Hyperliquid Strategies (PURR) Registration Filing summary

Company overview and business model

• Formed as a holding company to acquire and manage HYPE tokens, the native asset of the Hyperliquid blockchain, and to complete a business combination with Sonnet BioTherapeutics Holdings, Inc. and Rorschach I LLC.

• Post-transaction, the company will focus on a HYPE token treasury strategy, staking, and potential DeFi activities, while Sonnet will operate as a subsidiary focused on oncology biologics.

• The company’s strategy includes accumulating HYPE tokens, staking for rewards, and opportunistic M&A in the Hyperliquid ecosystem.

Financial performance and metrics

• Pro forma net loss for the nine months ended June 30, 2025 was $10.4 million; for the year ended September 30, 2024, net loss was $146.5 million.

• As of June 30, 2025, Sonnet had $0.3 million in cash and expects to fund operations into February 2026 with recent financings.

• Rorschach and Pubco had no revenues and operated at a deficit as of their most recent balance sheet dates.

Use of proceeds and capital allocation

• Up to $1.0 billion in gross proceeds may be raised from Chardan under the equity facility, with proceeds intended for general corporate purposes, primarily the acquisition of HYPE tokens.

• At least $265 million of PIPE proceeds will be allocated to HYPE token purchases, with the remainder for working capital and transaction expenses.

• Staking rewards from HYPE holdings are expected to be reinvested to compound treasury growth.