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

Company: BIOVIE INC.
Filing Date: 2025-05-08
Form: PRE 14A
Chunk 14
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 of Directors believes that the proposed reverse
stock split is a potentially effective means for us to maintain compliance with the listing rules of Nasdaq and to avoid, or at least
mitigate, the likely adverse consequences of our common stock being delisted from the Nasdaq by producing the immediate effect of increasing
the bid price of our common stock.

Increase the Market Price of our Common Stock to a Level More Appealing for Investors

We also believe that the reverse stock split could
enhance the appeal of our common stock to the financial community, including institutional investors, and the general investing public.
We believe that a number of institutional investors and investment funds are reluctant to invest in lower-priced securities and that brokerage
firms may be reluctant to recommend lower-priced securities to their clients, which may be due in part to a perception that lower-priced
securities are less promising as investments, are less liquid in the event that an investor wishes to sell its shares, or are less likely
to be followed by institutional securities research firms and therefore more likely to have less third-party analysis of the Company available
to investors. We believe that the reduction in the number of issued and outstanding shares of our common stock caused by the reverse stock
split, together with the anticipated increased stock price immediately following and resulting from the reverse stock split, may encourage
interest and trading in our common stock and thus possibly promote greater liquidity for our stockholders, thereby resulting in a broader
market for the common stock than that which currently exists.

We cannot assure you that all or any of the anticipated
beneficial effects on the trading market for our common stock will occur. The Board of Directors cannot predict with certainty what effect
the reverse stock split will have on the market price of our common stock, particularly over the longer term. Some investors may view
a reverse stock split negatively, which could result in a decrease in our market capitalization. Additionally, any improvement in liquidity
due to increased institutional or brokerage interest or lower trading commissions may be offset by the lower number of outstanding shares.
We cannot provide you with any assurance that our shares will continue to qualify for listing on Nasdaq. As a result, the trading liquidity
of our common stock may not improve. In addition, investors might consider the increased proportion of unissued authorized shares to issued
shares to have an anti-takeover effect under certain circumstances, since the proportion allows for dilutive issuances.

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Determination of Ratio

The ratio of the reverse stock split, if approved and
implemented