Armada Acquisition Corp. II Borrows $135K from Arrington XRP Capital Fund for Merger Expenses
The Armada Acquisition Corp. II Special Purpose Acquisition Company (SPAC) has borrowed $135,000 from Arrington XRP Capital Fund to cover administrative expenses related to its merger with Evernorth Holdings, a company that operates the XRP treasury.
The note was signed on July 27 and drawn on July 31, maturing when either the business combination closes or ends. This unsecured sponsor note is separate from Arrington's conditional termination point of October 19, although other subscriber deadlines remain undisclosed.
The transaction aims to take Evernorth Holdings public, with a total commitment of $214 million in cash and 600,000 XRP. If the deal does not close by its contractual closing cutoff date, advance subscribers will initiate a return process for their share of custody XRP and residual cash.
Evernorth can still complete the listing before Arrington's disclosed termination point, but there is currently no public vote timetable or definitive proxy available as of August 3. The deal's effectiveness notice or financing amendment would change the timing analysis, making October 19 an important date for this specific agreement rather than a universal deadline.