2025-12-02, 2:42:23 p.m.
NEW YORK and PRINCETON, N.J. — December 3, 2025 — Leads & Copy — Hyperliquid Strategies Inc (HSI) and Sonnet BioTherapeutics Holdings, Inc. (NASDAQ: PURR) have announced the completion of their business combination, which was approved by Sonnet’s stockholders today.
The merger involves HSI, Sonnet, and Rorschach I LLC, a newly formed entity by Atlas Merchant Capital LLC, Paradigm Operations LP, and other sponsors. Upon closing, the company will operate as a HYPE digital asset treasury reserve company, and Sonnet will continue as a wholly-owned subsidiary of HSI.
HSI’s common stock is expected to begin trading on The Nasdaq Capital Market under the ticker symbol “PURR” on Wednesday, December 3, and Sonnet’s common stock will no longer be traded.
Under the agreement, shares held by Sonnet shareholders and Rorschach members were adjusted at an exchange ratio of five for one.
HSI will be led by Chief Executive Officer David Schamis. The board of directors will include Bob Diamond, David Schamis, Jeff Tuder, Eric Rosengren, Thomas King, Larry Leibowitz, Nailesh Bhatt, and Albert Dyrness.
Bob Diamond, Chairman of HSI, said that the completion of the business combination allows US equity investors to gain exposure to the HYPE token through the company’s digital asset treasury strategy.
David Schamis, CEO of HSI, said that the Hyperliquid blockchain was built to house all finance. Schamis added that the Hyperliquid decentralized exchange is a market leader in perpetual futures and spot trading used by hundreds of thousands of traders worldwide, processing billions in daily trading volume.
Paradigm Managing Partner Alana Palmedo stated that Hyperliquid Strategies provides an innovative vehicle for investors to gain exposure to this emerging network, citing Hyperliquid’s approach to high-performance, decentralized trading that has attracted substantial volumes from a growing community of traders and developers.
Chardan acted as sole placement agent to the transaction and exclusive financial advisor to Rorschach. Greenberg Traurig, LLP served as legal counsel to HSI, and Lowenstein Sandler LLP served as legal counsel to Sonnet. Lucid Capital Markets, LLC provided a fairness opinion to Sonnet’s board.
Hyperliquid Strategies Inc (NASDAQ: PURR) is a digital asset treasury company focused on maximizing shareholder value through accumulating HYPE, the native token of Hyperliquid. HSI aims to provide capital-efficient and productive access to the HYPE token for U.S. and institutional investors.
Sonnet BioTherapeutics Holdings, Inc. is an oncology-focused biotechnology company with a platform for innovating biologic drugs of single or bifunctional action. The FHAB (Fully Human Albumin Binding) technology utilizes a human single chain antibody fragment (scFv) that binds to human serum albumin (HSA) for transport to target tissues.
Atlas Merchant Capital LLC, based in New York and London, was founded by Bob Diamond and David Schamis to invest in the financial services sector.
Paradigm is a research-driven crypto investment firm founded in 2018 by Matt Huang and Fred Ehrsam.
Forward-looking statements involve risks and uncertainties, including changes in business, market, financial, political, and regulatory conditions and risks relating to HSI’s anticipated operations and business. These risks and uncertainties also include the final prospectus/proxy statement (File No. 333-290034) filed by HSI with the SEC on October 27, 2025, and in subsequent filings and reports made by HSI with the SEC.
Investor Relations Contacts: investors@hypestrat.xyz
Media Contacts: Anthony Silverman, ads@apellaadvisors.com
Source: Hyperliquid Strategies Inc
