Hyperliquid Strategies Inc. (NASDAQ:PURR) stock surged Thursday after the company significantly expanded its financing arrangement.
The company amended its committed equity facility with Chardan Capital Markets, raising the financing ceiling to $2.5 billion from $1 billion, according to an 8-K filing.
The company can sell newly issued shares to Chardan under the agreement. Hyperliquid Strategies plans to use the proceeds to accumulate HYPE tokens for its corporate treasury.
The move came as the broader market traded higher. The Nasdaq gained 0.90%, while the S&P 500 rose 0.76%.
Share Sale Mechanics
Nasdaq rules could limit some future share sales under the expanded facility.
Once the first $1 billion in stock is sold, Nasdaq rules cap any further sales priced below $12.02 per share at 42.6 million shares, roughly 19.99% of shares outstanding, unless shareholders vote to approve more.
The company has already sold roughly $647 million worth of shares under the original facility as of June 30, leaving meaningful room before hitting that threshold.
Hyperliquid Strategies Technical Analysis
Hyperliquid Strategies remains in a strong long-term uptrend. The stock has gained 217.44% over the past 12 months and trades well above its key moving averages.
At the current price, PURR trades about 30% above its 20-day simple moving average of $9.52. It is also 52.2% above its 50-day SMA of $8.14 and 56.9% above its 100-day SMA of $7.89.
The 20-day SMA is above the 50-day SMA, another bullish technical signal. The stock hit a swing low in July before climbing to a swing high and a 52-week high in August.
PURR Stock Price Activity: Hyperliquid Strategies shares were up 9.14% at $11.70 at the time of publication Thursday, according to Benzinga Pro data.
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