#What is the Status of the Sonnet BioTherapeutics and Hyperliquid Merger?
The recent adjournment of Sonnet BioTherapeutics' special shareholder meeting signifies the company's effort to secure the necessary shareholder votes for its proposed merger. This merger, envisioned to establish a $1 billion crypto treasury firm centered on Hyperliquid's native token, HYPE, is currently supported by over 95% of the votes cast. However, it has not yet achieved the required majority of all outstanding shares.
The proposed combination involves Sonnet merging with both Hyperliquid Strategies Inc. and Rorschach I LLC, aiming to create a robust digital asset treasury company focused on HYPE accumulation and staking. This venture presents a strategic opportunity in the growing digital asset market, but the delay emphasizes the importance of gathering sufficient shareholder agreement.
Despite the strong backing from those who have already cast their votes, the lack of a sufficient majority remains a critical hurdle for the company. The Board of Directors has expressed unanimous support for the merger and actively encourages all shareholders to vote in favor of the proposed plans outlined in the proxy statement. Looking ahead, the meeting is set to reconvene at 9:00 a.m. ET on December 2, 2025, allowing additional time for shareholders to consider the merger’s potential benefits.
David Schamis, the CEO of HSI and Co-Founder of Atlas Merchant Capital, acknowledged the situation but underscored the solid support reflected in the votes already cast. Furthermore, he highlighted that HSI shares have received approval for listing on Nasdaq, reflecting confidence in the future prospects of Hyperliquid's blockchain strategy.
Understanding these developments is crucial for investors keen on exploring opportunities within the evolving landscape of cryptocurrency and digital assets. As the merger negotiations continue, stakeholders should remain informed and engaged, given the merger's implications for the growth and innovation within this sector.