Armada Acquisition Corp. II (XRPN) shares rose 48% to $34.70 on Thursday, with volume near 810,000, after shareholders approved the company's merger with Evernorth. The approval clears the way for the de-SPAC transaction to proceed, with the combined entity expected to begin trading on Nasdaq on October 8.
What happened
Armada Acquisition Corp. II shareholders voted to approve the business combination with Evernorth on October 1, 2026. The company filed an 8-K with the results that same day. The transaction and related private placements raised over $1 billion in total capital. Armada had been trading under the XRPN ticker since October 30, 2025, following an earlier ticker symbol change. The merger transforms the SPAC from a shell company into an operating public business.
Why the stock moved
The shareholder approval removes the final major hurdle for the de-SPAC transaction to close. SPACs typically see their share prices converge toward the $10 redemption value as a deal approaches, but in this case XRPN had been trading significantly above that level, suggesting investor optimism about Evernorth's business prospects. The $1 billion capital raise provides the combined company with substantial resources to fund growth. The PR Newswire announcement on October 1 confirmed the timeline for Nasdaq trading of the merged entity under the XRPN symbol beginning October 8.
Evernorth had previously announced the confidential submission of a draft registration statement on Form S-4 to the SEC in November 2025, indicating the deal had been in regulatory review. The company also appointed new board members and senior executives in May 2026 ahead of the anticipated public listing.
The numbers
XRPN closed at $34.70, up 48% from the prior day's close of $23.45. Volume reached approximately 809,716 shares during the session, compared to the average daily volume of roughly 127,714 shares. The market capitalization stands at $822.74 million. The float is 19.7 million shares out of 23.7 million total shares outstanding.
What to watch
The October 8 Nasdaq listing date will be the next major catalyst. Investors should monitor for the final closing of the merger and any accompanying investor presentations or management commentary. The Form S-4 registration statement is expected to contain detailed financial information about Evernorth's operations and the combined company's growth strategy. Volume and price action in the days leading up to October 8 will indicate whether the post-merger trading begins at a premium or discount to current levels.