Company: BIVIW
Filing Date: 2025-07-11
Form Type: S-1/A
Source: 0001520138-25-000205
Chunk: 228

Company: BIOVIE INC.
Filing Date: 2025-07-11
Form: S-1/A
Chunk 228
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 Private Placement I Warrant exercisable for one share of Common Stock at an exercise price of $13.70 per share.
Each Private Placement I Warrant will be exercisable beginning six months from the date of issuance and will expire five years following
the initial exercise date.

<div align='center'>II-3</div>

The holders of the Private Placement I Warrants
may exercise the Private Placement I Warrants by making a cash payment equal to the exercise price multiplied by the quantity of shares.
The holders of the Private Placement I Warrants may also exercise the Private Placement I Warrants on a cashless or “net issuance”
basis by receiving a net number of shares calculated pursuant to the formula set forth in the Private Placement I Warrants. The Private
Placement I Warrants are subject to anti-dilution adjustments for stock dividends, stock splits, and reverse stock splits. Pursuant to
the terms of the Private Placement I Warrants, the Company has the obligation to file a registration statement on Form S-1 providing for
the resale by the holders of the Private Placement I Warrants of the shares of Common Stock issued and issuable upon exercise of the Private
Placement I Warrants.

In connection with the October 21 Offering, the
Company issued the Placement Agent III Warrants, exercisable to purchase 22,215 shares of Common Stock, representing 5% of the October
21 Shares purchased at the closing of the October 21 Offering, for an aggregate purchase price of $100.00, at an exercise price of $18.75
per share, which is equal to 125% of the October 21 Share Offering Price.

The holders of the Placement Agent III Warrants
may exercise the Placement Agent III Warrants by making a cash payment equal to the exercise price multiplied by the quantity of shares.
The holders of the Placement Agent III Warrants may also exercise the Placement Agent III Warrants on a cashless or “net issuance”
basis by receiving a net number of shares calculated pursuant to the formula set forth in the Placement Agent III Warrants. The Placement
Agent III Warrants are subject to anti-dilution adjustments for stock dividends, stock splits, and reverse stock splits. Pursuant to the
terms of the Placement Agent III Warrants, the holders of the Placement Agent III Warrants are entitled to piggyback registration rights
if the Company proposes to file a new registration statement under the Securities Act, subject to certain limitations.

Private Placement II Warrants and Placement Agent IV Warrants