BREAKING: Ripple-Backed Evernorth Adds New Agreements Ahead of XRP Treasury Launch

Ripple-backed Evernorth Holdings has amended its S-4 filing with the US SEC, adding new agreements related to executive and director compensation. The firm has moved closer to its merger with Armada Acquisition Corp II and to launch the largest Nasdaq-listed public XRP treasury.

Ripple-Backed Evernorth Updates S-4 with the US SEC

Evernorth Holdings, the Ripple-backed XRP treasury firm, has filed 4th amendment to its Form S-4 registration statement with the U.S. Securities and Exchange Commission (SEC).

In the latest filing, the firm announced CEO Ashish Birla’s base salary and a $44 million initial equity award, along with vesting details. It also added base salary, annual bonus, and a $5.6 million equity award for CFO Matt Frymier.

It also revealed an award of restricted stock units valued at equal to $750,000 for its executives. This required approval by the board of directors’ compensation committee and the Evernorth Holdings’ shareholders.

The filing advances its proposed business combination with Armada Acquisition Corp II, a special purpose acquisition company sponsored by Arrington Capital. The merger aims to create the largest public XRP treasury company on Nasdaq. The proposed merger entity would trade under the ticker XRPN.

Notably, Evernorth has raised over $1 billion in gross proceeds from investors including Arrington Capital, Ripple, SBI Holdings, Pantera Capital, and Kraken.

The firm has also named Ripple CLO Stuart Alderoty to the board of directors, along with CEO Asheesh Birla and Ted Janus. Moreover, OpenAI Foundation chief financial officer Robert Kaiden and Antalpha chief operating officer Derar Islim will serve on the board of directors.

XRPN Stock Keeps Upside Momentum

Armada Acquisition Corp II’s XRPN stock price has retained its upside momentum despite the crypto market crash and drop in crypto stocks. The stock is up 2.25% year-to-date as investors await the SEC approval of the merger with Evernorth.

Nasdaq-listed stock has surged nearly 0.50% in past month, with the price closing 0.19% lower on Monday. The 52-week high is $10.91, signaling potential for upside move.

As traditional equities and crypto continue to merge, traders can look into the best platforms to trade tokenized stocks to access traditional equity assets on the blockchain.

Ripple-backed Evernorth revealed that massive demand for XRP across multiple fronts at once. Tokenized RWAs on the XRP Ledger grew from $150 million to $4 billion in just a year amid inflows into spot XRP ETFs and rise in new wallets.

Meanwhile, XRP price fell more than 1% in the past 24 hours, currently trading at $1.06. The 24-hour high and low are $1.06 and $1.08, respectively. Furthermore, trading volume has increased by almost 6% over the last 24 hours ahead of US CPI inflation data.