XRP's Quiet Deadline: Evernorth Holdings Faces October Crunch

Evernorth Holdings, the treasury operator for XRP, is facing a quiet deadline of October 19 as it seeks to go public through its SPAC, Armada Acquisition Corp. II. The company has borrowed $135,000 from Arrington XRP Capital Fund to cover ordinary administrative expenses during the process.

The loan was signed on July 27 and drawn on July 31, with the proceeds potentially used for working capital. However, the deal's success depends on the business combination closing or terminating by October 19, whichever comes first.

As part of the SPAC deal, advance subscribers have committed $214.05 million in cash and 600,000 XRP, while delayed subscribers are due to invest only at closing. Ripple has also contributed about 126.8 million XRP through a separate agreement, which would convert into Evernorth shares upon business combination.

If the deal does not close by October 19, a return process will start for each advance subscriber's share of custody XRP and residual cash. This could potentially affect over 400 million locked XRP.