Evernorth’s XRP buying power could shrink if SPAC shareholders redeem this week
Armada Acquisition II shareholders can request redemptions by Sept. 28 ahead of a Sept. 30 vote on merging with XRP treasury company Evernorth. Redemptions would reduce the SPAC trust’s roughly $241.9 million available before closing, limiting potential funds for XRP purchases, though actual use also depends on expenses and management decisions. Evernorth expects at least 473.3 million XRP at closing, a figure combining prior purchases and agreed contributions—not new post-vote buying. A separate $30 million convertible-note financing would fund only if the merger closes, and its proceeds may support XRP purchases or other corporate purposes. Final cash balances, treasury holdings and any additional XRP demand will depend on closing disclosures and subsequent use of funds.
