TLDREvernorth filed an amendment to its SEC S-4 registration on April 7, 2026, advancing its plan to go public.The company aims to list on Nasdaq under the ticker XRPN through a merger with Armada Acquisition Corp. II.Ripple Labs contributed 126.79 million XRP tokens to the deal in exchange for equity units in Evernorth.Institutional investors committed $214 million in cash and 600,000 XRP tokens as part of advance funding agreements.The transaction is valued at approximately $230 million for public shareholders, excluding warrants and additional funding layers.Evernorth has made progress in its goal of becoming a publicly traded company. On April 7, 2026, the firm filed an amendment to its Form S-4 registration with the U.S. Securities and Exchange Commission (SEC). This filing supports the company’s plan to merge with Armada Acquisition Corp. II and list on Nasdaq under the ticker XRPN.Evernorth to Form Publicly Traded CompanyEvernorth’s amended filing outlines a detailed merger process involving Armada Acquisition Corp. II and Pathfinder Digital Assets. This merger will lead to the formation of a publicly traded company, with shares and warrants issued to the current stakeholders. According to the filing, the transaction sets a $10 reference price, giving a valuation of around $230 million for public shareholders alone.Institutional investors and public shareholders will hold equity in the newly formed entity. The filing shows how public market investors can gain exposure to XRP through the company’s equity. The new entity’s shares will list on Nasdaq under the ticker XRPN, giving investors access to a unique way of participating in the XRP market.Ripple Labs’ XRP Contribution Strengthens the DealRipple Labs has played a central role in this transaction, contributing 126.79 million XRP tokens to Evernorth. This XRP contribution, which is tied to the market price of XRP at the time of signing, forms a crucial part of the deal. Ripple’s chairman, Chris Larsen, has also contributed additional XRP, further anchoring the deal.In return for their XRP contribution, Ripple and its chairman will receive equity units in Evernorth. The amount of XRP transferred will be adjusted based on the market price at the time of the transaction’s closing. This agreement underscores Ripple’s strategic interest in the growing institutional adoption of XRP within the public financial markets.Institutional Investments Build Capital for XRP ExposureThe filing also reveals that institutional and accredited investors have committed substantial funds to the deal. The advance funding agreement includes $214 million in cash, along with a contribution of 600,000 XRP tokens. An additional $10.5 million and 200,000 XRP will be added in delayed funding, converting into equity at the $10 share price.These investments not only bolster Evernorth’s financial position but also deepen the involvement of institutional players in the XRP ecosystem. The hybrid model, combining both equity and XRP exposure, allows investors to gain a more structured way of accessing the digital asset. This development highlights an increasing demand for institutional-grade investment opportunities within the XRP space.The post Evernorth Advances Nasdaq Plans, Files SEC S-4 for XRP Treasury Deal appeared first on Blockonomi.