Cryptoupdated 42m ago2 min read
Armada Acquisition Corp. II Shares Jump 273% Ahead of Evernorth Merger And Nasdaq Debut
Armada Acquisition Corp. II stock jumped about 273% ahead of Evernorth merger. Evernorth will list on Nasdaq as XRPN with a 473 million XRP treasury.
Evernorth merger surge
Armada Acquisition Corp. II shares climbed about 273% in four trading sessions through Friday, closing at $39.42, and the stock briefly touched $53 compared with $10.58 a week earlier.
Evernorth told CoinDesk in an email that it expects the merger to close on Wednesday, Oct. 7, subject to remaining conditions, and the combined company is expected to begin trading on Thursday, Oct. 8.
CoinDesk said Armada’s trust held $241.2 million at the end of June, with a redemption value of about $10.49 per public share, and the Oct. 1 Evernorth announcement indicates about $48 million in trust proceeds will remain for the transaction.
CoinDesk also said Evernorth expects to hold about 473 million XRP, worth roughly $714 million at Monday’s price, while XRP already bought for $214.1 million through 2025 is now worth about $127 million.
Shareholder approval clears
Armada Acquisition Corp. II shareholders green-lighted their business combination with Evernorth, clearing the way for the company to debut on the Nasdaq under the ticker XRPN.
The Securities and Exchange Commission deemed the company’s S-4 registration form effective last August, and the shares of the combined entity will begin trading on Nasdaq under the ticker XRPN.
The transaction is expected to raise about $300 million in gross cash proceeds, while investors have contributed XRP in kind, leaving Evernorth expected to hold roughly 473 million XRP at closing.
"Going public will offer investors a regulated, transparent way to own XRP exposure and participate in the growth of the blockchain economy," Evernorth CEO Asheesh Birla said, as the deal moves toward its Oct. 7 close and Oct. 8 trading start.
What the treasury means
Public shareholders can request their money back before the deal closes, rather than keep their shares in the combined company, and redemptions can leave fewer public shares available to trade. Evernorth’s financing includes approximately $300 million in gross cash proceeds before expenses, comprising $225 million from private placements, $30 million in convertible notes and $48 million from Armada’s trust.
24/7 Wall St said Evernorth’s XRP treasury is approximately 473 million coins and said the merger allows Evernorth’s XRP treasury to begin trading on Nasdaq under the ticker XRPN starting October 8. 24/7 Wall St warned that Evernorth invested an average of $2.54 per XRP to buy 84 million coins, while XRP traded at $1.49 as of October 1, raising questions about what the company means for XRP’s price.