Evernorth Holdings Plans to Issue $30 Million Convertible Notes to Purchase XRP

Evernorth Holdings has submitted an 8-K filing to the SEC, proposing to issue $30 million in convertible senior PIK notes with an annual interest rate of 4% and a maturity date in 2031. The effectiveness of the notes is contingent upon the completion of the merger transaction with SPAC Armada Acquisition Corp. II, which is expected to be finalized in the fourth quarter of 2026. The proceeds will be used to purchase XRP and engage in XRP ecosystem-related businesses. Noteholders may convert the notes into Class A common stock of the company one year after the effective date, with an initial conversion price of approximately $10.20 per share.

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