Company: HCWB
Filing Date: 2025-05-15
Form Type: 8-K
Source: 0000950170-25-072700
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Company: HCW Biologics Inc.
Filing Date: 2025-05-15
Form: 8-K
Item: Item 1.01
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Item 1.01 Entry into a Material Definitive Agreement.

On May 13, 2025, HCW Biologics Inc. (the “ Company”) entered into a securities purchase agreement (“ SPA”) with a single institutional investor (the "Purchaser") pursuant to which the Company agreed to offer and sell, in a follow-on public offering (the “ Offering”), 671,140 units, consisting of (i) 158,000 shares (the “ Shares”) of the Company’s common stock, par value $0.0001 per share (the “ Common Stock”), (ii) pre-funded warrants to purchase up to 513,140 shares of Common Stock (the “ Pre-Funded Warrants”) and (iii) warrants to purchase up to 1,342,280 shares of Common Stock (“ Common Stock Warrants”). On May 13, 2025, the Company also entered into a privately negotiated agreement with the Purchaser, which holds certain existing outstanding warrants to purchase up to 167,925 shares of Common Stock (the “ Prior Warrants”), to amend the Prior Warrants to reduce the exercise price of such Prior Warrants to $7.45 per share (the “ Amended Warrant”), subject to the closing of the Offering (the “ Existing Warrants Amendment Agreement”).

The combined purchase price for each unit consisting of one Share and accompanying Common Stock Warrants to purchase two shares of Common Stock is $7.45 per unit, and the combined purchase price for each unit consisting of one Pre-Funded Warrant and accompanying Common Stock Warrants to purchase two shares of Common Stock is $7.4499. The Common Stock Warrants have an exercise price of $7.45 per share, will be exercisable immediately, and expire on the five-year anniversary of the date of issuance. The Pre-Funded Warrants have an exercise price of $0.0001, are exercisable immediately and will not expire until exercised in full.

The securities described above are being offered pursuant to a registration statement on Form S-1, as amended (File No. 333-287136), which was declared effective by the Securities and Exchange Commission (the “ SEC”) on May 13, 2025.

The gross proceeds to the Company from the Offering are approximately $5.0 million before deducting the placement agent’s fees and other offering expenses payable by the Company. The Offering closed, and the Company and the Purchaser amended the Prior Warrants in accordance with the Existing W