Evernorth Holdings delays Nasdaq debut after SPAC stock plunges 50%

Shares of Armada Acquisition Corp. II, the SPAC associated with Evernorth Holdings, plummeted over 50% in a single day. Trading under the ticker ‘XRPN’, the stock closed at $19.20, down from a previous close of $38.65.

Evernorth Holdings, which intends to hold XRP as a treasury asset, has delayed its Nasdaq debut due to administrative issues. The listing, originally scheduled for earlier in October, is now expected to occur around October 12. Despite the volatility in the SPAC, Evernorth stated it does not expect the delay to impact the completion of the merger.

The SPAC had previously experienced significant volatility, including a surge to $53 on October 2 following shareholder approval of the merger. While the SPAC's value dropped sharply, the spot price of XRP showed minimal reaction, experiencing only a minor dip consistent with broader market trends.