Shares of the special-purpose vehicle facilitating Evernorth’s public offering nearly quadrupled last week, ahead of a merger anticipated to bring hundreds of millions of XRP tokens and new shareholders into the listed entity.
Armada Acquisition Corp. II (XRPN) settled at $39.42 on Friday, marking a 68% daily gain and approximately 273% weekly appreciation, per StockAnalysis data. The stock briefly surged to $53, up from $10.58 a week prior, and was trading up an additional 9.5% in pre-market sessions Monday.
Evernorth indicated in a CoinDesk interview that the merger is anticipated to close on Wednesday, October 7, contingent upon remaining conditions.
Armada operates as a special purpose acquisition company, pooling funds into a trust before merging with a private entity. Public shareholders retain the right to redeem their investments before the transaction closes, opting out of holding shares in the combined entity.
As of the end of June, Armada’s trust held $241.2 million, with a per-share redemption value of approximately $10.49, according to its quarterly filing. Evernorth’s October 1 announcement estimates that roughly $48 million in trust proceeds will remain applicable for the transaction.
