Hyperliquid treasury merger vote delayed, postponing $888 million deal

The shareholder vote for the merger creating the Hyperliquid digital asset treasury (DAT), which aims to raise $1 billion, has been delayed by two weeks. David Schamis of Hyperliquid Strategies stated that they require over 50% of outstanding shares to vote in favor to close the deal, despite over 95% of votes received so far being positive. The merger involves Nasdaq-listed Sonnet BioTherapeutics, Inc. merging with Rorschach I LLC, a company affiliated with Atlas Merchant Capital and Paradigm Operations LP. When initially announced, the deal, which includes existing HYPE tokens and $305 million in cash, was valued at $888 million. Schamis expressed confidence that the required total votes will be achieved by the new deadline of December 2nd and urged shareholders to vote promptly.

(Source：The Block)