Evernorth began trading on Nasdaq as XRPN on Monday, October 12, with approximately 473 million XRP and $300 million in gross cash. The company’s crypto treasury was valued at approximately $677 million at the closing reference price, well below the more than $1 billion funding figure originally stated. This gap reflects a 40% decline in XRP between the deal signing at $2.37 and the closing reference price of $1.43. In the SPAC business combination with Armada Acquisition Corp. II, approximately 80.3% of public shareholders redeemed their shares for roughly $195 million, leaving only about 4.5 million original public shares available to trade, an exceptionally narrow float conducive to extreme volatility.
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