Public company Sonnet has postponed the merger vote to December 2.

BlockBeats news, on November 19, according to the latest documents disclosed, the US-listed company Sonnet Biotherapeutics will postpone the merger vote to December 2. Previously on July 14, Sonnet BioTherapeutics agreed to an $888 million merger deal, will be renamed Hyperliquid Strategies and launch the HYPE fund strategy. Nasdaq-listed Sonnet BioTherapeutics has agreed to merge with Rorschach I LLC to form Hyperliquid Strategies and initiate the fund strategy. According to a press release issued on Monday, Rorschach I LLC is a newly formed company by associated entities of Atlas Merchant Capital LLC, Paradigm Operations LP, and other sponsors. After the transaction is completed, the new entity will be renamed Hyperliquid Strategies and is expected to hold 12.6 million HYPE tokens and $305 million in cash, with a total valuation of approximately $888 million. The transaction has participation from strategic investors such as Paradigm, Galaxy Digital, Pantera Capital, D1 Capital, Republic Digital, and 683 Capital. After the merger is completed, Hyperliquid Strategies will continue to trade on Nasdaq, with a stock code change, becoming a publicly listed crypto assets fund company.