Company: HCWB
Filing Date: 2025-04-16
Form Type: 424B3
Source: 0001193125-25-082835
Chunk: 76

Company: HCW Biologics Inc.
Filing Date: 2025-04-16
Form: 424B3
Chunk 76
---
 and financial compliance costs and made some activities more time-consuming and more burdensome. Risks Related to Securities Markets and Investment in Our Stock Nasdaq may delist our securities from trading on its exchange. Our Common Stock is listed on Nasdaq. We cannot assure you that our securities will continue to be listed on Nasdaq in the future. The inability to comply with Nasdaq’s continued requirements or standards could result in the delisting of our Common Stock, which could have a material adverse effect on our financial condition and could cause the value of the Common Stock to decline. 47

If our Common Stock were to be delisted from trading on Nasdaq and the trading price of our Common Stock were below $5.00 per share on the date the Common Stock is delisted, trading in our Common Stock would also be subject to the requirements of certain rules promulgated under the Exchange Act. These rules require additional disclosure by broker-dealers in connection with any trades involving a stock defined as a “penny stock” and impose various sales practice requirements on broker-dealers who sell penny stocks to persons other than established customers and accredited investors, generally institutions. These additional requirements may discourage broker-dealers from effecting transactions in securities that are classified as penny stocks, which could severely limit the market price and liquidity of such securities and the ability of purchasers to sell such securities in the secondary market. A penny stock is defined generally as any non-exchangelisted equity security that has a market price of less than $5.00 per share, subject to certain exceptions. The market price of the Company’s shares of Common Stock is likely to be highly volatile, and you may lose some or all of your investment. The market price of Company’s shares of Common Stock is likely to be highly volatile and may be subject to wide fluctuations in response to a variety of factors, including the following:

| • |     | the inability to obtain or maintain the listing of the Company’s shares of Common Stock on Nasdaq; |

| • |     | the inability to recognize the anticipated benefits of the Business Combination, which may be affected by, among 
 other things, competition, HCWB’s ability to grow and manage growth profitably, and retain its key employees;    |

| • |     | changes in applicable laws or regulations; and |

| • |     | risks relating to the uncertainty of HCWB’s projected financial information. |

In addition, the equity markets have experienced extreme price and volume fluctuations that have affected and continue to affect the market prices of equity