Company: BIVIW
Filing Date: 2025-05-08
Form Type: PRE 14A
Source: 0001520138-25-000142
Chunk: 13

Company: BIOVIE INC.
Filing Date: 2025-05-08
Form: PRE 14A
Chunk 13
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.001 per share).

Background

Our common stock is currently quoted on The Nasdaq
Stock Market (“Nasdaq”), and we are therefore subject to its continued listing requirements, including requirements with respect
to the market value of publicly-held shares, market value of listed shares, minimum bid price per share, and minimum stockholder's equity,
among others, and requirements relating to board and committee independence. If we fail to satisfy one or more of the requirements, we
may be delisted from Nasdaq.

The minimum closing bid price requirement set forth
in Nasdaq Listing Rule 5550(a)(2) is $1.00. On June [____], 2025, the last reported sales price for the common stock was $[____] per share.

Purpose of the Proposed Reverse Stock Split

The Board of Directors’ primary objective in
proposing the reverse stock split is to raise the per share trading price of our common stock. In particular, this will help us to maintain
the listing of our common stock on Nasdaq.

| -9- |

Delisting from Nasdaq may adversely affect our ability
to raise additional financing through the public or private sale of equity securities, may significantly affect the ability of investors
to trade our securities and may negatively affect the value and liquidity of our common stock. Delisting also could have other negative
results, including the potential loss of employee confidence, the loss of institutional investors or interest in business development
opportunities.

If we are delisted from Nasdaq and we are not able
to list our common stock on another exchange, our common stock could be quoted on the OTC Bulletin Board or in the “pink sheets.”
As a result, we could face significant adverse consequences including, among others:

| · | a limited availability of market quotations for our securities; |

| · | a determination that our common stock is a “penny stock” which will require brokers trading in our common stock to adhere              
 to more stringent rules and possibly result in a reduced level of trading activity in the secondary trading market for our securities; |

| · | a limited amount of news and little or no analyst coverage for us; |

| · | we would no longer qualify for exemptions from state securities registration requirements, which may require us to comply with applicable 
 state securities laws; and                                                                                                                |

| · | a decreased ability to issue additional securities (including pursuant to short-form registration statements on Form S-3) or obtain 
 additional financing in the future.                                                                                                 |

The Board