Armada Acquisition II files S-4 for Evernorth merger tied to XRPN Nasdaq plan

Armada Acquisition Corp. II has filed an S-4 to register its proposed merger with Evernorth Holdings, a step that could advance Evernorth’s plan to list on Nasdaq under the ticker XRPN. Evernorth says it aims to hold about 473 million XRP at launch and pursue lending, DeFi yield strategies, and validator participation to increase XRP per share. XRP was last cited trading near $1.45 with daily volume around $2.3–$2.4 billion, while on-chain data showed a one-day outflow spike of 530 million XRP in early February and outflows near 50 million XRP in March.