HCW Biologics Inc. has announced the completion of a warrant inducement transaction on November 19, 2025. As part of the transaction, the company reduced the exercise price of certain existing warrants to purchase 1,510,205 shares of common stock to $2.66 per share. The warrant holders exercised these warrants, and HCW Biologics issued new warrants to these holders, which may be exercised for up to 3,020,410 shares of common stock at an exercise price of $2.41 per share. The company reported net proceeds of approximately $3.8 million from this transaction, resulting in a corresponding increase in stockholders’ equity.

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