Hyperliquid Strategies (PURR) director reports 23,880-share insider award

Rhea-AI Filing Summary

Hyperliquid Strategies Inc. director reported receiving 23,880 shares of common stock on December 4, 2025, as disclosed in a Form 4 insider filing. The shares were acquired through a distribution from Rorschach Capital LLC, where the director is a member, and are shown as directly owned following the transaction.

The distribution came shortly after the completion of Hyperliquid Strategies Inc.'s previously announced business combination on December 2, 2025, under a Business Combination Agreement with Sonnet BioTherapeutics Holdings, Inc., Rorschach I LLC, TBS Merger Sub Inc. and Rorschach Merger Sub, LLC. In connection with that closing, Rorschach Capital LLC received an aggregate 6,580,800 shares of Hyperliquid Strategies common stock, a portion of which was later distributed to the director.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider KING THOMAS C.

Role Director

Type	Security	Shares	Price	Value
Other	Common Stock	23,880	$0.00	--

Holdings After Transaction: Common Stock — 23,880 shares (Direct)

Footnotes (1)

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Form 4 Insider Transactions: What Each Field Means →

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^*

KING THOMAS C.

(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. King, 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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did Hyperliquid Strategies Inc. (PURR) disclose in this Form 4?

The filing shows that a director of Hyperliquid Strategies Inc. received 23,880 shares of common stock on December 4, 2025. The shares were acquired via a distribution from Rorschach Capital LLC and are reported as directly owned after the transaction.

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

In connection with the closing of the business combination on December 2, 2025, Rorschach Capital LLC received an aggregate of 6,580,800 shares of Hyperliquid Strategies Inc. common stock, par value $0.01 per share.

What is the reporting persons relationship to Hyperliquid Strategies Inc. (PURR)?

The reporting person is identified as a Director of Hyperliquid Strategies Inc. The form indicates it is filed by one reporting person, reflecting that individual directors ownership change.

When is the earliest transaction date reported in this Hyperliquid Strategies Inc. (PURR) filing?

The earliest transaction date reported is 12/04/2025, when 23,880 shares of common stock were distributed to the director from Rorschach Capital LLC.

How are the 23,880 Hyperliquid Strategies Inc. (PURR) shares held after the transaction?

Following the reported transaction, the 23,880 shares of Hyperliquid Strategies Inc. common stock are listed as directly owned ("D") by the reporting person.

What major corporate event preceded the insider share distribution at Hyperliquid Strategies Inc. (PURR)?

The share distribution followed the completion of a previously announced business combination on December 2, 2025, carried out under a Business Combination Agreement among Hyperliquid Strategies Inc., Sonnet BioTherapeutics Holdings, Inc., Rorschach I LLC, TBS Merger Sub Inc. and Rorschach Merger Sub, LLC.