Company: HCWB
Filing Date: 2025-04-07
Form Type: S-1
Source: 0001193125-25-073723
Chunk: 88

Company: HCW Biologics Inc.
Filing Date: 2025-04-07
Form: S-1
Chunk 88
---
     |            |     | 0 | % |
| Armistice Capital, LLC (3)                          |        |                             | 6,717,000 |     | (4 | ) |            |     |  13.0 | % |                  |     |   6,717,000 |     |    |   |        |                                | 0 |     |            |     | 0 | % |

| (1) | Assumes the maximum number of securities being offered under this prospectus (based on the average of the high                                                                                                                                           
 and low reported prices of Common Stock as reported on The Nasdaq Stock Market LLC on April 2, 2025) are sold. The Square Gate percentage of beneficial ownership prior to the offering is based on 45,318,735 shares of Common Stock and consists       
 of 384,615 shares of Common Stock constituting the Commitment Shares and 44,934,120 shares of Common Stock outstanding as of April 2, 2025. The Square Gate number of shares being offered consists of 384,615 shares of Common Stock constituting the   
 Commitment Shares and 145,985,401 shares of Common Stock potentially being sold to Square Gate under the ELOC Purchase Agreement (based on the average of the high and low reported prices of Common Stock as reported on The Nasdaq Stock Market LLC on 
 April 2, 2025) and offered for sale by Square Gate under this prospectus. The Armistice percentage of beneficial ownership prior to the offering is based on 51,651,120 shares of Common Stock, consisting of 44,934,120 shares of Common Stock          
 outstanding as of April 2, 2025 and a maximum of 6,717,000 shares of Common Stock potentially being issued to Armistice under 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