Form 8-K/A · Current Report · Filed 2026-02-18
Sonnet BioTherapeutics Holdings, Inc. Completed Merger with Hyperliquid Strategies Inc.
Sonnet BioTherapeutics Holdings, Inc. completed its merger with Hyperliquid Strategies Inc. on December 2, 2025, becoming a wholly-owned subsidiary. The transaction resulted in the issuance of 239,921,355 shares of Hyperliquid common stock to Sonnet's former shareholders and the delisting of Sonnet's stock from Nasdaq. Financial statements and pro forma information were provided to reflect the company's position post-merger.
- Filer
- Hyperliquid Strategies Inc. PURR · NASDAQ
- Filed
- Accession
- 0001193125-26-055449
- CIK
- 0002078856
- Signal
- High impactFinancial Services
- Source
- Official filing on sec.gov ↗
Items reported
Reported Item
Market reaction
Close before filing
$4.22
Next session
-4.7%
Since filing
+188.6%
Latest close
$12.18
What happened, not what will happen — closing prices around the filing date.
Precedent
Previous filings from PURR reporting the same item, with the next session's move:
Exhibits (2)
About Hyperliquid Strategies Inc.
Hyperliquid Strategies Inc. is a digital asset treasury company specializing in the accumulation and management of HYPE, the native token of the Hyperliquid blockchain. This high-performance Layer-1 blockchain is designed to host comprehensive financial activities, including decentralized perpetual futures and spot trading on its leading exchange, which processes billions in daily volume and serves hundreds of thousands of global traders. Incorporated in 2025 and headquartered in New York, New York, the company resulted from a business combination with Sonnet BioTherapeutics Holdings, Inc., allowing Sonnet to operate as a wholly-owned subsidiary while shifting primary focus to digital assets. Hyperliquid Strategies Inc. holds substantial reserves of HYPE tokens, valued at approximately 583 million, and employs strategies like staking, yield optimization, and ecosystem engagement to maximize shareholder value. Led by CEO David Schamis and Chairman Bob Diamond, it provides U.S. and institutional investors with capital-efficient exposure to one of the fastest-growing revenue-generating blockchains in the digital asset space, bridging traditional equity markets with innovative blockchain finance.
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