Company: HCWB
Filing Date: 2025-04-28
Form Type: DRS
Source: 0000950123-25-003769
Chunk: 110

Company: HCW Biologics Inc.
Filing Date: 2025-04-28
Form: DRS
Chunk 110
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 or termination (other than for cause as defined in FINRA Rule 5110(g)(5)(B)) of this offering, then if within nine
(9) months following such time, the Company, or any successor to or any subsidiary of the Company, completes any public or private offering of equity, equity-linked or debt securities or other capital raising activity of the Company with, or
receives any proceeds from, any of the investors who were contacted by the placement agent in connection with the Offering, then the Company or such successor or subsidiary will pay the placement agent upon the closing of such financing or receipt
of such proceeds the compensation equivalent to 7.0% of the gross proceeds of such financing.

Indemnification

We have agreed to indemnify the placement agent against certain liabilities, including liabilities under the Securities Act, and to contribute
to payments that the placement agent may be required to make for these liabilities.

Regulation M

The placement agent may be deemed to be an underwriter within the meaning of Section 2(a)(11) of the Securities Act, and any commissions
received by it and any profit realized on the resale of the securities sold by it while acting as principal might be deemed to be underwriting discounts or commissions under the Securities Act. As an underwriter, the placement agent would be
required to comply with the requirements of the Securities Act and the Exchange Act, including, without limitation, Rule 10b-5 and Regulation M under the Exchange Act. These rules and regulations may limit the timing of purchases and sales of our
securities by the placement agent acting as principal. Under these rules and regulations, the placement agent (i) may not engage in any stabilization activity in connection with our securities and (ii) may not bid for or purchase any of
our securities or attempt to induce any person to purchase any of our securities, other than as permitted under the Exchange Act, until it has completed its participation in the distribution.

Determination of Offering Price and Warrant Exercise Price

The actual public offering price of the securities we are offering, and the exercise price of the Common Stock Warrants and the Pre-Funded
Warrants included in the Units that we are offering, were negotiated among us, the placement agent and the investors in the offering based on the trading of our Common Stock prior to the offering, among other things. Other factors considered in
determining the public offering price of the securities we are offering, as well as the exercise price of the warrants that we are offering