Company: BIVIW
Filing Date: 2025-08-08
Form Type: 424B5
Source: 0001520138-25-000247
Chunk: 62

Company: BIOVIE INC.
Filing Date: 2025-08-08
Form: 424B5
Chunk 62
---
, 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.

<div align='center'>29</div>

We do not intend to pay dividends
on our Common Stock, so any returns will be limited to the value of our Common Stock.

We currently anticipate that we will retain any
future earnings to finance the continued development, operation and expansion of our business. As a result, we do not anticipate declaring
or paying any cash dividends or other distributions in the foreseeable future. If we do not pay dividends, our Common Stock may be less
valuable because stockholders must rely on sales of their Common Stock after price appreciation, which may never occur, to realize any
gains on their investment.

You may experience future dilution
as a result of future equity offerings or if we issue shares subject to options, warrants, stock awards or other arrangements.

In order to raise additional capital, we may in
the future offer additional shares of our Common Stock or other securities convertible into or exchangeable for our Common Stock in any
other offering at a price per share that is less than the current market price of our securities, and investors purchasing shares or other
securities in the future could have rights superior to existing stockholders. The sale of additional shares of our Common Stock or other
securities convertible into or exchangeable for our Common Stock would dilute all of our stockholders, and if such sales of convertible
securities into or exchangeable into our Common Stock occur at a deemed issuance price that is lower than the current exercise price of
our outstanding warrants sold to Acuitas Group Holdings, LLC (“Acuitas”) in August 2022 (the “Acuitas Warrants”),
the exercise price for those warrants would adjust downward to the deemed issuance