XRP treasury SPAC drops 50% in a day ahead of Evernorth’s Nasdaq debut

Overview of the Situation## Evernorth's Nasdaq debut has been delayed due to a 50% drop in Armada Acquisition Corp. II's shares, which is attributed to the speculative surge in Armada shares before the XRP treasury company went public. The delay is expected to affect trading, but investors are still awaiting a clearer picture of the final redemption count and share structure after the transaction closes. ## Impact on the XRP Treasury Company## The delay highlights the risk of attaching a premium to a thinly traded acquisition vehicle before investors know exactly how many shares will remain in circulation after closing. The companies have not yet disclosed the final redemption count, so that figure remains an estimate rather than the confirmed post-merger public float. ## Evernorth's Strategy## Evernorth presents that strategy as part of its pitch to investors ahead of the merger. The company expects to hold about 473 million XRP at closing, along with roughly $300 million in gross cash proceeds from the transaction. Investors backing the transaction include Ripple, SBI Group, Arrington Capital, Pantera Capital, Kraken and GSR. ## Conclusion## The merger will bring other potential sources of equity supply, including Armada's outstanding warrants, into sharper focus. Once the transaction closes, Evernorth should provide a clearer picture of the final redemption count, cash delivered from Armada's trust and the combined company's share structure.