Company: HCWB
Filing Date: 2025-04-07
Form Type: S-1
Source: 0001193125-25-073723
Chunk: 11

Company: HCW Biologics Inc.
Filing Date: 2025-04-07
Form: S-1
Chunk 11
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 may fail or 
 suffer security breaches, which could adversely affect our business.                                         |

The Offering Pursuant to the ELOC Purchase Agreement, (1) on March 12, 2025, we issued 384,615 shares of our Common Stock to Square Gate as its Commitment Fee thereunder, and (2) upon the terms and subject to the conditions and limitations set forth therein, we have the right to direct Square Gate to purchase up to an aggregate of $40,000,000 of shares of our Common Stock over the 36-monthterm of the ELOC Purchase Agreement. We currently have reserved [●] shares of our authorized and unissued shares of Common Stock solely for the purpose of effecting purchases of the shares under the ELOC Purchase Agreement. Under the ELOC Purchase Agreement, we have the right to present Square Gate with a put notice (each, a “Put Notice”) directing Square Gate to purchase shares of our Common Stock in an amount per Put determined pursuant to the limitations in the ELOC Purchase Agreement, at a per-shareprice equal to 98% of the lowest VWAP during the three trading days following the Put Notice date. For more information, please see the section entitled “The ELOC Transaction.” Pursuant to the Purchase Warrant, Armistice may elect to purchase up to 6,717,000 shares of our Common Stock at a price of $1.03 per share at any time or times on or before November 20, 2029. The Purchase Warrant was issued to Armistice in a private placement concurrently with the issuance and sale to Armistice of 4,160,000 shares of our Common Stock and (y) pre-fundedwarrants to purchase up to 2,557,000 shares of Common Stock in a registered direct offering. 5

For more information, please see the section entitled “The Armistice Transaction.”

Emerging Growth Company

We are an
“emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended (the “Securities Act”), as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). As such, we
are eligible to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not “emerging growth companies” including, but not limited to, not being required to comply
with the auditor attestation requirements of Section 404 of the Sarbanes