Wizkids Rules!

When attacking with your Primary Weapon, during the Roll Attack Dice step, you may discard this card and spend your [CLOAK] Token to gain +2 attack dice.

The card instructs you to spend your cloak token.

Does this mean that disabled shields re-activate? Do you no longer roll the additional defense dice for the remainder of the turn?

penguinbonaparte wrote:

When attacking with your Primary Weapon, during the Roll Attack Dice step, you may discard this card and spend your [CLOAK] Token to gain +2 attack dice.

The card instructs you to spend your cloak token.

Does this mean that disabled shields re-activate? Do you no longer roll the additional defense dice for the remainder of the turn?

Spending your token means you discard the token. Your Ship will not be able to raise it's Shields until the End Phase and your ship would no longer gain the additional defense dice for being cloaked.