Shares of Armada Acquisition Corp. II (XRPN), the SPAC vehicle tasked with taking XRP treasury firm Evernorth public, closed last Friday at $39.42, representing a 68% gain on the day and 273% for the week.
Shares briefly touched $53, up from the previous close of $10.58, and rose another 9.5% in Monday’s premarket session. The move implies that the trading price reached nearly four times the trust value, which stood at $10.49 per public share.
Evernorth expects to close the merger on Wednesday, October 7, subject to pending conditions. Upon closing, the company plans to hold approximately 473 million XRP, valued at around $714 million at the current price of $1.51.
The announced financing includes $300 million in gross cash before expenses, comprised of $225 million in private placements, $30 million in convertible notes and $48 million from Armada’s trust.
However, the context may prove challenging. Firm Twenty One, backed by Tether, fell 25% on its NYSE debut, while ProCap BTC has accumulated losses exceeding 60% since its own merger. The combined company is expected to begin trading on Thursday, October 8.
Source: https://stockanalysis.com/stocks/xrpn/history/
Disclaimer: Crypto Economy Flash News are based on verified public and official sources. Their purpose is to provide fast, factual updates about relevant events in the crypto and blockchain ecosystem.
This information does not constitute financial advice or investment recommendation. Readers are encouraged to verify all details through official project channels before making any related decisions.
