Sonnet Delays Merger Vote to December 2025
- Sonnet postpones merger vote pending majority approval.
- Merger aims to form $1B digital asset company.
- Over 95% of votes support the merger initially.
Sonnet BioTherapeutics has postponed its merger vote with Hyperliquid Strategies Inc. and Rorschach I LLC to December 2, 2025, for more time to gain shareholder approval.
The delay affects the formation of a $1 billion digital asset treasury and indicates significant institutional shifts, with over 95% initial support but lacking a full quorum.
Sonnet BioTherapeutics delays its anticipated merger vote until December 2, 2025, to reach necessary approval from shareholders. The proposed merger involves Hyperliquid Strategies and Rorschach I LLC, aiming to create a billion-dollar digital asset venture.
The merger involves Sonnet, Hyperliquid Strategies, and Rorschach I LLC. Actions seek to form a digital asset treasury. Over 95% of stockholders approved initially, though not meeting quorum requirements, which led to the postponement.
Immediate impacts include speculation in the digital asset market. Nasdaq listing for Hyperliquid shares is anticipated. Investors await outcome due to the stakes involved in creating a major digital asset entity.
The merger is expected to influence financial markets, with implications for the digital asset segment. The creation of a $1 billion treasury opportunity could reshape investment strategies in crypto markets.
Reactions are mixed among market participants who supported the merger. Shareholders are encouraged to participate in the December meeting, reflecting the importance of a strategically guided approach to stakeholder engagement.
Potential outcomes hinge on successful merger completion, impacting technological innovation in asset management. Historical trends suggest mixed investor reactions in crypto mergers, dependent on regulatory clarity and execution.
David Schamis, CEO, Hyperliquid Strategies Inc. & Co-Founder, Atlas Merchant Capital, “While we regret the delay, we are pleased that of the stockholders who have voted on the transaction proposal to date, more than 95% have voted in favor, which demonstrates overwhelming support for the transaction. We continue to work with Sonnet to complete the business combination and look forward to the next special meeting in December.”
