HCW Biologics terminates credit agreement with Prime Capital Ventures, expects return of $5.25M deposit

HCW Biologics Inc.

Terminated credit agreement dated April 2023 with Prime Capital Ventures due to repeated funding delays.
No borrowings under the agreement; no penalties incurred for termination.
Company entitled to return of $5.25 million deposit placed for interest reserve.
Agreement was intended to finance building manufacturing facility and upgrading labs in Miramar, Florida.
HCW is seeking alternative financing to continue building project with minimal delays.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

HCW Biologics Inc. terminated Credit Agreement with Prime Capital Ventures, LLC valued at No borrowings outstanding; $5.25 million deposit to be returned (effective 2024-01-10).

Action: termination
Agreement: credit facility
Counterparty: Prime Capital Ventures, LLC
Value: No borrowings outstanding; $5.25 million deposit to be returned
Effective: 2024-01-10

Exact text from the filing

On January 10, 2024, HCW Biologics Inc. (the "Company") exercised its right to terminate its credit agreement (the "Agreement"), dated April 21, 2023, with Prime Capital Ventures, LLC (the "Lender"), as permitted under the terms of the Agreement.

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Source: SEC EDGAR

accession 0000950170-24-004108

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