{"id":14138,"date":"2026-10-06T11:02:46","date_gmt":"2026-10-06T11:02:46","guid":{"rendered":"https:\/\/cryptonews.uk.com\/?p=14138"},"modified":"2026-10-06T11:02:46","modified_gmt":"2026-10-06T11:02:46","slug":"evernorth-spac-nearly-quadruples-ahead-of-xrp-treasury-merger","status":"publish","type":"post","link":"https:\/\/cryptonews.uk.com\/?p=14138","title":{"rendered":"Evernorth SPAC Nearly Quadruples Ahead of XRP Treasury Merger"},"content":{"rendered":"

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  • Armada Acquisition Corp. II shares closed at US$39.42 (AU$56.76) on 2 October after opening the week at US$10.58 (AU$15.24), with an intraday high of US$53 (AU$76.32).<\/span><\/li>\n
  • Evernorth expects about US$48 million (AU$69.1 million) in trust proceeds from the merger, out of roughly US$241.9 million (AU$348.3 million) the trust held at the 20 August record date.<\/span><\/li>\n
  • The deal is due to close on 7 October, with Evernorth trading on Nasdaq under XRPN from 8 October and the shell\u2019s 11.5 million public warrants exercisable at closing after a 5 October amendment.<\/span><\/li>\n<\/ul>\n<\/div>\n<\/div>\n

    Shares of Armada Acquisition Corp. II, the shell merging with XRP treasury company Evernorth this week, closed at US$39.42 (AU$56.76) on Friday, nearly four times their price the previous Monday.<\/p>\n

    The stock opened the week at US$10.58 (AU$15.24), according to Yahoo Finance data. It traded as high as US$53 (AU$76.32) on Friday, when volume reached 9.3 million shares. On 25 September, the last session before the run began, 118,200 shares changed hands.<\/p>\n

    On Monday 5 October the session opened at US$44 (AU$63.36). It closed at US$38.65 (AU$55.66).<\/p>\n

    Read more: Trump to Host Third Memecoin Dinner for Top TRUMP Holders<\/strong><\/p>\n

    Trust Shrinks After Redemptions<\/h2>\n

    Armada II raised US$230 million (AU$331.2 million) in its initial public offering in May 2025. Public holders could redeem their shares for cash from the trust until 28 September, two days before the merger vote.<\/p>\n

    At the 20 August record date the trust stood at about US$241.9 million (AU$348.3 million), the proxy statement shows. In its 1 October release announcing shareholder approval, Evernorth put expected trust proceeds at about US$48 million (AU$69.1 million) before expenses.\u00a0<\/p>\n

    That sum forms part of roughly US$300 million (AU$432 million) in gross cash the company expects the merger and its private placements to deliver.<\/p>\n

    The shell\u2019s sponsor, Arrington XRP Capital Fund, paid US$6.6 million (AU$9.5 million) for its stake in August 2025, according to the proxy. That stake comprises 7.88 million founder shares, 400,000 ordinary shares and 200,000 private warrants.<\/p>\n

    On Monday Armada II amended its warrant agreement with Continental Stock Transfer & Trust so that holders can exercise their warrants as soon as the merger closes. The original agreement had imposed a 30-day wait after closing. The amendment, the company said, brings the agreement into line with the terms described in its IPO prospectus.<\/p>\n

    There were 11.5 million public warrants and 355,000 private placement warrants outstanding at 30 June. Those warrants each convert into one share at US$11.50 (AU$16.56).<\/p>\n

    473 Million XRP at the Debut<\/h2>\n

    Evernorth expects to hold about 473 million XRP at closing, which it says would make it the largest listed company devoted solely to an XRP treasury.<\/p>\n

    Closing is expected on 7 October, with the shares due to start trading on Nasdaq under XRPN on 8 October, subject to closing conditions and listing approval. Worksport, which holds 115,000 XRP, was the only other listed company with an XRP treasury when the vote passed last week.<\/p>\n

    Evernorth\u2019s treasury purchase of 388.7 million XRP in October 2025 came at an average of US$2.44 (AU$3.51), according to CryptoQuant data reported at the time. XRP traded at US$1.50 (AU$2.16) on Tuesday, according to CoinGecko.<\/p>\n

    Read more: Singapore Reclaims Crypto Lead as Activity Surges<\/strong><\/p>\n<\/p><\/div>\n

    XRP#Evernorth #SPAC #Quadruples #Ahead #XRP #Treasury #Merger1791284566<\/p>\n","protected":false},"excerpt":{"rendered":"

    Armada Acquisition Corp. II shares closed at US$39.42 (AU$56.76) on 2 October after opening the week at US$10.58 (AU$15.24), with an intraday high of US$53 (AU$76.32). Evernorth expects about US$48 million (AU$69.1 million) in trust proceeds from the merger, out of roughly US$241.9 million (AU$348.3 million) the trust held at the 20 August record date.<\/p>\n","protected":false},"author":1,"featured_media":14139,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[1011,5990,5907,7283,5906,585,230],"class_list":["post-14138","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin","tag-ahead","tag-evernorth","tag-merger","tag-quadruples","tag-spac","tag-treasury","tag-xrp"],"yoast_head":"\nEvernorth SPAC Nearly Quadruples Ahead of XRP Treasury Merger - Crypto News: Latest Cryptocurrency News and Analysis<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptonews.uk.com\/?p=14138\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Evernorth SPAC Nearly Quadruples Ahead of XRP Treasury Merger\" \/>\n<meta property=\"og:description\" content=\"Armada Acquisition Corp. II shares closed at US$39.42 (AU$56.76) on 2 October after opening the week at US$10.58 (AU$15.24), with an intraday high of US$53 (AU$76.32). 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