Hyperliquid Strategies Inc and Sonnet BioTherapeutics Holdings, Inc. Announce Closing of Business Combination

Core Viewpoint - Hyperliquid Strategies Inc has completed a business combination with Sonnet BioTherapeutics Holdings, allowing it to operate as a digital asset treasury reserve company and begin trading on Nasdaq under the ticker "PURR" on December 3, 2025 [1][2]. Company Overview - Hyperliquid Strategies Inc (HSI) will focus on maximizing shareholder value by accumulating HYPE, the native token of Hyperliquid, a high-performance blockchain designed for all finance [6]. - HSI aims to provide capital-efficient access to the HYPE token for U.S. and institutional investors, generating compounding shareholder returns [6]. - The company is positioned to become the largest HYPE-focused digital asset treasury vehicle, capitalizing on Hyperliquid's rapid growth [6]. Business Combination Details - The business combination involved a five-for-one exchange ratio for shares received by Sonnet shareholders and Rorschach members [3]. - David Schamis will serve as the CEO of HSI, with a board of directors that includes notable figures such as Bob Diamond and Eric Rosengren [3]. Market Position and Strategy - HSI's digital asset treasury strategy allows U.S. equity investors to gain exposure to the HYPE token through a highly liquid listing [4]. - The Hyperliquid blockchain is recognized as a leading platform for perpetual futures and spot trading, processing billions in daily trading volume [5]. - The company aims to attract substantial trading volumes from a growing community of traders and developers [5]. Legal and Advisory Support - Chardan acted as the sole placement agent and exclusive financial advisor to Rorschach for the transaction [5]. - Legal counsel for HSI was provided by Greenberg Traurig, LLP, while Lowenstein Sandler LLP served as legal counsel to Sonnet [5].