Company: HCWB
Filing Date: 2025-04-07
Form Type: S-1
Source: 0001193125-25-073723
Chunk: 80

Company: HCW Biologics Inc.
Filing Date: 2025-04-07
Form: S-1
Chunk 80
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 or progress on achieving expected benefits; |

| • |     | The announcement of new products, services, acquisitions, or dispositions by the Company or its competitors; |

| • |     | Increases or decreases in revenue or earnings, changes in earnings estimates by the investment community, and 
 variations between estimated financial results and actual financial results; and                              |

| • |     | Sales of a substantial number of shares of the Company’s shares of Common Stock by large shareholders. |

Future offerings of debt, which would be senior to our Common Stock upon liquidation, and/or preferred equity securities, which may be senior to our Common Stock for purposes of distributions or upon liquidation, could adversely affect the market price of our Common Stock. In the future, we may attempt to increase our capital resources by making additional offerings of debt or preferred equity securities, including convertible or non-convertiblesenior or subordinated notes, convertible or non-convertiblepreferred stock, medium-term notes and trust preferred securities. Upon liquidation, holders of our debt securities and shares of preferred stock and lenders with respect to other borrowings will receive distributions of our available assets prior to the holders of our Common Stock. In addition, any preferred stock we may issue could have a preference on liquidating distributions or a preference on distribution payments that could limit our ability to make a distribution to the holders of our Common Stock. Since our decision to issue securities in any future offering will depend on market conditions and other factors beyond our control, we cannot predict or estimate the amount, timing or nature of our future offerings. Thus, our stockholders bear the risk of our future offerings reducing the market price of our Common Stock. Anti-takeover provisions contained in our charter and bylaws, as well as provisions of Delaware law, could impair a takeover attempt. Our charter contains provisions that may discourage unsolicited takeover proposals that stockholders may consider to be in their best interests. We are also subject to anti-takeover provisions under Delaware law, which could delay or prevent a change of control. Together, these provisions may make more difficult the removal of management and may discourage transactions that otherwise could involve payment of a premium over prevailing market prices for our securities. These provisions will include:

| • |     | no cumulative voting in the election of directors, which limits the ability of minority stockholders to elect 
 director candidates;                                                                                          |

| • |     | the right of our Board to elect a director to fill a vacancy created by the expansion of our Board or the                                              
 resignation, death