Evernorth Plans $30 Million Convertible Note to Fund XRP Purchases

Evernorth has agreed to issue a $30 million convertible note to support XRP purchases and broader activity across the XRP ecosystem. The financing is contingent on the company completing its proposed merger with Armada Acquisition Corp. II during the fourth quarter.

Financing Linked to XRP Strategy

Under the agreement, proceeds from the convertible note would be added to Evernorth’s XRP-focused capital base. The company has indicated that the funds would be used to acquire XRP and support other ecosystem-related initiatives.

A convertible note is a debt instrument that may be converted into equity under agreed terms. The financing terms, including the potential conversion conditions, were not provided in the available announcement.

Merger Closing Remains a Condition

The note issuance will proceed only if Evernorth’s proposed business combination with Armada Acquisition Corp. II closes as planned. The transaction is expected to be completed in the fourth quarter, subject to customary closing conditions and the completion of the merger process.

Until the merger is finalized, the proposed financing and the related XRP purchases remain conditional. The companies did not provide further details on the timing of the note issuance or the specific allocation of funds beyond XRP purchases and broader ecosystem activity.