Evernorth Moves Closer to Nasdaq Public Listing after SEC Filing

XRP digital asset treasury Evernorth has submitted a key filing with the SEC, putting it a step closer to its goal of going public on the Nasdaq stock exchange.  

The Ripple Labs-backed firm announced plans to go public in October as part of a merger with special purpose acquisition company (SPAC) Armada Acquisition Corp. II (Armada II).

In a statement on Wednesday, Evernorth announced that it had filed a Form S-4 registration statement with the US Securities and Exchange Commission (SEC), marking the final major regulatory hurdle before launching via a SPAC.

Evernorth eyes ticker XRPN

If the SEC approves the filing, Evernorth said it will still need final approval from Armada II shareholders for the merger, after which it can move forward with listing on the Nasdaq under the ticker XRPN.

Evernorth stated in October that it expects the merger to generate $1 billion in gross proceeds, which will be primarily used to build an XRP treasury, with a smaller portion of the funds being allocated to operating and deal expenses.

XRP treasury faces market turbulence 

Evernorth has already begun building its XRP (XRP) treasury, with CoinGecko data showing the firm’s total treasury value is at $692.24 million, made up of 473.27 million XRP, which it made in two tranches between Oct. 20 and Nov. 4.

With an average cost per XRP at $2.54, the value of its holdings has fallen 19.1% over the past three months amid a broader crypto market downturn. ​At the time of writing, XRP is currently priced at $1.47.

Related: Ripple to buy back $750M in shares through April: Report

SEC provides clarity for crypto and XRP 

​Evernorth’s treasury plans come as XRP was among a number of tokens declared as a digital commodity in guidance published by the SEC on Tuesday.

In a notice on Tuesday, the SEC declared that generally only tokenized securities remain “subject to the securities laws.”