Sonnet Biotherapeutics Holdings Inc. has announced a private placement involving the sale of convertible notes to accredited investors, totaling $2.0 million. Alongside these Convertible Notes, investors received warrants to purchase an aggregate of 865,052 shares of common stock, with the warrants exercisable over five years at a price of $1.156 per share. The Convertible Notes, which bear no interest, mature on June 30, 2026, and can be converted into up to 1,730,104 shares of common stock at the same conversion price. If Sonnet issues common stock or equivalents for gross proceeds of at least $5.0 million within a specified period, the principal amount of the Convertible Notes will automatically convert into the same securities issued in that offering. If this does not occur within 90 days, investors are entitled to purchase additional warrants for up to 3,460,208 shares at $0.25 per share.