Hyperliquid Strategies（PURR）将与Chardan的ChEF股权融资额度从10亿美元扩大至25亿美元

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
September 1, 2026
HYPERLIQUID STRATEGIES INC
(Exact name of Registrant as Specified in Its Charter)
Delaware
001-42985
39-3284080
(State or Other Jurisdiction
of Incorporation)
(Commission File Number)
(IRS Employer
Identification No.)
477 Madison Avenue
22
nd
Floor
New York
,
NY
10022
(Address of Principal Executive Offices)
(Zip Code)
Registrant’s Telephone Number, Including Area Code:
(
212
)
883-4241
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
Symbol(s)
Name of each exchange on which registered
Common Stock, par value $0.01 per share
PURR
The Nasdaq Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
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Item 1.01 Entry into a Material Definitive Agreement.
On September 1, 2026, Hyperliquid Strategies Inc (the “Company”) and Chardan Capital Markets LLC (the “Investor”) entered into Amendment No. 1 (the “Amendment”) to the ChEF Purchase Agreement, dated as of October 22, 2025 (the “Purchase Agreement”), by and between the Company and the Investor. The Amendment increases the Total Commitment (as defined in the Purchase Agreement) from $1.0 billion to $2.5 billion in aggregate gross purchase price of newly issued shares of the Company’s common stock, par value $0.01 per share (the “Common Stock”), subject to the terms, conditions and limitations of the Purchase Agreement. Also pursuant to the Amendment, beginning after the sale of $1.0 billion in the aggregate of shares of Common Stock pursuant to the Purchase Agreement, the Company may not issue or sell any shares of Common Stock pursuant to the Purchase Agreement
if, after giving effect to the transaction, the aggregate number of shares to be issued and sold at a price of less than $12.02 per share would exceed 42,641,847 shares (representing 19.99% of the number of shares of Common Stock issued and outstanding immediately prior to the execution of the Amendment, the “Exchange Cap”), unless the Company’s stockholders have approved the issuance of Common Stock pursuant to the Purchase Agreement in excess of the Exchange Cap in accordance with the rules of the Nasdaq Stock Market (or such approval is not required in accordance with such rules).
The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Amendment, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit Number
Description of Exhibit
10.1
Amendment No. 1 to ChEF Purchase Agreement, dated as of September 1, 2026, between the Company and Chardan Capital Markets LLC.
104
Cover page interactive data file (embedded within the Inline XBRL document).
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
HYPERLIQUID STRATEGIES INC
Date:
September 1, 2026
By:
/s/ Brett Beldner
Name:
Title:
Brett Beldner
Chief Financial Officer
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EX-10.1
2
purr-ex10_1.htm
EX-10.1
EX-10.1
Exhibit 10.1
AMENDMENT NO. 1 TO ChEF PURCHASE AGREEMENT
This Amendment No. 1 (“
Amendment No. 1
”), made as of September 1, 2026, amends that certain ChEF Purchase Agreement, dated as of October 22, 2025 (the “
Agreement
”), by and between Chardan Capital Markets LLC, a New York limited liability company (the “
Investor
”), and Hyperliquid Strategies Inc, a Delaware corporation (the “
Company
”).
RECITALS
WHEREAS
, pursuant to Section 10.6 of the Agreement, no provision of the Agreement may be amended, except by a written instrument executed by both parties thereto; and
WHEREAS
, the parties hereto desire to amend the Agreement as set forth herein.
NOW, THEREFORE
, in consideration of the foregoing recitals and the mutual promises hereinafter set forth, the parties hereby agree as follows:
1.
Defined Terms
. Unless otherwise indicated herein, capitalized terms which are used but not otherwise defined herein shall have the respective meanings ascribed to such terms in the Agreement.
2.
Amendments to Purchase Agreement
. The parties, intending to be legally bound, hereby amend the Agreement as follows:
(a)
The first recital to the Agreement is hereby deleted in its entirety and replaced with the following:
“
WHEREAS
, the parties desire that, upon the terms and subject to the conditions and limitations of this Agreement, the Company may issue and sell to the Investor, from time to time as provided herein, and the Investor shall purchase from the Company, up to the lesser of (i) $2,500,000,000 (the “
Total Commitment
”) in aggregate gross purchase price of newly issued shares (the “
Shares
”) of the Company’s common stock, par value $0.01 per share (the “
Common Stock
”), and (ii) the Exchange Cap (to the extent applicable under
Section 3.3
);”
(b)
Section 2.1(a) to the Agreement is hereby deleted in its entirety and replaced with the following:
“Upon the terms and subject to the conditions and limitations of this Agreement, during the Investment Period, the Company, in its sole discretion, shall have the right, but not the obligation, to issue and sell to the Investor, and, in such event, the Investor shall purchase from the Company, up to the lesser of (i) the Total Commitment in aggregate gross purchase price of duly authorized, validly issued, fully paid and non-assessable shares of Common Stock and (ii) the Exchange Cap, to the extent applicable under
Section 3.3
(such lesser number of shares of Common Stock, the “
Aggregate Limit
”), by the delivery to the Investor of VWAP Purchase Notices or Intraday VWAP Purchase Notices as provided in
Article III
,
provided
that all of the conditions precedent in
Article VII
shall have been fulfilled at the applicable times set forth in Article VII. For the avoidance of doubt, the Investor shall have no obligation to purchase any Shares unless and until a VWAP Purchase Notice or Intraday VWAP Purchase Notices is received and accepted by the Investor in accordance with the terms, and subject to the conditions and limitations, of this Agreement.”
(c)
Section 3.3(a) to the Agreement is hereby deleted in its entirety and replaced with the following:
“
Exchange Cap
. Beginning after the sale of $1,000,000,000 in the aggregate of shares of Common Stock pursuant to this Agreement, the Company shall not issue or sell any shares of Common Stock pursuant to
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this Agreement, and the Investor shall not purchase or acquire any shares of Common Stock pursuant to this Agreement, to the extent that after giving effect thereto, the aggregate number of Registrable Shares that would be issued pursuant to this Agreement and the transactions contemplated by the Transaction Documents at a price of less than $12.02 per share would exceed 42,641,847 shares (as such price and number of shares may be adjusted to reflect any stock splits, stock combinations, stock dividends, recapitalizations, reorganizations and other similar transactions that occur on or after the date of this Agreement) of Common Stock (representing 19.99% of the voting power or number of shares of Common Stock issued and outstanding immediately prior to the execution of this Amendment No. 1), which number of shares shall be reduced, on a share-for-share basis, by the number of shares of Common Stock issued or issuable pursuant to any transaction or series of transactions that may be aggregated with the transactions contemplated by the Transaction Documents under applicable rules of the Principal Market (such maximum number of shares, the “
Exchange Cap
”), unless the Company’s stockholders have approved the issuance of Common Stock pursuant to this Agreement in excess of the Exchange Cap in accordance with the applicable rules of the Principal Market or such approval is not required in accordance with the applicable rules of the Principal Market or otherwise. The Company may, but shall be under no obligation to, request its stockholders to approve the issuance of Common Stock pursuant to this Agreement;
provided
, that if such stockholder approval is not obtained, the Exchange Cap shall be applicable for all purposes of this Agreement and the transactions contemplated by the Transaction Documents at all times during the term of this Agreement (except as set forth in
Section 3.3(b)
). The Investor shall not have the right or obligation to purchase or acquire any shares of Common Stock pursuant to this Agreement, to the extent that after giving effect thereto, the aggregate number of shares of Common Stock held by the Investor immediately following such purchase will cause the Investor to have beneficial ownership of more than the number of shares of Common Stock representing 19.99% of the voting power or number of shares of Common Stock issued and outstanding immediately prior to such purchase, unless the Company’s stockholders have approved such purchase of Common Stock in accordance with the applicable rules of the Principal Market or such approval is not required in accordance with the applicable rules of the Principal Market or otherwise.”
(d)
Section 7.3(viii) to the Agreement is hereby amended by adding (c) as follows:
“or (c) cause the Exchange Cap (to the extent applicable under Section 3.3) to be exceeded, unless (in the case of this clause (c)), the Company’s stockholders have theretofore approved the issuance of Common Stock under this Agreement in excess of the Exchange Cap in accordance with the applicable rules of the Principal Market.”
(e)
Without limiting any other agreement, including Section 10.1(i) of the Agreement (as applicable), the Company agrees to reimburse all costs, fees and expenses incurred in connection with entering into this Amendment No. 1 in an amount not to exceed $15,000.
3.
Effect of Amendment
. Except as expressly set forth herein, the Agreement shall not by implication or otherwise be deemed supplemented or amended by virtue of this Amendment No. 1, and shall remain in full force and effect, as amended hereby. This Amendment No. 1 shall be construed in accordance with and as a part of the Agreement, and all terms, conditions, representations, warranties, covenants and agreements set forth in the Agreement and each other instrument or agreement referred to therein, except as herein amended, are hereby ratified and confirmed. Any reference in the Agreement to “this Agreement” shall refer to the Agreement as amended by this Amendment No. 1.
4.
Miscellaneous
. This Amendment No. 1 shall be governed by and construed in accordance with the internal procedural and substantive laws of the State of New York, without giving effect to the choice of law provisions of such state that would cause the application of the laws of any other jurisdiction. This Amendment No. 1 may be executed in two or more identical counterparts, all of which shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party.
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IN WITNESS WHEREOF, each party has duly executed this Amendment No. 1 as of the date first written above.
INVESTOR:
CHARDAN CAPITAL MARKETS LLC
By:
/s/ Jonas Grossman
Jonas Grossman
President
COMPANY:
HYPERLIQUID STRATEGIES INC
By:
/s/ David Schamis
David Schamis
Chief Executive Officer
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