Armada SPAC Shares Sink 50% Ahead of Evernorth Nasdaq Debut

Armada Acquisition Corp. II shares plunged 50.3% on Oct. 6 as Evernorth delayed the expected closing of their merger, pushing back the planned Nasdaq debut of the XRP treasury company.

The SPAC, trading under the XRPN ticker, closed at $19.20 at 4 p.m. ET (8 p.m. UTC), down from $38.65 on Oct. 5. The shares had reached $53 on Oct. 2 after closing at $10.58 on Sept. 28.

Evernorth expects the merger to close around Oct. 9, with trading on Nasdaq expected around Oct. 12. The timing remains subject to customary closing conditions and Nasdaq listing requirements. Evernorth described the delay as “an administrative delay that is not expected to affect the closing.”

Armada shareholders approved the transaction on Sept. 30. The SPAC is being used to take Evernorth public, with the company expecting to hold about 473 million XRP and receive approximately $300 million in gross cash proceeds at closing.

Armada’s June 30 filing listed 23 million redeemable shares and $241.2 million in trust assets. The next key step is the expected merger closing around Oct. 9, followed by the planned Nasdaq trading debut around Oct. 12.