0002078856 2025-12-02 2025-12-02 true 0002078856 8-K/A 2025-12-02 Hyperliquid Strategies Inc DE 001-42985 39-3284080 477 Madison Avenue, 22nd Floor New York NY 10022 212 883-4330 false false false false Common Stock, par value $0.01 per share PURR NASDAQ true false On December 3, 2025, Hyperliquid Strategies Inc (the “Company”) filed a Current Report on Form 8-K (the “Closing Form 8-K”) announcing the consummation of its previously announced business combination (the “Business Combination”) pursuant to that certain Business Combination Agreement, dated as of July 11, 2025 (as amended on September 22, 2025, the “BCA”), by and among the Company, Sonnet BioTherapeutics Holdings, Inc. (“Sonnet”), Rorschach I LLC, TBS Merger Sub Inc. (“Sonnet Merger Sub”) and Rorschach Merger Sub, LLC. Pursuant to the BCA, among other things, Sonnet Merger Sub was merged with and into Sonnet, with Sonnet surviving such merger as a direct wholly owned subsidiary of the Company. This Amendment No. 1 on Form 8-K/A (this “Amendment”) is being filed solely for the purpose of supplementing Items 9.01(a) and 9.01(b) of the Closing Form 8-K to provide the required financial statements of Sonnet, as specified in Rule 3-05 of Regulation S-X, and the pro forma financial information required in connection with the Business Combination pursuant to Article 11 of Regulation S-X. This Amendment should be read in conjunction with the Closing Form 8-K. The pro forma financial information included as Exhibit 99.2 to this Amendment has been prepared for informational purposes only as required by Form 8-K, and is not intended to, and does not purport to, represent what the Company’s actual results or financial condition would have been if the Business Combination had been consummated on September 30, 2025, and is not intended to project the future results or the financial condition of the Company. Except as set forth herein, no modifications have been made to the information contained in the Closing Form 8-K, and the Company has not updated any information therein to reflect events that have occurred since the date of the Closing Form 8-K.