LAWRENCE E. LEIBOWITZ - 04 Dec 2025 Form 4 Insider Report for Hyperliquid Strategies Inc (PURR)

Role: Director
Signature: /s/ Jason T. Simon, Attorney-in-Fact
Issuer symbol: PURR
Transactions as of: 04 Dec 2025
Transactions value $: $0
Form type: 4
Filing time: 12 Dec 2025, 11:55:00 UTC
Previous filing: 10 Dec 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
LEIBOWITZ LAWRENCE E	Director	C/O HYPERLIQUID STRATEGIES INC, 477 MADISON AVENUE, 22ND FLOOR, NEW YORK	/s/ Jason T. Simon, Attorney-in-Fact	12 Dec 2025	0001276505

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	PURR	Common Stock	Other		+39.8K			39.8K	04 Dec 2025	Direct	F1

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	On December 2, 2025, Hyperliquid Strategies Inc (the "Company") completed its previously announced business combination (the "Closing"), pursuant to the 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. and Rorschach Merger Sub, LLC . In connection with the Closing, Rorschach Capital LLC received an aggregate of 6,580,800 shares of common stock, par value $0.01 per share, of the Company (the "Common Stock"). On December 4, 2025, Rorschach Capital LLC distributed 39,800 shares of Common Stock to Mr. Leibowitz, a member of Rorschach Capital LLC.

Content

On December 2, 2025, Hyperliquid Strategies Inc (the "Company") completed its previously announced business combination (the "Closing"), pursuant to the 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. and Rorschach Merger Sub, LLC . In connection with the Closing, Rorschach Capital LLC received an aggregate of 6,580,800 shares of common stock, par value $0.01 per share, of the Company (the "Common Stock"). On December 4, 2025, Rorschach Capital LLC distributed 39,800 shares of Common Stock to Mr. Leibowitz, a member of Rorschach Capital LLC.