# EDGAR Filing Document

**Accession Number:** 0001828673
**File Stem:** 0000950170-25-109139
**Filing Date:** 2025-8
**Character Count:** 14155
**Document Hash:** 1c8035fc1b7e51b81d2233361ea3a6b8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-25-109139.hdr.sgml**: 20250815

**ACCESSION NUMBER**: 0000950170-25-109139

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 11

**CONFORMED PERIOD OF REPORT**: 20250814

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250815

**DATE AS OF CHANGE**: 20250814

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HCW Biologics Inc.
- **CENTRAL INDEX KEY:** 0001828673
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 825024477
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40591
- **FILM NUMBER:** 251221930

**BUSINESS ADDRESS:**
- **STREET 1:** 2929 N COMMERCE PKWY
- **CITY:** MIRAMAR
- **STATE:** FL
- **ZIP:** 33025
- **BUSINESS PHONE:** 954-842-2024

**MAIL ADDRESS:**
- **STREET 1:** 2929 N COMMERCE PKWY
- **CITY:** MIRAMAR
- **STATE:** FL
- **ZIP:** 33025

?xml version='1.0' encoding='ASCII'? 8-K

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

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## **FORM** 8-K

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**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** August 14, 2025<br>

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HCW Biologics Inc.

**(Exact name of Registrant as Specified in Its Charter)**

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| | | |
|:---|:---|:---|
| Delaware | 001-40591 | 82-5024477 |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission File Number)** | **(IRS Employer<br>Identification No.)** |
| 2929 N. Commerce Parkway |  |  |
| Miramar**,** Florida |  | 33025 |
| **(Address of Principal Executive Offices)** |  | **(Zip Code)** |

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**Registrant's Telephone Number, Including Area Code:** 954 842-2024<br>

**(Former Name or Former Address, if Changed Since Last Report)**

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

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| | | |
|:---|:---|:---|
| **<br>Title of each class** | **Trading<br>Symbol(s)** | **<br>Name of each exchange on which registered** |
| Common Stock, par value $0.0001 per share | HCWB | The Nasdaq Stock Market LLC |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒

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## **Item 1.01 Entry into a Material Definitive Agreement.** 
As previously reported on February 21, 2025, HCW Biologics Inc. (the "Company,", "we," "us," or "our") and Square Gate Capital Master Fund, LLC- Series 4 (the "Investor") entered into an Equity Purchase Agreement (the "ELOC EPA") pursuant to which the Company has the right, but not the obligation, to sell to the Investor, and the Investor will have the obligation to purchase from the Company, up to $20,000,000 (the "Maximum Commitment Amount") worth of the Company's shares of common stock, at the Company's sole discretion, over the 36-month period following its effective date (the "Put Shares"), subject to certain conditions precedent and other limitations. On August 14, 2025, the Company and the Investor entered into a First Amendment to the ELOC EPA (the "First Amendment") to provide a mechanism for submission by the Company and acceptance by the Investor of Put Notices under the ELOC EPA pursuant to which the Investor and the Company may agree to and execute multiple purchases and sales of Put Shares on the same trading day. Under the First Amendment, among other things, the purchase price of the intraday Put Shares will be the lowest traded price during a specified shortened valuation time period. The foregoing summary of certain terms of the ELOC EPA and the First Amendment does not purport to be complete.

## **Item 9.01 Financial Statements and Exhibits.** 
(d) Exhibits

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| | |
|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** |
| 10.1 | [<u>First Amendment to Equity Purchase Agreement, dated August 14, 2025, between the Company and Square Gate Capital Master Fund, LLC- Series 4</u>](hcwb-ex10_1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | | |
|:---|:---|:---|:---|
|  |  |  | HCW BIOLOGICS INC. |
| Date: | August 15, 2025 | By:  | &nbsp;&nbsp;&nbsp;&nbsp;/s/ Hing C. Wong |
|  |  |  | Hing C. Wong, Founder and Chief Executive Officer |

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## Exhibit 10.1

**Exhibit 10.1**

**<u>FIRST AMENDMENT TO EQUITY PURCHASE AGREEMENT</u>**

This FIRST AMENDMENT TO EQUITY PURCHASE AGREEMENT (this "<u>First Amendment</u>") is made and entered into as of the 14th day of August, 2025 (the "Amendment <u>Effective Date</u>") by and between HCW Biologics Inc., a Delaware corporation with a principal place of business at 2929 North Commerce Parkway, Miramar, FL 33025 (the "<u>Company</u>") and Square Gate Capital Master Fund, LLC – Series 4, a series limited liability company organized in the State of Delaware (the "<u>Investor</u>").

Reference is made to the Equity Purchase Agreement (the "<u>Agreement</u>") entered into as of February 20, 2025 (the "<u>Execution Date</u>") by Company and Investor. Unless otherwise defined herein, capitalized terms used herein shall have the meanings set forth for such terms in the Agreement.

The Company and the Investor desire to amend the Agreement to add certain terms with respect to intraday puts and purchases of Common Stock thereunder as provided in this First Amendment.

Therefore, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Company and the Investor hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Section 2.2 of the Agreement is hereby amended to add at the end thereof the following new clause 2.2(c), to be and read as follows:

"(c) <u>INTRADAY PURCHASE NOTICE.</u> Notwithstanding anything in this Agreement to the contrary, after delivery of email confirmation from the Transfer Agent to the Investor's broker, with the Investor copied on such email, that the Transfer Agent has posted DWAC for Put Shares pursuant to a Put Notice (the "<u>Initial Put Notice</u>") that has been delivered within the Put Notice Delivery Window in accordance with the terms of this Agreement or otherwise accepted or approved by the Investor (an "<u>Initial Share Delivery</u>"), the Company may submit one or more additional Put Notices by email to the Investor at any time on the Trading Day on which Initial Share Delivery occurs (each, an "<u>Intraday Put Notice</u>") which notice shall be substantially in the form of Intraday Put Notice set forth in Exhibit A hereto, shall state a number of additional Put Shares ("<u>Intraday Put Shares</u>") that the Company desires to sell to the Investor on that same Trading Day and request the Investor's acceptance of an Intraday Put to be executed and priced in accordance with this Section 2.2(c); provided that the Company shall not submit a further Intraday Put Notice until delivery of email confirmation from the Transfer Agent to the Investor's broker, with the Investor copied on such email, that the Transfer Agent has posted DWAC for Put Shares pursuant to all prior Intraday Put Notices submitted on such Trading Day. Each Intraday Put Notice shall be subject to the Investor's written acceptance and the terms, conditions and limitations set forth in this Section 2(c) (which terms, conditions and limitations shall govern in the event of a conflict with any other provisions of this Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The Investor shall use commercially reasonable efforts to provide its acceptance or rejection of an Intraday Put Notice by email to the Company within thirty (30) minutes following the Investor's receipt of such Intraday Put Notice. If the Company does not receive acceptance or rejection from the Investor of an Intraday Put Notice within such 30-minute period, such Intraday Put Notice shall be deemed rejected. References to Put Notices submitted in accordance with Section 2.2(b) shall be deemed to include Intraday Put Notices accepted by the Investor pursuant to this Section 2.2(c). For clarity,

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the Company may issue, and the Investor may accept, multiple Intraday Put Notices during a Trading Day. The purchase and sale of Put Shares pursuant to each such Intraday Put Notice is referred to herein as an "<u>Intraday Put</u>".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)The Purchase Price of the Put Shares purchased by the Investor pursuant to each Intraday Put Notice accepted on the same Trading Day (the "<u>Intraday Purchase Price</u>") shall be one hundred percent (100%) of the lowest traded price for the Common Stock on the Principal Market (or, if the Common Stock is then listed on an Eligible Market, on such Eligible Market, as applicable) during the period beginning at the time that is 15 minutes after the time (rounded up to the nearest full minute) of the email confirmation from the Transfer Agent to the Investor's broker that the Transfer Agent has posted DWAC for the Put Shares, with the Investor copied on such email (the "<u>Intraday Valuation Period Start Time</u>") and ending at the latest to occur of (x) expiration of 15 minutes after the Intraday Valuation Start Time and (y) the earlier of (1) the time when the aggregate trading volume since the Intraday Valuation Period Start Time equals or exceeds one thousand percent (1,000%) of the number of Put Shares purchased by the Investor pursuant to the relevant Initial Put Notice or Intraday Put Notice, as the case may be, and the close of the tenth (10<sup>th</sup>) Trading Day ending following the Intraday Valuation Start Time (the "<u>Intraday Valuation Period End Time</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)For purposes of Section 2.3, with respect to an Intraday Put accepted by the Investor pursuant to Section 2.2(c), the Company will deliver the relevant Transfer Agent Instruction Letter as promptly as practicable following its receipt of the Investor's unconditional acceptance of the relevant Intraday Put Notice, with a copy to the Investor by email; the Company will use all commercially reasonable efforts to cause the Transfer Agent to deliver email confirmation to the Investor's broker, with the Investor copied on such email, that the Transfer Agent has posted DWAC for the Intraday Put Shares within one hour following its receipt of such acceptance, and the "Share Delivery Deadline" shall be the time that is 120 minutes after the Company's receipt of confirmation from the Transfer Agent that it has received the relevant Transfer Agent Instruction Letter, rounded up to the nearest full minute. For purposes of Section 6.12 of this Agreement as it applies to any accepted Intraday Put Notice(s) and the relevant Initial Put Notice, the "Standstill Period" shall be the period beginning on the Intraday Valuation Period Start Time and ending at the Intraday Valuation Period End Time, provided that the Investor may waive such Standstill Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Exhibit A to the Agreement is hereby amended to add, at the end thereof, the form of Intraday Put Notice attached hereto as Attachment 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Agreement is deemed amended as provided in this First Amendment. Except as so amended, the terms and conditions of the Agreement shall remain in full force and effect.

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*[Signature Page Follows]*

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<br> IN WITNESS WHEREOF, the parties hereto have executed this First Amendment as of the Amendment Effective Date.

HCW BIOLOGICS INC.

By: <u>/s/ Hing C. Wong</u> 

Name: Hing C. Wong

Title: Founder and CEO

Date: August 14, 2025

SQUARE GATE CAPITAL MASTER FUND, LLC – SERIES 4

By: <u>/s/ Christopher Perugina</u> 

Name: Christopher Perugini

Title: Managing Partner

Date: August 14, 2025

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