Company: BIVIW
Filing Date: 2025-05-07
Form Type: PRE 14C
Source: 0001520138-25-000140
Chunk: 19

Company: BIOVIE INC.
Filing Date: 2025-05-07
Form: PRE 14C
Chunk 19
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 help generate investor interest, there can be no assurance that       
 the reverse stock split will result in a per share price that will attract institutional investors or investment funds or that such share 
 price will satisfy the investing guidelines of institutional investors or investment funds. As a result, the trading liquidity of our     
 common stock may not necessarily improve.                                                                                                 |

| -13- |

Procedure for Effecting Reverse Stock Split and Exchange of Stock Certificates

If the reverse stock split is approved by our stockholders,
the reverse stock split would become effective at such time prior to the one-year anniversary of this Special Meeting as it is deemed
by the Board of Directors to be in the best interests of the Company and its stockholders. Even if the reverse stock split is approved
by our stockholders, the Board of Directors has discretion not to carry out or to delay in carrying out the reverse stock split. Upon
approval of the reverse stock split by the Board of Directors, all the old common stock will be converted into new common stock as set
forth resolutions of the Board of Directors approving the reverse stock split.

As soon as practicable after the effective time of
the reverse stock split, stockholders will be notified that the reverse stock split has been effected. If you hold shares of common stock
in a book-entry form, you will receive a transmittal letter from our transfer agent as soon as practicable after the effective time of
the reverse stock split with instructions on how to exchange your shares. After you submit your completed transmittal letter, a transaction
statement will be sent to your address of record as soon as practicable after the effective date of the reverse stock split indicating
the number of post-reverse stock split shares of common stock you hold.

Some stockholders hold their shares of common stock
in certificate form or a combination of certificate and book-entry form. Our transfer agent will act as exchange agent for purposes of
implementing the exchange of stock certificates, if applicable. If you are a stockholder holding pre-split shares in certificate form,
you will receive a transmittal letter from our transfer agent as soon as practicable after the effective time of the reverse stock split.
The transmittal letter will be accompanied by instructions specifying how you can exchange your certificate representing the pre-split
shares of our common stock for a statement of holding. When you submit your certificate representing the pre-split shares of our common
stock, your post-split shares of our common stock will be held electronically in book-entry form in the Direct Registration System.