Company: HCWB
Filing Date: 2025-04-16
Form Type: 424B3
Source: 0001193125-25-082835
Chunk: 17

Company: HCW Biologics Inc.
Filing Date: 2025-04-16
Form: 424B3
Chunk 17
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 impact on the price of our Common Stock.

It is not possible to predict the actual number of shares we will sell under the ELOC Purchase Agreement and the Purchase Warrant to the selling stockholders, or the actual gross proceeds resulting from those sales.

Subject to certain limitations in the ELOC Purchase
Agreement and compliance with applicable law, we have the discretion to deliver notices to Square Gate at any time throughout the term of the ELOC Purchase Agreement, and Armistice has the discretion to exercise its right to purchase shares of our
Common Stock under the Purchase Warrant at any time through its expiration. The actual numbers of shares of Common Stock that are sold to the selling stockholders may depend upon a number of factors, including the market price of the Common Stock
during the sales period. Because the price per share of each share sold and issued to Square Gate will fluctuate during the sales period, it is not currently possible to predict the number of shares that will be sold and issued or the actual gross
proceeds to be raised in connection with those sales and issuances.

Investors who buy ELOC Shares from Square Gate at different times will likely pay different prices.

Pursuant to the ELOC Purchase Agreement, we will have discretion to vary the timing, price and number of
shares sold to Square Gate. If and when we elect to sell the ELOC Shares to Square Gate pursuant to the ELOC Purchase Agreement, after Square Gate has acquired such ELOC Shares, Square Gate may resell all, some or none of such shares at any time or
from time to time in its sole discretion and at different prices. As a result, investors who purchase shares from Square Gate in this offering at different times may pay different prices for those shares, and so may experience different levels of
dilution and in some cases substantial dilution and different outcomes in their investment results. Investors may experience a decline in the value of the shares they purchase from Square Gate in this offering as a result of future sales made by us
to Square Gate at prices lower than the prices such investors paid for their shares in this offering. In addition, if we sell a substantial number of shares to Square Gate under the ELOC Purchase Agreement, or if investors expect that we will do so,
the actual

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sales of shares or the mere existence of our arrangement with Square Gate may make it more difficult for us to sell equity or equity-related securities in the future at a time and at a price
that we might otherwise wish to effect such