Lowenstein client Sonnet BioTherapeutics, Inc. (Nasdaq: SONN) has closed its merger with Chanticleer Holdings, Inc. to form a company operating under the name Sonnet BioTherapeutics Holdings, Inc. (Sonnet), with its shares trading on the Nasdaq Capital Market under the ticker symbol “SONN”. Sonnet is a biopharmaceutical company developing innovative, targeted biologic drugs with enhanced single or bispecific mechanisms of action.

Immediately prior to the merger, Sonnet completed a private placement financing resulting in gross proceeds of $19 million and completed its acquisition of the global development rights for Atexakin Alfa from Relief Therapeutics SA., while the public entity spun off its restaurant operations to Amergent Hospitality Group, Inc.

The merger agreement was originally announced in October 2019. The deal team included Steven M. Skolnick, Alan Wovsaniker, Brian A. Silikovitz, Alexander Dinur, Tracy F. Buffer, and Madeline Roe.