Sonnet BioTherapeutics, Inc., (NASDAQ: SONN) (“Sonnet” or the “Company”) announces that it has entered into a definitive agreement (the “Business Combination Agreement”, or the “BCA”) for a business combination (the “Business Combination”) with Rorschach I LLC (“Rorschach”), a newly-formed entity formed by an entity affiliated with Atlas Merchant Capital LLC (“Atlas”), an affiliate of Paradigm Operations LP (“Paradigm”), and additional sponsors (all together, the “Sponsors”), to transform its business by building a reserve of HYPE, the token of the Hyperliquid Layer-1 blockchain. In parallel with its new cryptocurrency treasury strategy, following the completion of the potential Business Combination, Sonnet will operate as a wholly owned subsidiary of HSI and will continue focusing on existing assets and business lines.
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Source: https://www.globenewswire.com/news-release/2025/07/14/3114584/0/en/Sonnet-BioTherapeutics-Inc-Announces-888-Million-Business-Combination-to-Launch-a-HYPE-Cryptocurrency-Treasury-Reserve-Strategy.html