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Shareholder vote delayed by two weeks due to low participation
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Deal valued at 888 million dollars with plans to raise 1 billion
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More than 95 percent of submitted votes support the deal
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Executives expect approval by the new early December deadline
Vote Postponed Over Low Turnout
The merger to create Hyperliquid Strategies, a digital asset treasury focused on accumulating HYPE tokens, has been pushed back two weeks. Although almost all submitted votes favor the deal, there are not yet enough votes overall to close it.
The team expects to reach the required threshold before the new December 2 deadline.
How the Deal Is Structured
The merger combines Sonnet BioTherapeutics with Rorschach I LLC, a company tied to investors affiliated with Paradigm. When first announced, the deal was valued at 888 million dollars including cash and existing HYPE token holdings.
Hyperliquid Strategies has also filed plans to raise up to 1 billion dollars by selling shares.
DAT Trend Cools With Market Conditions
Digital asset treasury companies saw rapid growth earlier in the year but have cooled as broader market sentiment weakened. Many DATs have launched buyback programs to stabilize valuations.
Next Steps
With most supporting votes already in, the merger is expected to pass once remaining shareholders participate.
