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XRP treasury SPAC share price falls 50% before Evernorth listing

Armada Acquisition Corp. II, trading as XRPN, closed Tuesday at $19.20, and Evernorth pushed its Nasdaq start to around Oct. 12 from an earlier Oct. 8 target.

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Evernorth delayed its Nasdaq debut after the SPAC behind the XRP treasury company, Armada Acquisition Corp. II, saw its shares drop sharply, reversing a recent surge. CryptoSlate reported that Armada is trading under the XRPN ticker and closed Tuesday at $19.20, down 50.3% from $38.65 a day earlier, after having traded as high as $53 on Oct. 2.

In an Oct. 6 filing, Evernorth said the merger completion was pushed by an administrative delay to around Oct. 9, shifting the expected start of trading for the combined company on Nasdaq to around Oct. 12 instead of Oct. 8, while stating the delay was not expected to affect the closing. CryptoSlate said investors now face a longer wait after speculative buying in Armada shares reversed in the days before the vehicle was set to formally enter public markets.

CryptoSlate also noted that XRPN’s rally accelerated after Armada shareholders approved the Evernorth transaction on Sept. 30. It added that the stock closed at $23.43 on Oct. 1, surged to $53 the next day, finished that session at $39.42, held $38.65 on Oct. 5, and then collapsed to $19.20 Tuesday.

Latest closeXRP $1.403 ▼6.3%|Nasdaq Comp. 27,477.31 ▲1.1%

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