Publicly traded company Sonnet has postponed the merger vote until December 2nd

BlockBeats News, November 19th, according to the latest filing, U.S. publicly traded company Sonnet Biotherapeutics has postponed its merger vote to December 2nd.

Previously on July 14th, Sonnet BioTherapeutics agreed to an $8.88 billion merger deal to be renamed Hyperliquid Strategies and launch the HYPE treasury strategy.

Nasdaq-listed Sonnet BioTherapeutics has agreed to merge with Rorschach I LLC to form Hyperliquid Strategies and initiate the treasury strategy. According to a press release issued on Monday, Rorschach I LLC is a newly formed company by affiliated entities of Atlas Merchant Capital LLC, affiliated entities of Paradigm Operations LP, and other sponsoring parties.

Upon completion of 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, with a total valuation of approximately $8.88 billion. The transaction has seen strategic investors such as Paradigm, Galaxy Digital, Pantera Capital, D1 Capital, Republic Digital, and 683 Capital participate. Following the merger, Hyperliquid Strategies will continue trading on Nasdaq, with a ticker symbol change, becoming a publicly traded cryptocurrency treasury company.