Company: HCWB
Filing Date: 2025-04-16
Form Type: 424B3
Source: 0001193125-25-082835
Chunk: 82

Company: HCW Biologics Inc.
Filing Date: 2025-04-16
Form: 424B3
Chunk 82
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 $20,000,000 of shares of our Common Stock, plus, at HCWB’s option upon utilizing the initial $20,000,000, an additional amount equal to the lesser of 100%
of the Company’s market capitalization at the time of exercise of such option or $20,000,000, over the 36-month term of the ELOC Purchase Agreement.

Commitment Shares

HCWB issued 384,615
shares of our Common Stock to Square Gate on March 12, 2025, as its Commitment Fee under the ELOC Purchase Agreement (the “Commitment Shares”). The Commitment Shares are included in the shares that may be resold by Square Gate
pursuant to this Prospectus.

Purchase of Shares of Common Stock under the ELOC Purchase Agreement

HCWB may submit a Put Notice after this registration statement is effective, covering the shares of Common Stock and stating the number of
shares of Common Stock required to be purchased by Square Gate (the “Purchase Quantity”). The maximum Purchase Quantity that HCWB may require Square Gate to purchase in a Put Notice is the least of (i) 100% of the average daily trading
volume over the five trading days before the Put Notice date; (ii) 30% of the daily trading volume on the Put Notice date; and (iii) $500,000 divided by the closing price of a share of the Company’s Common Stock on the Put Notice date (the
“Purchase Limit”). Following issuance of a Put Notice, HCWB may raise additional capital any time after the later of (i) the trading day following the conclusion of the three trading days following the Put Notice date (the
“Valuation Period”) and (ii) the close of the Trading Day on which the aggregate trading volume of the Common Stock over the Trading Days since issuance of such Put Notice shall have exceeded Five Hundred percent (500%) of the number
of Put Shares sold pursuant to such Put Notice, provided, that if the aggregate trading volume of the Common Stock shall not have exceeded Five Hundred percent (500%) of the number of Put Shares sold pursuant to such Put Notice by the thirtieth
(30th) calendar day following the issuance of such Put Notice, then the applicable period shall end on the close of the Trading Day on the thirtieth (30th) calendar day following the issuance of such Put Notice. The purchase price Square Gate is
required to pay for the Put Shares is 98% of the lowest daily