SONN - Sonnet BioTehrapeutics - Continuation to $16 50% FibAfter SONN broke out to $30.63 from $4.20 in yesterday's pre-market, after announcing entering an agreement to become a Public Cryptocurrency Treasury Company. We entered NASDAQ:SONN at $8.28 this morning in's pre-market during the completion of consolidation and convergence on the EMAs from the Consolidation Downtrend. Looking for a $16 PT / 50% Fib Retrace Retest on the 15-Min.
FINANCIAL NEWS:
Sonnet BioTherapeutics shares climbed after the oncology-focused biotechnology company said it entered into an agreement to become a public cryptocurrency treasury company.
Shares more than doubled to $13.50 on Monday. Shares were up 78.5% over the past year.
Sonnet BioTherapeutics , which entered the business combination agreement with Rorschach and other sponsors, said it plans to build a reserve of HYPE, the token of the Hyperliquid Layer-1 blockchain.
Sonnet BioTherapeutics will transform into a new entity called HyperLiquid Strategies at the agreement's close. The new company is expected to hold 12.6 million HYPE tokens and gross cash invested of at least $305 million , for a total assumed closing value of $888 million .
The company will name David Schamis , chief investment officer and co-founder of Atlas Merchant Capital , as chief executive of HyperLiquid Strategies.
