Company: BIVIW
Filing Date: 2025-07-03
Form Type: S-1
Source: 0001520138-25-000198
Chunk: 22

Company: BIOVIE INC.
Filing Date: 2025-07-03
Form: S-1
Chunk 22
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19.00 to $4,209.00 per share and restricted stock units
totaling 7,212. We may also grant additional options, warrants or equity awards. To the extent such shares are issued, the interest of
holders of our Common Stock will be diluted.

Moreover, we are obligated to issue shares of
our Common Stock upon achievement of certain clinical, regulatory and commercial milestones with respect to certain of our drug candidates
(i.e., bezisterim (NE3107), NE3291, NE3413, and NE3789) pursuant to the asset purchase agreement, dated April 27, 2021, by and among the
Company, NeurMedix and Acuitas, as amended on May 9, 2021. The achievement of these milestones could result in the issuance of up to 1.8
million shares of our Common Stock, further diluting the interest of holders of our Common Stock.

We may, in the future, issue additional
Common Stock, which would reduce investors’ percent of ownership and may dilute our share value.

As of June 30, 2025, our Articles of Incorporation,
as amended, authorize the issuance of 800,000,000 shares of Common Stock, and we had 1,862,922 shares of our Common Stock issued and 1,860,086
shares of our Common Stock issued and outstanding. Accordingly, we may issue up to an additional 798,137,078 shares of Common Stock. The
future issuance of Common Stock may result in substantial dilution in the percentage of our Common Stock held by our then existing stockholders.
We may value any Common Stock in the future on an arbitrary basis. The issuance of Common Stock for future services or acquisitions or
other corporate actions may have the effect of diluting the value of the shares held by our investors, might have an adverse effect on
any trading market for our Common Stock and could impair our ability to raise capital in the future through the sale of equity securities.

There is a limited trading market
for our Common Stock, which could make it difficult to liquidate an investment in our Common Stock, in a timely manner.

Our Common Stock is currently traded on Nasdaq.
Because there is a limited public market for our Common Stock, investors may not be able to liquidate their investment whenever desired.
We cannot assure that there will be an active trading market for our Common Stock and the lack of an active public trading market could
mean that investors may be