Evernorth Lands $30M as Ripple Deal Nears Nasdaq Listing

XRP-focused company Evernorth Holdings has secured $30 million in financing from South Korea's NH Investment & Securities. The funding is tied to Evernorth's planned merger with Armada Acquisition Corp. II, which will bring the company public on the Nasdaq under the ticker XRPN.

The note purchase agreement was filed with the SEC and outlines that Evernorth will issue $30 million of 4% Convertible Senior PIK Notes due 2031. The notes can be converted into cash or shares of Evernorth's Class A stock at the purchaser's election.

Ripple is identified as Evernorth's sole stockholder, and the company has received related-party revolving credit facilities from Ripple. Pathfinder had approximately $5.05 million outstanding under its $7 million facility as of March 31, 2026.