$135,000 Lifeline Secured as SPAC Faces Crucial XRP Deal Deadline

The Armada Acquisition Corp. II SPAC has borrowed $135,000 from Arrington XRP Capital Fund to cover administrative expenses during its attempt to take XRP treasury operator Evernorth Holdings public.

The unsecured sponsor note was signed on July 27 and drawn on July 31. It matures when the business combination closes or terminates, whichever comes first.

As of August 3, no shareholder record date or vote timetable had been disclosed for the amended registration statement filed by Evernorth on July 29.

The deal's advance subscribers have committed $214.05 million in cash and 600,000 XRP, with a failure to close by October 19 starting a return process for each subscriber's share of custody XRP and residual cash.