Greenberg Traurig Advises Hyperliquid Strategies Inc on Closing of Business Combination with Sonnet BioTherapeutics Holdings, Inc. to Launch HYPE Cryptocurrency Treasury[...]

NEW YORK - Dec. 9, 2025 - Global law firm Greenberg Traurig, LLP advised Hyperliquid Strategies Inc (HSI) on the completion of the closing of the previously announced business combination among HSI, Sonnet BioTherapeutics Holdings, Inc. (NASDAQ: SONN) (Sonnet), and Rorschach I LLC (Rorschach).

Rorschach is a newly formed entity affiliated with Atlas Merchant Capital LLC, the alternative asset management firm co-funded by Bob Diamond and David Schamis, an affiliate of Paradigm Operations LP (Paradigm) and additional sponsors, which was approved by Sonnet's stockholders Dec. 2.

As a result of the closing, HSI will operate as a digital asset treasury reserve company whose primary focus is to maximize shareholder value through accumulating HYPE, the native token of Hyperliquid, a high-performance blockchain custom-built to house all of finance, and Sonnet will continue to operate as a wholly-owned subsidiary of HSI. HSI's common stock began trading on the Nasdaq Capital Market under the ticker symbol "PURR" on Dec. 3, and Sonnet's common stock will no longer trade.

Under the terms of the business combination, shares received by shareholders of Sonnet and members of Rorschach were adjusted for a five-for-one exchange ratio.

Greenberg Traurig Team: The multioffice team was led by Alan I. Annex (Vice Chair, Miami , Corporate), Jason T. Simon (Shareholder, Northern Virginia, Corporate), Michael D. Helsel (Shareholder, New York, Corporate), Divya Seth (Associate, New York, Corporate), Yoojin Lee (Associate, New York, Corporate), Hailey Burton Petrick (Associate, New York, Corporate), and Henry Scherck (Law Clerk/JD, New York, Corporate).

Other team members included Pallav Raghuvanshi (Shareholder, New York, Tax), Steve Mastbaum (Shareholder, New York, Tax), Stephen M. Pepper (Shareholder, New York, Corporate), Rebecca Tracy Rotem (Of Counsel, Practice Group Attorney, Washington, D.C., Corporate), August Huelle (Shareholder, New York, Tax), Tiffany Wong (Of Counsel, Las Vegas, Tax), Phillip Popkin, (Associate, New York, Tax), David M. Greenberg (Shareholder, New York, Intellectual Property & Technology) Tzy-Ying (Sandy) Chiu (Of Counsel, New York, Intellectual Property & Technology), Keshia M. Tiemann (Shareholder, Atlanta, Labor & Employment), Whitney Bly Edwards, Ph.D. (Of Counsel, Atlanta, Labor & Employment), Nicholas J.Diamond(Shareholder, Houston, Health Care) TamaraRizkalla(Shareholder, Washington, D.C., Health Care & Corporate), Nicole Galli Baptista (Associate, Washington, D.C., Health Care), Yangyang Jia (Associate, Northern Virginia & New York, Corporate), and Anayo Umeh (Law Clerk/JD, New York, Corporate).