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XRP Key Facts
Evernorth said its merger with Armada Acquisition Corp. II is expected to be completed on Friday, October 9 due to administrative delays, and its shares are expected to begin trading on Nasdaq under the symbol XRPN on Monday, October 12. Previously, the company had planned to complete the merger on October 7 and start trading on October 8.
Shares of Armada II, already traded under the XRPN symbol on Nasdaq, plunged 50% on Tuesday and rebounded about 38% in Wednesday afternoon trading, according to StockAnalysis.
Evernorth is a company dedicated to building XRP (XRP) corporate vaults. The company announced a four-day delay in Nasdaq's initial public offering, saying the administrative delay led to its expected first trading day being adjusted to Monday, October 12. The delay further extended the cycle of share price volatility in the shell company Evernorth merged: the stock more than tripled in a week, before falling by half its market value on Tuesday.
Evernorth now expects its merger with Armada Acquisition Corp. II to be completed on or around October 9, and trading in the XRPN code will also begin on or around October 12, according to a filing with the Securities and Exchange Commission on Tuesday. However, these two dates still depend on regular delivery conditions and Nasdaq listing requirements.
Evernorth had said on October 1 that it expected to complete the merger on October 7 and begin trading on October 8. The company wrote on social media platform X: "Due to administrative delays that are not expected to affect delivery, we now expect delivery to be completed on Friday, October 9. Keep in mind that Armada II shareholders have approved the merger."
Evernorth SPAC shares plunged first and then rebounded
As the new timetable was announced, Armada II's share price experienced a sharp reversal. The stock has been traded on Nasdaq under the XRPN symbol. The stock plunged 50.3% on Tuesday to close at $19.20 per share, according to StockAnalysis. Evernorth announced the extension through the X platform after the close.
On Wednesday afternoon, the stock traded at about $26.50, up about 38% for the day. Before Tuesday's decline, the stock more than tripled in the week ended Oct. 2 and closed at $39.42 on Friday.
Plans to hold 473 million XRPs in reserve at delivery
According to an announcement released on October 1, Evernorth expects to hold approximately 473 million XRPs in its corporate coffers once the transaction is completed. The company said it would become the largest pure XRP reserve listed company.
In addition, the company expects to receive approximately $300 million in cash proceeds before deducting transaction fees, including $225 million from private placement. Investors include Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken and GSR. The company said the transaction and related private placement had raised more than $1 billion before the Nasdaq listing.
Armada II shareholders approved the SPAC merger on September 30. According to CoinMarketCap data, as of press time, the XRP price was about $1.42, down about 6% in 24 hours. Based on this calculation, the value of 473 million XRPs is approximately US$672 million.
