Evernorth Begins Nasdaq Trading After 80% SPAC Share Redemption

Evernorth began trading on Nasdaq under the ticker XRPN on Oct. 12 after completing its merger with Armada Acquisition Corp. II, while the transaction left about 80% of redeemable SPAC shares cashed out.

The company’s warrants trade under XRPNW. Armada II shareholders redeemed 18,463,753 Class A shares, or about 80.3% of the redeemable shares, at approximately $10.58 per share. The redemptions totaled about $195.39 million.

Evernorth’s merger filing used an XRP settlement price of $1.43069, compared with $2.36609 when the transaction was signed. The 39.5% decline reduced the number of shares received by certain investors whose contributions were converted using the XRP price ratio.

The completed transaction leaves Evernorth with 22,268,905 Class A common shares, 32,211,992 nonvoting Class C shares and 11,739,645 warrants. The warrants carry an exercise price of $11.50 per share.

SBI Holdings owns 39.9% of the Class A shares, while Arrington XRP Capital Fund owns 19.9%. Ripple, Larsen Lam Children’s Remainder Trust and the sponsor agreed to six-month lockups on their shares.