Evernorth Holdings plans to issue $30 million convertible notes to increase its holdings of XRP

Evernorth Holdings has submitted an 8-K filing to the US Securities and Exchange Commission, proposing to issue $30 million, 4% annual interest rate, convertible senior PIK notes due in 2031 with NH Investment&Securities' trust. The effectiveness of the bill is subject to the completion of the merger transaction between Evernorth Holdings and Armada Acquisition Corp. II, which is expected to be completed in the fourth quarter of 2026. The proceeds will be used to purchase XRP and participate in XRP ecosystem business.