Company: HCWB
Filing Date: 2025-04-07
Form Type: S-1
Source: 0001193125-25-073723
Chunk: 89

Company: HCW Biologics Inc.
Filing Date: 2025-04-07
Form: S-1
Chunk 89
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 maximum amount limitations set forth in the ELOC Purchase Agreement. Also, the ELOC Purchase Agreement prohibits us                                                                                                                       |

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| from issuing and selling any shares of Common Stock to Square Gate to the extent such shares, when aggregated with all other shares of Common Stock then beneficially owned by Square Gate, would                                                    
 cause Square Gate’s beneficial ownership of our Common Stock to exceed the Beneficial Ownership Limitation. Square Gate Capital Management, LP, the manager of Square Gate Capital Master Fund, LLC — Series 4, is deemed to be the                  
 beneficial owner of all of the common shares owned by Square Gate Capital Master Fund, LLC — Series 4. Christopher Perugini and Elie Himmelfarb share voting and investment power over Square Gate Capital Management, LP and therefore share voting 
 and investment power over the common shares being offered under this prospectus filed with the SEC in connection with the transactions contemplated under the ELOC Purchase Agreement. The business address for Square Gate Capital Master Fund, LLC 
 — Series 4 is 40 Wall Street, Suite 2728, New York, NY 10005.                                                                                                                                                                                        |

| (3) | The securities are directly held by Armistice Capital Master Fund Ltd., a Cayman Islands exempted company (the                                                                                                                                        
 “Master Fund”) and may be deemed to be beneficially owned by: (i) Armistice Capital, LLC (“Armistice Capital”), as the investment manager of the Master Fund; and (ii) Steven Boyd, as the Managing Member of Armistice                               
 Capital. The warrants are subject to a beneficial ownership limitation of 4.99%, which such limitation restricts the Selling Stockholder from exercising that portion of the warrants that would result in the Selling Stockholder and its affiliates 
 owning, after exercise, a number of shares of Common Stock in excess of the beneficial ownership limitation. The address of Armistice Capital Master Fund Ltd. is c/o Armistice Capital, LLC, 510 Madison Avenue, 7th Floor, New York, NY 10022.      |

| (4) | The number of shares held by the selling stockholders prior to and after this offering is limited by certain                                                                                                                              
 restrictions on their ability to beneficially own more than 4.99% of our outstanding Common Stock including pursuant to the ELOC Purchase Agreement with Square Gate and the Purchase Warrant issued to Armistice and related agreements. |

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CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS In addition to