Company: HCWB
Filing Date: 2025-04-07
Form Type: S-1
Source: 0001193125-25-073723
Chunk: 83

Company: HCW Biologics Inc.
Filing Date: 2025-04-07
Form: S-1
Chunk 83
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 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 dollar volume-weighted average price of the Company’s Common Stock on Nasdaq during a trading day (“VWAP”) during the Valuation Period. There is no upper limit on the price
per share that Square Gate could be obligated to pay for Common Stock under the ELOC Purchase Agreement. The Company will control the timing and amount of any sales of Common Stock to Square Gate, and Square Gate has no right to require the Company
to sell any shares to it under the ELOC Purchase Agreement.

HCWB and Square Gate may mutually agree to increase the Purchase Quantity for
any given Put Notice to an amount not to exceed $3,000,000, regardless of the Purchase Limit. Such mutual agreement may be made after the Put Notice is delivered, but