Company: HCWB
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0000950170-25-072833
Chunk: 5

Company: HCW Biologics Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 5
Chunk 5
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Insider Adoption or Termination of Trading Arrangements

During the fiscal quarter ended March 31, 2025, none of our directors or officers informed us of the adoption, modification or termination of a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as those terms are defined in Regulation S-K, Item 408.

Secured Note Financing

On March 28, 2024, the Company entered into a senior secured note purchase agreement (the “Note Purchase Agreement”) with the Purchasers (as defined in the Note Purchase Agreement), pursuant to which we agreed to issue senior secured notes in an aggregate principal amount of up to $10.0 million (“Secured Notes”) to certain accredited investors, including unrelated parties as well as officers and directors of the Company.  As of March 31, 2024, the Company had an initial closing and issued $2.0 million in Initial Secured Notes.  As of June 30, 2024, all existing investors approved an Amended and Restated Note Purchase Agreement (“Amended and Restated Note Purchase Agreement”), with terms described below.  As of September 30, 2024, the Amended and Restated Note Purchase Agreement was amended to extend the last closing date to issue Additional Secured Notes to October 31, 2024.  See Exhibit 10.25.  No other terms were amended.  The material terms of the Additional Secured Notes are identical to the terms of the Initial