Company: BIVIW
Filing Date: 2025-05-15
Form Type: DRS
Source: 0001520138-25-000149
Chunk: 69

Company: BIOVIE INC.
Filing Date: 2025-05-15
Form: DRS
Chunk 69
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The holders of the Private Placement II Warrants may also exercise the Private Placement II Warrants on a cashless or “net issuance”
basis by receiving a net number of shares calculated pursuant to the formula set forth in the Private Placement II Warrants. The Private
Placement II Warrants are subject to anti-dilution adjustments for stock dividends, stock splits, and reverse stock splits. Pursuant to
the terms of the Private Placement II Warrants, the Company has the obligation to file a registration statement on Form S-1 providing
for the resale by the holders of the Private Placement II Warrants of the shares of Common Stock issued and issuable upon exercise of
the Private Placement II Warrants.

In connection with the October 23 Offering, the
Company issued the Placement Agent IV Warrants, exercisable to purchase 133,350 shares of Common Stock, representing 5% of the October
23 Shares purchased at the closing of the October 23 Offering, for an aggregate purchase price of $100.00, at an exercise price of $2.8125
per share, which is equal to 125% of the October 23 Share Offering Price.

The holders of the Placement Agent IV Warrants
may exercise the Placement Agent IV Warrants by making a cash payment equal to the exercise price multiplied by the quantity of shares.
The holders of the Placement Agent IV Warrants may also exercise the Placement Agent IV Warrants on a cashless or “net issuance”
basis by receiving a net number of shares calculated pursuant to the formula set forth in the Placement Agent IV Warrants. The Placement
Agent IV Warrants are subject to anti-dilution adjustments for stock dividends, stock splits, and reverse stock splits. Pursuant to the
terms of the Placement Agent IV Warrants, the holders of the Placement Agent IV Warrants are entitled to piggyback registration rights
if the Company proposes to file a new registration statement under the Securities Act, subject to certain limitations.

<div align='center'>II-4</div>

Placement Agent V Warrants Issued in Connection with Offering on October 28, 2024

On October 28, 2024, the Company entered into
the October 28, 2024 PAA with ThinkEquity LLC, as the placement agent, in connection with the issuance and sale directly to various investors
the October 28 Investors of up to 1,146,000 shares of the Common Stock, at a public offering price to the October 28 Investors of