$30 Million Funding Secured for XRP Treasury Company Evernorth Ahead of Public Debut
Evernorth, an XRP-focused treasury company, has secured $30 million in financing through convertible senior notes as it moves closer to its public-market debut. The funding is tied directly to the closing of the business combination with Armada Acquisition Corp. II.
The deal depends on the completion of the merger between Evernorth and Armada II, which is expected to close in Q4. This will result in a new entity trading on Nasdaq under the ticker XRPN, subject to exchange approval.
Evernorth has entered into a note purchase agreement with NH Investment & Securities, acting as trustee for Kyobo AIM Corporate Finance General Private Investment Trust No. 3. The company will issue $30 million in 4% Convertible senior PIK Notes due 2031, which can be paid through additional securities rather than cash.
The financing is not complete yet, as the issuance of the notes is conditional on the completion of the business combination with Armada II and Ripple Labs. The deal has already cleared one major regulatory hurdle, but it remains subject to shareholder approval and other customary conditions.