Over 400 million locked XRP face a quiet October deadline as the Evernorth SPAC takes a $135,000 lifeline
Armada Acquisition Corp. II borrowed $135,000 from Arrington XRP Capital Fund, its sponsor and a major XRP backer, via an unsecured working-capital note signed July 27 and drawn July 31. The note is meant for ordinary administrative expenses and matures when the Evernorth business combination closes or ends. As of Aug. 3, Evernorth’s amended registration statement remained preliminary, with no public vote date or SEC effectiveness notice. The filing shows advance subscribers committed $214.05 million cash plus 600,000 XRP, with about 84.4 million XRP held in conditional pre-closing custody. If the deal fails by the Outside Date without extension, advance subscribers get their custody XRP and residual cash back. Delayed subscribers’ $10.5 million and 200,000 XRP are due only at closing. Ripple-related investments include a separate 50 million XRP custody deposit, RippleWorks’ $500,000 plus about 211.3 million XRP commitment to Arrington, and Ripple’s direct contribution of about 126.8 million XRP for Pathfinder units. Arrington’s dated Series C agreement points to an Oct. 19, 2026 conditional 12-month mark, but it is not a universal deal deadline.
