Company: HCWB
Filing Date: 2025-02-21
Form Type: DEF 14A
Source: 0001193125-25-032115
Chunk: 15

Company: HCW Biologics Inc.
Filing Date: 2025-02-21
Form: DEF 14A
Chunk 15
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 share of our Common Stock; provided that, whether or not fractional shares
would be issuable as a result of a Reverse Stock Split shall be determined on the basis of (a) the total number of shares of our Common Stock that were outstanding immediately prior to the effective time of the Reverse Stock Split (the
“Effective Time”) and (b) the aggregate number of shares of our Common Stock after

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the Effective Time into which the shares of our Common Stock have been reclassified; and with respect to holders of shares of our Common Stock in book-entry form in the records of the Company’s transfer agent that were outstanding immediately prior to the Effective Time, any holder who would otherwise be entitled to a fractional share of our Common Stock as a result of a Reverse Stock Split, following the Effective Time, shall be entitled to receive one additional share of our Common Stock automatically and without any action by the holder. Each holder of shares of our Common Stock will hold the same percentage of the outstanding shares of our Common Stock immediately following a Reverse Stock Split as that stockholder held immediately prior to the Reverse Stock Split, except to the extent that the Reverse Stock Split results in stockholders receiving whole shares in lieu of fractional shares. The par value of our Common Stock will continue to be $0.0001 per share (see “—Principal Effects of a Reverse Stock Split—Effect of Reverse Stock Split on Stated Capital”). Background and Reasons for the Reverse Stock Split Proposal The Board believes that effecting one or more Reverse Stock Splits would help us to:

| • |     | maintain the listing of our Common Stock on Nasdaq; |

| • |     | increase the per share price of our Common Stock; |

| • |     | maintain the marketability and liquidity of our Common Stock; and |

| • |     | provide other potential benefits. |

Maintain Our Listing on Nasdaq One purpose for effectuating a Reverse Stock Split, should the Board choose to effect one, would be to maintain the listing of our Common Stock on Nasdaq. Our Common Stock is listed on Nasdaq under the symbol “HCWB.” On August 6, 2024, we received a deficiency letter from The Nasdaq Stock Market LLC (“Nasdaq”) notifying us that, because the bid price of our Common Stock closed below $1.00 per share for 30 consecutive business days, we were no longer in compliance with Nasdaq’s minimum bid price rule, which is a requirement for continued listing on Nasdaq (the “Minimum Bid