Evernorth files confidential S-4 for merger with Armada II; $1B raised for XRP treasury

Armada Acquisition Corp. II

Evernorth Holdings confidentially submitted draft S-4 to SEC for business combination with Armada II SPAC.
Expected close in Q1 2026, subject to Armada II shareholder approval and customary conditions.
New company raised over $1B in gross proceeds to create largest public XRP treasury company on Nasdaq.
Deal was originally announced on October 20, 2025; S-4 filing marks a key milestone.
Evernorth CEO Asheesh Birla said the submission is a significant step toward public listing for institutional XRP adoption.

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