Evernorth Holdings Proposes $30 Million Convertible Bond Issuance

Evernorth Holdings has proposed issuing $30 million (approximately 41.5 billion KRW) in convertible bonds. The funds will be used to purchase XRP and develop XRP ecosystem-related businesses. According to a document filed with the U.S. Securities and Exchange Commission (SEC), Evernorth Holdings agreed to issue $30 million in 4% convertible senior PIK bonds maturing in 2031, following a bond purchase agreement signed on September 11. The issuance and settlement are conditional upon the completion of a business combination between Evernorth Holdings and Armada Acquisition Corp. II, expected to finalize by Q4 2026. GyoBo AIM Corporate Finance General Private Equity Trust No. 3 will acquire the bonds, with NH Investment & Securities serving as the trustee.