Biotech | Crypto

Enlivex pledged commercially reasonable efforts to hold the shareholder vote within 60 days, while the second $400 million remains optional. The post Biotech company asks shareholders to dilute stock by 951% to hoard illiquid crypto token instead of funding its own drug appeared first on CryptoSlate.

Biotech firm Sonnet is merging with Rorschach to form Hyperliquid Strategies, which aims to become HYPE token’s largest United States-listed holder. Nasdaq-listed biotech company Sonnet BioTherapeutics announced a strategic pivot into crypto, unveiling an $888 million entity to launch a Hyperliquid (HYPE) digital asset treasury.  On Monday, Sonnet said it formed a business combination with the newly created Rorschach to launch a treasury strategy focused on the HYPE token, the native crypto token of the fast-growing Hyperliquid ecosystem.  The deal includes transforming Sonnet into Hyperliquid Strategies Inc. (HSI), which is expected to be the largest United States-listed public company holding the HYPE token on its balance sheet. The company aimed to hold 12.6 million HYPE tokens, worth about $583 million when the agreement was made.  Read more