Lowenstein Represents Sonnet BioTherapeutics in Closing of Business Combination with Hyperliquid Strategies

Lowenstein Sandler represented oncology-focused biotechnology company Sonnet BioTherapeutics Holdings (NASDAQ: SONN) in the closing of its business combination with Hyperliquid Strategies. Following the closing, Hyperliquid will operate as a HYPE digital asset treasury reserve company and Sonnet will continue operating as a wholly-owned subsidiary of Hyperliquid.

Hyperliquid's common stock began trading on the Nasdaq Capital Market under the ticker symbol "PURR" on December 3, 2025. Sonnet's common stock will no longer trade.

As originally announced in July, the combined company expected to become largest U.S.-based publicly listed company to hold HYPE in its treasury: it is expected to hold approximately 12.6 million HYPE tokens, representing $583 million in value and gross cash invested of at least $305 million, for a total assumed closing value of $888 million.

Sonnet BioTherapeutics is an oncology-focused biotechnology company with a proprietary platform for innovating biologic drugs of single or bifunctional action. Lowenstein also represented Sonnet in its merger with Chanticleer Holdings, Inc. in 2020.

The Lowenstein team included Steven M. Skolnick, Stephen Zapf, Lauren E. VanderDrift, Donna Calia, Amani Taha, Lauren E. Russo, Anthony C. Santiago, Zarema A. Jaramillo, Kristin V. Taylor, and Megan Monson.