Company: HCWB
Filing Date: 2025-04-28
Form Type: DRS
Source: 0000950123-25-003769
Chunk: 20

Company: HCW Biologics Inc.
Filing Date: 2025-04-28
Form: DRS
Chunk 20
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 at or below the prevailing market price of our Common Stock and in any event may have a dilutive impact on your ownership interest, which could cause the
market price of our Common Stock to decline. We may also raise additional funds through the incurrence of debt or the issuance or sale of other securities or instruments senior to our shares of Common Stock, which may be highly dilutive. The holders
of any securities or instruments we may issue may have rights superior to the rights of holders of our Common Stock. If we experience dilution from the issuance of additional securities and we grant superior rights to new securities over holders of
our Common Stock, it may negatively impact the trading price of our common stock and you may lose all or part of your investment.

The Common Stock Warrants and the Pre-Funded Warrants are speculative in nature and there is not expected to be an active trading market for the warrants.

The Common Stock Warrants and the Pre-Funded Warrants offered in this offering do not confer any rights of Common Stock ownership on their
holders, such as voting rights or the right to receive dividends, but rather merely represent the right to acquire shares of our Common Stock at a fixed price for a limited period of time. Specifically, commencing on the date of issuance, holders of
the Common Stock Warrants may exercise their right to acquire the Common Stock and pay an exercise price of $[●] per share (100% of the public offering price of a Unit), prior to five years from the date of issuance, after which date any
unexercised warrants will expire and have no further value. In the case of Pre-Funded Warrants, holders may exercise their right to acquire the Common Stock and pay an exercise price of $0.0001 per share. The Pre-Funded Warrants do not expire. In
addition, there is no established trading market for the Common Stock Warrants or Pre-Funded Warrants and we do not expect an active trading market to develop. Without an active trading market, the liquidity of the warrants and Pre-Funded Warrants
will be limited.

Holders of the Common Stock Warrants or Pre-Funded Warrants will have no rights as a holder of Common Stock until they acquire our Common Stock.

Until holders of the Common Stock Warrants or Pre-Funded Warrants acquire shares of our Common Stock upon exercise
of the Common Stock Warrants or Pre-Funded Warrants, the holders will have no rights with respect to shares of our Common Stock issuable upon exercise