Company: BIVIW
Filing Date: 2025-05-15
Form Type: DRS
Source: 0001520138-25-000149
Chunk: 24

Company: BIOVIE INC.
Filing Date: 2025-05-15
Form: DRS
Chunk 24
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 to exceed 4.99% (or 9.99% at the election of
the holder) of the combined voting power of all of our securities outstanding immediately after giving effect to the exercise, as such
percentage ownership is determined in accordance with the terms of the Pre-funded Warrants. As a result, you may not be able to exercise
your Pre-funded Warrants for shares of our Common Stock at a time when it would be financially beneficial for you to do so. In such a
circumstance, you could seek to sell your Pre-funded Warrants to realize value, but you may be unable to do so in the absence of an established
trading market and due to applicable transfer restrictions.

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Since the Warrants and Pre-funded Warrants are executory contracts, they may have no value in a bankruptcy or reorganization proceeding.

In the event a bankruptcy or reorganization proceeding
is commenced by or against us, a bankruptcy court may hold that any unexercised Warrants and Pre-funded Warrants, as applicable, are executory
contracts that are subject to rejection by us with the approval of the bankruptcy court. As a result, holders of the Warrants and Pre-funded
Warrants, as applicable, may, even if we have sufficient funds, not be entitled to receive any consideration for their Warrants and Pre-funded
Warrants, as applicable, or may receive an amount less than they would be entitled to if they had exercised their Warrants and Pre-funded
Warrants, as applicable, prior to the commencement of any such bankruptcy or reorganization proceeding.

The proposed reverse stock split may not occur and, if it does occur, it could cause our stock price to decline relative to its value before the split and decrease the liquidity of shares of our Common Stock.

On May 9, 2025, we filed a preliminary proxy statement
for purposes of calling a special meeting of the Company's stockholders to seek approval of a proposal to grant the Board of Directors
of the Company authority, in its sole discretion, prior to the one-year anniversary of such special meeting, to effect a reverse
stock split of our issued and outstanding Common Stock, at a ratio between 1-for-5 and 1-for-10. There is no assurance that the reverse
stock split will occur or, if it does occur, that it will not cause an actual decline in the value of our outstanding Common Stock.
The liquidity of the shares of our Common Stock may