HCW Biologics Inc. announced it has entered into a securities purchase agreement with a single institutional investor for a registered direct offering. The offering involves the purchase of 6,717,000 shares of common stock, or pre-funded warrants in lieu thereof, priced above market under Nasdaq rules.
In a concurrent private placement, the company also agreed to issue unregistered warrants to purchase up to an aggregate of 6,717,000 shares of common stock. The combined effective offering price for each share of common stock and accompanying warrants is $1.03.
The warrants will have an exercise price of $1.03 per share, be exercisable immediately, and expire on the five-year anniversary from the date of issuance. The gross proceeds to the company from this offering are estimated to be approximately $6.9 million, before deducting fees and expenses.
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