Key facts
- Michael Arrington forfeited 230,694 Class A ordinary shares and millions of Class B ordinary shares of Armada Acquisition Corp II, along with associated warrants.
- Evernorth Holdings completed its merger with Armada Acquisition Corp II, and its stock began trading on Nasdaq under the ticker XRPN on October 12.
- Arrington XRP Capital Fund holds 19.9% of the voting shares in the combined Evernorth Holdings entity.
- Public shareholders of Armada Acquisition Corp II redeemed 80.3% of their shares, contributing to volatility.
- XRPN stock closed near $16.91 on its first trading day, after spiking to a high of $53.
Michael Arrington and his Arrington XRP Capital Fund have disposed of their beneficial ownership of Armada Acquisition Corp II securities, including Class A and Class B ordinary shares and warrants, shortly before the company's merger with Ripple-backed Evernorth Holdings became effective. Arrington forfeited these securities for cancellation and no consideration.
Evernorth Holdings, which completed its merger with Armada Acquisition Corp II, began trading on the Nasdaq under the ticker XRPN on October 12. The company entered public markets holding 473 million XRP. Investors in Evernorth Holdings include Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken, and GSR. SBI Holdings holds approximately 39.9% of the voting shares, while Ripple and its affiliates are capped at around 9.9%.
The stock experienced significant volatility on its debut day, with an 80.3% redemption rate by public shareholders of Armada. XRPN stock spiked to a high of $53 before closing near $16.91, influenced by lower XRP price action and broader crypto market sentiment. The stock dropped more than 5% in premarket trading following the release of US CPI inflation data at 3.7%, which was higher than the expected 3.6%.