Company: BIVIW
Filing Date: 2025-05-15
Form Type: DRS
Source: 0001520138-25-000149
Chunk: 64

Company: BIOVIE INC.
Filing Date: 2025-05-15
Form: DRS
Chunk 64
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 a director, officer, or representative against liability, cost, payment, or expense incurred by 
 such person                                                                                                                             |

Item 15. Recent Sales of Unregistered Securities

The Company has not sold any securities within
the past three years which were not registered under the Securities Act except as set forth below. The registrant believes that, unless
otherwise noted, all of the transactions described in Item 15 were exempt from registration under the Securities Act pursuant to Section
4(a)(2) of the Securities Act and/or Rule 506 of Regulation D promulgated thereunder.

Convertible Debt and Warrants

On November 30, 2021 (the “Loan Closing
Date”), the Company entered into a Loan and Security Agreement and the Supplement to the Loan and Security Agreement (together,
the “Loan Agreement”) with Avenue Venture Opportunities Fund II, L.P. (“AVOPII”) and Avenue Venture Opportunities
Fund, L.P. (“AVOPI” and, together with AVOPII, the “Lenders,”) for growth capital loans in an aggregate principal
amount of up to $20,000,000 (the “Loan”), with (i) $15,000,000 funded on the Loan Closing Date (“Tranche 1”) and
(ii) up to $5,000,000 to be made available to the Company on or prior to September 15, 2022, subject to the Company’s achievement
of certain milestones with respect to certain of its ongoing clinical trials (“Tranche 2”). The Loan bears interest at an
annual rate equal to the greater of (a) the sum of 7.00% plus the prime rate as reported in The Wall Street Journal and (b) 10.75%. The
Loan is secured by a lien upon and security interest in all of the Company’s assets, including intellectual property, subject to
agreed exceptions. The maturity date of the Loan is December 1, 2024. Up to $5,000,000 of the principal amount of the Loan outstanding
may be converted, at the option of the Lenders, into shares of the Company’s Common Stock at a conversion price of $69.84 per share.
In connection with the Loan, pursuant to the funding of Tranche 1 on the Loan Closing Date, the Company issued to the Lenders warrants
to purchase 36,101 shares of Common Stock of the Company at an exercise price per share equal to $58.20 (the “