Evernorth Holdings (XRP Treasury Evernorth Holdings)
Evernorth Holdings has filed a second amendment to its registration statement (Form S-4) with the U.S. Securities and Exchange Commission. This amendment supports the proposed merger with Armada Acquisition Corp 2, a special purpose acquisition company sponsored by Arlington XRP Capital Fund LP.
The merger aims to create the largest publicly traded XRP asset management company, with access to the XRP ecosystem. Evernorth has raised over $1 billion in total proceeds and plans to list under the ticker symbol "XRPN" on NASDAQ.
The company's list of institutional and strategic investors includes Arlington Capital, Ripple, SBI Holdings, Pantera Capital, and Kraken. Ripple contributed 126,791,458 XRP tokens to the company. The company is expected to initiate initial investments of at least 473,276,430 XRP tokens.
Evernorth is awaiting approval from the U.S. Securities and Exchange Commission for the registration statement, which is still under review and comment. The proposed merger also seeks shareholder approval from Armada Acquisition Corp.
Evernorth Holdings announced the appointment of new board members
As XRP Evernorth’s treasury advances toward the merger, it has nominated OpenAI CFO Robert Caiden and Antalpha COO Derrar Eslim for board membership.
Ted Janos, Robert Caiden, and Derrar Eslim will serve as "independent directors," according to NASDAQ rules. As previously reported by CoinGape, Stewart Aldertoti, Ripple’s Chief Technology Officer, was appointed to its board.
The latest amendment also includes a proxy card template for attending the extraordinary general meeting of the SPAC. It also notes the approval of Deloitte & Touche and CBIZ, Inc., as independent accounting firms, for Evernorth Holdings.
The nominations of Robert Caiden and Derrar Eslim bring extensive expertise in financial auditing and other financial matters. Eslim’s career path combines traditional Wall Street experience with leadership in the evolving digital assets space.
CEO Ashish Beryla, a former Ripple executive, confirmed that Evernorth will contribute to broader institutional adoption of XRP. He praised the guidance from the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission, which classify some digital assets, including XRP, as digital commodities.
XRPN Stock and XRP Price Movement
Armada Acquisition Corp 2’s (XRPN) stock price decreased by 0.14% to $10.34 in pre-market trading on Wednesday. However, the XRPN stock listed on NASDAQ remains up nearly 1.30% since the beginning of the year, and over 3% over the past year.