Ripple-Backed Evernorth Secures $30M Financing Ahead of Nasdaq Merger
Evernorth Holdings, a Ripple-backed XRP treasury company, has secured $30 million in new financing through convertible notes as it prepares to go public via a merger with Armada Acquisition Corp. II (NASDAQ:XRPN). The deal is expected to close by the end of this year and would list Evernorth on Nasdaq under the XRPN ticker. Funds will be used for additional XRP purchases and ecosystem investments, though at current prices, $30 million buys less than 5% of its existing holdings. The financing includes $30 million in 4% convertible notes due in 2031, issued to a South Korean investment fund via NH Investment & Securities. The conversion price is set at around $10.20 per share after one year. Evernorth revised the merger terms following XRP's decline from its original valuation of $2.36, adjusting for token value fluctuations. Market sentiment suggests skepticism about XRP reaching $3 in 2026; Polymarket traders give it only a 6% chance compared to a 31% probability that the price will drop back to $1 this year.
Tickers: $XRP
Topics: convertible notes Evernorth Holdings Ripple XRP XRPN merger