7/102 sources · 2 publishersUpdated Oct 8, 21:28 UTC
Armada rises 273% as Evernorth merger nears
Armada Acquisition Corp. II, the SPAC set to combine with XRP treasury company Evernorth, ended Friday at $39.42 after rising 273% over the week. Evernorth expects the transaction to finish on October 7 and plans for the resulting company to hold approximately 473 million XRP, with trading expected to start on October 8.
Why it matters
The rally places Armada well above its $10.49 per-share redemption value. If redemptions reduce the public float, fewer shares would be available for trading, which could intensify price moves.
Key facts
- 1Armada Acquisition Corp. II closed Friday at $39.42, up 68% that day and 273% for the week. coindesk.com
- 2Evernorth expects its merger with Armada to close on Wednesday, Oct. 7, pending outstanding conditions. coindesk.com
- 3At closing, Evernorth expects to hold approximately 473 million XRP. coindesk.com
- 4The announced funding totals approximately $300 million before expenses, including private placements of $225 million, convertible notes totaling $30 million, and $48 million retained from Armada's trust. crypto-economy.com
- 5The combined company is expected to begin trading on Thursday, Oct. 8. coindesk.com
Open questions
- The final number of redeemed shares and the resulting public share count have not been disclosed.
Summary written by AlphAI from 2 of 2 sources. Not investment advice. Figures are as stated by the linked sources.