Shares of Armada Acquisition Corp. II rose about 273% last week ahead of an expected October 7 merger with XRP treasury company Evernorth and a Nasdaq listing under the ticker XRPN. Index

• Key Facts

• Armada SPAC Shares Rally Ahead of Evernorth’s Nasdaq Debut

• Evernorth’s $1 Billion XRP Treasury Plan

Key Facts

• Shares of Armada Acquisition Corp. II, the SPAC merging with XRP treasury company Evernorth, rose about 273% last week to close at $39.42 on Friday, according to StockAnalysis data.

• The merger is expected to close on Wednesday, October 7, with the combined company trading on Nasdaq under the ticker XRPN starting Thursday, October 8.

• Evernorth expects to hold about 473 million XRP at closing, according to its October 1 announcement.

Shares of Armada Acquisition Corp. II, the blank-check company that took Evernorth public, rose about 273% last week as the company built to hold XRP (XRP) moved toward its expected merger closing on Wednesday.

Once the deal closes, Evernorth expects to be the largest publicly traded pure-play XRP treasury company, holding about 473 million tokens, the company said on October 1.

Armada SPAC Shares Rally Ahead of Evernorth’s Nasdaq Debut

Shares closed at $39.42 on Friday, up from $10.58 the previous week, according to StockAnalysis data.

Most of the move came late in the week. Shares closed at $23.43 on Thursday before gaining about 68% on Friday, the data shows.

Shareholders approved the SPAC merger at a September 30 meeting, with 20,514,034 votes in favor of the business combination proposal and 1,362,081 against, according to a filing with the U.S. Securities and Exchange Commission.

Evernorth expects about $48 million in trust proceeds at closing, before transaction expenses. The combined company is expected to begin trading on Nasdaq on Thursday.

Evernorth’s $1 Billion XRP Treasury Plan

Evernorth said the transaction and related private placements raised more than $1 billion ahead of its Nasdaq debut. Investors also contributed XRP in kind, the company said.

“The public listing will offer investors a regulated and transparent way to gain exposure to XRP and participate in the growth of the blockchain economy,” said Evernorth CEO Asheesh Birla.

The listing would add Evernorth to a group of public companies pursuing a corporate treasury strategy centered on a single crypto asset. The strategy, which holds Bitcoin (BTC), boosted its holdings to 847,666 BTC at the end of September.

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