The U.S. Securities and Exchange Commission (SEC) has approved the merger registration documents of Evernorth, a treasury company supported by Ripple, with the special purpose acquisition company Armada Acquisition Corp. II, clearing the way for the company to land on Nasdaq. Armada shareholders will vote on September 30, and if approved, the merged entity will be listed on Nasdaq under the code XRPN, with Evernorth expecting the transaction to be completed by the end of September or in October.

Evernorth is a company based in San Francisco that aims to incorporate XRP into a public balance sheet and plans to invest in XRP infrastructure, gradually increasing the corresponding XRP reserves per share. The company was founded and is led by Asheesh Birla, who was responsible for payment operations at Ripple for over a decade. In addition to Ripple, institutions such as Arrington Capital, Japan’s SBI Group, Pantera Capital, Kraken, and GSR are also involved in the investment.

As of the time of writing, XRP is priced at approximately $1.41, with a weekly increase of over 27%.