Sonnet BioTherapeutics has announced the signing of a merger agreement with Rorschach I LLC for $888 million. This merger allows the company to pivot from biotechnology to cryptocurrency asset management.
Merger Details and New Focus
The agreement, known as the Business Combination Agreement (BCA), was formally approved by the boards of both companies and is expected to close in the second half of 2025, pending shareholder approval and standard regulatory conditions.
Management of HYPE Assets
Upon closing, the combined company will operate under the new name Hyperliquid Strategies Inc. and will continue to trade on the Nasdaq Capital Market under a new ticker. HSI will hold approximately 12.6 million HYPE tokens, valued at around $583 million.
New Appointments in Leadership
The startup leadership team will feature Bob Diamond as chairman and David Schamis as CEO of HSI. "We are delighted by this opportunity to partner with Sonnet in establishing a leading crypto treasury management strategy," Diamond stated at a press conference.
The merger of Sonnet BioTherapeutics with Rorschach I LLC opens new avenues for the company, shifting its focus from traditional biotechnology to the promising market of cryptocurrencies and asset management.
