Raghu Rao - 02 Dec 2025 Form 4 Insider Report for Sonnet BioTherapeutics Holdings, Inc. (SONN)

Role: Chief Executive Officer, Director
Signature: /s/ Raghu Rao
Issuer symbol: SONN
Transactions as of: 02 Dec 2025
Transactions value $: $0
Form type: 4
Filing time: 03 Dec 2025, 21:12:35 UTC
Previous filing: 15 Jul 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Rao Raghu	Chief Executive Officer, Director	100 OVERLOOK CENTER, SUITE 102, PRINCETON	/s/ Raghu Rao	03 Dec 2025	0001806689

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	SONN	Common Stock	Disposed to Issuer		-22.4K	-100%		0	02 Dec 2025	Direct	F1, F2, F3

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

Raghu Rao is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may continue.

Explanation of Responses:

Id	Content
F1	On December 2, 2025, pursuant to the Business Combination Agreement (the "BCA"), dated July 11, 2025, by and among Sonnet BioTherapeutics Holdings, Inc. (the "Company"), Rorschach I LLC ("Rorschach"), Hyperliquid Strategies Inc ("HSI"), TBS Merger Sub Inc ("Company Merger Sub") and Rorschach Merger Sub, LLC ("Rorschach Merger Sub"), Rorschach Merger Sub merged with and into Rorschach with Rorschach surviving the merger as a direct wholly owned subsidiary of HSI and immediately following such merger, Company Merger Sub merged with and into the Company with the Company surviving the merger as a direct wholly owned subsidiary of HSI (the "Company Merger").
F2	(Continued from footnote 1) Includes (i) 20,000 restricted stock units granted on July 11, 2025 which, as a result of the Company Merger, vested at the Effective Time and (ii) 2,356 vested restricted stock units held by the Reporting Person at the Effective Time. Pursuant to the BCA, each restricted stock unit was exchanged at the Effective Time for (i) one-fifth of a share of HSI Common Stock and (ii) one CVR.
F3	All amounts reflect the Company's 1:22 reverse stock split effective as of August 31, 2023 and 1:8 reverse stock split effective as of September 30, 2024.