Evernorth Holdings, the XRP treasury company going public through Armada Acquisition Corp. II, now expects its merger to close on or about 9 Oct, with shares trading on Nasdaq as XRPN on or about 12 Oct, according to a Form 8-K filed on Tuesday. It blamed an “administrative delay that is not expected to affect the closing”. The earlier plan was 7 Oct and 8 Oct.
The Evernorth XRPN delay is four days. The share price move was not about four days. Armada II, which already trades as XRPN, closed at $19.20 on Tuesday, down 50.3% from $38.65 on Monday, according to Yahoo Finance data. A week earlier, on 28 Sep, it closed at $10.58. A pre-merger SPAC with a thin float can swing on positioning alone, and Tuesday’s fall says more about that float than about XRP.
Armada II shareholders approved the deal on 30 Sep, the filing says. The registration statement on Form S-4 for the merger and its linked private placements was declared effective on 27 Aug. The 8-K’s risk factors note that redemptions by Armada II’s public shareholders could reduce the public float and trading market.
Both new dates remain subject to customary closing conditions and Nasdaq listing requirements, the company said. Its chief executive, Asheesh Birla, signed the filing. The useful test now is narrower than the share price: whether the deal closes on 9 Oct as stated, and how much of the SPAC’s cash survives redemptions. Neither number is in this filing.
Related: Strategy’s Q3 filing
This article is for information only and is not investment advice.