Sonnet BioTherapeutics (NASDAQ: SONN) shares surged an impressive 270.41% in pre-market trading on Monday, July 14, 2025, hitting $19.15 following its business combination agreement with Rorschach I LLC. This marks a dramatic rise from the previous closing price of $5.17 recorded on the prior trading day.
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.
