XRP
Evernorth Closes Lower on Nasdaq Debut Following SPAC Merger
Shares of XRP treasury holding company Evernorth finished down slightly on their first day of trading following the completion of a SPAC transaction.
Evernorth Holdings debuted on Nasdaq on Monday under the ticker XRPN following the completion of its merger with Armada Acquisition Corp. II on 9 October. After climbing to an intraday high of $19.38, the stock declined to $16.39 before closing at $16.91, representing a 1.05 percent loss on volume of nearly 1.29 million shares. Regulatory filings indicated that 80.3 percent of the SPAC's redeemable shares were cashed out prior to the merger.
At the time of listing, Evernorth held approximately 473 million XRP, valued at roughly $648 million based on the token price of $1.37, alongside about $300 million in gross cash proceeds before expenses. The company's treasury was primarily assembled through investors exchanging existing XRP for equity rather than direct spot-market acquisitions, meaning the public debut did not generate immediate open-market buying pressure for the cryptocurrency.
XRP fell 3.03 percent over a 24-hour period to $1.37, even as spot XRP exchange-traded funds registered $11.31 million in net inflows the prior week. Evernorth chief executive Asheesh Birla stated that the firm aims to expand its XRP reserves per share over time.
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