Company: BIVIW
Filing Date: 2025-05-15
Form Type: DRS
Source: 0001520138-25-000149
Chunk: 18

Company: BIOVIE INC.
Filing Date: 2025-05-15
Form: DRS
Chunk 18
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 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 continued listing
of our Common Stock on Nasdaq depends on our compliance with the requirements for continued listing under the Nasdaq Marketplace Rules,
including, but not limited to, Market Place Rule 5635, or the stockholder approval rule. The stockholder approval rule prohibits the issuance
of shares of our Common Stock (or derivatives) in excess of 20% of our outstanding shares of our Common Stock without stockholder approval,
unless those shares are sold at a price that equals or exceeds the “minimum price”, as defined in the stockholder approval
rule, or in what Nasdaq deems a “public offering” as defined in the stockholder approval rule (a “Public Offering”).
The securities sold in this offering may be sold at a significant discount to the “minimum price” as defined in the stockholder
approval rule, and we do not intend to obtain the approval of our stockholders for the issuance of the securities in this offering. Accordingly,
we have sought to conduct, and plan to continue to conduct, this offering as a Public Offering as defined in the stockholder approval
rule, which is a qualitative analysis based on several factors as determined by Nasdaq, including by broadly marketing and offering these
securities in a firm commitment underwritten offering registered under the Securities Act of 1933, as amended (the “Securities Act”).
Demand for the securities sold by us in this offering, and the actual public offering price for these securities, will be determined following
a broad public marketing effort over several trading days, and final distribution of these securities will ultimately be determined by
the underwriters. Nasdaq has also published guidance that an offering of securities that are “deeply discounted” to the “minimum
price” (for example a discount of 50% or more) will typically preclude a determination that