Sonnet BioTherapeutics, Inc. Announces $888 Million Business Combination to Launch a HYPE Cryptocurrency Treasury Reserve Strategy

PRINCETON, N.J., July 14, 2025 (GLOBE NEWSWIRE) -- Sonnet BioTherapeutics, Inc., (NASDAQ: SONN) (“Sonnet” or the “Company”) today announced that it has entered into a definitive agreement (the “Business Combination Agreement”, or the “BCA”) for a business combination (the “Business Combination”) with Rorschach I LLC (“Rorschach”), a newly-formed entity formed by an entity affiliated with Atlas Merchant Capital LLC (“Atlas”), an affiliate of Paradigm Operations LP (“Paradigm”), and additional sponsors (all together, the “Sponsors”), to transform its business by building a reserve of HYPE, the token of the Hyperliquid Layer-1 blockchain.

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