Company: HCWB
Filing Date: 2025-05-09
Form Type: S-1
Source: 0001193125-25-116745
Chunk: 130

Company: HCW Biologics Inc.
Filing Date: 2025-05-09
Form: S-1
Chunk 130
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 expenses, including the reasonable legal fees of its counsel
not to exceed $50,000. The Placement Agent Agreement also contains representations, warranties, indemnification and other provisions customary for transactions of this nature.

On February 20, 2024, the Company completed a $2.5 million private placement of shares of Common Stock with certain of its officers and
directors at a price of $56.00 per share. The Company issued 44,643 shares of Common Stock in connection with the offering. The shares have not been registered and will not be sold or transferred except as permitted under law and pursuant to
registration or exemption therefrom. The Board of Directors and Audit Committee of the Board of Directors reviewed the transaction under the Company’s policy for Related Party Transactions (the “Policy”) and determined that the
transaction was in compliance with the Policy.

On February 20, 2025, the Company entered into an equity purchase agreement (the
“ELOC Purchase Agreement”) with Square Gate Capital Master Fund, LLC – Series 4 (“Square Gate”) pursuant to which, upon the terms and subject to the conditions and limitations set forth therein, the Company has the right to
direct Square Gate to purchase up to an aggregate of $20.0 million of shares of our Common Stock, plus, at the Company’s option upon utilizing the initial $20.0 million, an additional amount equal to the lesser of 100% of the Company’s
market capitalization at the time of exercise of such option or $20.0 million, over the 36-month term of the ELOC Purchase Agreement. The Company issued 9,616 shares of our Common Stock to Square Gate on March 12, 2025, as its Commitment Fee
under the ELOC Purchase Agreement (the “Commitment Shares”).

The Company filed a Registration Statement on Form S-1 with
respect to the potential resale (1) by Armistice of shares of our Common Stock that may be issued to Armistice upon exercise of the Armistice

II-5

Warrants, and (2) by Square Gate of the Commitment Shares and shares of our Common Stock that may be issued to Square Gate pursuant to the ELOC Purchase Agreement, which Registration Statement became effective on April 16, 2025. As of May 1, 2025, the Company entered into that certain Second Amendment to Amended and Restated Senior Secured Note Purchase Agreement and Related Agreements (the “Conversion Amendment”). On