Armada Acquisition Corp. II, the SPAC seeking to take XRP treasury operator Evernorth Holdings public, has borrowed $135,000 from Arrington XRP Capital Fund. Arrington is both Armada’s sponsor and the subscriber behind a major XRP commitment to the transaction.
The unsecured note was signed July 27 and drawn July 31. Its proceeds may be used for ordinary administrative expenses, and Armada can seek more funding subject to Arrington’s discretion. The note matures when the business combination closes or terminates, whichever comes first. The disclosed use and terms are consistent with a working-capital bridge for the SPAC process and do not, on their own, signal distress at Evernorth.
Evernorth’s July 29 amended registration statement was still preliminary as of Aug. 3, with its shareholder record date and meeting date blank. SEC filing feeds showed no later effectiveness notice or definitive proxy by that date.
Filed subscription agreements can terminate at the earliest of three events: termination of the business-combination agreement, mutual written agreement, or 12 months after each subscription agreement’s own date.
Arrington’s Series C agreement, dated Oct. 19, 2025, therefore reaches its conditional 12-month point on Oct. 19, 2026 unless an earlier event or signed change intervenes. Other subscriber exhibits show placeholder execution dates, so their individual points remain undisclosed.
What is exposed if the deal does not close
Advance subscribers committed $214.05 million in cash and 600,000 XRP. The amended filing says $214 million of the aggregate cash proceeds purchased about 84.4 million XRP, with those tokens and the contributed XRP held in conditional pre-closing custody.
Under the filed subscription forms, a failure to close by the business-combination agreement’s Outside Date, its contractual closing cutoff, without a written extension starts a return process for each advance subscriber’s share of custody XRP and residual cash.
Delayed subscribers’ $10.5 million and 200,000 XRP are due only at closing. A Ripple affiliate placed another 50 million XRP in pre-closing custody under a separate subscription. RippleWorks supplied Arrington with $500,000 and about 211.3 million XRP, and Arrington is required to invest that same token amount through the Series C agreement.
The filing says RippleWorks may withdraw that combined investment if the business combination is not completed.
Ripple’s direct contribution sits outside those subscription pools. Its agreement calls for about 126.8 million XRP in exchange for Pathfinder units that would convert into Evernorth shares at the business-combination closing.
The agreement becomes void if the combination terminates, but the filed text does not establish the same custody-return process described for advance subscribers.
Evernorth can still complete the listing before Arrington’s disclosed termination point. As of Aug. 3, however, there was no public vote timetable.
An effectiveness notice, definitive proxy, financing amendment or waiver would change the timing analysis; until then, Oct. 19 is an Arrington-specific contractual marker rather than a universal deadline for the deal.
