Armada Acquisition II Shares Surge 273% Ahead of Evernorth Merger

Armada Acquisition Corp. II, a special purpose acquisition company (SPAC), has seen a dramatic rise in its shares as it prepares to merge with Evernorth, a company that holds a significant reserve of XRP. Shares of Armada, traded under the ticker XRPN, have surged by approximately 273% in the past week. The stock closed the last trading day at $39.42, up 68% in a single day, and even touched $53 during trading. A week earlier, XRPN was trading at around $10.58.

The merger between Armada and Evernorth is expected to be completed on October 7th, pending the fulfillment of remaining conditions. Evernorth plans to hold approximately 473 million XRP upon the completion of the transaction. At the time of the report, with XRP trading at around $1.51, this reserve is valued at approximately $714 million. Additionally, Evernorth had acquired 84.4 million XRP for $214.1 million under a contract set to expire at the end of 2025, which is now worth around $127 million.

Armada operates as a SPAC, raising funds from investors and merging with a private company to facilitate its public listing. As of the end of June, Armada had $241.2 million in funds, with approximately $48 million remaining for the merger. This suggests that around 80% of the funds could be returned to shareholders who wish to withdraw.