Company: HCWB
Filing Date: 2025-04-28
Form Type: DRS
Source: 0000950123-25-003769
Chunk: 2

Company: HCW Biologics Inc.
Filing Date: 2025-04-28
Form: DRS
Chunk 2
---
 to Purchase up to One Share of Common Stock Up to [● ] Shares of Common Stock Underlying Pre-Funded Warrants Up to [● ] Shares of Common Stock Underlying Common Stock Warrants We are offering on a reasonable best efforts basis up to [●] units (“Units”) each consisting of one share of our common stock, par value $0.0001 per share (our “Common Stock”), and one warrant (each a “Common Stock Warrant” or “warrant”) to purchase one share of our Common Stock at an assumed public offering price of $[●] per Unit, for gross proceeds of approximately $[●] million. The public offering price per Unit will be determined between us and the placement agent based on market conditions at the time of pricing, and may be at a discount to the then current market price of our Common Stock. Therefore, the recent market price of our Common Stock referenced in this preliminary prospectus may not be indicative of the final offering price per Unit. The Units have no stand-alone rights and will not be certificated or issued as stand-alone securities. The Common Stock or Pre-Funded Warrants (as defined below) and Common Stock Warrants are immediately separable and will be issued separately in this offering. Each warrant will be immediately exercisable for one share of common stock at an assumed exercise price of $[●] per share (100% of the assumed public offering price per Unit) and will expire on the fifth anniversary of the original issuance date. Our Common Stock is listed on The Nasdaq Stock Market LLC (“Nasdaq”) under the symbol “HCWB”. On April [●], 2025, the last quoted sale price for our Common Stock as reported on Nasdaq was $[●] per share. We are also offering to investors in Units that would otherwise result in the investor’s beneficial ownership exceeding 4.99% of our outstanding Common Stock immediately following the consummation of this offering the opportunity to invest in Units consisting of one pre-funded warrant to purchase one share of our Common Stock (“Pre-Funded Warrant”) (in lieu of one share of our Common Stock), and one Common Stock Warrant. Subject to limited exceptions, a holder of Pre-Funded Warrants will not have the right to exercise any portion of its Pre-Funded Warrants if the holder, together with its affiliates, would beneficially own in excess of 4.99% (or, at the election of the holder, such limit may be increased to up to