TLDR:
- Sonnet BioTherapeutics stockholders approved merger with Hyperliquid Strategies Inc on December 2
- The oncology biotech company shifts business model from drug development to cryptocurrency operations
- HSI registration statement became SEC-effective October 27 with proxy materials mailed same day
- Combined entity will maintain Nasdaq listing following completion of business combination deal
Sonnet BioTherapeutics Holdings has secured stockholder approval for its proposed merger with Hyperliquid Strategies Inc. The Princeton-based oncology biotechnology company held a special stockholder meeting on December 2, 2025.
Shareholders voted in favor of combining operations with HSI and Rorschach I LLC. This marks a significant shift from drug development to cryptocurrency operations.
Stockholders Back Strategic Pivot From Biotech to Digital Assets
The business combination received majority support during the special meeting. Sonnet will file final voting results with the Securities and Exchange Commission via Form 8-K.
The company originally focused on cancer treatment development through its FHAB platform technology. That technology uses human albumin binding to deliver therapeutic molecules to tumor sites.
HSI filed its registration statement on Form S-4 back in October. The SEC declared the filing effective on October 27, 2025. Sonnet mailed proxy materials to stockholders the same day. The combined entity expects to maintain its Nasdaq listing after the deal closes.
The transaction represents a complete business model transformation. Sonnet previously specialized in developing biologic drugs for oncology applications.
Its proprietary FHAB platform enabled creation of bifunctional therapeutic molecules. The technology targeted tumor and lymphatic tissue with improved safety profiles.
Merger Timeline Advances Following Regulatory Clearance
Hyperliquid Strategies prepared extensive documentation for the combination. The proxy statement served dual purposes as both voting material and prospectus.
Investors received detailed information about the proposed structure and terms. The companies expect to finalize the merger in coming weeks.
Rorschach I LLC participates as a third party in the transaction. The entity joins HSI in combining with the publicly traded biotech firm. Sonnet operated under the ticker symbol SONN on Nasdaq. Trading will continue under existing arrangements until deal completion.
The merger documents became available through multiple channels. Stockholders could request copies directly from Sonnet.
All filings also appeared on the SEC website for public access. The proxy statement contained comprehensive details about participant interests and potential conflicts.
Sonnet built its business around immune-modulating drug candidates.
The FHAB platform used fully human single chain antibody fragments. These molecules hitchhiked on human serum albumin for targeted delivery. The modular system worked with cytokines, peptides, antibodies and vaccines.
Company management and board members participated in the solicitation process. SEC rules classified them as participants due to their roles.
The proxy materials disclosed their interests in the transaction outcome. Some interests differed from general stockholder positions.
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