Armada SPAC soars 273% as Evernorth XRP merger nears

7.1 Investments

Oct 5, 2026

Armada Acquisition Corp. II shares soared 273% ahead of its merger with Evernorth, which will bring 473 million XRP tokens public. The merger closes October 7, with trading expected to start October 8.

Shares of Armada Acquisition Corp. II (XRPN), the SPAC merging with XRP treasury firm Evernorth, surged 273% last week. The stock closed at $39.42 on Friday after briefly hitting $53, up from $10.58 a week earlier. The merger is set to close on October 7 and will take Evernorth public, with plans to hold about 473 million XRP—valued at roughly $714 million at current prices. Financing for the deal includes $300 million in gross cash from private placements, convertible notes, and remaining trust funds. Approximately 80% of Armada’s trust funds are expected to be returned to shareholders, which could reduce the number of publicly traded shares and contribute to significant price volatility. The combined company is anticipated to begin trading on October 8. The sharp rise in share price reflects anticipation of the merger and the integration of hundreds of millions of XRP tokens and new shareholders into the public entity.