HCW Biologics Faces Delisting Notice
Ticker: HCWB · Form: 8-K · Filed: Jun 20, 2024 · CIK: 1828673
Sentiment: bearish
Topics: delisting, compliance, regulatory
TL;DR
HCW Biologics got a delisting warning, stock might be in trouble.
AI Summary
HCW Biologics Inc. filed an 8-K on June 20, 2024, reporting a notice of delisting or failure to satisfy a continued listing rule or standard as of June 17, 2024. The company, incorporated in Delaware, is based in Miramar, Florida, and operates in the pharmaceutical preparations sector.
Why It Matters
This filing indicates potential delisting from a stock exchange, which could significantly impact the company's liquidity and investor confidence.
Risk Assessment
Risk Level: high — A notice of delisting directly threatens the company's ability to remain publicly traded, posing a significant risk to its operations and shareholder value.
Key Numbers
- 001-40591 — Commission File Number (Identifies the company's SEC filings)
- 82-5024477 — IRS Employer Identification No. (Company's tax identification number)
Key Players & Entities
- HCW Biologics Inc. (company) — Registrant
- June 17, 2024 (date) — Date of earliest event reported
- June 20, 2024 (date) — Date of report
- Delaware (jurisdiction) — State of incorporation
- Miramar, Florida (location) — Principal Executive Offices
FAQ
What specific listing rule or standard has HCW Biologics Inc. failed to satisfy?
The filing states it is a 'Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard' but does not specify which rule was violated in the provided text.
What is the effective date of the delisting notice?
The date of the earliest event reported is June 17, 2024, which is the date as of which the notice is effective.
What is HCW Biologics Inc.'s primary business sector?
HCW Biologics Inc. is in the Pharmaceutical Preparations sector, with SIC code 2834.
Where are HCW Biologics Inc.'s principal executive offices located?
The principal executive offices are located at 2929 N. Commerce Parkway, Miramar, Florida, 33025.
What is the company's telephone number?
The company's telephone number, including area code, is 954-842-2024.
Filing Stats: 1,082 words · 4 min read · ~4 pages · Grade level 14.5 · Accepted 2024-06-20 16:30:11
Key Financial Figures
- $0.0001 — ch registered Common Stock, par value $0.0001 per share HCWB The Nasdaq Stock Mar
- $50,000,000 M — ed securities ("MVLS") closed below the $50,000,000 MVLS threshold required for continued lis
- $50,000,000 — of the Company's common stock closes at $50,000,000 or more for a minimum of 10 consecutive
- $10 million — ts by reporting stockholders' equity of $10 million or more. The notification from Nasdaq
Filing Documents
- hcwb-20240617.htm (8-K) — 42KB
- 0000950170-24-075630.txt ( ) — 154KB
- hcwb-20240617.xsd (EX-101.SCH) — 24KB
- hcwb-20240617_htm.xml (XML) — 5KB
01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. On June 17, 2024, HCW Biologics Inc. (the "Company") received written notice from the Listing Qualifications Staff ("Staff") of the Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that, for the 30 consecutive business days ended June 17, 2024, the Company's market value of listed securities ("MVLS") closed below the $50,000,000 MVLS threshold required for continued listing on the Nasdaq Global Market under Nasdaq Listing Rule 5450(b)(3)(A) (the "MVLS Rule"). Nasdaq stated in its letter that in accordance with Nasdaq Listing Rule 5810(c)(3)(C), the Company has been provided a compliance period of 180 calendar days in which to regain compliance with the MLVS continued listing requirement, or until December 13, 2024 (the "Compliance Date"). MVLS is calculated by multiplying the total shares of common stock outstanding by the daily closing bid price. The Nasdaq letter states that if, at any time before the Compliance Date, the MVLS of the Company's common stock closes at $50,000,000 or more for a minimum of 10 consecutive business days, the Nasdaq staff will provide the Company with written notification that the Company has achieved compliance with the MVLS continued listing requirement and the matter will be closed. The Company could also regain compliance with Nasdaq's continued listing requirements by reporting stockholders' equity of $10 million or more. The notification from Nasdaq does not impact the listing of the Company's common stock at this time. The Company intends to actively monitor the Company's MVLS between now and the Compliance Date and will take all reasonable measures available to the Company to regain compliance with the MVLS Requirement for the Nasdaq Global Market. If the Company does not regain compliance with the MVLS continued listing requirement by the Compliance Date, the Nasdaq staff will provide the Company with wr
Forward-Looking Statements
Forward-Looking Statements Certain statements in this Current Report on Form 8-K (the "Current Report") are "forward-looking statements" that are subject to substantial risks and uncertainties. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements contained in this Current Report may be identified by the use of words such as "anticipate," "expect," "believe," "will," "may," "should," "estimate," "project," "outlook," "forecast" or other similar words and include, without limitation, statements regarding the Company's ability to regain compliance with the MVLS Requirement for the Nasdaq Global Market; the Company's intent to monitor its MVLS and take all reasonable measures available to the Company for continued listing on the Nasdaq Global Market; or the Company's success in changing the listing to the Nasdaq Capital Market. Forward-looking statements are based on the Company's current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. Factors that could cause actual results to differ include, but are not limited to, the Company's ability to regain compliance with the MVLS Requirement; and the other important factors outlined under the caption "Risk Factors" in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on May 15, 2024, the latest Form 10-Q filed with the SEC on May 15, 2024, as such factors may be updated from time to time in its other filings with the SEC. Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, it cannot guarantee future results. The Company has no obligation, and does not undertake any obligation, to update or revise any forward-looking statement made in this
SIGNATURES
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. HCW Biologics Inc. Date: June 20, 2024 By: /s/ Hing C. Wong Hing C. Wong, Founder and Chief Executive Officer