XRP treasury SPAC drops 50% in a day ahead of Evernorth’s Nasdaq debut

Evernorth delayed its Nasdaq debut after shares of the SPAC taking the XRP treasury 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 to data compiled by StockAnalysis. 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, Evernorth said an administrative delay had pushed completion of its merger with Armada to around Oct. 9 from Oct. 7. Trading 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.A near-quadrupling unwinds in daysXRPN’s rally accelerated after Armada shareholders approved 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 h...