Company: HCWB
Filing Date: 2025-06-05
Form Type: 8-K
Source: 0000950170-25-082005
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Company: HCW Biologics Inc.
Filing Date: 2025-06-05
Form: 8-K
Item: Item 8.01
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Item 8.01 Other Events.

Nasdaq Continued Listing Requirements

As previously disclosed, HCW Biologics Inc. (the “ Company” or “ HCW Biologics”) was notified by the Listing Qualifications Department (the “ Staff”) of The Nasdaq Stock Market LLC (“ Nasdaq”) that it was not in compliance with Nasdaq Listing Rules for The Nasdaq Global Market tier, as set forth in Listing Rules 5450(a)(1), 5450(b)(2)(A) and 5450(b)(2&3)(C), the minimum bid price (“ Bid Price”), the market value of publicly held securities (“ MVPHS”) and the market value of listed securities (“ MVLS”) rules, respectively.

As a result of the extension and a clarifying amendment that the Company received on April 8, 2025, the Panel granted the Company’s request for continued listing on the Exchange on The Nasdaq Capital Market, provided that the Company demonstrates compliance with the Bid Price Rule by April 28, 2025, and all other Exchange continued listing rules by June 16, 2025.

By letter dated May 13, 2025, Nasdaq notified the Company that it had evidenced compliance with the Bid Price Rule and the MVPHS Rule requirements for continued listing on The Nasdaq Capital Market.

On May 7, 2025, the Company completed the conversion of $6.6 million of its outstanding principal of certain secured notes into shares of the Company’s common stock, warrants to purchase additional shares of the Company’s common stock, and a portion of the Company’s shares of Wugen common stock (the “ Senior Note Conversion”). On May 15, 2025, the Company closed an equity financing with gross proceeds of $5.0 million (the “ Offering”). On May 29, 2025, WY Biotech Co., Ltd. (“ WY Biotech”) sent the Company notification that it completed its due diligence related to HCW Biologics’ report on the characterization of the licensed molecule which the Company delivered on May 13, 2025. This was the Company’s sole deliverable to complete its performance obligation under the terms of the worldwide exclusive license agreement, as amended, between the Company and WY Biotech (the “ WY Agreement”). In addition, WY Biotech confirmed its commitment to proceed with the development and commercialization of the licensed molecule, HCW11-006. As a result, the WY Agreement