Company: BIVIW
Filing Date: 2025-07-22
Form Type: S-1/A
Source: 0001520138-25-000216
Chunk: 68

Company: BIOVIE INC.
Filing Date: 2025-07-22
Form: S-1/A
Chunk 68
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 unable to maintain a current and effective prospectus,
the potential “upside” of the holder’s investment in our company may be reduced.

Significant holders or beneficial holders of shares of our Common Stock may not be permitted to exercise the Pre-funded Warrants that they hold.

A holder of the Pre-funded Warrants will not be
entitled to exercise any portion of any Pre-funded Warrant that, upon giving effect to such exercise, would cause: (i) the aggregate number
of shares of our Common Stock beneficially owned by such holder (together with its affiliates) to exceed 4.99% (or 9.99% at the election
of the holder) of the number of shares of our Common Stock immediately after giving effect to the exercise; or (ii) the combined voting
power of our securities beneficially owned by such holder (together with its affiliates) 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.