Sonnet Adjourns Merger Vote for $1B Hyperliquid Treasury Firm Amid Overwhelming Support

Sonnet BioTherapeutics has postponed its special shareholder meeting to December 2, 2025, at 9:00 a.m. ET, to secure more votes for the proposed merger with Hyperliquid Strategies Inc. and Rorschach I LLC. Over 95% of cast votes support the merger, but approval requires a majority of all outstanding shares, which has not been met due to low turnout.

The merger would create a digital asset treasury firm valued at approximately $1 billion, focused on accumulating and staking Hyperliquid's native token, HYPE. David Schamis, CEO of Hyperliquid Strategies, described the delay as expected and emphasized strong backing from voters, while also noting that shares have been approved for listing on Nasdaq, a key step for the combined entity.

Market data shows HYPE outperforming major cryptocurrencies like BTC, ETH, and SOL during recent sessions, with technical analysis indicating resistance between $43.00 and $43.50 and support near $38.80 to $39.20. The new company plans to raise up to $1 billion post-merger, leveraging the Hyperliquid blockchain for treasury strategies and providing indirect HYPE exposure through public markets.