Evernorth SEC Filing Details Nasdaq Merger and XRP Treasury Plans
SEC declared Evernorth registration effective August 27; September 30 vote on merger with Armada II would authorize up to 10 billion shares for XRPN listing.
Armada Acquisition Corp. II shareholders will vote on September 30 on a proposed merger with Evernorth Holdings. The SEC declared the related registration statement effective on August 27, allowing holders of record as of August 20 to consider the transaction.
Proposed share structure
If approved and other closing conditions are met, the combined company plans to list on Nasdaq under the ticker XRPN. Evernorth expects to enter the public market holding more than 473.3 million XRP.
The proposed charter authorizes 7.4 billion Class A shares, 100 million Class B shares, 2.4 billion Class C shares, and 100 million preferred shares. The transaction itself involves up to 34.5 million Class A shares and 11.5 million warrants, leaving substantial unused capacity after closing.
XRP per share target
Evernorth has stated it will measure performance by growth in XRP per share. The company plans to pursue that goal through capital markets activity, institutional lending, liquidity provision, and participation in XRP ecosystem projects.
CEO Asheesh Birla has noted that a portion of any yield generated could be recycled into additional XRP. The firm has also explored structured products with Doppler Finance and automated treasury tools with t54.
Yield and infrastructure plans
Evernorth has referenced the proposed XLS-66 XRP Lending Protocol as a potential source of on-chain yield, though the protocol remains under development. Participation in validators, RLUSD-based DeFi, and tokenized asset markets forms part of the broader plan.
Pending items
The large authorized share pool gives management flexibility for future equity raises, yet each new share increases the amount of XRP the company must add to maintain or grow XRP per share. Vote outcome, closing conditions, and the scale of any future issuance remain pending.