Hyperliquid Strategies completes business combination with Sonnet BioTherapeutics

Hyperliquid Strategies Inc and Sonnet BioTherapeutics Holdings Inc (NASDAQ: SONN) announced the completion of their business combination on December 2, 2025. The transaction was approved by Sonnet's stockholders the same day.

Following the closing, Hyperliquid Strategies will operate as a digital asset treasury company focused on the HYPE token, while Sonnet will continue as a wholly-owned subsidiary. The company's common stock is expected to begin trading on the Nasdaq Capital Market under the ticker symbol "PURR" on December 3. Sonnet's common stock will cease trading.

The business combination involved Rorschach I LLC, an entity formed by affiliates of Atlas Merchant Capital LLC and Paradigm Operations LP. Under the transaction terms, shares received by Sonnet shareholders and Rorschach members were adjusted for a five-for-one exchange ratio.

David Schamis will serve as Chief Executive Officer of Hyperliquid Strategies. The board of directors includes Bob Diamond, David Schamis, Jeff Tuder, Eric Rosengren, Thomas King, Larry Leibowitz, Nailesh Bhatt and Albert Dyrness.

Hyperliquid Strategies aims to provide exposure to the HYPE token, which is the native token of the Hyperliquid blockchain. The company plans to generate returns through staking, yield optimization, and ecosystem engagement activities.

Chardan served as sole placement agent and exclusive financial advisor to Rorschach for the transaction. Greenberg Traurig LLP provided legal counsel to Hyperliquid Strategies, while Lowenstein Sandler LLP represented Sonnet. Lucid Capital Markets LLC delivered a fairness opinion to Sonnet's board.

Sonnet BioTherapeutics is a biotechnology company focused on oncology with a proprietary platform for developing biologic drugs using its FHAB technology.

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