Armada Acquisition Corp. II (XRPNW) Warrant
Each XRPNW warrant gives the holder the right to buy 1 share of Armada Acquisition Corp. II at $11.50 per share, for five years after the company completes its merger. The stock last closed at $39.42, above the strike, so the warrant is in the money. Armada Acquisition Corp. II has a market value of about $2.18B. Armada Acquisition Corp. II is a SPAC (shareholder vote scheduled with Evernorth Holdings Inc. (XRP treasury)). It must complete a deal by November 22, 2026 or the warrants expire worthless. There are 11.50M listed warrants; exercising all of them would add 20.8% to the 55.30M shares outstanding.
XRPN vs strike, last 12 months
No share-price history for XRPN yet.
Key terms
- Strike per share
- $11.50
- Shares per warrant
- 1
- Cash to exercise one warrant
- $11.50
- Expiry
- merger + 5 years
- Redemption trigger
- $18.00
- Cashless exercise
- allowed
- Break-even stock price
- $15.22
From the issuer's S-1/A (2025-04-30).
Company and stock
- Company
- Armada Acquisition Corp. II
- Underlying stock
- XRPN
- Share price
- $39.42
- Market cap
- $2.18B
- Shares outstanding
- 55.30M
- Value of all listed warrants
- $42.78M (2.0% of market cap)
Market cap is the last share price times shares outstanding (as of 10-Q 2026-). All SEC filings for this company.
Model value vs price Pro
- Model value
- Last price
- $3.72
- Price / model
Get Pro to see whether XRPNW is cheap or rich against our model.
Dilution
- Shares outstanding
- 55.30M
- Listed warrants
- 11.50M
- Dilution if all exercised
- 20.8%
Warrant count from filing iXBRL: PublicWarrantsMember.
SPAC deal
- Status
- shareholder vote scheduled
- Target
- Evernorth Holdings Inc. (XRP treasury)
- Deal announced
- 2025-10-19
- Deadline
- 2026-11-22
- Latest possible deadline
- 2026-11-22
- Trust per share
- $10.49
- Sponsor
- Armada Sponsor II LLC
- Sponsor's earlier SPACs
- 1 (0 closed a deal)
- Chance of a deal
A SPAC warrant is worth nothing if no deal closes by the deadline.
Filings and events
Questions about XRPNW
When does the XRPNW warrant expire?
Five years after the SPAC completes its merger; if no merger closes by the deadline, the warrants expire worthless.
What is the strike price of XRPNW?
$11.50 per share; each warrant converts into 1 share, so exercising one warrant costs $11.50.
How many XRPNW warrants are outstanding?
11.50M listed warrants, equal to 20.8% dilution if all are exercised.