Evernorth Holdings completed its merger with Armada Acquisition Corp. II on Friday, the company said in a release at 16:51 ET. It enters public markets with about 473 million XRP and about $300 million in gross cash proceeds, before transaction expenses. Its shares are expected to trade on Nasdaq as XRPN from Monday, 12 Oct.
At the CoinGecko price of $1.40 at 00:15 UTC on Saturday, 473 million XRP is worth about $662 million, by our arithmetic. Evernorth did not give a dollar value for the holding. Its backers named in the release include Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken and GSR.
The 8-K filed on Friday answers the question we left open after the delay to the listing date. Holders of 18,463,753 SPAC shares, about 80.3% of those with redemption rights, took cash at about $10.58 a share, roughly $195.39 million in total. Former SPAC public shareholders now hold about 21.8% of the company.
That is the usual SPAC pattern rather than a verdict on XRP: most public holders took their $10.58 even though the shares had traded well above it. Armada II’s shares, already listed as XRPN, closed at $24.20 on Thursday and last traded at $17.09 on Friday, according to Yahoo Finance. Ripple, the sponsor and a related party agreed to six-month lock-ups.
Evernorth plans to ring Nasdaq’s closing bell on 14 Oct. Chief executive Asheesh Birla said the company will deploy capital “across the XRP economy” and pursue strategies “designed to grow XRP per share over time”.
This article is for information only and is not investment advice.