Evernorth Begins Nasdaq Trading After 80% SPAC Share Redemption

Evernorth began trading on Nasdaq under the ticker XRPN on Oct. 12 after completing its merger with Armada Acquisition Corp. II, while the transaction left about 80% of redeemable SPAC shares cashed out. The company’s warrants trade under XRPNW. Armada II shareholders redeemed 18,463,753 Class A shares, or about 80.3% of the redeemable shares, at approximately $10.58 per share. The redemptions totaled about $195.39 million. Evernorth’s merger filing used an XRP settlement price of $1.43069, compared with $2.36609 when the transaction was signed.

Source: TokenPost