Evernorth Files SEC Registration Statement for Nasdaq Listing

Evernorth, the XRP treasury backed by Ripple Labs, has taken another step towards listing its shares on the Nasdaq stock exchange. The company filed a Form S-4 registration statement with the US Securities and Exchange Commission (SEC) to complete its merger plan with special purpose acquisition company Armada Acquisition Corp. II.

The SEC filing marks the final major regulatory hurdle for Evernorth's public listing, which is expected to generate $1 billion in gross proceeds. The funds will primarily be used to build an XRP treasury, with a smaller portion allocated to operating and deal expenses.

Evernorth has already begun building its XRP treasury, holding 473.27 million XRP worth around $692.24 million at the current market price of $1.47 per XRP. However, the value of its holdings has fallen by 19.1% over the past three months due to a broader crypto market downturn.