🚨 Ripple-backed Evernorth advances SPAC merger and Nasdaq listing plans to become a major public XRP treasury vehicle 🚨
Evernorth is moving closer to completing its merger with Armada Acquisition Corp II, a step that would position it as a Nasdaq-listed XRP treasury company under the ticker XRPN. The filing pushes the deal further along as the company waits for SEC approval.
🔑 Key points
🔹 Evernorth filed an amendment to its Form S-4 registration statement with the SEC, advancing its proposed merger with Armada Acquisition Corp II.
🔹 The combined company aims to trade on Nasdaq under the ticker XRPN and position itself as the largest public XRP treasury company.
🔹 Evernorth has reportedly raised more than $1 billion in gross proceeds from backers including Ripple, SBI Holdings, Pantera Capital, Kraken, and Arrington Capital.
🔹 Ripple is said to have contributed 126,791,458 XRP to the company as part of its treasury strategy.
🔹 Beyond holding XRP, the company plans to operate XRPL validators and pursue RLUSD integration for institutional DeFi lending, yield strategies, and tokenized real-world asset activity.
🔹 Evernorth also released unaudited pro forma combined financial statements showing that falling XRP prices reduced the marked value of its treasury holdings, bringing the pro forma combined figure down from about $1.1 billion to roughly $870 million.
🔹 The company has named a board that includes Ripple CLO Stuart Alderoty, CEO Asheesh Birla, Ted Janus, OpenAI Foundation CFO Robert Kaiden, and Antalpha COO Derar Islim.
🎯 Bottom line: Evernorth is pushing ahead with its Nasdaq merger plan to become a publicly traded XRP treasury play, but the deal still hinges on SEC approval and market conditions.
https://coingape.com/ripple-backed-xrp-treasury-evernorth-advances-merger-nasdaq-listing-filing/