According to ME News, on September 18 (UTC+8), Evernorth Holdings, the XRP treasury company, filed an 8-K form with the U.S. SEC, announcing that it has entered into a subscription agreement with a trust under Korea’s NH Investment & Securities to issue $30 million in convertible senior PIK notes with a 4% annual interest rate and a maturity date in 2031. The effectiveness of the notes is contingent upon the completion of the merger transaction between the company and SPAC Armada Acquisition Corp. II, expected to be finalized in the fourth quarter of 2026. The proceeds will be used to purchase XRP and participate in XRP ecosystem-related businesses. Noteholders may convert the notes into Class A common shares of the company one year after the effective date, with an initial conversion price of approximately $10.20 per share. (Source: Foresight News)
Evernorth Holdings to Issue $30 Million in Convertible Notes for XRP-Related Business
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Summary
Evernorth Holdings announced $30 million in convertible notes linked to XRP, referencing SEC news in its Form 8-K filing. The 4% interest rate applies to the PIK notes, maturing in 2031. The transaction involves a South Korean trust under NH Investment & Securities. Evernorth must complete its merger with Armada Acquisition Corp. II, expected in Q4 2026. The funds will be used to purchase XRP and support XRP-related business initiatives. Holders may convert the notes into Class A shares at $10.20 after one year.
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