---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-25-025886"
form_type: "8-K"
ticker: "PURR"
cik: "0002078856"
company_name: "Hyperliquid Strategies Inc"
filed_at: "2025-12-03T23:59:59+00:00"
generated_at: "2026-05-16T15:32:52.057751+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

# Hyperliquid Strategies completes business combination; trades as PURR on Nasdaq Dec 3

## Summary
- Closed acquisition of Sonnet BioTherapeutics and Rorschach I LLC; combined entity has ~127M shares outstanding.
- New board of eight directors including Bob Diamond, Eric Rosengren, Thomas King; David Schamis remains CEO.
- Issued to advisor warrants for up to 27.4M shares at exercise prices $9.375, $12.50, and $18.75.
- Stock begins trading on Nasdaq Capital Market under ticker PURR on December 3, 2025.

## SEC filing metadata
- accession: 0001493152-25-025886
- form_type: 8-K
- ticker: PURR
- cik: 0002078856
- company_name: Hyperliquid Strategies Inc
- filed_at: 2025-12-03T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.9
- confidence: high
- sec_items: 2.01, 1.01, 3.02, 3.03, 5.03, 5.01, 5.02, 5.05, 7.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/2078856/000149315225025886/0001493152-25-025886-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/2078856/000149315225025886/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-25-025886
- JSON: https://secwatch.observer/filing/0001493152-25-025886.json
- Plain text: https://secwatch.observer/filing/0001493152-25-025886.txt

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