A biotechnology company is quietly becoming a new bridge from the encryption world to the traditional Capital Market. Sonnet BioTherapeutics (NASDAQ: SONN) has just accomplished a significant milestone - shareholders voted in favor of a business merger plan with Hyperliquid Strategies Inc (HSI) and Rorschach I LLC.

This matter has actually been in preparation for a long time. Relevant materials have previously been submitted through Form S-4, and according to the plan, after the merger is completed, HSI will be able to directly list on NASDAQ. Now we are just waiting for the final step: submitting the voting results of the shareholders' meeting to the SEC for filing using Form 8-K.

In simple terms, this is a typical reverse acquisition path. The shell of a traditional listed company is filled with Web3 business, which not only bypasses the lengthy approval process of a direct IPO but also quickly secures financing channels and brand endorsement in the public market. Hyperliquid's move can be seen as finding a shortcut to enter the mainstream spotlight.