Over 400M Locked XRP Face Quiet October Deadline

Armada Acquisition Corp, the special purpose acquisition company aiming to take XRP treasury operator Evernorth Holdings public, recently borrowed $135,000 from Arrington XRP Capital Fund. Arrington acts as both the sponsor for Armada and the subscriber behind a major XRP commitment for the transaction. This short term bridge loan covers basic administrative expenses while the public listing process continues.

Public filings show that advance subscribers previously committed massive amounts of capital, including $214 million in cash and hundreds of millions of XRP tokens held in conditional pre closing custody. Additional commitments come from Ripple and related entities, bringing the total amount of locked XRP involved in the transaction past the 400 million mark. If the merger fails to close by the contractual cutoff dates, agreements allow for the return of these funds and tokens to their original owners.

While the October 19 date marks a key contractual milestone for Arrington, the timeline remains flexible if the companies agree on extensions or secure final regulatory approvals. Traders and investors are keeping a close eye on upcoming SEC notices and shareholder meeting announcements to see if the listing will cross the finish line.