Shareholders of Armada Acquisition Corp. II approved the Evernorth business combination on September 30, clearing the path for a Nasdaq listing under ticker XRPN on October 8 — but the company's capacity for fresh XRP purchases at closing is closer to $88.5 million in gross sources than the widely cited $300 million figure, according to SEC filings.

Evernorth and Armada announced the vote result on October 1. They expect the transaction to close on October 7, subject to remaining conditions, with Class A shares of the combined company trading on Nasdaq the following day.

The funding arithmetic explains the gap. The headline total of roughly $300 million breaks down into $225 million from related private placements, $30 million of incremental convertible-note financing and approximately $48 million in expected trust proceeds, all before transaction expenses.

Where did the rest of the money go?

The definitive proxy filed with the SEC splits the placements into $214.05 million of advance cash subscriptions and $10.5 million of delayed cash subscriptions. The advance cash has already been deployed: in a November 4, 2025 disclosure, Evernorth reported purchasing approximately 84.37 million XRP at an average price of about $2.54 — a purchase of roughly $214 million funded from those advance proceeds.

Cash already converted into tokens cannot finance another acquisition. The November 2025 filing does not disclose a precise remaining balance of unused advance cash, so the exact residual is unmeasured from public documents.

The closing-linked sources still to settle are:

• Delayed cash subscriptions: $10.5 million, subject to subscription and combination closing conditions
• Incremental convertible notes: $30 million, with issuance conditioned on and expected concurrently with closing, per Armada's September financing disclosure
• Expected trust proceeds: approximately $48 million, based on the company's October 1 estimate, before transaction expenses

Together those components total roughly $88.5 million in gross sources if all settle as described. This is an analytical figure, not a company-announced purchase budget. Expenses, working capital and other permitted uses reduce deployable cash further.

What does the 473 million XRP figure actually represent?

Evernorth expects to hold approximately 473 million XRP at closing, but that number is not a measure of new buying. The November 2025 announcement had already described more than 473 million XRP as purchased and committed, including commitments rather than settled holdings.

The proxy details the in-kind contribution channel: a separate 50 million XRP related-party subscription and approximately 211.3 million XRP invested through the sponsor by RippleWorks, which held a right to withdraw its investment if the combination failed to consummate. Contributed tokens enlarge the treasury without any contemporaneous market purchase.

Liabilities also weigh on the final cash position. Armada's June 30, 2026 balance sheet reported about $5.39 million in accounts payable and accrued expenses, plus a $9.2 million deferred underwriting fee payable — the latter contingent on trust funds remaining after redemptions.

A financing obligation, not a purchase order

The convertible notes carry 4% annual payment-in-kind interest that accretes to principal, with maturity in 2031 unless earlier converted, redeemed or repurchased, according to Evernorth's September 17 filing. The note agreement and the proxy both permit general corporate uses — including XRP acquisitions and activities within the XRP ecosystem — so ecosystem spending cannot be assumed to translate into spot demand.

Permitted allocations span working capital and general corporate purposes as well as XRP purchases. Secondary trading in XRPN shares likewise delivers no fresh cash to the issuer; consideration moves between buyers and sellers.

The disclosures that will resolve the question are specific: a completed-closing announcement with financing settlement, a net cash and paid-expense schedule, and acquisition disclosures pairing cash outflows with purchased token quantities. For XRP market structure, the consequential number is how much settled cash Evernorth actually spends on additional tokens — a figure investors should watch in the closing disclosures expected around October 7 and 8.