$30M Financing Deal for Evernorth's XRP Purchases

Evernorth has secured $30 million in convertible notes to fund its XRP purchases and broader ecosystem activities, contingent on its proposed merger with Armada Acquisition Corp. II closing in the fourth quarter.

The financing agreement, announced on September 11, involves NH Investment & Securities Co., acting as trustee for Kyobo AIM Corporate Finance General Private Investment Trust No. 3. The notes will carry a 4% annual payment-in-kind interest and mature five years after the merger closes, unless converted or redeemed earlier.

Evernorth plans to use the net proceeds from the issuance, approximately $30 million before deducting transaction expenses, for general corporate purposes, including XRP purchases and other activities within the XRP ecosystem. This move aligns with Evernorth's strategy to establish an actively managed public XRP treasury, introduced in October 2025 with over $1 billion in projected gross proceeds.