CONNECT WITH US
Web3 & Blockchain

Web3 & Blockchain

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

CryptoSlate logo

Published on

Add as a preferred source on Google
XRP treasury SPAC drops 50% in a day ahead of Evernorth’s Nasdaq debut

Evernorth delayed its Nasdaq debut after shares of the SPAC taking the XRP treasury company public lost half their value.

Armada Acquisition Corp. II, which currently trades under the XRPN ticker, closed Tuesday at $19.20, down 50.3% from $38.65 a day earlier, according to data compiled by StockAnalysis. The shares had traded as high as $53 on Oct. 2 after closing at just $10.58 on Sept. 28.

In an Oct. 6 filing, Evernorth said an administrative delay had pushed completion of its merger with Armada to around Oct. 9 from Oct. 7. Trading of the combined company on Nasdaq is now expected to begin around Oct. 12, instead of Oct. 8. Evernorth said the delay is not expected to affect the closing.

Investors now face a longer wait after a speculative surge in Armada shares began reversing just days before the XRP treasury vehicle was due to formally enter public markets.

XRPN’s rally accelerated after Armada shareholders approved the Evernorth transaction on Sept. 30.

The stock closed at $23.43 on Oct. 1, surged as high as $53 the next day and finished that session at $39.42. It remained at $38.65 on Oct. 5 before collapsing to $19.20 Tuesday.

Even after losing half its value, XRPN remained about 81% above its Sept. 28 close, reflecting how quickly investors had bid up the vehicle ahead of the merger.

Some of that volatility may reflect the shrinking supply of Armada shares available to investors seeking exposure before Evernorth becomes the listed company.



Source link
Related Topics:Web3 & Blockchain

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We TheMorningPulse.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It's possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.