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XRPN

Proxy cardLife support

Armada Acquisition Corp. II

Merging with Evernorth Holdings Inc.

Deal announced 2025-10-20

Pulse

↓Life-support risk

0–100 vitality — and a read on how the book feels about this shell.

Life support

% done

62%

Path to close

Price

$10.51

Mkt 332.01M

What is Pulse?

SPAC Pulse measures the current vitality of a deal on a 0–100 scale. A new IPO starts near 50 — a healthy heart with room both ways. It is not weakening just because nothing has printed yet. Weakening is a tag for a slowing beat (stalling cadence), not a quiet shell. 10-Q / 10-K on time is a good beat; an NT is a deficiency. File the report late, then file the NT late, and Pulse falls — that is how public investors read whether management is on top of the shell. Filing recovers some of it. It never pretends the miss did not happen. When other new IPOs file that window on time, they are no longer equal — those shells are healthier. High readings mean the deal book is accelerating; low readings flag life-support risk. Full methodology lives on the desk.

Rate + Lead II · 25 mm/s

Pulse Timeline

Top trace is the Pulse rate. Bottom is the filing lead — R-wave when the rate lifts, QS when it slows. Height is the change.

08-13 10-Q
08-13 S-4/A
08-26 S-4/A
08-27 DEFM14A
08-27 Proxy card
10-07 Now

Auto interpretation · Lead II printoutLife supportPulse 93

QRS is weak or missing. Cadence stalled, cash is thin, or the book went quiet.

Silent 41dBeats/90d 5Recent gap 10d

Marks on this strip

07-1382 →0S-4/A. Amendment printed. Pulse unchanged.
07-2984 ↑2S-4/A. Comments coming back. Beat sped up. +2
08-1385 ↑110-Q. Periodic report on time. +1
08-1388 ↑3S-4/A. Comments coming back. Beat sped up. +3
08-2691 ↑3S-4/A. Comments coming back. Beat sped up. +3
08-2795 ↑4DEFM14A. Card is in. Late-stage tell. +4
08-2795 →0Proxy card. Card is in. Late-stage tell. unchanged
10-0793 ↓2Now. Amendment gaps are shrinking — the beat is speeding up. 41d since the last beat. -2

Impression: QRS is weak or missing. Cadence stalled, cash is thin, or the book went quiet.

· Amendment gaps are shrinking — the beat is speeding up.
· Back-to-back business-day print — loose ends, not a new void.

Unconfirmed machine read · not medical advice · not financial advice

Historical context

Proxy card / DEFM14A in the archive

Precedent from 26 names in the Pulse archive (closed, liquidated, and broken deals). Archive base rate is one input; live beat speed then moves Pulse. Not a forecast.

Close rate: 100%
Median days left: 34
Archive n: 26

After a proxy card / DEFM14A, similar deals closed in a median of 34 days (IQR 28–38). Literature close rate at that stage is about 96%.

Status

In Review

Exchange

Nasdaq

Rights

Warrants

1/2

CIK

0002044009

IPO date

2025-05-21

Market cap

332.01M

Days to deadline

—

SEC tickers

XRPN, XRPNU, XRPNW

Sponsor

—

S-4 / F-4 filer

other · Evernorth Holdings Inc.

Fiscal year

September 30

Next filing

10-K 2026-12-29

Vote

—

Schedule

What is due next

Fiscal year: Ends September 30 · 10-K cover
This window: 10-Q due 2026-08-14 · filed
Next due: 10-K 2026-12-29Period 2026-09-30
Pulse: +6

10-Q for period ended 2026-06-30, due 2026-08-14. 10-Q 2026-08-13 on time (+6).

On time with this window. Pulse stays even with the other new listings that filed.

Meetings

Proxy is in the exhibits. Meeting date is not printed yet.

Price history

Delayed exchange prints — common, rights, units, warrants when listed. Last price is in the header. This tape does not move Pulse.

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S-4 amendment timeline

Shrinking gaps mean the deal is progressing. The tag says whether that filing cleared a checklist, dropped a hurdle, or repriced the deal.

Merging company
On file
Evernorth Holdings Inc.
Close timing Q&A
Gap
S-4 has a close Q we have not captured.
Meeting Q&A
Gap
No meeting Q captured.
Proxy card
On file
Form of proxy is in the exhibits. Late-stage tell.
10-Q / 10-K
On file
10-Q for period ended 2026-06-30, due 2026-08-14. 10-Q 2026-08-13 on time (+6).