Hyperliquid Strategies expands Chardan equity facility to $2.5B, adding exchange cap protections

Hyperliquid Strategies amended its existing purchase agreement with Chardan Capital Markets, increasing the maximum aggregate gross purchase price of newly issued common stock from $1.0 billion to $2.5 billion. This provides the company access to up to $1.5 billion in additional equity capital under the facility, subject to the terms, conditions, and limitations of the agreement. The amendment also introduces an exchange cap designed to limit dilution: after the first $1.0 billion of shares are sold, the company may not issue shares at a price below $12.02 per share if doing so would cause the total number of shares issued at that lower price to exceed 42,641,847 shares, representing 19.99% of shares outstanding immediately prior to the amendment.

Stockholder approval would be required to exceed this cap under Nasdaq rules. For retail holders, the expanded facility signals potential future equity issuance, but the exchange cap provides a structural safeguard against excessive dilution without shareholder consent.