Before the merger of XRP Treasury Company and Evernorth, Armada SPAC's stock price rose approximately 273% in a week

Armada Acquisition Corp. II (XRPN) closed at $39.42 last Friday, up 68% on the day, with a weekly increase of about 273%. It briefly touched $53 during the day, compared to $10.58 a week ago, and rose another 9.5% in pre-market trading on Monday. The company is the SPAC driving the listing of XRP treasury company Evernorth, which stated that the merger is expected to be completed on October 7 (Wednesday), pending the satisfaction of remaining conditions.

Evernorth is expected to hold approximately 473 million XRP at the time of closing, valued at about $714 million based on Monday's price of approximately $1.51. Its disclosed financing includes about $300 million in total cash proceeds, of which $225 million comes from private placements, $30 million from convertible notes, and $48 million from Armada's trust funds, with supporters also directly investing in XRP. However, the company purchased 84.4 million XRP for $214.1 million by the end of 2025, at an average price of about $2.54, which is now worth approximately $127 million.

Armada Trust held $241.2 million at the end of June, with each public share redemption valued at approximately $10.49. Evernorth's announcement on October 1 indicated that about $48 million of the trust funds would be reserved for trading, suggesting that about 80% of the trust funds would be returned to shareholders. Redemptions will reduce the number of publicly tradable shares, allowing relatively small orders to significantly drive up the stock price.