Over 400 million locked XRP face a quiet October deadline as the Evernorth SPAC takes a $135,000 lifeline

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 reac...