Why Is Sonnet BioTherapeutics Stock Trading Higher On Monday?

Sonnet BioTherapeutics Inc. SONN stock surged Monday amid high trading volume following news of a transformative business combination with Rorschach I, backed by Atlas Merchant Capital and Paradigm. The deal will create Hyperliquid Strategies Inc., a public cryptocurrency treasury company holding around 12.6 million HYPE tokens—worth $583 million—plus $305 million in cash, for a total assumed value of $888 million. The new entity will remain Nasdaq-listed under a new ticker and be led by Bob Diamond (Chairm ...