Company: HCWB
Filing Date: 2025-04-16
Form Type: 424B3
Source: 0001193125-25-082835
Chunk: 88

Company: HCW Biologics Inc.
Filing Date: 2025-04-16
Form: 424B3
Chunk 88
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 the Purchase Warrant and offered for sale by Armistice under this prospectus.                                              |

| (2) | In accordance with Rule 13d-3(d) under the Exchange Act, we have excluded from the number of shares                                                                                                                                                   
 beneficially owned prior to the offering all of the shares that Square Gate may be required to purchase under the ELOC Purchase Agreement, because the issuance of such shares is subject to conditions contained in the ELOC Purchase Agreement, the 
 satisfaction of which are entirely outside of Square Gate’s control, including the registration statement that includes this prospectus becoming and remaining effective. Furthermore, the purchase of shares of Common Stock are subject to certain  
 agreed upon maximum amount limitations set forth in the ELOC Purchase Agreement. Also, the ELOC Purchase Agreement prohibits us                                                                                                                       |

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| from issuing and selling any shares of Common Stock to Square Gate to the extent such shares, when aggregated with all other shares of Common Stock then beneficially owned by Square Gate, would                                                    
 cause Square Gate’s beneficial ownership of our Common Stock to exceed the Beneficial Ownership Limitation. Square Gate Capital Management, LP, the manager of Square Gate Capital Master Fund, LLC — Series 4, is deemed to be the                  
 beneficial owner of all of the common shares owned by Square Gate Capital Master Fund, LLC — Series 4. Christopher Perugini and Elie Himmelfarb share voting and investment power over Square Gate Capital Management, LP and therefore share voting 
 and investment power over the common shares being offered under this prospectus filed with the SEC in connection with the transactions contemplated under the ELOC Purchase Agreement. The business address for Square Gate Capital Master Fund, LLC 
 — Series 4 is 40 Wall Street, Suite 2728, New York, NY 10005.                                                                                                                                                                                        |

| (3) | The securities are directly held by Armistice Capital Master Fund Ltd., a Cayman Islands exempted company (the                                                                                                                                        
 “Master Fund”) and may be deemed to be beneficially owned by: (i) Armistice Capital, LLC (“Armistice Capital”), as the investment manager of the Master Fund; and (ii) Steven Boyd, as the Managing Member of Armistice                               
 Capital. The warrants are subject to a beneficial ownership limitation of 4.99%, which such limitation restricts the Selling Stockholder from exercising that portion of the warrants that would result in the Selling Stockholder and its affiliates 
 owning, after exercise, a number of shares of Common Stock in excess