MergerMay 13, 2026, 06:09 AM
Armada Acquisition II Enters Business Combination with Ripple Labs
AI Summary
Armada Acquisition Corp. II, a SPAC, announced it has entered into a definitive Business Combination Agreement with Evernorth Holdings Inc., Pathfinder Digital Assets LLC, and Ripple Labs Inc., which will result in Pubco becoming a publicly traded company. The company also reported a net income of $1,131,313 for the three months ended March 31, 2026, a significant improvement from a net loss in the prior year, primarily due to interest earned on its Trust Account. A change in sponsor from Armada Sponsor II LLC to Arrington XRP Capital Fund, LP, was also completed, with the new sponsor acquiring equity interests for $6,600,000.
Key Highlights
- Entered Business Combination Agreement on October 19, 2025, with Evernorth Holdings Inc., Pathfinder Digital Assets LLC, and Ripple Labs Inc.
- New Sponsor, Arrington XRP Capital Fund, LP, acquired equity interests for $6,600,000.
- Net income for the three months ended March 31, 2026, was $1,131,313, compared to a net loss of $706 in the prior year period.
- Net income for the six months ended March 31, 2026, was $527,553, compared to a net loss of $46,490 in the prior year period.
- Cash and marketable securities held in Trust Account increased to $239,035,116 as of March 31, 2026.
- Total liabilities increased to $14,295,577 as of March 31, 2026, from $10,715,994 as of September 30, 2025.
- Advance PIPE funding includes $214.05 million in cash and 600,000 XRP tokens.
- New Sponsor to forfeit 120,000 Class A Shares, 2,364,000 Class B Shares, and 60,000 warrants at closing.