Armada Acquisition Corp. II shares rose about 273% last week ahead of its planned merger with XRP treasury firm Evernorth. According to NS3.AI, Armada closed at $39.42 on Friday, up 68% that day, based on StockAnalysis data.

Evernorth said it expects the merger to close on Wednesday, Oct. 7, subject to remaining conditions. The company also said about 80% of Armada's trust funds appear set to be returned to shareholders, which could reduce the number of publicly traded shares and contribute to sharp price swings.