Michael Arrington & XRP Capital Fund Forfeited Ripple-Backed Evernorth SPAC Shares

American investor Michael Arrington and his Arrington XRP Capital Fund have disposed XRPN beneficiary stocks. This occurred as Ripple-backed Evernorth Holdings revealed the closing date for the merger with Armada Acquisition Corp II.

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Michael Arrington and Arrington XRP Capital Fund Disposed Holdings

According to the latest SEC filing, Michael Arrington and Arrington XRP Capital Fund reported significant disposals of Armada Acquisition Corp II securities last week.

Immediately before the company merger became effective under the business combination agreement with Evernorth Holdings, Michael Arrington forfeited Armada’s Class A ordinary shares, Class B ordinary shares, and warrants for cancellation and for no consideration.

Notably, he disposed 230,694 Class A ordinary shares, millions of Class B ordinary shares, and associated warrants across the two filings.

On the same date, the remaining 169,306 Class A and 3,335,328 Class B ordinary shares of Armada Acquisition Corp II automatically converted into shares of Class A common stock Evernorth Holdings. Also, outstanding warrants were converted into warrants to purchase Ripple-backed Evernorth Class A common stock.

Michael Arrington exercised sole voting and dispositive power while disclaiming beneficial ownership except to the extent of his pecuniary interest. Arrington XRP Capital Fund holds 19.9% voting shares in combined Evernorth Holdings.

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Ripple-Backed Evernorth Holdings Debut on Nasdaq Under XRPN Stock

Evernorth Holdings completed its merger with Armada Acquisition Corp II and its Class A common stock began trading on the Nasdaq under the ticker XRPN on October 12. The Ripple-backed XRP treasury company entered public markets holding 473 million XRP.

Investors include Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken, and GSR. SBI Holdings has about 39.9% of voting shares, with Ripple and affiliates capped at around 9.9%.

Notably, an 80.3% high redemption of shares by Armada public shareholders contributed to massive volatility in the XRPN stock. The stock spiked to a high of $ 53 before the close.

However, XRPN stock closed lower near $16.91 on its first trading day amid lower XRP price action and broader crypto market sentiment.

Today, XRPN stock has dropped more than 5% to $15.60 in premarket trading as the US CPI inflation print came in at 3.7%, higher than the expected 3.6%.

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