Overview
- The business combination among Hyperliquid Strategies Inc, Sonnet BioTherapeutics and Rorschach I LLC closed on December 2 following Sonnet stockholder approval.
- HSI will operate as a HYPE-focused digital asset treasury, while Sonnet continues as a wholly owned biotechnology subsidiary.
- HSI common stock is expected to begin trading on the Nasdaq Capital Market on December 3 under the ticker PURR, and Sonnet’s common stock will no longer trade.
- Transaction terms include a five-for-one exchange ratio for shares issued to Sonnet stockholders and Rorschach members, with David Schamis named CEO and a board that includes Bob Diamond.
- Industry coverage reports roughly $888 million in combined assets and a plan for up to $1 billion in HYPE-related capital activity, figures characterized as reported estimates pending company filings.