Recent Updates — AACI

On September 11, 2026, Evernorth Holdings Inc. entered into a note purchase agreement to issue $30.0 million of 4.00% Convertible Senior PIK Notes due 2031 to NH Investment & Securities Co. The closing is conditioned on and expected to occur concurrently with the previously announced business combination between Armada Acquisition Corp. II, Evernorth Holdings Inc., Pathfinder Digital Assets LLC, and Ripple Labs Inc. This transaction supports the proposed merger, which is anticipated to close in the fourth quarter of 2026 following the effectiveness of the Form S-4 registration statement declared on August 27, 2026. Armada Acquisition Corp. II operates as a blank check company focused on effecting a merger with private operating companies.