# Armada SPAC Shares Climb 273% Ahead of Evernorth Merger

By John Kim

Canonical URL: https://www.tokenpost.com/news/business/26813
Published: 2026-10-05T12:39:34.000Z
Updated: 2026-10-05T12:39:34.000Z
Section: Business

> Armada closed Friday at $39.42, above its $10.49 trust value per share, as investors await the final redemption count before the planned Oct. 7 merger closing.

Armada Acquisition Corp. II shares climbed about 273% in four trading sessions through Friday, closing at $39.42 as shareholders await the final redemption count ahead of its planned merger with XRP treasury company Evernorth.

The stock closed at $10.58 on Sept. 28 and reached $53 during Friday’s session. Trading volume topped 9.1 million shares Friday, compared with 405,370 shares on Sept. 28.

Armada’s quarterly filing listed 23 million Class A shares subject to possible redemption, valued at $10.49 each as of June 30. The company held $241.2 million in trust at quarter-end. About $48 million of trust proceeds are expected to remain in the transaction, but the final number of shares remaining after redemptions has not been announced.

Armada shareholders [approved the combination](<https://www.tokenpost.com/news/business/26168>) on Sept. 30. The merger is expected to close Oct. 7, subject to remaining conditions, and the combined company is expected to begin trading on Nasdaq under the ticker XRPN on Oct. 8.

At closing, Evernorth expects to hold about 473 million XRP and receive roughly $300 million in gross cash proceeds. Its financing includes $225 million from private placements and an arranged $30 million convertible note. Using the Oct. 5 XRP price of about $1.51, Evernorth’s expected 473 million tokens would have an estimated value of $714 million.

Redemptions can shrink a company’s public float, making its shares more sensitive to trading. Armada’s recent price increase does not by itself establish the value per share of the combined company or its XRP holdings after the merger.

Other recently listed crypto treasury companies have faced market pressure. Twenty One and ProCap BTC have traded below their private-placement prices, showing that a treasury’s asset holdings do not ensure its shares trade at a premium.

Evernorth founder and CEO Asheesh Birla said the public listing would offer investors a regulated way to gain XRP exposure. The merger is expected to close Oct. 7, with Nasdaq trading under XRPN planned for Oct. 8 if remaining conditions are met.

## Links in this article

- [approved the combination](https://www.tokenpost.com/news/business/26168)