EvernorthXRP amends SPAC merger terms to link share issuance to XRP price

EvernorthXRP, a Ripple-backed XRP treasury firm, has amended the terms of its SPAC merger with Armada Acquisition Corp. II. The revised agreement links the issuance of shares to the volume-weighted average price of XRP at the time of closing, replacing the previous fixed reference price of $2.36.

Under the new formula, the number of shares allocated to investors will fluctuate based on XRP’s market value. Based on pricing from August 13, the amendment is expected to result in fewer shares being issued, which would grant each Armada II share a larger interest in EvernorthXRP’s XRP treasury.

Backers representing over 95% of committed capital have accepted the revised terms. EvernorthXRP aims to list on Nasdaq under the ticker XRPN and has indicated plans to acquire at least 473 million XRP at the merger’s inception.