Evernorth lines up $30M for XRP purchases

• Evernorth has lined up $30 million in convertible notes to fund XRP purchases and XRP ecosystem activities.
• The financing remains conditional on Evernorth completing its proposed merger with Armada Acquisition Corp. II.
• The notes would carry 4% annual payment-in-kind interest and mature five years after the merger closes.

Evernorth has agreed to issue $30 million in convertible notes to support purchases of XRP (CRYPTO:XRP) and other ecosystem activities.

The financing follows an agreement reached on September 11 and remains conditional on the proposed merger with Armada Acquisition Corp. II.

“The Company intends to use the net proceeds for general corporate purposes, including the acquisition of XRP and other activities within the XRP ecosystem,” the SEC filing states.

The notes would carry 4% annual payment-in-kind interest and mature five years after the merger closes, unless converted, redeemed or repurchased earlier.

Noteholders could begin converting the debt one year after the merger, with an initial conversion price of about $10.20 per Evernorth share.

Evernorth has outlined a broader strategy covering XRP purchases, lending, liquidity provision, decentralised finance and tokenised asset markets on the XRP Ledger.

The financing would be issued when the merger closes, while Armada shareholders are scheduled to vote on the proposed combination on September 30.

At the time of reporting, XRP price was $1.42.