Hyperliquid CEO gets 95,520 shares after business combination

Hyperliquid Strategies Inc reported that its chief executive officer and director, Mr. Schamis, acquired 95,520 shares of common stock on December 4, 2025 through a distribution from Rorschach Capital LLC.

Accepted by SEC EDGAR 12/12/2025 - 11:54 AM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Hyperliquid Strategies Inc reported that its chief executive officer and director, Mr. Schamis, acquired 95,520 shares of common stock on December 4, 2025 through a distribution from Rorschach Capital LLC.

This distribution followed the completion of Hyperliquid’s previously announced business combination on December 2, 2025, under a Business Combination Agreement with Sonnet BioTherapeutics Holdings, Inc., Rorschach I LLC and other entities, in which Rorschach Capital LLC received 6,580,800 company shares. After the reported transaction, the officer beneficially owns 95,520 shares directly.

Insider Trade Summary

Other: 95,520 shares

Other 1 txn

Insider Schamis David Ira

Role Chief Executive Officer

Type	Security	Shares	Price	Value
Other	Common Stock	95,520	$0.00	$0.00

Holdings After Transaction: Common Stock — 95,520 shares (Direct)

Footnotes (1)

1. F1. 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 95,520 shares of Common Stock to Mr. Schamis, a member of Rorschach Capital LLC.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did Hyperliquid Strategies Inc (PURR) disclose?

Hyperliquid Strategies Inc disclosed that its chief executive officer and director, Mr. Schamis, received 95,520 shares of common stock on December 4, 2025, via a distribution from Rorschach Capital LLC.

How many Hyperliquid Strategies Inc (PURR) shares did Rorschach Capital LLC receive in the business combination?

In connection with the business combination completed on December 2, 2025, Rorschach Capital LLC received an aggregate of 6,580,800 shares of Hyperliquid Strategies Inc common stock.

What is the reporting person’s role at Hyperliquid Strategies Inc (PURR)?

The reporting person is identified as both a director and an officer of Hyperliquid Strategies Inc, serving in the role of Chief Executive Officer.

How many Hyperliquid Strategies Inc (PURR) shares does the officer beneficially own after the transaction?

Following the reported transaction, the officer is shown as beneficially owning 95,520 shares of Hyperliquid Strategies Inc common stock directly.

What corporate event led to the share distribution reported for Hyperliquid Strategies Inc (PURR)?

The distribution to Mr. Schamis occurred after Hyperliquid Strategies Inc completed its previously announced business combination on December 2, 2025, under a Business Combination Agreement with Sonnet BioTherapeutics Holdings, Inc., Rorschach I LLC and other entities.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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^*

Schamis David Ira

(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
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

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		95,520	A	(1)	95,520	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 95,520 shares of Common Stock to Mr. Schamis, 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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