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.
Share this article
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.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Bitcoin News Today: Concerns Over Liquidity Trigger Crypto ETF Outflows, Experts Identify a Chance to Purchase Bitcoin
- U.S. Bitcoin ETFs saw $492M net outflow on Nov 14, with BlackRock's IBIT leading a $4.63B selloff, marking its largest single-day withdrawal. - Fidelity's FBTC, WisdomTree's BTCW, and Grayscale's GBTC all reported significant redemptions, intensifying crypto liquidity fears amid 10-30% price declines. - Analysts link outflows to inflation concerns, global debt risks, and post-shutdown market uncertainty, while Ethereum ETFs lost $689M (4% of AuM) last week. - Despite 27% ETP AUM declines and whale sellin
Trump’s Federal Reserve Chair Bet: Weighing Political Pressure Against Economic Trustworthiness
- Trump announced selecting a Fed chair candidate but withheld the name, criticizing Powell's cautious rate-cutting approach amid economic slowdown. - Contenders include Waller, Bowman, and Rieder, with Bessent leading the search to balance political strategy and economic priorities. - Legal hurdles delay Powell's replacement until 2026, while Miran's potential FOMC role aligns with Trump's push for aggressive rate cuts. - Lisa Cook faces mortgage fraud allegations, and Rieder's non-academic background cha
Bitcoin Updates: Michael Saylor Continues to Acquire BTC Despite Market Slump, Holdings Remain Robust
- Michael Saylor's MSTR added 8,178 BTC ($835.6M) in November, boosting total holdings to 649,870 BTC valued at $48.37B despite Bitcoin's 7-month low below $95,000. - Strategy's BTC purchases remain profitable with average cost ($74,433) far below current $90K+ price, while unrealized gains persist through market downturns. - Saylor defends Bitcoin as "exponential treasury asset," rejecting sell rumors and hinting at "surprising" activity despite MSTR's 35% YTD stock decline and below-1 market-to-NAV ratio
Panic or Opportunity? As Legal Challenges and Economic Uncertainty Converge, Crypto and Stock Markets Waver
- Crypto markets hit "extreme fear" as Bitcoin's $100k failure sparks broad sell-off, compounding equity turmoil from lawsuits and leadership crises at Primo Brands and WPP . - Primo Brands drops 9% after CEO forced out over integration failures, now faces securities class action; WPP plunges 18% amid fraud allegations and CEO transition. - Fortinet's 22% stock crash follows delayed firewall upgrade disclosure, triggering legal scrutiny; Whirlpool reports strong earnings but remains down 38.7% year-to-date
Trending news
MoreCrypto prices
More
