On November 19, according to the latest documents, Sonnet Biotherapeutics, a US-listed company, postponed its merger vote to December 2.
Previously, on July 14, Sonnet BioTherapeutics agreed to an $888 million merger deal, which will rename it Hyperliquid Strategies and launch the HYPE fund strategy.
Nasdaq-listed Sonnet BioTherapeutics has agreed to merge with Rorschach I LLC to form Hyperliquid Strategies and launch a funding strategy. According to a press release issued Monday, Rorschach I LLC is a newly formed company comprised of an affiliate of Atlas Merchant Capital LLC, an affiliate of Paradigm Operations LP, and other sponsors.
Following the transaction, the new entity will be renamed Hyperliquid Strategies, and is expected to hold 12.6 million HYPE tokens and $305 million in cash, valuing the company at approximately $888 million. The deal attracted strategic investors including Paradigm, Galaxy Digital, Pantera Capital, D1 Capital, Republic Digital, and 683 Capital. After the merger, Hyperliquid Strategies will continue to trade on Nasdaq under a new ticker symbol, becoming a publicly traded cryptocurrency treasury company.
