HCW Biologics Inc. announced that it has entered into subscription agreements with certain officers and directors of the company, pursuant to which the Company sold an aggregate of 1,785,718 shares of its common stock, par value $0.0001 per share at a purchase price of $1.40 per share for an aggregate purchase price of $2,500,005.2 on February 20, 2024. The per share purchase price represents a 25% premium to the per share closing price of the Common Stock as reported on the Nasdaq Global Market on February 20, 2024 and a 19% premium to the 5-day volume weighted average closing price per share of the Common Stock as reported on the Nasdaq Global Market for the period ending February 20, 2024. The company has received $2,500,005 pursuant to Regulation D from 6 investors.