Nasdaq biotech company merges with Hyperliquid affiliated entity.

[Coin World] Nasdaq-listed company Sonnet BioTherapeutics (ticker SONN) has just concluded its shareholders' meeting, where the merger plan with Hyperliquid Strategies Inc (HSI) and Rorschach I LLC was approved. Detailed voting data will be disclosed through the SEC's Form 8-K process.

This matter actually started last October. The S-4 registration document from HSI became effective on October 27. After the merger is completed, HSI's securities will be listed on NASDAQ.

Interestingly, Sonnet itself is a biotech company focused on tumor drug development, with a patented technology platform called FHAB. It has now merged with a crypto strategy company, marking another case of a traditional pharmaceutical enterprise entering the Web3 space. Whether it can successfully complete the process will depend on how the regulators assess it.