Not forfeiture opposite of your draft. *8-K Oct 13 shows Arrington still top holder.*$BSP $TRUTH $WAL
*What filed:* *Evernorth closed merger with Armada Acquisition Corp II Oct 9, began trading XRPN Oct 12 Nasdaq* — 473M XRP treasury — *SBI 39.9%, Arrington XRP Capital Fund 19.9% (4,704,137 Class A + 29M Class C = 92.5% of Class C), Larsen trust 9.9%, Ripple 9.9% capped*
- *The adjustment you call forfeiture:* *Sponsor forfeiture adjustment factor 0.423264965* triggered by XRP drop *$2.36609 at signing → $1.43069 at closing (-39%)* — *80.3% of public SPAC shares redeemed ($195.39M @ $10.58)* leaving only ∼4.5M float — That's mechanical rebalancing, not Arrington dumping
- *Lock-up, not sell-off:* SEC enforced *6-month lock-up until April 2027* for *Arrington, Larsen, Ripple* — cannot sell — Pre-market Oct 14 quoted *$17.11 +1.18%* (close Oct 12 *$16.91*, intraday *$19.39*, high Oct 2 *$53*) — No filing showing forfeiture ahead of merger or 5% drop to $15.60 on that cause — Volatility is low float
- *Devaluation real:* Treasury *$450M paper markdown* — XRP $2.37 signing vs $1.34-1.40 listing — advance tranche 84.37M XRP bought @ $2.54 now worth $115.6M (-46%)
*BREAKING 📉 XRPN Nasdaq debut Oct 12 post SPAC — closes $16.91, pre-market $17.11 Oct 14 — 80.3% redemptions ($195M) leaves 4.5M float, high volatility — Sponsor forfeiture adjustment 0.423x due to XRP $2.36→$1.43, not Arrington exit — Arrington still 19.9%, SBI 39.9%, 6-month lock-up until Apr 2027 — Treasury 473M XRP, -$450M markdown 🔔*
*What filed:* *Evernorth closed merger with Armada Acquisition Corp II Oct 9, began trading XRPN Oct 12 Nasdaq* — 473M XRP treasury — *SBI 39.9%, Arrington XRP Capital Fund 19.9% (4,704,137 Class A + 29M Class C = 92.5% of Class C), Larsen trust 9.9%, Ripple 9.9% capped*
- *The adjustment you call forfeiture:* *Sponsor forfeiture adjustment factor 0.423264965* triggered by XRP drop *$2.36609 at signing → $1.43069 at closing (-39%)* — *80.3% of public SPAC shares redeemed ($195.39M @ $10.58)* leaving only ∼4.5M float — That's mechanical rebalancing, not Arrington dumping
- *Lock-up, not sell-off:* SEC enforced *6-month lock-up until April 2027* for *Arrington, Larsen, Ripple* — cannot sell — Pre-market Oct 14 quoted *$17.11 +1.18%* (close Oct 12 *$16.91*, intraday *$19.39*, high Oct 2 *$53*) — No filing showing forfeiture ahead of merger or 5% drop to $15.60 on that cause — Volatility is low float
- *Devaluation real:* Treasury *$450M paper markdown* — XRP $2.37 signing vs $1.34-1.40 listing — advance tranche 84.37M XRP bought @ $2.54 now worth $115.6M (-46%)
*BREAKING 📉 XRPN Nasdaq debut Oct 12 post SPAC — closes $16.91, pre-market $17.11 Oct 14 — 80.3% redemptions ($195M) leaves 4.5M float, high volatility — Sponsor forfeiture adjustment 0.423x due to XRP $2.36→$1.43, not Arrington exit — Arrington still 19.9%, SBI 39.9%, 6-month lock-up until Apr 2027 — Treasury 473M XRP, -$450M markdown 🔔*