8-K
filed December 3, 2025, 6:59 PM ET
CIK 0001106838
M&A
confidence high
sentiment neutral
materiality 0.90
Sonnet BioTherapeutics Holdings, Inc.: M&A transaction — Sonnet BioTherapeutics closes business combination with Hyperliquid Strategies; HSI to trade as PURR
Sonnet BioTherapeutics Holdings, Inc.
- Exchange ratio: each Sonnet share becomes one-fifth HSI share plus one CVR; PIPE of 239.9M shares at $1.25 closed pre-closing.
- HSI common stock begins trading on Nasdaq as "PURR" on Dec 3; Sonnet stock delisted.
- David Schamis named CEO of HSI; board includes Bob Diamond, Jeff Tuder, Eric Rosengren, Thomas King, Larry Leibowitz, Nailesh Bhatt, Albert Dyrness.
- HSI to operate as a HYPE digital asset treasury reserve company, focusing on token accumulation and yield optimization.
Key facts
Extracted from this filing and checked against the source text.
Governance Changes
SEC 8-K Item 5.03/5.05/5.06
confidence 0.9
Sonnet BioTherapeutics Holdings, Inc.: Increased authorized common stock to 500,000,000 shares.
- Change
- charter amendment
Exact text from the filing
Sonnet filed a Certificate of Amendment to Sonnet’s Certificate of Incorporation, as amended (the “Certificate of Amendment”), with the Secretary of State of the State of Delaware to increase the number of shares of common stock authorized for issuance thereunder to 500,000,000 shares, each share of common stock having a par value of $0.0001.
View on SEC.gov
M&A Transactions
SEC 8-K Item 2.01/5.01
confidence 0.9
Sonnet BioTherapeutics Holdings, Inc. underwent a change of control involving Hyperliquid Strategies Inc (closed 2025-12-02).
- Action
- change of control
- Counterparty
- Hyperliquid Strategies Inc
- Closing
- 2025-12-02
Exact text from the filing
On December 2, 2025 (the “Closing Date”), Sonnet BioTherapeutics Holdings, Inc. (“Sonnet”) 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, Hyperliquid Strategies Inc (“HSI”), Rorschach I LLC (“Rorschach”), TBS Merger Sub Inc. (“Sonnet Merger Sub”) and Rorschach Merger Sub, LLC (“Rorschach Merger Sub”).
View on SEC.gov
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