Sonnet BioTherapeutics Holdings, Inc. has adjourned its special meeting of stockholders to give shareholders additional time to vote on the proposed business combination with Hyperliquid Strategies Inc. and Rorschach I LLC. The new meeting is scheduled for 9:00 a.m. Eastern Time on December 2, 2025, with a record date of October 20, 2025.
The adjournment follows a strong showing from shareholders, with more than 95 % of the shares that have already voted approving the combination. The company needs a majority of all outstanding shares to meet the closing requirement, so the extra time is intended to bring additional votes in.
The deal, announced July 14, 2025, values the transaction at $888 million, comprising roughly 12.6 million HYPE tokens valued at $583 million and $305 million in cash. The combination will transform Sonnet from a clinical‑stage oncology biotech into a hybrid entity that will hold a substantial treasury of HYPE cryptocurrency, while its existing biotech assets—including SON‑1010—will remain a wholly‑owned subsidiary.
Hyperliquid Strategies Inc. has received approval to list its shares on Nasdaq, a key step toward completing the transaction. Management highlighted the strategic rationale: “The partnership gives us access to a growing digital‑asset market and provides capital to support our biotech pipeline,” said Raghu Rao, Sonnet’s interim CEO. David Schamis, CEO of Hyperliquid, added that the combined entity will focus on accumulating and staking HYPE tokens to generate recurring revenue.
The adjourned meeting is expected to keep the closing timeline on track for the second half of 2025. The company’s board emphasized that the additional voting window will help ensure the required majority of outstanding shares, thereby reducing the risk of a delayed or failed transaction.
Investors and market observers will watch the December 2 vote to confirm that the transaction can proceed as scheduled, noting that the combination represents a significant strategic pivot and a bold move into the crypto treasury space.
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