The SEC declared Evernorth Holdings’ Form S-4 effective on August 27, marking a formal step toward a shareholder vote by Armada Acquisition Corp. II. A virtual special meeting on September 30, 2026, will serve as the final decider for the merger, which targets gross proceeds exceeding $1 billion.
If approved by shareholders, the combined company will list directly on the Nasdaq stock exchange under the ticker XRPN. The approved registration statement covers the listing of approximately 34.5 million shares of common stock. It also includes warrants for around 11.5 million additional shares, with equity compensation for CEO Asheesh Birla estimated at roughly $44 million.
Funding Support and Hundreds of Millions in XRP
The corporate action traces back to Armada raising $230 million through its initial public offering in May 2025. A strategic shift occurred in August 2025 when sponsorship transferred to Arrington XRP Capital Fund following a $6.6 million securities purchase that paved the way for establishing a crypto treasury.
Evernorth is bringing massive assets to the public market. Regulatory filings show the company holds nearly 473 million XRP. That figure expands further with Ripple contributing more than 126.7 million XRP. For the merger transaction, the contract reference price is fixed at $2.36609 per XRP token.
The XRPN launch plan is backed by funding commitments from prominent industry heavyweights. Alongside Ripple, entities such as SBI Group, Arrington Capital, Pantera Capital, Kraken, and GSR have joined the roster of backers shaping the company’s valuation.
Redemption Options Ahead of the Deadline
Heading into the vote, Armada’s public shareholders hold specific rights. They are permitted to approve the merger while simultaneously requesting redemption for their shares. Investors opting to withdraw funds must submit their requests no later than September 28, a deadline set two business days ahead of the virtual meeting.
The most crucial aspect of the regulatory process lies in the boundaries of agency authority. The SEC’s declaration of S-4 effectiveness merely confirms that the documentation meets administrative completeness. Regulators emphasized that effectiveness does not mean approval of the merger or endorsement of Evernorth’s business model. The future of the XRP treasury-backed public listing now rests solely on the final decision of shareholders. Reported by crypto.news.
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Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
