Company: BIVIW
Filing Date: 2025-07-22
Form Type: S-1/A
Source: 0001520138-25-000216
Chunk: 66

Company: BIOVIE INC.
Filing Date: 2025-07-22
Form: S-1/A
Chunk 66
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 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 exposed to increased risk. In addition, if we failed to meet the criteria set forth in the regulations of the
SEC, various requirements would be imposed by law on broker dealers who sell our securities to persons other than established customers
and accredited investors. Consequently, such regulations may deter broker-dealers from recommending or selling our Common Stock, which
may further affect its liquidity.

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There is no established public trading market for the Pre-funded Warrants or Warrants being offered in this offering, and we do not expect a market to develop for the Pre-funded Warrants or Warrants.

There is no established public trading market
for the Pre-funded Warrants or Warrants being offered and sold in this offering, and we do not expect a market to develop. In addition,
we do not intend to apply to list the Pre-funded Warrants or Warrants on any national securities exchange or other nationally recognized
trading system. Without an active market, the liquidity of the Pre-funded Warrants or Warrants will be limited. Further, the existence
of the Pre-funded Warrants or Warrants may act to reduce both the trading volume and the trading price of our Common Stock.

The Pre-funded Warrants or Warrants are speculative in nature.

Except as otherwise provided in the Pre-funded
Warrants or Warrants, until holders of Pre-funded Warrants or