Armada Acquisition Corp. II shares surged roughly 273% last week as traders pushed the thinly traded SPAC far above the value of the cash held in its trust ahead of its planned combination with XRP treasury firm Evernorth.
The stock ended Friday at $39.42, up 68% on the day and about 273% for the week, according to StockAnalysis data. It briefly reached $53, compared with $10.58 one week earlier. The shares added another 9.5% in Monday’s premarket trading.
Evernorth said it expects the transaction to close Wednesday, Oct. 7, assuming the remaining closing conditions are met.
Armada Acquisition Corp. II, which trades under XRPN, is a special purpose acquisition company, or SPAC. Such companies raise capital and place the proceeds into a trust before merging with a private business to take it public. Investors can redeem their shares for cash before the merger rather than remain invested in the combined company.
Armada reported $241.2 million in trust assets at the end of June, equivalent to a redemption value of about $10.49 per public share. Evernorth said in an Oct. 1 announcement that about $48 million of those trust proceeds would be available for the deal.
The figures imply that approximately 80% of the trust funds could be returned to investors, based on CoinDesk calculations. The companies have not yet disclosed the final number of shares redeemed.
A high redemption rate can sharply reduce a SPAC’s public float. With fewer shares available to trade, relatively modest buying or selling can result in significant price movements.
Evernorth Targets 473 Million XRP
Following the merger, Evernorth expects to hold approximately 473 million XRP. At a price of around $1.51 on Monday, the position would be worth roughly $714 million.
The company has also announced about $300 million in gross cash proceeds before expenses. The financing includes $225 million from private placements, $30 million in convertible notes and $48 million from Armada’s trust. Investors have additionally provided XRP directly.
Not all of Evernorth’s existing XRP purchases are currently profitable. The company spent $214.1 million to acquire 84.4 million XRP through the end of 2025, putting its average purchase price at approximately $2.54, according to CoinDesk’s March report. At Monday’s price, that position would be worth about $127 million.
Evernorth is entering the public market as several other crypto treasury companies have struggled after completing similar transactions.
Tether-backed Twenty One dropped 25% during its first trading session on the NYSE in December, falling toward the $10 level paid by private-placement investors. ProCap BTC had declined more than 60% from its merger level by that time.
The final closing documents from Evernorth are expected to reveal how many shares remain after redemptions and how much cash is left in the transaction. Trading in the combined company is expected to begin Thursday, Oct. 8.
