Hyperliquid Strategies And Sonnet BioTherapeutics Complete Business Combination; New Company To Trade on Nasdaq As "PURR" While Sonnet Becomes A Wholly Owned Subsidiary

Hyperliquid Strategies Inc ("HSI" or the "Company") and Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) ("Sonnet") today announced the completion of the closing of the previously announced business combination among HSI, Sonnet and Rorschach I LLC ("Rorschach"), a newly-formed entity formed by an entity affiliated with Atlas Merchant Capital LLC ("Atlas"), an affiliate of Paradigm Operations LP ("Paradigm"), and additional sponsors (all together, the "Sponsors"), which was approved by Sonnet's stockholders on December 2, 2025.

As a result of the closing, the Company will operate as a HYPE digital asset treasury reserve company, and Sonnet will continue to operate as a wholly-owned subsidiary of the Company. 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 trade.