• Evernorth advances SEC filing with XRP-based equity tied to 126,791,458 tokens from Ripple.
• Ripple-backed structure links token pricing to CME CF rates, tightening valuation and share issuance mechanics.
• Funding framework outlines $214.05 million plus staged capital, signaling a structured path toward public listing.

Evernorth Holdings Inc., a Nevada-based digital asset-focused company, filed an amended Form S-4 with the U.S. Securities and Exchange Commission (SEC) on April 7, detailing XRP-linked financing tied to its SPAC merger with Armada Acquisition Corp. II and Pathfinder Digital Assets LLC. The amendment updates an earlier March filing with expanded disclosures on XRP-based contributions and valuation mechanisms. The transaction remains structured to take Evernorth public through a multi-entity merger integrating crypto assets.

The original filing described the core transaction framework, including the dual-merger structure, SPAC domestication into Delaware, and planned public listing of Evernorth’s Class A common stock. It established Ripple Labs Inc.’s contribution of 126,791,458 XRP tokens in exchange for equity, alongside private placements combining cash and XRP from institutional investors. Both filings state:

“With the execution of the Business Combination Agreement, Ripple, Pubco and the Company entered into the Contribution Agreement, pursuant to which Ripple contributed to the Company 126,791,458 XRP.”

This agreement governs how Ripple’s XRP is transferred into the operating entity in exchange for units, using defined pricing inputs that convert token value into equity ownership. The amended filing expands on these elements with greater specificity around pricing formulas, adjustment mechanisms, and allocation of shares tied to XRP valuation benchmarks, while maintaining the same underlying structure.

The amendment provides clearer detail on how “Signing XRP Price” and “Closing XRP Price” are calculated using CME CF reference rates, and how these inputs affect share issuance through adjustment shares across multiple funding agreements. It further elaborates on advance funding totaling $214.05 million and delayed funding commitments, including conditions tied to investor protections and proportional benefits. The earlier filing introduced these financing components, but the updated version refines definitions, adds calculation mechanics, and clarifies how XRP contributions translate into equity under varying market conditions.

The updated document also enhances disclosures around post-closing ownership and share class structure, including distinctions between Class A, Class B, and Class C shares and their respective voting or economic rights. While the original filing outlined the existence of multiple share classes and broad ownership groups, the amendment provides more precise breakdowns of expected holdings among public shareholders, institutional investors, the sponsor, and Ripple. These revisions improve transparency around dilution, governance, and economic participation without materially changing the strategic direction of the transaction.

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