Armada Acquisition Corp. Ii · NASDAQ:XRPN
Armada Acquisition Corp. Ii — SPAC Merger (October 2025)
32 slides from Armada Acquisition Corp. Ii's SPAC merger presentation, Oct 20, 2025
Slide 1: Evernorth Holdings Inc.
Exhibit 99.1 EVERNORTH HOLDINGS INC. 1
Slide 2: Disclaimers and Other Important Information
Disclaimers and Other Important Information This presentation (this “Presentation”) is being furnished solely to recipients that are “qualified institutional buyers” as defined in Rule 144A of the Securities Act of 1933, as amended (the “Securities Act”), or “accredited investors” (as defined in Rul
Slide 3: Forward-Looking Statements (Continued)
Forward-Looking Statements (Continued) Forward-looking statements are predictions, projections and other statements about future events or conditions that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual futur
Slide 4: • • • • • • • • • • • • • •
• • • • • • • • • • • • • • • • • • • 4 (1) Source: Public XRP ledger data. LTM represents period from October 18, 2024 to October 17, 2025. (2) Assumes a Signing XRP Price of $2.36609. (3) Assumes no AACI shareholders exercise redemption rights at closing.
Slide 5: Management team and advisors
Brad Garlinghouse CEO and Board Director Advisor Ripple, CEO Matthew Frymier Chief Financial Officer David Schwartz Advisor Ripple, CTO Sagar Shah Chief Business Officer Jessica Jonas Chief Legal Officer Meg Nakamura Chief Operating Officer 5
Slide 6: XRP Ownership Split and Transaction Cost & Speed
•• •• ‒ • • (2) XRP Ownership Split (1) Transaction Cost & Speed $0.8000 35.0% 60.4% 4.6% $0.5000 $0.0057 XRP Held by Ripple On-Ledger Escrow XRP XRP In Circulation BTC ETH XRP ~30-60 minutes ~6-15 seconds ~3-5 seconds 6 (1) Messari, Ycharts, and Pocket Option. (2) XRPscan. Data as of October 16, 20
Slide 7: Stablecoin and tokenization platform growth
•• • TOKENIZATION PLATFORMS 131% 58% YoY Growth $252 YoY Growth $3.0 $223 $208 $2.2 $185 $2.0 $1.9 $159 $148 $1.3 $1.3 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q2'24 Q3'24Q4'24 Q1'25 Q2'25 Q3'25 Sources: CoinMarketCap, Visa Onchain Analytics. (1) Stablecoins include USDC, USDT, TUSD, PYUSD, USDP, BUSD, G
Slide 8: The Right Team, Unparalleled Industry Backing; Building a Multibillion-Dollar Business
The Right Team, Unparalleled Industry Backing; Building a Multibillion-Dollar Business 8 .
Slide 9: Spot XRP ETPs, XRP Trusts, Direct XRP Purchases
Spot XRP ETPs XRP Trusts Direct XRP Purchases ✓ ✓ ✓ ✓ ✓ ✓✓✓ ✓ 9
Slide 10: Evernorth's business strategy built on three pillars
Evernorth’s business strategy is built upon three interconnected pillars, designed to maximize XRP per share and foster the broader utility of the asset 10
Slide 11: XRP use cases
z Treasury Cross-border Stablecoins Reserve management payments currency Real world Decentralized Collateral Lending assets (“RWA”) exchanges Liquidity management Lending protocols 11
Slide 12: XRP community reach
• X ARMY YOUTUBE ARMY 7.5M+ Total Reach 1.7M+ Subscribers | 500M+ Views • • BC Backer DA Investor Moon Lambo @Ripple @theCryptoSquire @XRPCryptowolf 295k Subs 216k Subs 173k Subs 3.19M 546k 420k 54M+ Views 95M+ Views 91M+ Views Dig Perspectives Zach Rector Crypto Eri @sentosumosaba @BankXRP @thebear
Slide 13: XRP ledger growth metrics
Source: Public XRP ledger data. Note: LTM represents period from October 18, 2024 to October 17, 2025. YoY growth metrics represent comparison between time period from 13 January 1, 2025 to October 17, 2025 and time period from January 1, 2024 to October 17, 2024.
Slide 14: Evernorth Corporate Strategy
Evernorth Corporate Strategy ACCUMULATE XRP —) SS @s (=) Acquire XRP utilizing innovative financial products with optimal capital structure to maximize XRP per share O03 DIVERSIFIED YIELD GENERATION x ha Os Thoughtfully deploy XRP treasury for risk-mitigated-yield generation
Slide 15: MSTR Case Study: Strategy's Bitcoin Accumulation Strategy
(1) MSTR Case Study Strategy’s Bitcoin Accumulation Strategy • Use Free Cash Flow: Acquire bitcoin with cash from operations from core business intelligence software business • Leverage Attractive Capital: Raise funds through low-interest financial instruments such as convertible notes, senior bonds
Slide 16: XRP share of trading in regional markets
• • •• 18% 26% 14% 68% 74% XRP ETH Others South Korea World 16 (1) Japan Virtual and Crypto Assets Exchange Association. August 2025. (2) Upbit and Bithumb. August 2025.
Slide 17: Diversified Yield Generation
O 3 Diversified Yield Generation TRADITIONAL FINANCE (TRADFI) EMERGING DECENTRALIZED FINANCE (DEFI) Structured XRP Lending Opportunities =a atu, Se Market Makers Financial Institutions Corporate Treasuries CoinShares QHGRAYSCALE 3CME Group aD % an -) FRANKLIN TEUCRIUM Bitwise Q.TEMPLETON L i bust il
Slide 18: Transaction Overview and Sources & Uses
Transaction Overview Sources & Uses • Evernorth Holdings, Inc., an institutional pure-play XRP platform, launches via a business Sources ($ mm) combination with Armada Acquisition Corp. II (“AACI”), sponsored by an affiliate of Arrington Capital Advance / Delayed Funding $645 • At closing, Evernorth
Slide 19: Pro forma ownership
Shares (mm) Economic Ownership % XRP (mm) Ripple 126.8 Ripple 30.0 21% SBI and Affiliates 84.5 SBI and Affiliates 20.0 14% Advance / Delayed Funding 272.5 Advance / Delayed Funding Investors 64.5 45% Committed at Ann. 483.8 (2) 29.1 20% AACI Shareholders (3) 82.3 Est. Purchase at Close Total 143.6 1
Slide 20: Transaction Summary (Cont.)
Transaction Summary (Cont.) Target/Issuer Evernorth Holdings Inc. ‘Armada Acquisition Corp. II ("AACI") Total Committed Capital ESRD h in Trust Use of Pro: PIPE Structure 1. Advance! Governance Estimated Closing Placement Agent Citigroup Global Markets Inc.
Slide 21: Investment Thesis
Investment Thesis i ity, fixed suppl ‘ payments, stablecoin: i ' O02? brokerage, payments, and Asia-f OS peas erating i Team: and traditional finance 05 O6 mac
Slide 22: Appendix
Appendix
Slide 23: LTM Crypto Landscape Performance
(1) LTM Crypto Landscape Performance Total Crypto Market Cap ($bn) 600% Judge Torres rejects WisdomTree proposed $50 files for XRP $2,170 million settlement ETF between Ripple and 500 the SEC Bid-ask: 0.008% Lowest outside of BTC & ETH $474 400 Ripple & SEC XRP Avg. Daily Volume ~$6.7B Resolution/ S
Slide 24: LTM XRP Trading Volume vs. Peers
(1) (1) LTM XRP 24 Hour Trading Volume XRP vs. Peers ADTV Bid-ask: 0.008% XRP Avg. Daily Volume ~$6.7B Lowest outside of $60 BTC & ETH 1.8x DOGE 4.5x ADA $6.7 6.4x LINK 7.5x TRON 50 40 30 $3.7 20 $1.5 10 $1.0 $0.9 0 Oct-2024 Dec-2024 Mar-2025 May-2025 Aug-2025 Oct-2025 XRP DOGE ADA LINK TRON 24 Sour
Slide 25: XRPL compared with Ethereum and Bitcoin
Decentralized App Store Compliant, Real-World Finance Store of Value Ethereum has grown into an ecosystem where Overview XRPL is designed for the efficient tokenization and Bitcoin is the first blockchain and found product developers have gravitated towards building a exchange of crypto-native and r
Slide 26: Post-Closing Structure
Post-Closing Structure Investor Securities Ownership Other PIPE SBI Investors Series C Investor Investors Investor Class of Securities Ripple Labs• PubCo Class A Shares (economic & voting) • PubCo Class B Shares (non-economic & voting)* • Pathfinder Units* Ripple Labs Inc. SPAC Shareholders & Series
Slide 27: 2. Risk Factors
2. Risk Factors
Slide 28: Risk Factors
Risk Factors Certain factors may have a material adverse effect on the business, financial condition and results of operations of Pathfinder Digital Assets LLC (“SPV”), Evernorth Holdings Inc. (“ListCo”) and/or Armada Acquisition Corp. II (“SPAC” and, together with SPV and ListCo, the “Parties”) and
Slide 29: Risk Factors: Business and Strategy of ListCo and Investing in XRP
Risk Factors (Cont.) Risks Related to the Business and Strategy of ListCo and Investing in XRP XRP is a highly volatile asset and in the event the transaction does not close there is no guarantee that the value of XRP will not have materially deteriorated compared to the price of XRP at the time of
Slide 30: Risk Factors: Risks Related to Being a Public Company
Risk Factors (Cont.) Risks Related to Being a Public Company The market price of ListCo Class A Common Stock and warrants may be volatile and decline materially as a result of volatility in XRP or the digital asset markets generally, or for other reasons. You should be aware that you may lose some o
Slide 31: Risk Factors: Risks Related to the Business Combination
Risk Factors (Cont.) Risks Related to the Business Combination The market price of ListCo Class A Common Stock and warrants after the Business Combination will be affected by factors different from those currently affecting the prices of Class A ordinary shares of SPAC (“SPAC Class A Ordinary Shares
Slide 32: Risk Factors: Ownership of ListCo Class A Common Stock and Public Warrants
Risk Factors (Cont.) Risks Related to Ownership of ListCo Class A Common Stock and Public Warrants Following the Business Combination Securities of companies formed through mergers with special purpose acquisition companies such as ListCo may experience a material decline in price relative to the sh
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