Shares of the shell company taking XRP treasury firm Evernorth public nearly quadrupled last week, ahead of a merger that would bring hundreds of millions of tokens and new shareholders into the listed business.

Armada Acquisition Corp. II (XRPN) closed at $39.42 on Friday, up 68% that day and about 273% for the week, according to StockAnalysis data. The shares briefly touched $53, compared with $10.58 a week earlier. Shares are higher by another 9.5% in pre-market trading Monday.

Evernorth told CoinDesk in an email that it expects the merger to close on Wednesday, Oct. 7, subject to remaining conditions.

Armada is a special purpose acquisition company, or SPAC. It raised money, holds it in a trust and later merges with a private business. Public shareholders can request their money back before the deal closes, rather than keep their shares in the combined company.

Armada’s trust held $241.2 million at the end of June, with a redemption value of about $10.49 per public share, according to its quarterly filing. Evernorth’s Oct. 1 announcement indicates that approximately $48 million in trust proceeds will remain for the transaction.

Comparing those figures suggests roughly 80% of the trust money would be returned to shareholders, according to CoinDesk calculations. The announcement did not provide a final count of redeemed shares.

Redemptions can leave fewer public shares available to trade, allowing relatively small orders to move the price sharply.

Evernorth expects to hold approximately 473 million XRP at closing. 51, that would be worth about $714 million.

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