Company: BIVIW
Filing Date: 2025-07-03
Form Type: S-1
Source: 0001520138-25-000198
Chunk: 20

Company: BIOVIE INC.
Filing Date: 2025-07-03
Form: S-1
Chunk 20
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 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 the offering qualifies as Public Offering
for purposes of the stockholder approval rule. We cannot assure you that Nasdaq will determine that this offering will be deemed a Public
Offering under the stockholder approval rule. If Nasdaq determines that this offering was not conducted in compliance with the stockholder
approval rule, 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