Evernorth Drops S-4, Locks In Execs, Books $38.4M XRP Paper Hangover 🍋

Ripple-backed XRP treasury Evernorth Holdings filed amendment no. 5 to its Form S-4 registration statement with the U.S. Securities and Exchange Commission, finalizing employment agreements with three senior executives as it advances toward a merger with Armada Acquisition Corp II.

The amended filing details executive compensation for Chief Legal Officer Jessica Jonas, Chief Business Officer Sagar Shah, and Chief Operating Officer Meg Nakamura. Each executive is set to receive a base salary, a 50% annual bonus tied to that base, restricted stock units, and standard employee benefits. Jonas is slated to receive a $4.5 million initial equity award as part of her package.

The S-4 amendment also disclosed a $38.4 million impairment charge tied to declines in the XRP price, underscoring the treasury's direct exposure to the token's market performance. The figure was reported among other financial line items in the filing.

Evernorth, which is positioning itself as the largest public XRP treasury, continues to push the merger with special-purpose acquisition company Armada Acquisition Corp II forward through its regulatory filings. The company has not publicly stated a closing date for the transaction.

The filings come as Ripple-affiliated entities expand institutional structures around the XRP token, with Evernorth's proposed treasury vehicle remaining subject to SEC review and customary closing conditions.