Sonnet Stockholders Approve Merger With Hyperliquid Strategies Deal

In Brief

• Sonnet stockholders approve merger with Hyperliquid Strategies and Rorschach I LLC.
• The transaction supports Sonnet’s oncology focus using its FHAB drug platform.
• HSI’s securities are expected to list on Nasdaq after deal completion.

Sonnet BioTherapeutics Holdings, Inc. announced stockholder approval of its proposed business combination with Hyperliquid Strategies Inc and Rorschach I LLC. The decision followed a special meeting, and the final voting results will be filed with the U.S. Securities and Exchange Commission.

The combination supports Sonnet’s continued focus on oncology and biologic drug innovation through its proprietary FHAB technology platform. Sonnet uses Fully Human Albumin Binding (FHAB) to develop targeted therapies with improved safety and efficacy.

The company’s platform leverages a single chain antibody fragment that binds to human serum albumin for precise delivery to tumor tissues. This mechanism helps extend circulation time and enhances targeting of lymphatic and tumor regions.

The FHAB technology also enables modular development of cytokines, antibodies, vaccines, and peptides. This flexibility could support new therapeutic programs and strategic partnerships in the biopharmaceutical sector.

Transaction Advances Toward Completion With SEC Filings

Hyperliquid Strategies Inc filed a registration statement on Form S-4, which became effective on October 27, 2025. Sonnet mailed the related proxy statement and prospectus to stockholders the same day to outline the terms of the proposed transaction.

HSI’s securities are expected to be listed on Nasdaq after the transaction closes. This listing may increase market visibility and improve access to future capital for the combined entity.

Sonnet, HSI, and Rorschach each encouraged investors to review SEC filings for full details of the transaction. These documents include important disclosures on the business combination, including potential financial impacts and regulatory requirements.

The company clarified that the press release does not constitute an offer to buy or sell any securities. It also emphasized that all securities will be offered only through a formal prospectus that meets regulatory guidelines.

Sonnet remains focused on advancing oncology treatments and building long-term value through scientific innovation and strategic growth. The approved transaction represents a key milestone in that ongoing plan.