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Reverse merger · Completed · PURR

Rorschach I LLC / Hyperliquid Strategies Inc

Reverse merger with Sonnet BioTherapeutics Holdings, Inc. (SONN)

Rorschach I LLC / Hyperliquid Strategies Inc merged into Sonnet BioTherapeutics Holdings, Inc. (SONN), a Nasdaq-listed clinical-stage developer of targeted immunotherapeutic drugs, in a reverse merger that takes the private company public. The deal was announced on Jul 11, 2025 and closed on Dec 2, 2025. The combined company trades as Hyperliquid Strategies Inc (PURR) on Nasdaq.

Hyperliquid Strategies is a digital asset treasury company that accumulates HYPE, the native token of the Hyperliquid blockchain, giving U.S. public-market investors exposure to the token. Sonnet BioTherapeutics continues as its wholly owned subsidiary.

Status
Completed
Private company
Rorschach I LLC / Hyperliquid Strategies Inc
Public company
Sonnet BioTherapeutics Holdings, Inc. (SONN)
Public company business before
Nasdaq-listed clinical-stage developer of targeted immunotherapeutic drugs
Announced
Jul 11, 2025
Closed
Dec 2, 2025
Combined company
Hyperliquid Strategies Inc (PURR)
Exchange
Nasdaq
Sector
Crypto / digital assets

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Filings

Other completed reverse mergers