Ripple-backed Evernorth Holdings has advanced its public market plans after updating its SEC registration. The company completed executive employment agreements and submitted another amended Form S-4 filing. Meanwhile, the latest disclosures also outlined compensation packages, merger progress, and financial impacts linked to recent XRP price weakness.
Ripple-Backed Evernorth Completes Leadership Agreements
Evernorth Holdings submitted Amendment No. 5 to its Form S-4 registration statement with the U.S. Securities and Exchange Commission. The filing completed employment agreements for the remaining members of the executive leadership team. As a result, the company has finalized compensation arrangements before its proposed public listing.
The agreements cover Chief Legal Officer Jessica Jonas, Chief Business Officer Sagar Shah, and Chief Operating Officer Meg Nakamura. Each executive will receive a base salary, annual bonus eligibility, employee benefits, and restricted stock units. The compensation packages follow the company’s 2026 Omnibus Incentive Plan.
Jonas received the largest equity award among the newly announced executives. Her initial equity package carries a value of $4.5 million under the agreement. Meanwhile, Shah and Nakamura each received equity awards valued at $2.8 million, subject to shareholder and compensation committee approval.
Evernorth Advances Merger With Armada Acquisition Corp II
The latest filing follows earlier agreements with Chief Executive Officer Asheesh Birla and Chief Financial Officer Matt Frymier. Those agreements already established executive salaries, bonuses, equity awards, and vesting schedules. Consequently, Evernorth has now completed employment terms across its senior leadership team.
The company continues preparing for its planned business combination with Armada Acquisition Corp II. Arrington Capital sponsors the special purpose acquisition company leading the proposed transaction. Following completion, the combined company intends to trade on Nasdaq under the ticker symbol XRPN.
Evernorth has secured more than $1 billion in gross proceeds from strategic backers supporting the transaction. Funding has come from Ripple, Arrington Capital, SBI Holdings, Pantera Capital, and Kraken. The company has also assembled a board featuring senior executives from blockchain, finance, and technology organizations.
Ripple Chief Legal Officer Stuart Alderoty will serve on the board after the merger closes. Other directors include Asheesh Birla, Ted Janus, Robert Kaiden, and Derar Islim. The proposed public company, therefore, combines experienced leadership from digital assets and financial services.
The transaction supports Evernorth’s strategy to establish one of the largest publicly traded XRP treasury companies. Corporate treasury models have gained attention as several firms increase exposure to digital assets. As a result, Evernorth aims to expand institutional participation through a publicly listed structure backed by XRP holdings.
XRP Price Weakness Leads to Impairment Charge
Evernorth also disclosed financial effects resulting from recent XRP market performance. The company reported a $38.4 million impairment tied to declining XRP valuations during the past four months. Consequently, the value of its combined XRP holdings fell to approximately $640 million.
XRP traded between $1.05 and $1.09 during the latest market session. The token changed hands near $1.07 after declining during the previous 24 hours. In addition, XRP has recorded losses exceeding 5% during the past week while trading activity weakened.
Daily trading volume also declined by approximately 10% during the latest session. Market sentiment remained under pressure as regulatory developments continued affecting cryptocurrency prices. Meanwhile, delays surrounding the CLARITY Act added another challenge for digital asset markets.
Armada Acquisition Corp II shares also recorded a modest decline during recent trading sessions. However, the stock maintained its broader year-to-date gains despite the latest movement. At the same time, Evernorth continued progressing toward its planned merger while strengthening executive leadership before entering public markets.
The updated SEC filing marks another milestone in Evernorth’s listing process. Executive agreements, governance appointments, and merger preparations now appear substantially complete. As a result, the company has strengthened its organizational structure before completing its proposed Nasdaq debut and expanding its XRP treasury strategy.
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