Evernorth Holdings, Inc., a digital asset treasury company focused on XRP, announced that the U.S. Securities and Exchange Commission declared effective its registration statement on Form S-4, advancing its proposed business combination with Armada Acquisition Corp. II (NASDAQ: XRPN).

Armada shareholders of record as of August 20, 2026 are scheduled to vote on the transaction at a special meeting on September 30, 2026. If approved and the transaction closes, the combined company is expected to list on Nasdaq under the ticker "XRPN." The business combination is expected to close in late Q3 or early Q4 2026, subject to shareholder approval and customary closing conditions.

Evernorth describes itself as an actively managed XRP treasury company that intends to allocate capital to XRP-based infrastructure and pursue yield strategies designed to grow XRP per share over time. The company says this approach differs from digital asset treasury companies that primarily buy and hold tokens.

"Today marks an important milestone toward completing our proposed business combination," said Asheesh Birla, founder and CEO of Evernorth. "We set out to build an actively managed XRP treasury with the transparency and governance public markets demand."

Evernorth's investors include Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken, and GSR. Armada Acquisition Corp. II is a special purpose acquisition company sponsored by Arrington XRP Capital Fund, LP, founded on October 3, 2024.