EvernorthXRP Ties Share Issuance to XRP Market Value

EvernorthXRP, a Ripple-backed XRP treasury firm, has amended its SPAC merger terms with Armada Acquisition Corp. II to link share issuance to the closing price of XRP instead of a fixed reference.

The change suggests that EvernorthXRP is trying to align more closely with the token's market value, which could have implications for XRP's pricing dynamics.

The merger aims to list EvernorthXRP on Nasdaq under the ticker XRPN and has plans to acquire at least 473 million XRP at its inception. Previous purchases were made at an average price of $2.54 per XRP.