Company: BIVIW
Filing Date: 2025-07-03
Form Type: S-1
Source: 0001520138-25-000198
Chunk: 19

Company: BIOVIE INC.
Filing Date: 2025-07-03
Form: S-1
Chunk 19
---
 relying on the judgment
of our management with regard to the use of these net proceeds, and you will not have the opportunity, as part of your investment decision,
to assess whether the proceeds will be used appropriately. The failure by management to apply these funds effectively could result in
financial losses that could have a material adverse effect on our business, cause the price of our Common Stock to decline, and delay
the development of our product candidates. Pending their use, we may invest the net proceeds from this offering in short-term, interest-bearing
instruments. These investments may not yield a favorable return, or any return, to us or our stockholders.

Our stock price is and may continue
to be volatile and you may not be able to resell our Common Stock at or above the price you paid.

The market price for our Common Stock is volatile
and may fluctuate significantly in response to a number of factors, many of which we cannot control, such as quarterly fluctuations in
financial results, the timing and our ability to advance the development of our product candidates or changes in securities analysts’
recommendations could cause the price of our stock to fluctuate substantially. In addition, stock markets generally have recently experienced
volatility. Our stock price is likely to experience significant volatility in the future. The price of our Common Stock may decline and
the value of any investment in our Common Stock may be reduced regardless of our performance. Further, the daily trading volume of our
Common Stock has historically been relatively low. As a result of the historically low volume, our shareholders may be unable to sell
significant quantities of Common Stock in the public trading markets without a significant reduction in the price of our shares of Common
Stock. Each of these factors, among others, could harm your investment in our Common Stock and could result in your being unable to resell
the shares of our Common Stock that you purchase at a price equal to or above the price you paid.

<div align='center'>9</div>

In the past, when the market price of a stock
has been volatile, holders of that stock have sometimes instituted securities class action litigation against the issuer. If any of our
stockholders were to bring such a lawsuit against us, we could incur substantial costs defending the lawsuit and the attention of our
management would be diverted from the operation of our business.

Nasdaq may seek to delist our Common Stock if it concludes this offering does not qualify as a public offering as defined under Nasdaq’s stockholder approval rule.

The