Ripple Labs-backed firm Evernorth has submitted a Form S-4 registration statement with the US Securities and Exchange Commission (SEC), marking the final regulatory hurdle before going public on the Nasdaq stock exchange. If the SEC approves this, Eernorth will still need to receive final approval from Armada Acquisition Corp. II (Armada II). The firm expects the merger to generate $1 billion in gross proceeds, primarily used to build an XRP treasury. The SEC has declared that only tokenized securities remain subject to the securities laws. Evernoth has already begun building its XRP (XRP) treasury, which is valued at $692.24 million.