UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Trading |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 1.02 Termination of a Material Definitive Agreement.
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. The termination followed repeated delays in funding and related concerns. There are no borrowings under the Agreement, and the Company will not incur any penalties as a result of such termination under the terms of the Agreement. Upon exercising its right to terminate the Agreement, the Company became entitled to receive the return of the $5.25 million that the Company placed on deposit to establish an interest reserve account with the Lender, as required under the terms of the Agreement.
The Company entered the Agreement to obtain financing for the purpose of building its proposed manufacturing facility and upgrading its research and laboratory facilities at its new headquarters located in Miramar, Florida. The Company is currently seeking an alternative source of financing to allow the building project to continue with minimal delays.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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HCW BIOLOGICS INC. |
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Date: |
January 12, 2024 |
By: |
/s/ Hing C. Wong |
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Hing C. Wong, Ph.D., Founder and CEO |
Document And Entity Information |
Jan. 12, 2024 |
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| Document Information [Line Items] | |
| Document Type | 8-K |
| Amendment Flag | false |
| Document Period End Date | Jan. 12, 2024 |
| Entity Registrant Name | HCW Biologics Inc. |
| Entity Central Index Key | 0001828673 |
| Entity Emerging Growth Company | true |
| Entity File Number | 001-40591 |
| Entity Incorporation, State or Country Code | DE |
| Entity Tax Identification Number | 82-5024477 |
| Entity Address, Address Line One | 2929 N. Commerce Parkway |
| Entity Address, City or Town | Miramar |
| Entity Address, State or Province | FL |
| Entity Address, Postal Zip Code | 33025 |
| City Area Code | 954 |
| Local Phone Number | 842-2024 |
| Written Communications | false |
| Soliciting Material | false |
| Pre-commencement Tender Offer | false |
| Pre-commencement Issuer Tender Offer | false |
| Entity Ex Transition Period | true |
| Title of 12(b) Security | Common Stock, par value $0.0001 per share |
| Trading Symbol | HCWB |
| Security Exchange Name | NASDAQ |
| Former Address [Member] | |
| Document Information [Line Items] | |
| Entity Address, Address Line One |
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