Company: HCWB
Filing Date: 2025-05-09
Form Type: S-1
Source: 0001193125-25-116745
Chunk: 20

Company: HCW Biologics Inc.
Filing Date: 2025-05-09
Form: S-1
Chunk 20
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, preferences or privileges senior to,
or pari passuwith, those of our Common Stock. Any issuances by us of equity securities may be at or below the prevailing market price of our Common Stock and in any event may have a dilutive impact on your ownership interest, which
could cause the market price of our Common Stock to decline. We may also raise additional funds through the incurrence of debt or the issuance or sale of other securities or instruments senior to our shares of Common Stock, which may be highly
dilutive. The holders of any securities or instruments we may issue may have rights superior to the rights of holders of our Common Stock. If we experience dilution from the issuance of additional securities and we grant superior rights to new
securities over holders of our Common Stock, it may negatively impact the trading price of our common stock and you may lose all or part of your investment.

The Common Stock Warrants and the Pre-Funded Warrants are speculative in nature and there is not expected to be an active trading market for the warrants.

The Common Stock Warrants and the Pre-Funded Warrants offered in this offering do not confer any rights of Common Stock
ownership on their holders, such as voting rights or the right to receive dividends, but rather merely represent the right to acquire shares of our Common Stock at a fixed price for a limited period of time. Specifically, commencing on the date of
issuance, holders of the Common Stock Warrants may exercise their right to acquire the Common Stock and pay an exercise price of $[●] per share (100% of the public offering price of a Unit), prior to five years from the date of issuance,
after which date any unexercised warrants will expire and have no further value. In the case of Pre-Funded Warrants, holders may exercise their right to acquire the Common Stock and pay an exercise price of $0.0001 per share. The Pre-Funded Warrants
do not expire. In addition, there is no established trading market for the Common Stock Warrants or Pre-Funded Warrants and we do not expect an active trading market to develop. Without an active trading market, the liquidity of the warrants and
Pre-Funded Warrants will be limited.

Holders of the Common Stock Warrants or Pre-Funded Warrants will have no rights as a holder of Common Stock until they acquire our Common Stock.

Until holders of the Common Stock Warrants or Pre-Funded Warrants acquire shares of our
Common Stock upon exercise