labs, has submitted a Form S-4 registration statement with the US Securities and Exchange Commission, the final major regulatory step before going public. The company announced plans in October to list on the Nasdaq through a merger with Armada Acquisition Corp. II, targeting the ticker XRPN.
If the SEC approves the filing, Evernorth still requires shareholder approval from Armada II before the merger can proceed. The deal is expected to generate $1 billion in gross proceeds, primarily directed toward building an XRP treasury.
Evernorth has already accumulated 473.27 million XRP across two purchase tranches between October 20 and November 4, with a total treasury value of $692.24 million. With an average acquisition cost of $2.54 per token, holdings have declined roughly 19% amid a broader market downturn, with XRP trading at $1.47 at time of writing.
Originally reported by CoinTelegraph.
