Armada Acquisition Corp. II, the special purpose acquisition company taking XRP treasury firm Evernorth public, lost half its value in one session as the merger’s expected Nasdaq debut was pushed back by several days. The shares fell from $38.65 on Oct. 5 to $19.20 on Oct. 6, while Evernorth said the transaction itself remained on track.
Nasdaq listing pushed back
In a filing dated Oct. 6, Evernorth said an administrative delay had moved the expected completion of its merger with Armada to around Oct. 9, from Oct. 7. Trading in the combined company on Nasdaq is now expected to start around Oct. 12, rather than Oct. 8.
The company said the timetable change was not expected to affect the closing of the transaction. The delay nevertheless leaves investors waiting longer for the structure and financing of the public XRP treasury company to become official.
Armada currently trades under the ticker XRPN. According to CryptoSlate, data compiled by StockAnalysis showed the stock closing at $19.20 on Oct. 6, down 50.3% from the previous day. The decline came shortly before Evernorth was due to formally enter the public markets.
A sharp rally reverses
The one-day collapse followed an equally rapid advance. Armada shares closed at $10.58 on Sept. 28, then climbed to $23.43 by Oct. 1. The stock reached as high as $53 on Oct. 2 and ended that day at $39.42. It was still trading at $38.65 on Oct. 5 before the next session’s steep decline.
Even after the fall, the stock remained about 81% above its Sept. 28 closing price. The sequence illustrates the unusually large swings possible in a SPAC before its proposed business combination is completed.
Armada shareholders approved the Evernorth transaction on Sept. 30. A SPAC is a publicly listed shell company created to merge with or acquire an operating business. Before that transaction closes, its shares may trade based not only on the expected business but also on the number of shares available and the likelihood that investors will redeem their holdings.
Armada reported that 23 million shares were subject to redemption as of June 30. Its trust account held $241.2 million, equivalent to approximately $10.49 per share. Evernorth later said it expected only about $48 million of trust proceeds to remain for the combined company at closing.
Using the June trust value as a rough guide, the remaining proceeds would equate to approximately 4.6 million shares out of the original 23 million redeemable shares. That implies redemptions approaching 80%, although it is not a confirmed final figure. The companies have not yet disclosed the definitive redemption count.
A sharp reduction in the number of shares available for trading can amplify price movements when demand rises or falls. As a result, XRPN’s recent market value does not necessarily represent the value of Evernorth after the merger. Investors are currently trading a SPAC awaiting completion of a transaction, rather than the final capital structure of the XRP-focused company.
Evernorth’s XRP and financing plans
Evernorth expects to hold approximately 473 million XRP when the transaction closes. It also expects roughly $300 million in gross cash proceeds, consisting of $225 million from private placements, $30 million from convertible-note financing and approximately $48 million left in Armada’s trust account before transaction expenses.
The company says the deal will create the largest publicly traded company focused primarily on an XRP treasury. Investors identified by Evernorth include Ripple, SBI Group, Arrington Capital, Pantera Capital, Kraken and GSR.
Evernorth has presented the business as more than a listed vehicle holding XRP. Chief Executive Asheesh Birla said the company intends to deploy capital across the XRP ecosystem, with the stated goal of increasing XRP exposure per share over time.
That strategy is being promoted while investors still do not know the final number of shares that will remain in circulation. The sharp reversal in Armada’s stock shows how a premium can build around a thinly traded acquisition vehicle before the merger is complete, and how quickly that premium can unwind.
What investors are waiting to see
The next closing disclosures are expected to provide a clearer picture of the transaction. They should show the final redemption count, the cash delivered from Armada’s trust account and the share structure of the combined company. Armada’s outstanding warrants could also become a more important potential source of additional equity supply after closing.
Those details will help distinguish between value attributed to Evernorth’s XRP treasury strategy and price movements caused by the temporary scarcity of shares before the merger. The administrative delay itself is relatively limited, but the final capital structure will determine how the public company is formed.
Current market picture
Moneyiar market data at 09:28-09:29 on Oct. 8, 2026, showed XRP at $1.4125617225, down 3.18% over 24 hours and 5.22% over seven days. Cardano was $0.2521462167, down 1.1% in 24 hours but up 2.11% over seven days. Compound stood at $23.6781476083, up 1.4% over 24 hours and down 2.95% over seven days, while ORDI was $4.421474217, up 3.98% in 24 hours but down 4.56% over seven days.
