Armada Acquisition Corp. II, the SPAC seeking to take XRP treasury operator Evernorth Holdings public, has borrowed $135,000 from Arrington XRP Capital Fund. The unsecured note, signed July 27 and drawn July 31, may be used for ordinary administrative expenses and matures upon closing or termination of the transaction. Advance subscribers committed $214.05 million in cash and 600,000 XRP, with $214 million of the cash used to purchase approximately 84.4 million XRP held in conditional pre-closing custody. Arrington’s Series C subscription agreement, dated October 19, 2025, reaches its conditional 12-month point on October 19, 2026, when funds could be returned if the deal does not close. As of August 3, no shareholder record date or vote timetable had been disclosed, though the company could still complete the listing before Arrington’s termination point.
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