---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-25-075235"
form_type: "8-K"
ticker: "HCWB"
cik: "0001828673"
company_name: "HCW Biologics Inc."
filed_at: "2025-05-20T23:59:59+00:00"
generated_at: "2026-05-21T00:24:42.218060+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.3
calibrated_materiality_score: 0.3
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000950170-25-075235
- form_type: 8-K
- ticker: HCWB
- cik: 0001828673
- company_name: HCW Biologics Inc.
- filed_at: 2025-05-20T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.3
- calibrated_materiality_score: 0.3
- confidence: high
- sec_items: 8.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1828673/000095017025075235/0000950170-25-075235-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1828673/000095017025075235/hcwb-20250515.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-25-075235
- JSON: https://secwatch.observer/filing/0000950170-25-075235.json
- Plain text: https://secwatch.observer/filing/0000950170-25-075235.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.