Material Agreement (Form 8-K)

Item 1.01 Entry into a Material Definitive Agreement.

On September 14, 2026, Hyperliquid Strategies Inc (the "Company") and Chardan Capital Markets LLC (the "Investor") entered into Amendment No. 2 (the "Amendment") to the ChEF Purchase Agreement, dated as of October 22, 2025 (as previously amended, the "Purchase Agreement"), by and between the Company and the Investor. The Amendment replaced the definition of "VWAP Purchase Price", providing that the per share purchase price for the shares of the Company's common stock, par value $0.01 per share, the Company may elect to sell to the Investor in (i) a VWAP Purchase (as defined in the Purchase Agreement) or Intraday VWAP Purchase (as defined in the Purchase Agreement) will be equal to 98.5% of the VWAP (as defined in the Purchase Agreement) over the applicable purchase period, or (ii) an Off-Hour VWAP Purchase (as defined in the Purchase Agreement) will be equal to 97.0% of the VWAP over the applicable purchase period, in each case subject to certain adjustments.

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.