Evernorth submits S-4 filing, plans to go public on Nasdaq via SPAC

On March 18, Evernorth, supported by Ripple, submitted an S-4 form to the U.S. Securities and Exchange Commission (SEC), planning to go public through a merger with Armada Acquisition Corp. II (Nasdaq: XRPN), a SPAC under Arrington Capital, aiming to become a Nasdaq-listed XRP treasury company. Evernorth focuses on promoting institutional-scale adoption of XRP. This marks the first official disclosure of its business plan, strategy, financials, and management team since it secretly submitted a draft S-4 in November 2025.