XRP Treasury Firm Evernorth Secures $30 Million Funding Contingent on Merger

Evernorth, a company focused on managing XRP as a treasury asset, has entered into a $30 million note purchase agreement with NH Investment & Securities. The funding, structured as 4% convertible senior PIK notes due 2031, is conditional upon the successful closing of the business combination involving Armada Acquisition Corp. II, Pathfinder Digital, and Ripple Labs. The merger is expected to finalize in Q4, following the SEC's declaration of effectiveness for the company's Form S-4 registration statement on August 27. The deal remains subject to shareholder approval and other customary closing conditions.