Company: HCWB
Filing Date: 2025-02-21
Form Type: DEF 14A
Source: 0001193125-25-032115
Chunk: 14

Company: HCW Biologics Inc.
Filing Date: 2025-02-21
Form: DEF 14A
Chunk 14
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 discretion of our Board, to effect this proposal (each, a “Reverse Split Certificate”).

If stockholders approve this proposal, then our Board will cause one or more Reverse Split Certificates to be filed with the Delaware Secretary of State and a
Reverse Stock Split to be effected only if the Board determines that a Reverse Stock Split would be in the best interests of the Company and its stockholders. The Board also may determine in its discretion not to effect a Reverse Stock Split and not
to file the Reverse Split Certificate(s). No further action on the part of stockholders will be required to either implement or abandon the Reverse Stock Split Proposal.

The Reverse Split Certificate(s) will effect a reverse stock split of the outstanding shares of our Common Stock at an aggregate reverse stock split ratio
ranging from 1-for-20 to 1-for-50, as determined by the Board. We are proposing that the
Board have the discretion to select the Reverse Stock Split ratio from within this range, rather than proposing that stockholders approve a specific ratio at this time, in order to give the Board the flexibility to implement a Reverse Stock Split at
a ratio that reflects the Board’s then-current assessment of the factors described below under “Criteria to be Used for Determining Whether to Implement Reverse Stock Split.” We believe that enabling the Board to set the ratio of the
Reverse Stock Split within the stated range is in the best interests of the Company and its stockholders because it will provide us with the flexibility to implement the Reverse Stock Split in a manner designed to maximize the anticipated benefits
for the Company and its stockholders and because it is not possible to predict market conditions at the time a reverse stock split would be implemented.

As of the Record Date, there were 44,544,996 shares of our Common Stock outstanding. Based on such number of shares of Common Stock outstanding, immediately
following the effectiveness of a Reverse Stock Split (without giving effect to the issuance of whole shares in lieu of fractional shares), we will have, depending on the Reverse Stock Split ratio selected by the Board, outstanding shares of Common
Stock as illustrated in the tables under the caption “—Principal Effects of a Reverse Stock Split—General.”

All holders of our Common
Stock will be affected equally by a Reverse Stock Split.

No fractional shares of our Common Stock will be issued as a result of a Reverse Stock Split.
Instead, any stockholders who would have been entitled to receive a fractional share as a result of a Reverse Stock Split will receive in lieu thereof one additional whole