Sonnet delays vote on Hyperliquid merger to launch $1B HYPE-focused treasury firm

Key Takeaways

• Sonnet BioTherapeutics has adjourned its special meeting to allow more time to secure shareholder votes for its proposed merger with Hyperliquid Strategies and Rorschach I LLC.
• While over 95% of votes cast favor the deal, the company has not yet reached the required majority of all outstanding shares.

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Sonnet BioTherapeutics has adjourned its special shareholder meeting on the proposed merger to form a $1 billion crypto treasury firm focused on Hyperliquid’s native token, HYPE.

The postponed business combination would merge Sonnet with Hyperliquid Strategies Inc. and Rorschach I LLC, creating a new digital asset treasury company centered on HYPE accumulation and staking.

The decision comes despite over 95% of cast votes backing the merger, as the company still needs to meet the required approval from a majority of all outstanding shares.

The Board of Directors reiterated its unanimous support for the deal, urging shareholders to vote in favor of all proposals outlined in the proxy statement. The meeting will reconvene at 9:00 a.m.（UTC+8） ET on December 2, 2025.

David Schamis, CEO of HSI and Co-Founder of Atlas Merchant Capital, acknowledged the delay but emphasized strong backing among those who have already voted. He also noted that shares of HSI have been approved for listing on Nasdaq and highlighted the long-term potential of the Hyperliquid blockchain.