Shares of Armada Acquisition Corp. II, the shell company merging with XRP treasury firm Evernorth, jumped nearly 300% last week ahead of the deal's expected Oct. 7 close. Evernorth expects to hold about 473 million XRP at closing, while redemptions from Armada's trust could leave fewer shares trading publicly.
Shares of Armada Acquisition Corp. II, the special purpose acquisition company taking XRP treasury firm Evernorth public, nearly quadrupled last week ahead of a merger that brings hundreds of millions of tokens and new shareholders into the listed business.
Armada (XRPN) closed at $39.42 on Friday, up 68% that day and about 273% for the week, according to StockAnalysis data. The shares briefly touched $53, compared with $10.58 a week earlier, and were higher by another 9.5% in pre-market trading Monday.
Evernorth told CoinDesk in an email that it expects the merger to close on Wednesday, Oct. 7, subject to remaining conditions.
Redemptions could thin the float
Armada raised money, holds it in a trust, and later merges with a private business — public shareholders can request their money back before the deal closes rather than keep shares in the combined company. Its trust held $241.2 million at the end of June, with a redemption value of about $10.49 per public share, according to its quarterly filing.
Evernorth's Oct. 1 announcement indicates that approximately $48 million in trust proceeds will remain for the transaction. Comparing those figures suggests roughly 80% of the trust money would be returned to shareholders, according to CoinDesk calculations, though the announcement did not provide a final redeemed-share count. Redemptions can leave fewer public shares available to trade, letting relatively small orders move the price sharply.
A $714 million XRP bet
Evernorth expects to hold approximately 473 million XRP at closing, worth about $714 million at Monday's price of roughly $1.51.
Its announced financing also 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. Backers have also contributed XRP directly.
Some of the XRP bought with cash is already worth substantially less than Evernorth paid. The company spent $214.1 million buying 84.4 million XRP through the end of 2025, an average of about $2.54, CoinDesk reported in March. That tranche would now be worth roughly $127 million.
The deal comes as other cryptocurrency treasury listings have struggled after their mergers. Tether-backed Twenty One fell 25% in early trading on its NYSE debut in December, approaching the $10 price paid by its private-placement investors, while ProCap BTC had lost more than 60% since its own merger by then.
Evernorth's closing disclosures should show the final share count and remaining cash. The combined company is expected to begin trading on Thursday, Oct. 8.
Source: CoinDesk
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