Evernorth Secures $30M Boost Ahead of Nasdaq Vote

Evernorth Holdings has secured $30 million in funding through the issuance of convertible debt. The funds may be used for additional XRP purchases and ecosystem activity, contingent upon the completion of its proposed business combination with Armada Acquisition Corp. II.

The convertible senior PIK notes due in 2031 carry a 4% payment-in-kind interest rate. NH Investment & Securities serves as trustee for the private investment trust purchasing Evernorth's notes.

Proceeds from the note purchase may fund XRP purchases and other ecosystem activities after the Armada merger closes, subject to shareholder approval on September 30. Evernorth expects to hold at least 473 million XRP in its treasury when the planned business combination closes.