Company: BIVIW
Filing Date: 2025-05-15
Form Type: DRS
Source: 0001520138-25-000149
Chunk: 22

Company: BIOVIE INC.
Filing Date: 2025-05-15
Form: DRS
Chunk 22
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 our Common Stock, investors may not be able to liquidate their investment whenever desired.
We cannot assure that there will be an active trading market for our Common Stock and the lack of an active public trading market could
mean that investors may be exposed to increased risk. In addition, if we failed to meet the criteria set forth in the regulations of the
SEC, various requirements would be imposed by 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.

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There is no established public trading market for the Pre-funded Warrants or Warrants being offered in this offering, and we do not expect a market to develop for the Pre-funded Warrants or Warrants.

There is no established public trading market
for the Pre-funded Warrants or Warrants being offered and sold in this offering, and we do not expect a market to develop. In addition,
we do not intend to apply to list the Pre-funded Warrants or Warrants on any national securities exchange or other nationally recognized
trading system. Without an active market, the liquidity of the Pre-funded Warrants or Warrants will be limited. Further, the existence
of the Pre-funded Warrants or Warrants may act to reduce both the trading volume and the trading price of our Common Stock.

The Pre-funded Warrants or Warrants are speculative in nature.

Except as otherwise provided in the Pre-funded
Warrants or Warrants, until holders of Pre-funded Warrants or 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