Evernorth, a digital asset treasury company specializing in XRP, has secured approval from the U.S. Securities and Exchange Commission (SEC) for its S-4 registration statement, marking a key step toward its planned public listing on Nasdaq. The SEC’s effective declaration on Evernorth’s registration allows the company to move forward with its proposed merger with Armada Acquisition Corp. II, a Cayman Islands-based special purpose acquisition company. The deal was originally signed on October 19, 2025, and includes Ripple Labs as one of the associated parties. If shareholders approve the combination, the newly merged entity is expected to list on Nasdaq under the ticker XRPN.