Company: HCWB
Filing Date: 2025-04-16
Form Type: 424B3
Source: 0001193125-25-082835
Chunk: 89

Company: HCW Biologics Inc.
Filing Date: 2025-04-16
Form: 424B3
Chunk 89
---
 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. |

59

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS In addition to the executive officer and director compensation arrangements discussed under “Executive Compensation” and “Director Compensation,” respectively, since January 1, 2022, the following are the only transactions or series of similar transactions to which we were or will be a party in which the amount involved exceeds the lesser of (i) $120,000 or (ii) 1% of the Company’s average total assets at year-end for the last two completed fiscal years and in which any director, nominee for director, executive officer, beneficial holder of more than 5% of our capital stock or any member of their immediate family or any entity affiliated with any of the foregoing persons had or will have a direct or indirect material interest. Private Placement On February 20, 2024, we entered into subscription agreements with certain of our officers and directors, pursuant to which we sold an aggregate of 1,785,718 shares of our Common Stock, $0.0001 par value per share, at a purchase price of $1.40 per share for an aggregate purchase price of $2.5 million. The following table summarizes the Common Stock purchased by our directors, executive officers, and beneficial owners of more than 5% of Common Stock.

| Name and Title                             |     | Shares of    
 Common Stock |         |     | Total Purchase 
 Price          |              |
|:-------------------------------------------|:----|:-------------|--------:|:----|:---------------|-------------:|
| Rebecca Byam, Chief Financial Officer      |     |              | 760,714 |     | $              | 1,064,999.60 |
| Dr. Hing C. Wong, Chief Executive Officer* |     |              | 739,288 |     | $              | 1,035,003.20 |
| Scott Garrett, Chairman of the Board