This stock rockets 260% after $900 million mega crypto deal
Main Idea
Sonnet BioTherapeutics' stock surged in pre-market trading following its agreement to form a new company, Hyperliquid Strategies Inc., with Rorschach I LLC, backed by prominent investors, marking a significant pivot into the cryptocurrency sector.
Key Points
1. Sonnet BioTherapeutics' stock (SONN) surged 265% in pre-market trading, reaching $18.68 after closing at $5.17 on Friday, with a year-to-date gain of over 220%.
2. The company agreed with Rorschach I LLC, backed by Atlas Merchant Capital and Paradigm Operations, to form Hyperliquid Strategies Inc. (HSI).
3. HSI will hold approximately 12.6 million HYPE tokens valued at around $583 million and at least $305 million in cash at closing.
4. The new company's leadership includes Bob Diamond as Chairman of the Board and David Schamis as CEO, with additional board members to be added.
5. HSI aims to acquire more HYPE tokens post-closing, pending regulatory and shareholder approvals.
Description
Shares of Sonnet BioTherapeutics (NASDAQ: SONN) soared in pre-market trading on Monday after the company announced a $888 million business combination to pivot into the cryptocurrency sector . Sonnet’s stock, which closed at $5.17 on Friday, traded as high as $18.68 in pre-market hours, marking a 265% jump. Year-to-date, SONN shares have already gained more than 220%. By press time, the stock was down slightly, trading about 2% lower on the day. SONN one-day stock price chart. Source: Google Fin...
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