Shareholders of Armada Acquisition Corp. II, the cash-holding SPAC seeking to merge with XRP treasury company Evernorth Holdings, have until 5 p.m. Eastern on Sept. 28 to request redemption of their public shares. The merger vote is scheduled for Sept. 30. Every redeemed share removes cash that Evernorth could otherwise consider for future XRP purchases after closing. Approximately $241.9 million sat in Armada’s trust as of Aug. 20, and a separate $30 million financing agreement was signed in September, but these funds can only support XRP buying if the merger closes and management allocates them. Evernorth is expected to have at least 473.3 million XRP at closing, a figure combining previously purchased tokens and agreed contributions.
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