HCW Biologics Registers Resale of Up to 5.7 Million Shares
HCW Biologics (HCWB) said Monday it is registering for the resale of up to 5.7 million common shares by selling stockholders connected to a May private placement.The shares include 427,046 already issued shares, 2.4 million shares tied to pre-funded warrants and 2.8 million shares tied to common stock purchase warrants, the company said.The May private placement sold 2.8 million units at $1.405 each and raised about $4 million in gross proceeds, the company added.HCW Biologics said it will not receive proceeds from the resale, though it may receive up to about $3.6 million if the common warrants are exercised for cash.The company added any warrant exercise proceeds would be used for general corporate purposes, including clinical and preclinical programs, research and development, working capital and other needs.Shares of the company were down more than 7% in Monday trading.Price: $1.50, Change: $-0.13, Percent Change: -7.98%
