Sonnet BioTherapeutics has signed a definitive agreement to merge with Rorschach I LLC, resulting in the formation of Hyperliquid Strategies Inc.
Strategic Shift Toward Digital Assets
The $888 million deal will create a public company holding crypto assets. The combined entity plans to trade on Nasdaq under a new ticker symbol. The transaction includes $583 million in HYPE tokens and $305 million in cash.
Post-Merger Operations and Shareholder Impact
Upon completion, Bob Diamond will serve as Chairman, and David Schamis will become CEO of the new entity. The board will include prominent figures, such as Eric Rosengren, the former Boston Fed President.
Financial Deal Details
The deal entails a private placement of $5.5 million and $2 million in convertible notes. Existing Rorschach and new investors will hold approximately 98.8% of HSI.
The merger of Sonnet BioTherapeutics and Rorschach I LLC highlights an increasing trend among companies to integrate digital assets into their strategic agendas.
