Halper Sadeh LLC, an investor rights law firm, announced on September 28, 2025, that it is investigating whether the recently announced business combination of Sonnet BioTherapeutics, Inc. and Rorschach I LLC is fair to Sonnet shareholders.
The investigation focuses on the terms of the proposed transaction, which will result in Sonnet shareholders owning approximately 1% of the combined company, Hyperliquid Strategies Inc. (HSI). This significant dilution is a key concern for the firm.
The law firm is encouraging Sonnet shareholders to learn more about their legal rights and options. This investigation introduces potential legal scrutiny and uncertainty surrounding the completion and terms of the transformative merger.
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