BioVie Inc. Faces Delisting Concerns

TL;DR

BioVie Inc. might get delisted - big trouble ahead.

AI Summary

BioVie Inc. filed an 8-K on April 19, 2024, reporting a notice of delisting or failure to satisfy a continued listing rule or standard. The company, formerly known as NanoAntibiotics, Inc., is incorporated in Nevada and has its principal executive offices in Carson City, NV.

Why It Matters

This filing indicates potential issues with BioVie Inc.'s compliance with stock exchange listing requirements, which could impact its stock trading and investor confidence.

Risk Assessment

Risk Level: high — A notice of delisting or failure to meet listing standards is a significant negative event that can lead to severe consequences for the company and its shareholders.

Key Players & Entities

• BIOVIE INC. (company) — Registrant
• NANOANTIBIOTICS, INC. (company) — Former Company Name
• April 18, 2024 (date) — Date of Report
• April 19, 2024 (date) — Filing Date
• Nevada (jurisdiction) — State of Incorporation
• Carson City, NV (location) — Principal Executive Offices

FAQ

Key Financial Figures

• $0.0001 — tered Class A Common Stock, par value $0.0001 per share BIVI The Nasdaq Stock Marke
• $1.00 — iness days had closed below the minimum $1.00 per share required for continued listin
• $5 million — ly has stockholders' equity of at least $5 million. In the event the Company does not rega
• $1.00 b — any does not regain compliance with the $1.00 bid price requirement by October 15, 2024

Filing Documents

• bivi-20240418_8k.htm (8-K) — 27KB
• 0001520138-24-000179.txt ( ) — 195KB
• bivi-20240418.xsd (EX-101.SCH) — 3KB
• bivi-20240418_lab.xml (EX-101.LAB) — 33KB
• bivi-20240418_pre.xml (EX-101.PRE) — 22KB
• bivi-20240418_8k_htm.xml (XML) — 3KB

01

Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. On April 18, 2024, BioVie Inc. (the "Company") received a letter from the Listing Qualifications Staff (the "Staff") of The Nasdaq Stock Market LLC ("Nasdaq") indicating that the bid price for the Company's common stock for the last 30 consecutive business days had closed below the minimum $1.00 per share required for continued listing under Nasdaq Listing Rule 5550(a)(2). Under Nasdaq Listing Rule 5810(c)(3)(A), the Company has been granted a 180 calendar day grace period, or until October 15, 2024, to regain compliance with the minimum bid price requirement. The continued listing standard will be met if the Company evidences a closing bid price of at least $1.00 per share for a minimum of 10 consecutive business days during the 180 calendar day grace period. In order for Nasdaq to consider granting the Company additional time beyond October 15, 2024, the Company would be required, among other things, to meet the continued listing requirement for market value of publicly held shares as well as all other standards for initial listing on Nasdaq, with the exception of the minimum bid price requirement. If measured today, the Company would qualify for Nasdaq's consideration of an extension because the Company currently has stockholders' equity of at least $5 million. In the event the Company does not regain compliance with the $1.00 bid price requirement by October 15, 2024, eligibility for Nasdaq's consideration of a second 180 day grace period would be determined on the Company's compliance with the above referenced criteria on October 15, 2024. The Company is diligently working to evidence compliance with the minimum bid price requirement for continued listing on Nasdaq; however, there can be no assurance that the Company will be able to regain compliance or that Nasdaq will grant the Company a further extension of time to regain compliance, if necess

Forward-Looking Statements

Forward-Looking Statements This Current Report on Form 8-K contains forward-looking "plan," "believe," "seek," "estimate," "will," "project" or words of similar meaning. In this report, forward-looking statements include, but are not limited to, the Company's ability to regain compliance with Nasdaq listing standards or receive additional time from Nasdaq to regain compliance if necessary. Although the Company believes such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Actual results may vary materially from those expressed or implied by the statements herein due to certain risks, including but are not limited to, the Company's ability to successfully raise sufficient capital on reasonable terms or at all, available cash on hand and contractual and statutory limitations that could impair the Company's ability to pay future dividends, the Company's ability tocomplete the Company's pre-clinical or clinical studies and to obtain approval for the Company's productcandidates, the Company's ability to successfully defend potential future litigation, changes in local or national economic conditionsas well as various additional risks, many of which are now unknown and generally out of the Company's control, and which are detailed from time to time in reports filed by the Company with the Securities and Exchange Commission, including quarterly reports on Form 10-Q, reports on Form 8-K and annual reports on Form 10-K. The Company does not undertake any duty to update any statements contained herein (including any forward-looking statements), except as required by law. -1-

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: April 19, 2024 BIOVIE INC. By: /s/ Joanne Wendy Kim Name: Joanne Wendy Kim Title: Chief Financial Officer -2-

View Full Filing

View this 8-K filing on SEC EDGAR