Company: BIVIW
Filing Date: 2025-05-15
Form Type: DRS
Source: 0001520138-25-000149
Chunk: 19

Company: BIOVIE INC.
Filing Date: 2025-05-15
Form: DRS
Chunk 19
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 the offering qualifies as Public Offering
for purposes of the stockholder approval rule. We cannot assure you that Nasdaq will determine that this offering will be deemed a Public
Offering under the stockholder approval rule. If Nasdaq determines that this offering was not conducted in compliance with the stockholder
approval rule, Nasdaq may cite a deficiency and move to delist our securities from Nasdaq. Upon a delisting from Nasdaq, our stock would
likely be traded in the over-the-counter inter-dealer quotation system, more commonly known as the “OTC.” OTC transactions
involve risks in addition to those associated with transactions in securities traded on the securities exchanges, such as Nasdaq, or,
together, Exchange-listed stocks. Many OTC stocks trade less frequently and in smaller volumes than exchange-listed stocks. Accordingly,
our stock would be less liquid than it would be otherwise. Also, the prices of OTC stocks are often more volatile than Exchange-listed
stocks. Additionally, institutional investors are usually prohibited from investing in OTC stocks, and it might be more challenging to
raise capital when needed.

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 del