Evernorth SPAC Draws $135k Lifeline Amid XRP Deal Uncertainty

Armada Acquisition Corp. II, the SPAC behind the Evernorth XRP deal, has borrowed $135,000 from Arrington XRP Capital Fund in an unsecured note.

The note was signed on July 27 and drawn on July 31, with proceeds used for ordinary administrative expenses or to seek more funding at Arrington's discretion.

The maturity date is tied to the business combination closing or termination, whichever comes first. This SPAC draw is separate from a conditional Oct. 19 termination point associated with Arrington's Series C agreement.

Advance subscribers committed $214.05 million in cash and 600,000 XRP to the deal, while delayed subscribers' $10.5 million and 200,000 XRP are due only at closing.