Company: BIVIW
Filing Date: 2025-06-02
Form Type: DEF 14A
Source: 0001520138-25-000166
Chunk: 15

Company: BIOVIE INC.
Filing Date: 2025-06-02
Form: DEF 14A
Chunk 15
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 issued
shares to have an anti-takeover effect under certain circumstances, since the proportion allows for dilutive issuances.

Determination of Ratio

The ratio of the reverse stock split, if approved and
implemented, will be a ratio of 1-for-5 through 1-for-10, as determined by the Board of Directors in its sole discretion, prior to the
one-year anniversary of this Special Meeting. Even if approved, the Board of Directors will have discretion to delay or not to implement
the reverse stock split.

In determining the reverse stock split ratio, the Board
of Directors will consider numerous factors, including:

| · | the historical and projected performance of our common stock; |

| · | general economic and other related conditions prevailing in our industry and in the marketplace; |

| · | the projected impact of the selected reverse stock split ratio on trading liquidity in our common stock; |

| · | our capitalization (including the number of shares of our common stock issued and outstanding); |

| · | the prevailing trading price for our common stock and the volume level thereof; and |

| · | potential devaluation of our market capitalization as a result of a reverse stock split. |

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The purpose of asking for authorization to implement
the reverse stock split at a ratio to be determined by the Board of Directors, as opposed to a ratio fixed in advance, is to give the
Board of Directors the flexibility to take into account then-current market conditions and changes in price of our common stock and to
respond to other developments that may be deemed relevant when considering the appropriate ratio.

Principal Effects of the Reverse Stock Split

A reverse stock split refers to a reduction in the
number of outstanding shares of a class of a corporation’s capital stock, which may be accomplished, as in this case, by reclassifying
and combining all of our outstanding shares of common stock into a proportionately smaller number of shares. For example, if the Board
of Directors decides to implement a 1-for-5 reverse stock split of our common stock, then a stockholder holding 10,000 shares of our common
stock before the reverse stock split would instead hold 2,000 shares of our common stock immediately after the reverse stock split. The
reverse stock split will affect all of our stockholders uniformly and will not affect any stockholder’s percentage ownership interests
in our company or proportionate voting power, except for minor adjustments due to the additional net share fraction that will need