Sonnet BioTherapeutics To Form New Entity With Rorschach, Stock Skyrockets

(RTTNews) - Sonnet BioTherapeutics Holdings, Inc. (SONN), Monday announced an agreement with Rorschach I LLC to transform its business by building a reserve of HYPE, the token of the Hyperliquid Layer-1 blockchain.

The new entity, expected to be named Hyperliquid Strategies Inc, will hold approximately 12.6 million HYPE tokens, representing $583 million in value and gross cash invested of atleast $305 million, for a total assumed closing value of $888 million.

The deal is expected to boost crypto treasury management strategy as well as enhance crypto and financial services, delivering strong value to the shareholders.

Upon completion of the agreement, Sonnet will operate as a wholly owned subsidiary of HSI and will continue focusing on existing assets and business lines, including the development of SON-1010, while disposing of other assets.

In the pre-market hours, SONN is surging 306.19 percent, to $21 on the Nasdaq.