Evernorth’s XRP Acquisition Capacity Faces Potential Reduction Following SPAC Redemption Deadline

Shareholders of Armada Acquisition Corp. II have until 5 p.m. ET on September 28 to request redemptions ahead of the September 30 merger vote with Evernorth Holdings. Redemptions will reduce the cash available for Evernorth to purchase XRP post-merger. While Evernorth expects to hold at least 473.3 million XRP at closing, future buying power depends on the remaining trust cash and management's allocation decisions. The trust held approximately $241.9 million as of August 20, with an additional $30 million in potential financing contingent on the merger closing.