Evernorth, an XRP-focused treasury company, has secured an additional $30 million in financing as it progresses toward its planned public-market debut. According to a recent SEC filing, the funds are tied to convertible senior notes linked directly to the closing of a business combination with Armada Acquisition Corp. II.
Under the agreement, Evernorth entered into a note purchase agreement on September 11 with NH Investment & Securities, acting as trustee for Kyobo AIM Corporate Finance General Private Investment Trust No. 3. The company agreed to sell $30 million in 4% Convertible senior PIK Notes due 2031, which generally allow interest obligations to be paid via additional securities rather than cash.
Deal Conditions and Nasdaq Plans
The financing is not yet final, as the issuance of the notes is explicitly conditional upon the closing of a previously announced business combination involving Armada II, Pathfinder Digital Assets, and Ripple Labs. These transactions are expected to close concurrently in the fourth quarter.
Evernorth has already cleared a major regulatory hurdle after the SEC declared its Form S-4 registration statement effective on August 27. However, the completion of the merger remains subject to shareholder approval from Armada II and other customary closing conditions.
If the transaction is successfully completed, the resulting entity is expected to trade on the Nasdaq under the ticker symbol XRPN, pending exchange approval.
Evernorth's Strategy
The merger and the $30 million financing support Evernorth's broader strategy to operate as a publicly traded company centered on holding and actively managing Ripple's XRP as a treasury asset. Previously, the firm raised more than $1 billion in gross proceeds from institutional and strategic investors, including Ripple, SBI Holdings, Pantera Capital, Kraken, and Arrington Capital.
