Company: BIVIW
Filing Date: 2025-07-22
Form Type: S-1/A
Source: 0001520138-25-000216
Chunk: 67

Company: BIOVIE INC.
Filing Date: 2025-07-22
Form: S-1/A
Chunk 67
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 Warrants acquire our Common Stock upon exercise of the Pre-funded Warrants
or Warrants, holders of Pre-funded Warrants and Warrants will have no rights with respect to our Common Stock underlying such Pre-funded
Warrants and Warrants. Upon exercise of the Pre-funded Warrants or Warrants, the holders will be entitled to exercise the rights of a
stockholder of our Common Stock only as to matters for which the record date occurs after the exercise date.

Moreover, following this offering, the market
value of the Pre-funded Warrants and Warrants is uncertain. There can be no assurance that the market price of our Common Stock will ever
equal or exceed the price of the Pre-funded Warrants or Warrants, and, consequently, whether it will ever be profitable for investors
to exercise their Pre-funded Warrants or Warrants.

We will not, in the case of the Pre-funded Warrants, and may not, in the case of the Warrants, receive any meaningful additional funds upon the exercise of the Pre-funded Warrants or Warrants.

Each Pre-funded Warrant and each Warrant will
be exercisable until it is fully exercised and by means of payment of the nominal cash purchase price upon exercise or $
cash purchase price upon exercise, respectively, or through a “cashless exercise” procedure. Accordingly, we will not, in
the case of the Pre-funded Warrants, and may not, in the case of the Warrants, receive any meaningful additional funds upon the exercise
of the Pre-funded Warrants or Warrants.

If we do not maintain a current and effective prospectus relating to our Common Stock issuable upon exercise of the Pre-funded Warrants or the Warrants, holders will only be able to exercise such Pre-funded Warrants or the Warrants on a “cashless basis.”

If we do not maintain a current and effective
prospectus relating to the shares of our Common Stock issuable upon exercise of the Pre-funded Warrants or the Warrants at the time that
holders wish to exercise such warrants, they will only be able to exercise them on a “cashless basis,” and under no circumstances
would we be required to make any cash payments or net cash settle such warrants to the holders. As a result, the number of shares of our
Common Stock that holders will receive upon exercise of the Pre-funded Warrants or the Warrants will be fewer than it would have been
had such holders exercised their Pre-funded Warrants or the Warrants for cash. If we are