Evernos Holdings Signs $30 Million Convertible Note Purchase Agreement

Evernos Holdings has signed a $30 million (approximately 41.6 billion KRW) convertible note purchase agreement through NH Investment & Securities. In an 8-K filing with the U.S. Securities and Exchange Commission, Evernos Holdings disclosed that NH Investment & Securities, acting as the custodian for the Kyobo AIM Corporate Finance General Private Equity Fund No. 3, has entered into a purchase agreement to acquire convertible notes.

The notes are a 2031 maturity, senior PIK convertible bond with an annual interest rate of 4%. However, actual issuance is conditional upon the completion of Evernos Holdings' business combination with Armada Acquisition Corp. II. The company stated that funds will be used to manage XRP as corporate financial assets, and both the fund disbursement and note issuance are scheduled to occur simultaneously with the SPAC merger conclusion.