Sonnet BioTherapeutics, Inc. (SONN) has entered into a definitive agreement for a business combination with Rorschach I LLC, formed by an entity affiliated with Atlas Merchant Capital LLC, an affiliate of Paradigm Operations LP.
Upon closing, the newly-created entity is expected to be named Hyperliquid Strategies Inc., anticipated to hold approximately 12.6 million HYPE tokens with a total assumed closing value of $888 million.
The closing of the business combination involving Sonnet BioTherapeutics is expected in the second half of this year.
Bob Diamond shared, “We are delighted by this opportunity to partner with Sonnet in establishing a leading crypto treasury management strategy to ultimately deliver strong value to shareholders.”
