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Armada SPAC borrows $135,000 as Evernorth XRP listing timeline nears

Armada Acquisition Corp. II has a $214.05 million cash and 600,000 XRP commitment structure tied to the Evernorth business combination, with some subscriber agreements reaching a conditional Oct. 19, 2026 point.

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Armada Acquisition Corp. II, the SPAC seeking to take XRP treasury operator Evernorth Holdings public, borrowed $135,000 from Arrington XRP Capital Fund, with Arrington serving as both the SPAC sponsor and the subscriber behind a major XRP commitment, according to CryptoSlate.

The unsecured note was signed July 27 and drawn July 31, and its proceeds can be used for ordinary administrative expenses. The note matures when the business combination closes or terminates, whichever comes first, and Armada can seek additional funding subject to Arrington’s discretion.

CryptoSlate adds that Evernorth’s amended registration statement was still preliminary as of Aug. 3, with no shareholder record date or meeting date disclosed in the filing feeds shown. It also notes that filed subscription agreements can terminate at the earliest of three events, including termination of the business-combination agreement, mutual written agreement, or 12 months after each subscription agreement’s own date.

Per the filing, Arrington’s Series C agreement dated Oct. 19, 2025 reaches its conditional 12-month point on Oct. 19, 2026 unless an earlier event or signed change occurs. Other subscriber exhibits show placeholder execution dates, and the filing outlines custody returns if the SPAC fails to close by the business-combination agreement’s Outside Date without an extension, including separate timing for delayed subscribers’ $10.5 million and 200,000 XRP due only at closing.

Latest closeXRP $1.079 ▼0.6%

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