Evernorth Submits SEC Filing for Nasdaq Listing of XRP Treasury Shares
The XRP-focused treasury firm Evernorth has completed a crucial regulatory step by submitting Form S-4 documentation to the SEC, representing the last significant barrier in its special purpose acquisition company merger strategy before going public.
The digital asset treasury firm Evernorth, which focuses on XRP holdings, has delivered an important regulatory submission to the SEC, bringing the company one step nearer to achieving its objective of becoming publicly traded on the Nasdaq stock market.
The company, which has backing from Ripple Labs, revealed its intentions to become a publicly traded entity in October through a combination with Armada Acquisition Corp. II (Armada II), a special purpose acquisition company (SPAC).
According to a Wednesday announcement, Evernorth confirmed that it had submitted its Form S-4 registration documentation to the United States Securities and Exchange Commission (SEC), representing the last significant regulatory obstacle before completing its SPAC-based public debut.
Evernorth eyes ticker XRPN
Should the SEC grant approval for the registration statement, Evernorth indicated that shareholder approval from Armada II will still be required for finalizing the merger, following which the company can proceed with its Nasdaq listing using the trading symbol XRPN.
In its October announcement, Evernorth projected that the merger transaction would yield $1 billion in gross proceeds, with the majority of these funds designated for establishing an XRP treasury, while a smaller allocation would cover operational costs and transaction-related expenses.
XRP treasury faces market turbulence
The company has already initiated the development of its XRP (XRP) treasury holdings, with data from CoinGecko indicating that the firm's aggregate treasury valuation stands at $692.24 million, comprising 473.27 million XRP tokens, which were acquired through two separate purchases conducted between Oct. 20 and Nov. 4.
Given an average acquisition cost of $2.54 per XRP token, the current value of these holdings has decreased by 19.1% throughout the last three months as the broader cryptocurrency market has experienced a downturn. As of this writing, XRP is trading at a price of $1.47.
SEC provides clarity for crypto and XRP
The treasury strategy being pursued by Evernorth arrives at a time when XRP was included among several digital assets categorized as a digital commodity in regulatory guidance that the SEC released on Tuesday.
According to a Tuesday announcement, the SEC stated that generally only tokenized securities continue to fall "subject to the securities laws."
Additional tokens featured in its digital commodities illustration included Aptos (APT), Avalanche (AVAX), Bitcoin (BTC), Dogecoin (DOGE) and Ethereum (ETH).
"We always knew XRP wasn't a security - and now the @SECGov has made clear what it is: a digital commodity. Grateful to the Crypto Task Force for working to deliver the clarity that markets, investors, and innovators have long deserved," said Ripple's chief legal officer, Stuart Alderoty via X on Tuesday.
