XRP Treasury SPAC Shares Plummet Before Nasdaq Launch Delay

What Caused the Sudden Loss of Confidence in the SPAC?

Armada Acquisition Corp. II, the special purpose acquisition company set to take XRP treasury firm Evernorth public, saw its shares drop over 50% in a single trading session ahead of a delayed Nasdaq debut. The stock closed at $19.20 on Tuesday, down from $38.65 the previous day, according to StockAnalysis data. This sharp decline came just after Evernorth announced it would postpone its planned public market entry via the SPAC merger.

The SPAC, trading under the ticker XRPN, had previously reached as high as $53 per share in October, reflecting strong initial investor interest in the deal. However, market sentiment shifted rapidly as concerns grew over the valuation and timing of the transaction. Evernorth, which manages a significant holdings of XRP tokens, had positioned itself as a bridge between traditional finance and digital asset treasury management. The delay in its Nasdaq listing suggests internal or regulatory hurdles may have emerged, prompting investors to reassess the deal’s near-term prospects.

Is Evernorth Still Committed to Going Public?

While no official statement cited a single trigger for the sell-off, analysts point to broader market volatility in crypto-linked equities and potential delays in SEC approval processes. The SPAC structure itself has faced increased scrutiny in recent months, with investors wary of de-SPAC timelines and post-merger performance. Armada’s steep drop reflects a loss of faith in the ability to close the deal on favorable terms, especially as XRP’s own price action has remained subdued amid ongoing legal uncertainty.

Evernorth has not abandoned its plans to become a publicly traded company, but the timeline remains unclear. The company continues to work with Armada Acquisition Corp. II to finalize the merger, though no new date for the Nasdaq debut has been announced. Leadership likely aims to address outstanding concerns—whether related to financial disclosures, compliance, or market conditions—before attempting a relaunch. Until then, the XRPN ticker will remain active, subject to further price swings based on developments.

Why did Evernorth delay its Nasdaq debut? The company delayed its Nasdaq debut after the SPAC tasked with taking it public lost significant value, signaling investor concerns about the deal’s viability or timing.

Frequently Asked Questions

What was the percentage drop in Armada Acquisition Corp. II shares? Shares of Armada Acquisition Corp. II fell 50.3%, closing at $19.20 after trading at $38.65 the prior day.

What is the current ticker for the SPAC involved in the Evernorth deal? The SPAC is currently trading under the ticker XRPN on public markets.