Evernorth, the XRP treasury firm, has raised $30 million through 4% convertible senior PIK notes due 2031, placed with NH Investment & Securities acting on behalf of a South Korean fund. The funding remains conditional on the closing of the previously announced business combination with Armada Acquisition Corp. II, expected in Q4 2024 and subject to shareholder approval. The SEC declared the Form S-4 registration statement effective on August 27, clearing a major regulatory hurdle, though the deal is not yet complete. If successful, the resulting entity will trade on Nasdaq under the ticker XRPN, bringing Evernorth’s total capital raised to over $1 billion from institutional investors including Ripple, SBI Holdings, Pantera Capital, Kraken, and Arrington Capital.
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