Evernorth Holdings announced on August 27 that the U.S. Securities and Exchange Commission (SEC) has approved its registration statement. This move clears the way for Evernorth's merger with special purpose acquisition company (SPAC) Armada Acquisition Corp. II (Nasdaq: AACI). Armada plans to hold a shareholder meeting on September 30 to vote on the transaction, which is "one of the last critical milestones" before its Nasdaq listing. The business combination is expected to close by the end of the third quarter or early fourth quarter of 2026, with the combined company's shares trading under the ticker "XRPN." Evernorth Holdings is an XRP treasury company, backed by investors such as Ripple, Kraken, and SBI Holdings, aiming to provide investors with liquid and transparent XRP exposure through a publicly listed vehicle.