HCW Biologics Inc. has announced the conversion of its unsecured convertible promissory notes, amounting to a principal value of $270,000, into common stock. These Convertible Bridge Notes, which were set to mature on May 5, 2026, accrued interest at a rate of 10% per annum. As per the terms of the conversion, the notes were converted into shares of common stock at a final offering price of $7.45 per share, following the company's recent $5.0 million financing closing. Consequently, HCW Biologics issued shares to key figures within the company: Hing C. Wong, the Founder and CEO, received 8,054 shares; Scott T. Garrett, the Chairman of the Board, obtained 13,423 shares; and Gary M. Winer, a Board member, was allocated 1,342 shares. These converted shares will be subject to a 90-day lock-up period. Additionally, holders of the Convertible Bridge Notes are entitled to a portion of the proceeds from the company's shares of Wugen common stock if these shares are sold in the future.