Ripple-backed Evernorth moved closer to a planned Nasdaq listing after filing Amendment No. 7 to its S-4 registration statement, keeping its XRP (XRP) treasury deal moving.
Key Points:
- Evernorth filed Amendment No. 7 with the SEC on Aug. 25 to correct a missing Ripple signature block.
- The company said the amendment made no changes to the transaction terms or the proxy statement and prospectus.
- The proposed combination would bring Evernorth to Nasdaq under XRPN, subject to regulatory, shareholder and exchange requirements.
Evernorth SEC Filing
According to the SEC filing, the Aug. 25 amendment covers the proposed business combination involving Evernorth Holdings, Pathfinder Digital Assets LLC and Armada Acquisition Corp. II, which remains subject to completion conditions.
Evernorth said the amendment was filed solely because the prior signature page omitted a block for Ripple Labs Inc., the sole member of Pathfinder Digital Assets. The company said no other changes were made.
The underlying business combination agreement was signed Oct. 19, 2025, by Armada II, Evernorth, Pathfinder, two merger subsidiaries and Ripple Labs.
If the transaction closes and listing requirements are met, the combined company is expected to trade on Nasdaq under the XRPN ticker.
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XRP Market Access
A completed listing would give stock-market investors another route to XRP exposure without requiring them to hold the token directly, while Evernorth plans to operate as a dedicated digital-asset treasury company.
Asheesh Birla, Evernorth's CEO, has said the company aims to offer investors more than passive exposure to XRP's price. Its strategy includes managing the treasury through institutional lending, liquidity provision and decentralized finance opportunities, although those activities also expose shareholders to crypto-market and execution risks.
The latest amendment itself does not provide a new XRP price catalyst, and the filing contains no claim that a Nasdaq listing would raise the token's market value. Any market reaction would depend on investor demand, the transaction's completion and broader XRP trading conditions.
Evernorth's public-market plan dates to October 2025, when it announced a business combination expected to raise more than $1 billion in gross proceeds, including $200 million from SBI Holdings.
Armada II changed its Nasdaq share ticker from AACI to XRPN on Oct. 30, 2025, making the Aug. 25 amendment a procedural step in a process that began months earlier.
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