Company: BIVIW
Filing Date: 2025-08-04
Form Type: S-1/A
Source: 0001520138-25-000235
Chunk: 69

Company: BIOVIE INC.
Filing Date: 2025-08-04
Form: S-1/A
Chunk 69
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 Pre-funded
Warrants, as applicable, prior to the commencement of any such bankruptcy or reorganization proceeding.

The Reverse Stock Split has caused and could further cause our stock price to decline relative to its value before the Reverse Stock Split and decrease the liquidity of shares of our Common Stock.

At a special meeting of the Company’s stockholders
held on June 23, 2025, the Company’s stockholders approved a proposal to grant the Board authority, in its sole discretion, prior
to the one-year anniversary of such special meeting, to effect a reverse stock split of the outstanding shares of Common Stock, at a ratio
between 1-for-5 and 1-for-10. On June 26, 2025, pursuant to the authority granted by the Company’s stockholders, the Board approved
a reverse stock split of our Common Stock at a ratio of 1-for-10. The Reverse Stock Split became effective at 12:01 a.m. Eastern
Time on July 7, 2025. The Reverse Stock split has caused a decline in the value of our outstanding Common Stock and there is no assurance
that the Reverse Stock Split will not cause further decline in the value of our outstanding Common Stock. The liquidity of the
shares of our Common Stock may be affected adversely by the Reverse Stock Split given the reduced number of shares that are
outstanding following the Reverse Stock Split, especially if the market price of our Common Stock does not increase as a result of
the Reverse Stock Split. In addition, the Reverse Stock Split has increased the number of stockholders who own odd lots
(less than 100 shares) of our Common Stock, creating the potential for such stockholders to experience an increase in the cost of selling
their shares and greater difficulty effecting such sales.

Any failure to maintain effective internal control over financial reporting could harm us.

Our management is responsible for establishing
and maintaining adequate internal control over financial reporting. Internal control over financial reporting is a process designed to
provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements in accordance
with U.S. generally accepted accounting principles. Under standards established by the Public Company Accounting Oversight Board (“PCAOB”),
a deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or
personnel, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. The PCAOB
defines a material weakness as a deficiency, or combination of