Hyperliquid Strategies Inc (PURR) director receives 23,880 shares post-merger

Rhea-AI Filing Summary

Hyperliquid Strategies Inc director reported receiving 23,880 shares of common stock through a distribution from Rorschach Capital LLC. Following this transaction, the director beneficially owns 23,880 common shares directly.

The disclosure explains that on December 2, 2025, the company completed a previously announced business combination under a Business Combination Agreement with Sonnet BioTherapeutics Holdings, Inc. and related entities. In connection with the closing, Rorschach Capital LLC received an aggregate of 6,580,800 shares of Hyperliquid Strategies common stock, and on December 4, 2025 it distributed 23,880 shares to Mr. Rosengren, a member of Rorschach Capital LLC.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Rosengren Eric S

(Last) (First) (Middle)

C/O HYPERLIQUID STRATEGIES INC

477 MADISON AVENUE, 22ND FLOOR

(Street)

NEW YORK NY 10022

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Hyperliquid Strategies Inc [ PURR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
12/04/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	12/04/2025		J		23,880	A	(1)	23,880	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. On December 2, 2025, Hyperliquid Strategies Inc (the "Company") completed its previously announced business combination (the "Closing"), pursuant to the Business Combination Agreement, dated as of July 11, 2025 (as amended on September 22, 2025, the "BCA"), by and among the Company, Sonnet BioTherapeutics Holdings, Inc. ("Sonnet"), Rorschach I LLC, TBS Merger Sub Inc. and Rorschach Merger Sub, LLC . In connection with the Closing, Rorschach Capital LLC received an aggregate of 6,580,800 shares of common stock, par value $0.01 per share, of the Company (the "Common Stock"). On December 4, 2025, Rorschach Capital LLC distributed 23,880 shares of Common Stock to Mr. Rosengren, a member of Rorschach Capital LLC.

	/s/ Jason T. Simon, Attorney-in-Fact	12/12/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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FAQ

What insider transaction was reported at Hyperliquid Strategies Inc (PURR)?

A director of Hyperliquid Strategies Inc reported acquiring 23,880 shares of the companys common stock. The shares were received as a distribution from Rorschach Capital LLC, and the director now directly holds 23,880 common shares.

How many Hyperliquid Strategies Inc shares did Rorschach Capital LLC receive at closing?

In connection with the closing of the business combination, Rorschach Capital LLC received an aggregate of 6,580,800 shares of Hyperliquid Strategies Inc common stock, as stated in the disclosure.

When did the business combination involving Hyperliquid Strategies Inc and Sonnet BioTherapeutics close?

The filing states that on December 2, 2025, Hyperliquid Strategies Inc completed its previously announced business combination under a Business Combination Agreement with Sonnet BioTherapeutics Holdings, Inc. and related entities.

How many Hyperliquid Strategies Inc shares does Mr. Rosengren beneficially own after the reported transaction?

After the reported transaction, Mr. Rosengren beneficially owns 23,880 shares of Hyperliquid Strategies Inc common stock, held directly, according to the reported table.

What is the relationship of the reporting person to Hyperliquid Strategies Inc (PURR)?

The reporting person is identified as a Director of Hyperliquid Strategies Inc, with the form marked as filed by one reporting person.

On what date was the 23,880-share distribution to the director made?

The explanation section notes that on December 4, 2025, Rorschach Capital LLC distributed 23,880 shares of Hyperliquid Strategies Inc common stock to Mr. Rosengren.