Company: HCWB
Filing Date: 2025-02-21
Form Type: DEF 14A
Source: 0001193125-25-032115
Chunk: 25

Company: HCW Biologics Inc.
Filing Date: 2025-02-21
Form: DEF 14A
Chunk 25
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 of the Reverse Stock Split Proposal, you are also expressly authorizing the Board to delay, until the one-yearanniversary of the Special Meeting, or abandon any Reverse Stock Split if the Board determines that such action is in the best interests of the Company and its stockholders. No Going Private Transaction Notwithstanding the decrease in the number of outstanding shares following a Reverse Stock Split, our Board does not intend for this transaction to be the first step in a “going private transaction” within the meaning of Rule 13e-3of the Exchange Act. No Appraisal Rights Under Delaware law, the Charter and our Bylaws, stockholders have no rights to exercise dissenters’ rights of appraisal with respect to a Reverse Stock Split. Material U.S. Federal Income Tax Consequences of a Reverse Stock Split The following summary describes, as of the date of this proxy statement, certain U.S. federal income tax consequences of a Reverse Stock Split to holders of our Common Stock. This summary addresses the tax consequences only to a U.S. holder, which is a beneficial owner of our Common Stock that is either:

| • |     | an individual citizen or resident of the United States; |

| • |     | a corporation, or other entity taxable as a corporation for U.S. federal income tax purposes, created or 
 organized in or under the laws of the United States or any state thereof or the District of Columbia;    |

| • |     | an estate, the income of which is subject to U.S. federal income taxation regardless of its source; or |

This summary is based on the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), U.S. Treasury regulations, administrative rulings and judicial authority, all as in effect as of the date of this proxy statement. Subsequent developments in U.S. federal income tax law, including changes in law or differing interpretations, which may be applied retroactively, could have a material effect on the U.S. federal income tax consequences of a Reverse Stock Split. 15

This summary does not address all of the tax consequences that may be relevant to any particular
investor, including tax considerations that arise from rules of general application to all taxpayers or to certain classes of taxpayers or that are generally assumed to be known by investors. This summary also does not address the tax consequences
to (i) persons that may be subject to special treatment under U.S. federal income tax law, such as banks, insurance companies, thrift institutions, regulated investment companies, real estate investment