XRP news: SPAC tracking Ripple-linked token jumps nearly 300%
Summary
Armada Acquisition Corp. II shares surged about 273% last week ahead of its expected Oct. 7 merger with XRP treasury firm Evernorth, briefly reaching $53. The sharp move may reflect a reduced public float: about $48 million of Armada’s $241.2 million trust is expected to remain, suggesting roughly 80% may be redeemed, though the final count is not disclosed. Evernorth expects to hold about 473 million XRP, worth approximately $714 million at current prices, and receive roughly $300 million in cash proceeds and financing. Some XRP bought at an average $2.54 is now worth substantially less. Evernorth’s combined company is expected to start trading Oct. 8; disclosures should reveal final cash and share counts.
