PANews reported on March 19 that Evernorth, a Ripple-backed crypto startup, announced it has publicly filed an S-4 registration statement with the U.S. Securities and Exchange Commission (SEC) regarding its previously announced merger with Armada Acquisition Corp. II, a SPAC sponsored by Arrington Capital, with the goal of becoming a Nasdaq-listed XRP treasury company.

In October of last year, it was reported that Evernorth planned to go public in the United States and raise more than $1 billion to accumulate XRP tokens .