XRP treasury SPAC drops 50% in a day ahead of Evernorth’s Nasdaq debut
The selloff followed a near-quadrupling in XRPN’s closing price ahead of Evernorth’s planned Nasdaq debut.
Evernorth delayed its Nasdaq debut after shares of the SPAC taking theXRPtreasury 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 todatacompiled by Stock Analysis. 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, Evernorthsaidan administrative delay had pushed completion of its merger with Armada to around Oct. 9 from Oct. 7. 거래 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 shareholdersapproved 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 변동성 may reflect the shrinking supply of Armada shares available to investors seeking exposure before Evernorth becomes the listed company.
Armada reported 23million shares subject to redemption at June 30, backed by $241. 2million in its trust account, equivalent to about $10. 49 per share, according to its quarterly report filed with the Securities and 거래소 Commission (SEC).
Evernorth subsequently said only about $48million of trust proceeds are expected to remain for the combined company when the transaction closes.
Using Armada’s June redemption value as a rough guide, that amount would correspond to approximately 4. 6million shares remaining fromthe original 23million redeemable shares, implying redemptions approaching 80%.
출처: CryptoSlate