Armada Acquisition Corp. II to merge with Evernorth, XRP holdings valued at $714 million
Armada Acquisition Corp. II (XRPN) announced a merger with Evernorth, a company that controls roughly 473 million XRP. The XRP reserve is estimated to be worth about $714 million at $1.51 per token. The transaction is slated to close on October 7, with the combined entity expected to start trading on October 8. The SPAC will retain roughly $48 million from its trust account for the deal.
Why it matters
The merger will bring a sizable cryptocurrency asset base onto a public market, potentially increasing liquidity for XRP holders. Investors in XRPN may receive cash from the remaining trust funds, as the SPAC plans to return unused capital after the transaction.
Key facts
- 1Armada Acquisition Corp. II shares rose about 273% to $39.42. coinpedia.org
- 2Evernorth expects to hold approximately 473 million XRP. coinpedia.org
- 3The XRP reserve is valued at roughly $714 million based on a price of $1.51 per XRP. coinpedia.org
- 4The merger is expected to close on October 7, with trading to begin on October 8. coinpedia.org
- 5About $48 million from Armada’s trust account will remain for the transaction. cryptonews.net
Summary written by AlphAI from 2 of 2 sources. Not investment advice. Figures are as stated by the linked sources.