Armistice exercises 177,140 pre-funded warrants; convertible notes converted to insider shares at $7.45

HCW Biologics Inc.

Armistice Capital exercised pre-funded warrants for 177,140 shares of common stock on May 15.
Convertible Bridge Notes ($270k principal, 10% PIK, due May 2026) converted at $7.45/share.
CEO Hing C. Wong received 8,054 shares; Chairman Scott Garrett got 13,423 shares.
Director Gary Winer received 1,342 shares; all conversion shares subject to 90-day lockup.
Note holders also get contingent proceeds from future sale of Wugen common stock.

item 8.01

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