Company: BIVIW
Filing Date: 2025-05-08
Form Type: PRE 14A
Source: 0001520138-25-000142
Chunk: 18

Company: BIOVIE INC.
Filing Date: 2025-05-08
Form: PRE 14A
Chunk 18
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 to be utilized as a type of anti-takeover device. We currently have no plans, proposals or arrangements
to issue any shares of common stock that would become newly available for issuance as a result of the reverse stock split.

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In addition, if we do issue additional shares of our
common stock, the issuance could have a dilutive effect on earnings per share and the book or market value of the outstanding common stock,
depending on the circumstances, and would likely dilute a stockholder’s percentage voting power in the Company. Holders of common
stock are not entitled to preemptive rights or other protections against dilution. The Board of Directors intends to take these factors
into account before authorizing any new issuance of shares.

Certain Risks Associated with the Reverse Stock Split

Before voting on this proposal, you should consider
the following risks associated with the implementation of the reverse stock split:

| · | Although we expect that the reverse stock split will result in an increase in the market price of our common stock, we cannot assure       
 you that the reverse stock split, if implemented, will increase the market price of our common stock in proportion to the reduction in     
 the number of shares of common stock outstanding or result in a permanent increase in the market price. The effect the reverse stock split 
 may have upon the market price of our common stock cannot be predicted with any certainty, and the history of similar reverse stock splits 
 for companies in similar circumstances to ours is varied. The market price of our common stock is dependent on many factors, including     
 our business and financial performance, general market conditions, prospects for future success and other factors detailed from time to    
 time in the reports we file with the SEC. Accordingly, the total market capitalization of our common stock after the proposed reverse      
 stock split may be lower than the total market capitalization before the proposed reverse stock split and, in the future, the market price 
 of our common stock following the reverse stock split may not exceed or remain higher than the market price prior to the proposed reverse  
 stock split.                                                                                                                               |

| · | The reverse stock split may result in some stockholders owning “odd lots” of less than 100 shares of our common stock                    
 on a post-split basis. These odd lots may be more difficult to sell, or require greater transaction costs per share to sell, than shares 
 in “round lots” of even multiples of 100 shares.                                                                                         |

| · | While the Board of Directors believes that a higher stock price may