Company: BIVIW
Filing Date: 2025-05-15
Form Type: DRS
Source: 0001520138-25-000149
Chunk: 20

Company: BIOVIE INC.
Filing Date: 2025-05-15
Form: DRS
Chunk 20
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isting determination.

Since we have a recent history of our Common Stock trading below $1.00, we are currently considering available options to ensure continued compliance with Nasdaq’s minimum bid price requirement, including taking steps to effect a reverse stock split. There is no guarantee that any corrective measures we take would help us maintain compliance with the minimum bid price requirement or other Nasdaq listing rules. If our Common Stock were to be delisted, the liquidity of our Common Stock would be adversely affected and the market price of our Common Stock could decrease. Our failure to be listed on Nasdaq or another national securities exchange would have a material adverse effect on the value of your investment in us.

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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 price pursuant to price adjustment protection contained
within those warrants.

As of May 5, 2025, there were warrants outstanding
to purchase an aggregate