{"schema_version":"secwatch.filing_event.v1","accession":"0001641172-25-018877","form_type":"8-K","ticker":null,"cik":"0001106838","company_name":"Sonnet BioTherapeutics Holdings, Inc.","filed_at":"2025-07-14T23:59:59+00:00","discovered_at":"2026-05-14T18:02:43.353277+00:00","generated_at":"2026-05-18T06:36:30.274801+00:00","sec_items":["1.01","3.02","5.02","5.03","7.01","8.01","9.01"],"event_type":"m_and_a","sentiment":"negative","materiality_score":0.9,"calibrated_materiality_score":0.9,"confidence":"high","headline":"Sonnet BioTherapeutics to merge with Hyperliquid-backed Rorschach; existing holders to own ~1.2% of Pubco","bullets":["Sonnet stockholders receive 1 Pubco share + 1 CVR per share; Rorschach equityholders contribute ≥$200M HYPE tokens.","Pubco to hold ~$583M in HYPE tokens and ≥$305M cash at close; $5.5M Initial PIPE plus $2M bridge conversion.","Post-close, Rorschach/Subscribers own ~98.8% of Pubco; existing Sonnet holders ~1.2% (including PIPE investors).","Closing expected H2 2025; subject to SEC registration, Nasdaq listing, and Sonnet stockholder approval.","Chardan Capital Markets receives 7% of gross Closing PIPE proceeds; $2.5M termination fee if Sonnet board changes recommendation."],"urls":{"canonical":"https://secwatch.observer/filing/0001641172-25-018877","json":"https://secwatch.observer/filing/0001641172-25-018877.json","markdown":"https://secwatch.observer/filing/0001641172-25-018877.md","text":"https://secwatch.observer/filing/0001641172-25-018877.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1106838/000164117225018877/0001641172-25-018877-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1106838/000164117225018877/form8-k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-18T06:36:30.274801+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"81b317b85d437585d4a3f361aec6962daf797942","claim":"Sonnet BioTherapeutics Holdings, Inc.: Filed certificate of designations designating Series 5 Preferred Stock with rights, preferences, and limitations (effective 2025-07-11).","evidence_excerpt":"the Company filed a certificate of designations (the “Certificate of Designations”) on July 11, 2025, with the Delaware Secretary of State designating the rights, preferences and limitations of the shares of the Series 5 Preferred Stock.","evidence_source":"SEC 8-K Item 5.03/5.05/5.06","evidence_url":"https://www.sec.gov/Archives/edgar/data/1106838/000164117225018877/0001641172-25-018877-index.htm","confidence":0.9,"family_label":"Governance Changes","details":[{"label":"Change","value":"charter amendment"},{"label":"Effective","value":"2025-07-11"}],"fact_type":"governance_change"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}