According to CoinMeta, evernorth submitted documents to the U.S. Securities and Exchange Commission indicating that the company will raise $30 million through 4% convertible preferred notes maturing in 2031. evernorth has signed note purchase agreements with NH Investment and Securities; this financing is conditional upon the business merger and delivery between evernorth and Armada Acquisition Corp, II, Pathfinder Digital Assets, and Ripple Labs. The merger is expected to be completed in the fourth quarter, and after completion, the new entity plans to list on NASDAQ under the ticker symbol XRPN.