Evernorth adds $30M boost ahead of Nasdaq vote

Evernorth Holdings has agreed to issue $30 million of convertible debt that may fund additional XRP purchases and XRP ecosystem activity, subject to the completion of its proposed business combination with Armada Acquisition Corp. II. Summary Evernorth agreed to issue $30 million of 4% convertible senior PIK notes due in 2031. NH Investment & Securities serves as trustee for the private investment trust purchasing Evernorth’s notes. Proceeds may fund XRP purchases and other XRP ecosystem activities after the Armada merger closes. Armada shareholders will vote September 30 on business combination required before the convertible note issuance. Evernorth expects at least 473 million XRP in treasury when the planned business combination closes. The SEC filing dated Sept. 17 shows that Evernorth signed the note purchase agreement on Sept. 11 with NH Investment & Securities Co., acting as trustee of Kyobo AIM Corporate Finance General Private Investment Trust No. 3, as the purchaser. The notes carry a 4% payment-in-kind interest rate and mature in 2031. The filing therefore differs slightly from reports describing the transaction as an already completed $30 million raise. Payment for the notes and their issuance are scheduled to occur concurrently with Evernorth’s business combination closing. Evernorth says the transaction is “expected to close during the fourth quarter of 2026,” making the financing conditional at this stage. 에버노스, NH투자증권 수탁 펀드서 400억 조달…XRP(리플) 산다https://t.co/uYmikyEvEK — 상혁 Jaden Park (@fkemgod) September 21, 2026 You might also like: Evernorth sets Sept. 30 vote for XRP treasury merger Evernorth plans to direct funding toward XRP Evernorth told the SEC that the approximately $30 million of proceeds, before company transaction expenses, can be used for general corporate purposes, including acquiring XRP and funding other activities tied to the XRP ecosystem. The language gives Evernorth flexibility over how much of the financing ultimately goes into direct XRP purchases. The filing does not commit the entire $30 million exclusively to buying the token, so describing the agreement as a fixed $30 million XRP purchase would go beyond the disclosed terms. Evernorth is already structured around an XRP treasury strategy. Its latest registration materials state that the combined company expects to hold at least 473,276,430 XRP at closing, sourced through direct purchases and commitments from parties involved in the transaction. Part of that total includes 84,365,876.3625 XRP that Evernorth bought for $214 million in November 2025 at an average price of $2.53657058 per token. Ripple contributed another 126,791,458 XRP under transaction agreements disclosed in the S-4. Evernorth’s XRP treasury structure includes roughly 473 million tokens and more than $1 billion in committed capital. The company’s investors include Ripple, SBI Group, Arrington Capital, Pantera Capital, Kraken and GSR. NH Investment acts as trustee in the $30M agreement The SEC filing identifies NH Investment & Securities Co.