Hyperliquid Strategies Inc (PURR) director reports 39,800-share stock distribution

Rhea-AI Filing Summary

Hyperliquid Strategies Inc reported that a director acquired 39,800 shares of common stock on December 4, 2025. The transaction was coded “J” and reflects an acquisition, leaving the director with 39,800 shares beneficially owned in direct form.

This acquisition came from a distribution by Rorschach Capital LLC. Two days earlier, 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 which Rorschach Capital LLC had received 6,580,800 shares of Hyperliquid Strategies common stock.

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^*

LEIBOWITZ LAWRENCE E

(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		39,800	A	(1)	39,800	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 39,800 shares of Common Stock to Mr. Leibowitz, 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.
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FAQ

What insider transaction did Hyperliquid Strategies Inc (PURR) report on this Form 4?

A director of Hyperliquid Strategies Inc reported acquiring 39,800 shares of the company’s common stock on December 4, 2025. The transaction is listed in Table I as an acquisition coded “J,” with the shares now beneficially owned directly.

How did the Hyperliquid Strategies Inc director obtain the 39,800 shares?

The 39,800 shares of common stock were received through a distribution from Rorschach Capital LLC. The explanation states that on December 4, 2025, Rorschach Capital LLC distributed 39,800 shares of Hyperliquid Strategies common stock to Mr. Leibowitz.

What is the director’s ownership in Hyperliquid Strategies Inc after this transaction?

Following the reported transaction, the Form 4 shows that the director beneficially owns 39,800 shares of Hyperliquid Strategies Inc common stock, held in direct ownership form.

How is this Form 4 transaction connected to Hyperliquid Strategies Inc’s business combination?

The distribution is tied to a business combination completed on December 2, 2025. At that closing, under a Business Combination Agreement with Sonnet BioTherapeutics Holdings, Inc. and related entities, Rorschach Capital LLC received 6,580,800 shares of Hyperliquid Strategies common stock and later distributed 39,800 of those shares to Mr. Leibowitz.

Who is Mr. Leibowitz in relation to Hyperliquid Strategies Inc and Rorschach Capital LLC?

The Form 4 identifies the reporting person as a director of Hyperliquid Strategies Inc. The explanation notes that Mr. Leibowitz is a member of Rorschach Capital LLC, which distributed 39,800 shares of common stock to him.

Was this Hyperliquid Strategies Inc Form 4 filed by more than one reporting person?

No. The filing indicates that it is a Form filed by one reporting person, meaning only a single insider’s holdings and transaction are reported in this Form 4.