Hyperliquid Strategies (PURR) Amends Equity Purchase Pricing with Chardan

What Happened
Hyperliquid Strategies Inc. (PURR) announced on September 14, 2026 (filed on Form 8‑K) that it entered into Amendment No. 3 to its ChEF Purchase Agreement with Chardan Capital Markets LLC. The Amendment replaces the definition of “VWAP Purchase Price” and changes the per‑share pricing mechanics for purchases the company may elect to sell to Chardan after the first 160,000,000 shares sold under the Purchase Agreement.

Key Details

• Parties: Hyperliquid Strategies Inc. and Chardan Capital Markets LLC.
• Effective date: Amendment No. 3 dated September 14, 2026 (filed on Form 8‑K dated September 15, 2026).
• Pricing changes after first 160,000,000 shares sold under the Purchase Agreement:
  • VWAP and Intraday VWAP Purchases: purchase price = 98.5% of VWAP over the applicable period (subject to certain adjustments).
  • Off‑Hour VWAP Purchases: purchase price = 97.0% of VWAP over the applicable period (subject to certain adjustments).
• The Amendment supersedes and replaces Amendment No. 2 in its entirety; it amends the Purchase Agreement originally dated October 22, 2025 (previously amended Sept. 1, 2026 and Sept. 14, 2026).

Why It Matters
This amendment changes the discount to market price at which Hyperliquid can sell shares to Chardan under its equity purchase facility. For investors, that affects the company’s potential dilution and the net proceeds Hyperliquid receives when drawing capital through VWAP/Off‑Hour purchase mechanisms. The revised discounts (98.5% and 97.0% of VWAP) are concrete terms that will determine future financing economics under the ChEF Purchase Agreement.