XRP treasury SPAC drops 50% in a day ahead of Evernorth’s Nasdaq debut
Evernorth postponed completion of its merger with SPAC Armada Acquisition Corp. II by about two days, delaying the combined company’s expected Nasdaq debut to around Oct. 12. Armada shares (XRPN) fell 50.3% to $19.20 after surging to $53 earlier in the month. The final number of shares redeemed is not yet known, but Evernorth’s estimate that about $48 million of Armada’s trust will remain suggests redemptions may approach 80%. The deal is expected to give Evernorth about 473 million XRP and roughly $300 million in gross cash proceeds, including private placements and convertible-note financing. Investors await final disclosures on redemptions, cash and share structure to assess whether XRPN’s remaining premium reflects Evernorth’s XRP strategy or limited pre-merger share supply.
