Company: HCWB
Filing Date: 2025-02-21
Form Type: DEF 14A
Source: 0001193125-25-032115
Chunk: 20

Company: HCW Biologics Inc.
Filing Date: 2025-02-21
Form: DEF 14A
Chunk 20
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 other factors, which are unrelated to the number of shares of our Common Stock
outstanding.

Effective Time

The Effective
Time of a Reverse Stock Split, if the Reverse Stock Split Proposal is approved by stockholders and implemented by us, will be the date and time that is determined by the Board, but will be no later than the
one-year anniversary of the Special Meeting.

If, at any time prior to the filing of a Reverse Split Certificate
with the Delaware Secretary of State, the Board, in its discretion, determines that it is in the best interests of the Company and its stockholders to delay the filing of the Reverse Split Certificate or to abandon any Reverse Stock Split, that
Reverse Stock Split may be delayed or abandoned, without any further action by our stockholders.

At the Effective Time, the Reverse Stock Split will
combine, automatically and without any action on the part of us or our stockholders, the shares of our Common Stock outstanding immediately prior thereto into a lesser number of new shares of our Common Stock in accordance with the Reverse Stock
Split ratio determined by the Board within the limits set forth in this proposal, and will round any fractional shares up to the nearest whole share.

Fractional Shares

Stockholders will not receive
fractional shares of our Common Stock in connection with a Reverse Stock Split. Instead, stockholders who otherwise would be entitled to receive fractional shares because they hold a number of shares not evenly divisible by the ratio of the Reverse
Stock Split will automatically be entitled to receive an additional share of our Common Stock. In other words, any fractional share will be rounded up to the nearest whole number. Shares of our Common Stock held in registered form and shares of our
Common Stock held in “street name” (that is, through a broker) for the same stockholder will be considered held in separate accounts and will not be aggregated when effecting a Reverse Stock Split.

Principal Effects of a Reverse Stock Split

General

After the Effective Time, the number
of our outstanding shares of our Common Stock will decrease at the Reverse Stock Split ratio of not less than 1-for-20 and not more than
1-for-50. A Reverse Stock Split would be effected simultaneously for all shares of our Common Stock at the same ratio for all shares, resulting in each stockholder
owning fewer shares of common stock. The Reverse Stock Split will affect all of our stockholders uniformly and will not affect any stockholder’s percentage ownership interest in the Company, except to the

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extent that the