EVERNORTH · XRPNW · S-4 FILED MARCH 18, 2026
Warrant Value Estimator
Strike $11.50 · ~862M XRP committed + SPAC trust · 11,499,992 warrants outstanding
XRP / SHARE
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at $1.43
NAV / SHARE
—
at $1.43
📡 CURRENT XRP PRICE — TODAY'S SNAPSHOT
$
✏️ Update with today's XRP price
MY XRPNW POSITION
$
mNAV
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CLOSING SNAPSHOT BY REDEMPTION SCENARIO (XRP/share locked at $1.43 close)
DATA SOURCES · SEC S-4 · MARCH 18, 2026
Strike price$11.50
Total XRPNW warrants11,499,992
XRP accumulated~473M
Ripple contribution~127M XRP
Arrington Series C~211M XRP
Larsen trust~50M XRP
SPAC trust (no rdm.)$230M cash
Signing XRP price$2.36609
Class A shares (no rdm.)~65.1M
Sponsor Class C (est.)~37M
Warrant expiry~5yr from close
mNAV range0.8× / 1.5× / 2.5×
UNDERSTANDING SPAC REDEMPTIONS (RDM)

When Armada raised money through its SPAC IPO, it sold 23 million shares at $10 each, locking $230 million in a trust. Before the merger closes every shareholder chooses: convert to XRPN stock, or redeem for $10 back. The three RDM buttons model this choice.

⚡ The Redemption Paradox — higher redemptions slightly increase XRP/share because each share represents ~10 XRP worth ~$14 at close, but redeeming holders walk away with only $10. They leave value on the table for those who stay. No Redemptions is still best for Evernorth — more total XRP, bigger float, more liquidity.
NO REDEMPTIONS
All 23M shareholders stay. Full $230M deploys to buy XRP. ~964M total XRP at close. Best outcome for the company.
50% REDEMPTIONS
11.5M take $10 back. $115M flows to Evernorth. ~914M XRP. Realistic mid-case given recent SPAC trends.
90% REDEMPTIONS
Only $23M from the trust. ~877M XRP. Highest XRP/share but company weakened: less capital, less float.
Bottom line: Because ~862M of the ~877–964M XRP came from direct contributions (not SPAC cash), redemption rate has a small impact on XRP/share — the range is only ~10.1 to ~10.9. The bigger drivers are XRP price and mNAV premium.
⚠ FORCED WARRANT REDEMPTION — CRITICAL RISK FOR XRPNW HOLDERS

Evernorth can force you out of your warrants before expiry under two triggers — both based on XRPN stock price. You have 30 days to act once a notice is issued. Miss it and your warrants are cancelled for pennies.

TRIGGER 1 · $18 HARD REDEMPTION
If XRPN trades ≥ $18 for 20 out of 30 days, Evernorth can redeem all warrants for $0.01 each. You must exercise (pay $11.50, get 1 share), sell, or lose everything. Cashless option: receive (stock−$11.50)/stock shares per warrant.
TRIGGER 2 · $10 MAKE-WHOLE REDEMPTION
If XRPN trades ≥ $10 for 20 out of 30 days (90+ days post-close), Evernorth can redeem for $0.10 each. Warrants are OTM at $10 (below $11.50 strike) but holders can elect cashless conversion via a Black-Scholes make-whole table that pays fractional shares for lost time value.
XRP PRICE REQUIRED TO HIT EACH TRIGGER — No RDM · ~10.1 XRP/share
TRIGGERBEAR 0.8×BASE 1.5×BULL 2.5×RESULT
$10 Make-Whole~$1.24~$0.66 ✓~$0.40 ✓$0.10 or make-whole shares
$11.50 Strike (ITM)~$1.43~$0.76 ✓~$0.46 ✓Exercise makes sense
$18 Hard Redeem~$2.23 ⚠~$1.19 ⚠~$0.71 ✓30-day clock. Act or lose all.
🚨 AT $1.43 XRP TODAY: Under Base mNAV (1.5×), XRPN would open at ~$21.60/share — already above the $18 forced redemption trigger. The 30-day clock may start within days of the merger closing.
What to do: Stock > $11.50 → exercise or sell immediately. Stock $10–$11.50 → use make-whole cashless conversion. Set XRPN news alerts now on Bloomberg, Nasdaq, or SEC EDGAR. You have 30 days from the public announcement.
Not financial advice. Estimates only. XRP/share is locked at the $1.43 closing price estimate and does not shift with the live price input above — the table rows show future scenarios. mNAV premium is speculative. Warrant expires worthless if XRPN stays below $11.50. P&L figures assume sale at estimated market value, not exercise.