---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-25-025884"
form_type: "8-K"
ticker: null
cik: "0001106838"
company_name: "Sonnet BioTherapeutics Holdings, Inc."
filed_at: "2025-12-03T23:59:59+00:00"
generated_at: "2026-05-16T15:02:19.196413+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

# Sonnet BioTherapeutics closes business combination with Hyperliquid Strategies; HSI to trade as PURR

## Summary
- 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.

## SEC filing metadata
- accession: 0001493152-25-025884
- form_type: 8-K
- cik: 0001106838
- company_name: Sonnet BioTherapeutics Holdings, Inc.
- filed_at: 2025-12-03T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 2.01, 3.01, 3.03, 3.02, 5.01, 5.02, 5.03, 5.07, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1106838/000149315225025884/0001493152-25-025884-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1106838/000149315225025884/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-25-025884
- JSON: https://secwatch.observer/filing/0001493152-25-025884.json
- Plain text: https://secwatch.observer/filing/0001493152-25-025884.txt

## Source-grounded claims
- claim_id: beb924d9000c2cda8be306b77720bced35e65a58
  claim: Sonnet BioTherapeutics Holdings, Inc.: Increased authorized common stock to 500,000,000 shares.
  evidence_excerpt: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1106838/000149315225025884/0001493152-25-025884-index.htm
- claim_id: d8af34180db7d2740751b2920d816a8b2e9f2f57
  claim: Sonnet BioTherapeutics Holdings, Inc. underwent a change of control involving Hyperliquid Strategies Inc (closed 2025-12-02).
  evidence_excerpt: 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”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1106838/000149315225025884/0001493152-25-025884-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.