Company: HCWB
Filing Date: 2025-11-20
Form Type: 8-K
Source: 0001193125-25-289873
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Company: HCW Biologics Inc.
Filing Date: 2025-11-20
Form: 8-K
Item: Item 1.01
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Item 1.01 Entry into a Material Definitive Agreement.

On November 19, 2025, HCW Biologics Inc. (the “ Company”) entered into an inducement offer agreement (“ Inducement Agreement”) with a single institutional investor (the “ Investor”), pursuant to which the Company agreed to reduce the exercise price of the outstanding warrants held by the Investor, issued in November 2024 (the “ November 2024 Warrants”) and May 2025 (the “ May 2025 Warrants” together with the November 2024 Warrants the “ Existing Warrants”) from $7.45 per share to $2.66 per share (which includes the payment of $0.125 per New Warrant (as defined below)), and the Investor agreed to immediately exercise the Existing Warrants to purchase an aggregate of 1,510,205 shares of the Company’s common stock (the “ Inducement”).

In connection with the Inducement Agreement, in exchange for the Investor’s exercise of the Existing Warrants, the Company issued to the Investor common stock purchase warrants to purchase up to 3,020,410 shares of the Company’s common stock with an exercise price of $2.41 per share (the “ New Warrants”). The New Warrants are immediately exercisable and will expire on the five and one-half year anniversary of the issuance date of November 20, 2025. The Company has agreed to file a registration statement with the Securities and Exchange Commission (“ SEC”) within 30 days of the closing date, covering the resale of the shares of common stock issuable upon exercise of the New Warrants.

The gross proceeds from Inducement were approximately $4.0 million, prior to deducting financial advisory fees and estimated offering expenses payable by the Company. The Inducement closed on November 20, 2025.

Maxim Group LLC acted as financial advisor (“ Financial Advisor” or “ Maxim”) in connection with the Inducement Agreement. The Company agreed to pay the Financial Advisor a cash fee equal to 6.0% of the gross proceeds from the exercise of the Existing Warrants by the Investor. The Company also agreed to reimburse the Financial Advisor for out-of-pocket expenses, including reasonable legal fees of its counsel, not to exceed $15,000. The Financial Advisor Agreement contains representations, warranties, indemnification and other provisions customary for transaction of this nature.

The foregoing descriptions of the Inducement Agreement and the New Warrant are filed