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XRP Key facts
Shares of Armada Acquisition Corp. II, a special-purpose acquisition company that merged with XRP treasury company Evernorth, surged about 273% last week to close at $39.42 on Friday, according to StockAnalysis.
The merger is expected to be completed on Wednesday, October 7, and the combined company will begin trading on Nasdaq on Thursday, October 8, under the ticker symbol XRPN.
According to the company's October 1 announcement, Evernorth is expected to hold approximately 473 million XRP tokens after the transaction is completed.
Armada SPAC shares rise sharply ahead of Evernorth's Nasdaq landing
As a blank check company that has pushed Evernorth to the public market, shares of Armada Acquisition Corp. II rose about 273% last week as the company, which aims to hold XRP, moves towards the expected merger completion date. The stock closed Friday at $39.42, compared with a close of $10.58 a week ago, according to StockAnalysis.
Most of the gains came late in the week. Data showed that the stock closed at $23.43 on Thursday and rose further by about 68% on Friday.
Shareholders approved the SPAC merger at a September 30 meeting, based on filings with the U.S. Securities and Exchange Commission (SEC). The voting result on the business portfolio proposal was 20,514,034 votes in favor and 1,362,081 votes against.
Evernorth expects to have approximately US$48 million in trust funds when the merger is completed before deducting transaction costs. The combined company is expected to begin trading on the Nasdaq on Thursday.
Evernorth's $1 billion XRP Treasury Plan
Evernorth said the deal and related private placements had raised more than $1 billion ahead of its Nasdaq initial public offering. The company said investors also contributed XRP in kind.
Evernorth CEO Asheesh Birla said: "A listing will provide investors with a regulated, transparent way to hold XRP exposure and participate in the growth of the blockchain economy."
This listing will allow Evernorth to join a listed company that implements a corporate treasury strategy around a single crypto asset. For example, Strategy, which holds Bitcoin (BTC), increased its position to 847,666 BTC in late September.
