Company: BIVIW
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001520138-25-000144
Chunk: 49

Company: BIOVIE INC.
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 49
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90 per share and restricted stock units
totaling 109,039. We may also grant additional options, warrants or equity awards. To the extent such shares are issued, the interest
of holders of our Common Stock will be diluted.

Moreover, we are obligated to issue shares of our
Common Stock upon achievement of certain clinical, regulatory and commercial milestones with respect to certain of our drug candidates
(i.e., bezisterim (NE3107), NE3291, NE3413, and NE3789) pursuant to the asset purchase agreement, dated April 27, 2021, by and among the
Company, NeurMedix and Acuitas, as amended on May 9, 2021. The achievement of these milestones could result in the issuance of up to 1.8
million shares of our Common Stock, further diluting the interest of holders of our Common Stock.

If we fail to meet Nasdaq’s minimum bid price requirement
prior to the one-year anniversary of our prior reverse stock split, we would be issued a delisting determination, and if our Common Stock
were delisted from Nasdaq, it would adversely affect the liquidity of our Common Stock and the market price of our Common Stock could
decrease.

Our Common Stock is currently listed on Nasdaq. Nasdaq has minimum
requirements that a company maintain a minimum closing bid price of $1.00 per share. If a company fails to maintain Nasdaq’s minimum
bid price requirement for a period of 30 consecutive business days, Nasdaq will deem the company noncompliant.  In January 2025,
the SEC approved amendments to Nasdaq’s minimum bid price compliance rules designed to limit reliance on reverse stock splits.
The amendments provide that if a company fails to meet the bid price requirement and the company has effected a reverse stock split over
the prior one-year period, the company would not be eligible for any compliance period to address the bid price deficiency.
Instead, Nasdaq will move forward with delisting proceedings. We previously effected a reverse stock split on August 6, 2024. If we fail
to meet the minimum bid price requirement prior to the one-year anniversary of our prior reverse stock split, or August 6, 2025, we would
not be granted a compliance period and would be issued a delisting determination.

Since we have a recent history of our Common Stock trading below $1.00,
we are currently considering available options to ensure continued compliance with Nas