Company: HCWB
Filing Date: 2025-04-07
Form Type: S-1
Source: 0001193125-25-073723
Chunk: 85

Company: HCW Biologics Inc.
Filing Date: 2025-04-07
Form: S-1
Chunk 85
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istice exercised all the Pre-Funded Warrants at an exercise price of
$0.0001 per share of Common Stock.

The Common Stock and Pre-Funded Warrants were each sold with
an accompanying Purchase Warrant to purchase one share of Common Stock, and the Common Stock and pre-funded warrants were immediately separated from the Purchase Warrant and were issued separately. The
Purchase Warrant has an exercise price of $1.03 per share, were exercisable immediately, and expire on the five-year anniversary of the date of issuance.

The shares of Common Stock and pre-funded warrants in the registered offering were offered and sold to
Armistice pursuant to a shelf registration statement on Form S-3 (File No. 333-266991), which was declared effective by the U.S. Securities and Exchange Commission
(the “SEC”) on August 26, 2022. That registered offering was made by means of a prospectus supplement filed with the SEC on November 20, 2024, that formed a part of such registration statement. The gross proceeds to the Company
from the offering were approximately $6.9 million before deducting the placement agent’s fees and other offering expenses payable by HCWB. That offering closed on November 20, 2024.

The Purchase Warrant described above were offered and sold by HCWB to Armistice in a transaction not involving a public offering exclusively
to Armistice, an accredited investor, under Section 4(a)(2) of the Securities Act and Rule 506(b) of Regulation D promulgated thereunder and, along with the shares of our Common Stock underlying such Purchase Warrant (“Warrant
Shares”), were not previously registered under the Securities Act or applicable state securities law.

To facilitate
Armistice’s potential exercise of the Purchase Warrant, which is within Armistice’s sole discretion, we agreed to register the Warrant Shares for resale by Armistice in the event of such exercise. Armistice will control the timing and
amount of any exercise of the Purchase Warrant, and HCWB has no right to require Armistice to exercise any portion of the Purchase Warrant.

54

USE OF PROCEEDS

All of the securities offered by this prospectus are being registered for the account of the selling stockholders. We will not receive any of
the proceeds from the sale of these securities. We have agreed to pay all costs, expenses and fees relating to the registration of the securities covered by this prospectus.