Evernorth Holdings Inc. has arranged $30 million in 4% convertible notes as it prepares to merge with Armada Acquisition Corp. II and list on Nasdaq under ticker XRPN. NH Investment & Securities is purchasing the notes as trustee for a South Korean investment fund, with funding contingent on completion of the business combination after Armada shareholders vote on September 30, 2026. The notes mature in 2031 and become convertible after one year at an initial price of about $10.20 per share. Evernorth said proceeds may support additional XRP purchases and other XRP ecosystem investments. The company and an affiliate held 473.1 million XRP at the end of 2025, including 84.4 million XRP bought in November 2025 at an average price of about $2.54. Merger terms were amended in August after XRP declined from the $2.36 reference price used when the transaction was signed, adjusting closing share issuance based on the token's value.