Evernorth, an XRP-focused treasury company, has secured an additional $30 million in financing via convertible senior notes as it nears a public Nasdaq listing. The funds depend on completing its business combination with Armada Acquisition Corp. II, Pathfinder Digital, and Ripple Labs. The notes, bearing 4% interest and due 2031, were issued under an agreement with NH Investment & Securities. The SEC declared the registration effective on August 27. The merger is expected in Q4, subject to shareholder approval. The combined entity would trade as XRPN and hold XRP as a treasury asset. The firm has raised over $1 billion from investors including Ripple, SBI Holdings, Pantera Capital, Kraken, and Arrington Capital.
Evernorth has secured an additional $30 million in financing through convertible senior notes as it moves closer to its planned public-market debut. The funds are tied directly to the closing of a business combination with Armada Acquisition Corp. II, Pathfinder Digital assets, and Ripple Labs.
The company 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, as stated in the SEC filing. The notes are 4% Convertible senior PIK Notes due 2031, allowing interest payments to be made through additional securities rather than cash.
The issuance of the notes is explicitly conditional on the closing of the previously announced business combination involving Armada II, Pathfinder Digital, and Ripple Labs. The two transactions are expected to close concurrently, with Evernorth projecting completion in the fourth quarter.
The SEC declared the company’s Form S-4 registration statement effective on August 27, allowing the proposed combination to move beyond the registration-review stage. Armada II shareholders are expected to vote on the transaction, and completion remains subject to shareholder approval and other customary conditions.
The merger and the $30 million in funding are central to Evernorth’s strategy to become a publicly traded company focused on holding and actively managing Ripple’s XRP as a treasury asset. The firm has raised more than $1 billion in gross proceeds from institutional strategic investors, including Ripple, SBI Holdings, Pantera Capital, Kraken, and Arrington Capital.
If the business combination is completed and the remaining conditions are satisfied, the resulting entity is expected to trade on Nasdaq under the ticker XRPN, subject to exchange approval.
