Company: BIVIW
Filing Date: 2025-08-08
Form Type: 424B5
Source: 0001520138-25-000247
Chunk: 66

Company: BIOVIE INC.
Filing Date: 2025-08-08
Form: 424B5
Chunk 66
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) 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.

The Reverse Stock Split has caused and could further cause our stock price to decline relative to its value before the Reverse Stock Split and decrease the liquidity of shares of our Common Stock.

At a special meeting of the Company’s stockholders
held on June 23, 2025, the Company’s stockholders approved a proposal to grant the Board authority, in its sole discretion, prior
to the one-year anniversary of such special meeting, to effect a reverse stock split of the outstanding shares of Common Stock, at a ratio
between 1-for-5 and 1-for-10. On June 26, 2025, pursuant to the authority granted by the Company’s stockholders, the Board approved
a reverse stock split of our Common Stock at a ratio of 1-for-