Company: HCWB
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0000950170-25-046724
Chunk: 264

Company: HCW Biologics Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1B
Chunk 264
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 we have raised $16.3 million in financings from the following capital-raising activities:   

•On February 20, 2024, we completed a $2.5 million private placement of common stock in which we sold an aggregate of 1,785,718 shares to certain of our officers and directors, at a purchase price of $1.40 per share.  

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•As of October 31, 2024, we received approximately $6.9 million from the issuance of Secured Notes.  Of the total issuance of Secured Notes, the Company issued $2.9 million to members of the Company’s board of directors and officers, including $2.4 million purchased by Dr. Hing C. Wong, Founder and CEO, $220,000 purchased by Rebecca Byam, Chief Financial Officer, $140,000 purchased by Scott T. Garrett, Chairman of the board of directors, $60,000 purchased by Gary M. Winer, member of the board of directors, $25,000 purchased by Lee Flowers, Senior Vice President for Business Development, and $25,000 purchased by Rick S. Greene, member of the board of directors.

•On November 20, 2024, the Company closed on an investment from a single institutional investor (the “Purchaser”) in which the Company issued 4,160,000 shares of the Company’s Common Stock and Pre-Funded Warrants to purchase up to 2,557,000 shares of Common Stock in a registered direct offering.  In a concurrent private placement, the Company issued unregistered warrants to purchase up to an aggregate of 6,717,000 shares of Common Stock (“Common Stock Warrants”). The combined purchase price for each share and accompanying Common Stock Warrant  to purchase one share of common stock is $1.03 per Share and the combined purchase price for each Pre-Funded Warrant and accompany Common Stock Warrant to purchase one share of common stock is $1.0299.  The Purchaser elected to exercise the Pre-Funded Warrants on the date of issuance.  As a result, the Company issued an aggregate of 6,717,000 shares of Common Stock and Common Stock Warrants to purchase up to an aggregate 6,717,000 shares of Common Stock for a period of five years.  

Subsequent to the end of the reporting period, on February 20, 2025, the Company entered into an Equity Line of Credit Agreement (“E