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Shares of Armada Acquisition Corp. II, the SPAC set to merge with XRP treasury manager Evernorth, jumped roughly 273% last week and briefly traded as high as $53 before settling at $39.42 on Friday. Evernorth expects to hold about 473 million XRP at closing and the deal structure would return a large portion of Armada’s trust to public shareholders, shrinking the post-merger float.