Company: HCWB
Filing Date: 2025-02-11
Form Type: PRE 14A
Source: 0001193125-25-024372
Chunk: 32

Company: HCW Biologics Inc.
Filing Date: 2025-02-11
Form: PRE 14A
Chunk 32
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 voting power and economic rights of our existing stockholders, and may result in a decline in the price of our Common Stock or in greater price volatility.

Possible Effects if Proposal No. 4 is Not Approved

If our stockholders do not approve this proposal and we are not able to issue shares of our Common Stock in connection with the conversion of the Notes, we
would be required to make repayments of the Notes in cash and the Wugen shares would continue to be held in escrow to secure such repayments. In addition, if our stockholders do not approve this proposal and we are not able to issue shares of our
Common Stock to the Noteholders, the Company will not be able to increase its stockholders’ equity by the principal amount of the Notes intended to be converted, which is an important part of the Company’s plan to gain and retain continued
compliance with applicable Nasdaq listing rules, including the Minimum Stockholder Equity Rule.

Executive Officer and Director Interest

Four out of our five directors and certain of our executive officers are also Noteholders and stockholders of the Company, as set forth in the
table below.

20

| Holder                            |     | Title                     |     | Principal |           |     | Share of Principal |        |   |
|:----------------------------------|:----|:--------------------------|:----|:----------|----------:|:----|:-------------------|-------:|:--|
| Dr. Hing C. Wong                  |     | Founder and CEO           |     | $         | 2,405,000 |     |                    |  34.80 | % |
| Rebecca Byam                      |     | CFO                       |     |           |   220,000 |     |                    |   3.20 | % |
| Scott T. Garrett                  |     | Chairman of the Board     |     |           |   140,000 |     |                    |   2.00 | % |
| Gary M. Winer                     |     | Board Member              |     |           |    60,000 |     |                    |   0.90 | % |
| Rick S. Greene                    |     | Board Member              |     |           |    25,000 |     |                    |   0.40 | % |
| Lee Flowers                       |     | SVP, Business Development |     |           |    25,000 |     |                    |   0.40 | % |
| Officers and