Company: HCWB
Filing Date: 2025-04-16
Form Type: 424B3
Source: 0001193125-25-082835
Chunk: 84

Company: HCW Biologics Inc.
Filing Date: 2025-04-16
Form: 424B3
Chunk 84
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 to which HCWB agreed to offer and sell (i) in a registered direct offering (x) 4,160,000 shares of our Common Stock and (y) pre-funded warrants to purchase up to 2,557,000 shares of Common Stock and (ii) in a concurrent private placement, an unregistered warrant to purchase up to an aggregate of 6,717,000 shares of our
Common Stock (the “Purchase Warrant”). The combined purchase price for each share of Common Stock and accompanying Purchase Warrant to purchase one share of Common Stock was $1.03 per share and the combined purchase price for each Pre-Funded Warrant and accompanying Purchase Warrant to purchase one share of Common Stock was $1.0299. Armistice exercised all the Pre-Funded Warrants at an exercise price of
$0.0001 per share of Common Stock.

The Common Stock and Pre-Funded Warrants were each sold with
an accompanying Purchase Warrant to purchase one share of Common Stock, and the Common Stock and pre-funded warrants were immediately separated from the Purchase Warrant and were issued separately. The
Purchase Warrant has an exercise price of $1.03 per share, were exercisable immediately, and expire on the five-year anniversary of the date of issuance.

The shares of Common Stock and pre-funded warrants in the registered offering were offered and sold to
Armistice pursuant to a shelf registration statement on Form S-3 (File No. 333-266991), which was declared effective by the U.S. Securities and Exchange Commission
(the “SEC”) on August 26, 2022. That registered offering was made by means of a prospectus supplement filed with the SEC on November 20, 2024, that formed a part of such registration statement. The gross proceeds to the Company
from the offering were approximately $6.9 million before deducting the placement agent’s fees and other offering expenses payable by HCWB. That offering closed on November 20, 2024.

The Purchase Warrant described above were offered and sold by HCWB to Armistice in a transaction not involving a public offering exclusively
to Armistice, an accredited investor, under Section 4(a)(2) of the Securities Act and Rule 506(b) of Regulation D promulgated thereunder and, along with the shares of our Common Stock underlying such Purchase Warrant (“Warrant
Shares”), were not previously registered under the Securities Act or applicable state securities law.

To facilitate