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In recent transactions disclosed by HCW Biologics Inc. (NASDAQ:HCWB), Chief Executive Officer Hing C. Wong has acquired a significant amount of the company’s stock. The biotech company, currently trading at $6.18 with a market capitalization of $8.03 million, has seen its shares decline by nearly 60% year-to-date according to InvestingPro data. On May 8, 2025, Wong purchased 92,500 shares of common stock at a price of $26 per share, totaling approximately $2.41 million. This acquisition was part of a broader conversion agreement involving multiple stakeholders.
Additionally, on May 7, 2025, Wong exercised warrants to acquire 46,250 shares of common stock. The exercise was executed at a conversion price of $26 per share, although these shares were acquired without any additional cash outlay, as part of the same conversion agreement. Following these transactions, Wong’s direct ownership in HCW Biologics increased significantly, reflecting his confidence in the company’s future prospects.
In other recent news, HCW Biologics Inc. has been involved in several key developments. The company is currently facing a legal challenge over a breach of contract related to the construction of its new headquarters and manufacturing facilities. BE&K Building Group, LLC, the prime contractor, has filed a lawsuit seeking damages, interest, and costs, with the case set in Broward County, Florida. In parallel, HCW Biologics has entered into significant agreements with Square Gate Capital Master Fund, LLC for the resale of its common stock, with the SEC recently opting not to review the related registration statement. Additionally, HCW Biologics’ Board of Directors has approved a 1-for-40 reverse stock split to comply with Nasdaq’s listing requirements, set to take effect on April 11, 2025. This move will consolidate the company’s outstanding shares, although the total number of authorized shares remains unchanged. Furthermore, HCW Biologics has amended its agreement with WY Biotech Co., Ltd., restructuring the payment schedule for a $7.0 million license fee due to delays on WY Biotech’s part. This amendment allows HCW Biologics to maintain its rights and potential revenue opportunities despite the setbacks. These updates reflect the company’s ongoing strategic maneuvers in response to financial and operational challenges.
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