Sonnet BioTherapeutics Holdings, Inc. signed a term sheet to acquire Relief Therapeutics SA from Relief Therapeutics Holding AG (SWX:RLF) on May 9, 2019. SONNET BioTherapeutics, Inc. agreed to acquire Relief Therapeutics SA from Relief Therapeutics Holding AG on August 9, 2019. Under the terms of the transaction, SONNET BioTherapeutics, Inc. will pay 7.1 million common shares as consideration to Relief. The transaction is subject to customary closing condition including approval by both the Boards, execution of share subscription facility, audited accounts of target and is expected to close at the time that Sonnet becomes a publicly traded corporation. Long Stop date is December 31, 2020. Chardan Capital Markets, LLC acted as financial advisor while Rajiv Khanna of Buchanan, Ingersoll & Rooney PC acted as legal advisor to SONNET BioTherapeutics, Inc. Damien Conus of CPV Partners acted as legal advisor to Relief Therapeutics Holding AG. KPMG acted as accountant for SOnnet and Mazars SA acted as accountant for Relief Therapeutics.

Sonnet BioTherapeutics Holdings, Inc. completed the acquisition of Relief Therapeutics SA from Relief Therapeutics Holding AG (SWX:RLF) in March 2020. Closing was subject to fulfillment by Sonnet of certain conditions precedent which have now been satisfied.