Failure to Satisfy Listing Rule (Form 8-K)

Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

On June 26, 2025, HCW Biologics Inc. (the "Company") announced that it received formal notice from the Listing Qualifications Staff (the "Staff") of the Nasdaq Stock Market LLC ("Nasdaq") that the Company was in compliance with Listing Rule 5550(b)(1) (the "Equity Rule") for continued listing of its securities on the Nasdaq Capital Market tier. The Company was also notified that it will remain subject to a "Panel Monitor," as that term is defined in Nasdaq Listing Rule 5815(d)(4)(B), for a period of one year from the date of the Nasdaq notice, through June 23, 2026. If, during the term of the Panel Monitor, the Company does not continue to remain in compliance with the Equity Rule, the Company will not be provided with the opportunity to submit a compliance plan for review by the Listing Qualifications Staff and must instead request a hearing before the Nasdaq Hearing Panel (the "Panel") to address the deficiency, with such request staying any further action with respect to the listing of the Company's securities on Nasdaq pending completion of the hearing process.

On August 19, 2025, the Company received written notice from the Staff that as of June 30, 2025, the Company was non-compliant with the Equity Rule, so its securities would be suspended from trading on Nasdaq on August 28, 2025 unless it requests a hearing by August 26, 2025. The Company plans to timely request a hearing before the Panel, which will stay the suspension of trading of the Company's securities on Nasdaq pending completion of the hearing process. The Company is considering all options available to it to regain compliance with the Equity Rule; however, there can be no assurance that the Panel will grant the Company's request for continued listing or that the Company will be able to evidence compliance within the period of time that may be required by the Panel.