Evernorth discloses $30M convertible notes tied to Armada merger
- —$30 million in notes at 4% PIK maturing in 2031, conversion at $10.20 per share
- —Buyer is NH Investment & Securities as trustee of the Korean Kyobo AIM trust
- —Maximum conversion capped at 4x par, up to 3,585,278 Class A shares
- —Default triggered by digital asset losses of $30 million, key compromise or delisting
Why it matters: The deal shows crypto treasury companies raising capital to buy XRP even amid SPAC merger risks and token volatility.
Source: The Crypto Times