Evernorth Pads the C-Suite, Slaps a $38.4M Impairment on Its XRP Résumé 📉

Evernorth Holdings, the Ripple-backed entity building what it describes as the largest public XRP treasury, filed Amendment No. 5 to its Form S-4 registration statement with the U.S. Securities and Exchange Commission, advancing a planned merger with special purpose acquisition company Armada Acquisition Corp II.

The filing also disclosed finalized employment agreements with three senior executives: Chief Legal Officer Jessica Jonas, Chief Business Officer Sagar Shah, and Chief Operating Officer Meg Nakamura. Each agreement sets a base salary paired with a 50% annual bonus target, restricted stock units, and standard employee benefits, with Jonas's package including a $4.5 million initial equity award.

The amended S-4 incorporates a $38.4 million impairment charge tied to declines in the price of XRP, the digital asset at the center of Evernorth's treasury strategy. The disclosure arrives as the company positions itself to channel institutional capital into XRP through the public markets following the close of its business combination with Armada Acquisition Corp II.

Evernorth has framed the venture as a vehicle for institutional-grade exposure to $XRP, with Ripple among its backers. The new compensation arrangements and the updated registration mark the latest procedural steps toward that goal, though the transaction remains subject to SEC review and customary closing conditions.

No timeline for completion of the merger or launch of the treasury has been confirmed in the filing.