Armada SPAC tied to XRP treasury firm Evernorth rises about 273% before merger
Armada Acquisition Corp. II, the shell company taking XRP treasury firm Evernorth public, rose about 273% last week. Shares closed at $39.42 on Friday, up 68% on that day alone, and briefly touched $53, compared with $10.58 a week earlier. The stock was up another 9.5% in pre-market trading on Monday, Oct. 5, according to StockAnalysis price data cited by CoinDesk.
The move came ahead of a merger Evernorth expects to close this week. When the deal closes, Evernorth says it will hold roughly 473 million XRP, a crypto token tied to the company Ripple.
The key figures
- $39.42 — Friday closing price of Armada shares, ticker XRPN.
- About 273% — the stock's gain for the week, with an intraday high of $53.
- $241.2 million — the size of Armada's trust account at the end of June, worth about $10.49 per public share.
- About $48 million — the portion of that trust expected to stay in the transaction.
- 473 million XRP — the tokens Evernorth expects to hold at closing, worth roughly $714 million at Monday's price of about $1.51.
How a SPAC trust can move a share price
A SPAC, short for special purpose acquisition company, is an empty shell company that raises money and holds it in a trust. It then merges with a private business to take it public. Public shareholders can ask for their money back before the deal closes instead of keeping shares in the combined company. That option is called a redemption.
Large redemptions shrink the number of shares left for sale. When fewer shares are available, relatively small buy or sell orders can push the price sharply. CoinDesk estimated that about 80% of Armada's trust money will go back to shareholders, based on the trust size and the amount staying in the deal.
What the filings and Evernorth say
Armada's quarterly filing showed its trust held $241.2 million at the end of June, with a redemption value of about $10.49 per public share. In an Oct. 1 announcement, the company said about $48 million in trust proceeds would remain for the transaction.
The same announcement described about $300 million in gross cash proceeds before expenses, made up of roughly $225 million from private placements, $30 million from convertible notes and the $48 million from Armada's trust. Backers also contributed XRP directly, the announcement said.
Earlier XRP purchases are now worth less
Part of Evernorth's holdings were bought before this deal. The company spent $214.1 million on 84.4 million XRP through the end of 2025, an average price of about $2.54, CoinDesk reported in March. At Monday's price, that group of tokens would be worth roughly $127 million — well under what was paid for it.
Other crypto treasury listings have had rough starts
The deal comes after other companies built around crypto reserves stumbled after their own mergers. Tether-backed Twenty One fell 25% in early trading on its New York Stock Exchange debut in December, trading close to the $10 price paid by its private-placement investors. By that same point, ProCap BTC had lost more than 60% since its merger.
What is still unsettled
The announcement did not publish a final count of how many shares were redeemed, so the 80% figure is CoinDesk's estimate rather than an official number. The merger is also described as subject to remaining conditions, and Evernorth's Oct. 7 timing is its own expectation rather than a completed step.
What happens next
Evernorth said it expects the merger with Armada to close on Wednesday, Oct. 7, if remaining conditions are met. The combined company would then hold about 473 million XRP. A separate CoinDesk report from August described Evernorth as a shareholder vote away from a Nasdaq listing. CoinDesk also reported that Evernorth shareholders approved the deal, clearing the path to that listing.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.