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Evernorth’s XRP buying power may shrink if Armada SPAC redemptions rise

Armada shareholders can request redemption by 5 p.m. Eastern Sept. 28, before a Sept. 30 merger vote with Evernorth Holdings.

Reported · Written up by our desk · Market Structure

CryptoSlate reports that shareholders of Armada Acquisition Corp. II, the cash-holding SPAC seeking to merge with XRP treasury company Evernorth Holdings, have until 5 p.m. Eastern on Sept. 28 to request redemption of their public shares, unless the board sets a later deadline.

The merger vote is scheduled for Sept. 30, and every redeemed share would remove cash that Evernorth could otherwise consider for potential future XRP purchases after the deal closes, according to the outlet.

CryptoSlate adds that Evernorth is expected to have at least 473.3 million XRP at closing, combining previously purchased tokens and agreed contributions, but that any new buying depends on the cash left after redemptions and management spending decisions.

The outlet also notes that Armada’s definitive proxy placed about $241.9 million in trust on Aug. 20, while a September filing added a separate $30 million financing agreement that would be funded only if the merger closes, and Evernorth may use those proceeds for purposes other than buying XRP.

Latest closeXRP $1.493 ▼1.6%

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