- In a significant step toward its intended merger with Armada Acquisition Corp II, Ripple-backed Evernorth Holdings has submitted an amended Form S-4 registration statement to the U.S. SEC.
- With plans to float the combined firm on Nasdaq under the ticker name XRPN, Evernorth is getting closer to becoming a publicly traded XRP treasury corporation.
- Finalized executive agreements for important leadership positions, such as Chief Operating Officer Meg Nakamura, Chief Legal Officer Jessica Jonas, and Chief Business Officer Sagar Shah, are revealed in the most recent SEC filing.
After submitting a revised Form S-4 registration statement to the U.S. Securities and Exchange Commission (SEC), Ripple-backed Evernorth Holdings has made significant progress toward becoming one of the biggest publicly traded XRP treasury firms. The company’s proposed merger with Armada Acquisition Corp II and possible Nasdaq launch under the ticker symbol XRPN are now closer thanks to the most recent filing.
Through its official X update, which included further information
🚨SCOOP: Ripple-Backed XRP Treasury Evernorth Files Amendment No.5 to its S-4 with SEC
Here are the new changes in the 5th amendment as the firm moves closer to a SPAC merger with Armada Acquisition Corp II pic.twitter.com/m3YkdW6MFp
— Rednirav (@CryptoRednirav) July 30, 2026
about the revised Form S-4 filing and the company’s progress toward its intended public listing, Evernorth also emphasized the most recent regulatory milestone.
The amended S-4 filing highlights finalized employment agreements for key members of Evernorth’s executive team, including Chief Legal Officer Jessica Jonas, Chief Business Officer Sagar Shah, and Chief Operating Officer Meg Nakamura.
The filing states that in addition to equity awards structured under Evernorth’s 2026 Omnibus Incentive Plan, the executives will receive yearly bonuses equal to half of their base salary. Subject to approval by the company’s compensation committee and shareholders, Jessica Jonas will get an initial stock award of $4.5 million, while Sagar Shah and Meg Nakamura will receive equity awards of roughly $2.8 million each.
Evernorth Moves Closer To XRP Treasury Expansion
The most recent regulatory update comes after Asheesh Birla, CEO of Evernorth, and Matt Frymier, CFO, announced their employment contracts. Now that the terms of leadership compensation have been established, the company is continuing to get ready to merge with Armada Acquisition Corp II, a special purpose acquisition firm supported by Arrington Capital.
A publicly traded XRP-focused treasury vehicle intended to give institutions exposure to the digital asset would be created if the merger is finalized. More than $1 billion in gross capital has already been pledged to Evernorth by significant investors, including Ripple, Arrington Capital, SBI Holdings, Pantera Capital, and Kraken.
The organization has added notable professionals to its board, such as Stuart Alderoty, Chief Legal Officer of Ripple. Asheesh Birla, Ted Janus, Robert Kaiden, CFO of the OpenAI Foundation, and Derar Islim, COO of Antalpha, are among the other board members.
XRP Market Conditions Create Challenges
Although investors have taken notice of Evernorth’s corporate advancements, the company is progressing at a difficult time for XRP markets. Amidst larger market uncertainties and regulatory concerns, XRP lately faced price pressure, trading close to the $1.05–$1.09 area.
The stated value of Evernorth’s digital assets has also been impacted by the drop in XRP’s value, and the company is under impairment pressure due to market price fluctuations. Supporters counter that the company’s long-term plan is more concerned with creating institutional infrastructure around XRP than it is with short-term price fluctuations.
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