Company: BIVIW
Filing Date: 2025-10-06
Form Type: POS AM
Source: 0001520138-25-000294
Chunk: 16

Company: BIOVIE INC.
Filing Date: 2025-10-06
Form: POS AM
Chunk 16
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 law on broker dealers who sell our securities to persons other than established customers and accredited
investors. Consequently, such regulations may deter broker-dealers from recommending or selling our Common Stock, which may further affect
its liquidity.

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 is exercisable until it is
fully exercised at the nominal cash purchase price of $0.0001 per share. Accordingly, we will not receive any meaningful additional funds
upon the exercise of the Pre-funded Warrants. In addition, each Warrant is exercisable until August 11, 2030 at the cash purchase price
of $2.50 per share. Under certain circumstances, the Warrants may also be exercised through a “cashless exercise” procedure.
As a result, we may not receive any meaningful additional funds upon the exercise of the Warrants. Further, the likelihood that holders
will exercise their Warrants is highly dependent upon the trading price of our Common Stock. On October 2, 2025, the last reported
sales price of our Common Stock on Nasdaq was $2.00 per share. If the trading price for our Common Stock is less than the exercise price
of the Warrants, we believe holders of the Warrants will be unlikely to exercise their Warrants.

If there are any net proceeds from this offering, our management will have broad discretion over the use of such proceeds, may invest or spend any such proceeds in ways with which you may not agree and such proceeds may not yield a significant return.

Our management will have broad discretion over the
use of proceeds, if any, from this offering. We currently intend to use the net proceeds of this offering as described in the section
entitled “Use of Proceeds.” However, our management will have broad discretion in the application of the net proceeds, if
any, from this offering and could use them for purposes other than those contemplated at the time of this offering. Accordingly, you are
relying on the judgment of our management with regard to the use of these net proceeds, and you will not have the opportunity, as part
of your investment decision, to assess whether the proceeds will be used appropriately. The failure by management to apply these funds
effectively could result in financial losses that could have a material adverse effect on our business, cause the price