Format date in Rules
You can use [node:field_calendar_date:custom:l, Fd, gia], if [node:field_calendar_date] is a date token. In that case, [node:field_calendar_date:custom] returns the date in the custom format listed after the following colon. The format string is the one accepted by date().

If you want to use the format set as short/medium/long format set in the Drupal date settings, then you can use the following tokens:


[node:field_calendar_date:short]
[node:field_calendar_date:medium]
[node:field_calendar_date:long]