Current Report Filing (8-k)
July 15 2022 - 05:11PM
Edgar (US Regulatory)
0001580149
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0001580149
2022-07-15
2022-07-15
iso4217:USD
xbrli:shares
iso4217:USD
xbrli:shares
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) July
15, 2022
BioVie Inc.
(Exact Name of Registrant as Specified in Its Charter)
Nevada |
001-39015 |
46-2510769 |
(State or Other Jurisdiction
of Incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
680 W Nye Lane Suite 201
Carson City, NV |
|
89703 |
(Address of Principal Executive Offices) |
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(Zip Code) |
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(775) 888-3162
(Registrant’s Telephone Number, Including Area Code)
(Former Name or Former Address, if Changed Since Last
Report)
Securities registered pursuant to Section 12(b) of
the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which
registered |
Class A Common Stock, par value $0.0001 per share |
BIVI |
The Nasdaq Stock Market, LLC |
Check the appropriate box below if the Form 8-K filing
is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):
☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an
emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2
of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark
if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 1.01 |
Entry into a Material Definitive Agreement. |
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Securities Purchase Agreement
On July 15, 2022, BioVie
Inc., a Nevada corporation (the “Company”), entered into a securities purchase agreement (the “Purchase Agreement”)
with Acuitas Group Holdings, LLC (“Acuitas”), the Company’s controlling stockholder that is 100% owned by Terren
Peizer, the chairman of the Company’s board of directors, pursuant to which the Company agreed to issue and sell to Acuitas,
and Acuitas agreed to purchase from the Company, in a private placement (the “Private Placement”), (i) an aggregate
of 3,636,364 shares (the “PIPE Shares”) of the Company’s Class A common stock, par value $0.0001 per share (the
“Common Stock”), at a price of $1.65 per share, and (ii) a warrant (the “Warrant”) to purchase 7,272,728
shares of Common Stock (the “Warrant Shares”) at an exercise price of $1.82, with a term of exercise of five years.
The aggregate purchase price for the PIPE Shares and Warrant (collectively, the “Securities”) sold in the Private
Placement was approximately $6 million.
The Company expects the Private Placement to close on or
about August 15, 2022, subject to the satisfaction of customary closing conditions. The Company intends to use the net proceeds from
the Private Placement for working capital purposes.
The Purchase Agreement includes representations,
warranties, and covenants customary for a transaction of this type. In addition, the Company agreed to indemnify Acuitas from liabilities
relating to the Company’s breach of any of the representations, warranties and covenants in the Purchase Agreement. The Securities
were sold pursuant to the exemption provided by Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”),
and Regulation D promulgated thereunder.
Upon the closing of the Purchase Agreement,
the Company and Acuitas will amend and restate that certain Registration Rights Agreement, dated as of June 10, 2021, by and between the
Company and Acuitas (the “Existing Registration Rights Agreement”), to amend the definition of “Registrable Securities”
in the Existing Registration Rights Agreement to include the PIPE Shares and the Warrant Shares as Registrable Securities thereunder.
Oppenheimer & Co. Inc. (“Oppenheimer”)
served as sole placement agent with respect to the Private Placement. The Company has agreed to pay Oppenheimer a cash fee equal to 3.0%
of the gross proceeds raised in the Private Placement.
The foregoing description of the Purchase Agreement
and Warrant is not complete and is subject to and qualified in its entirety by reference to the full text of the Purchase Agreement and
the Form of Warrant, respectively, copies of which are attached as Exhibits 10.1 and 4.1 to this Current Report on Form 8-K, respectively,
and are incorporated herein by reference.
Item 3.02 |
Unregistered Sales of Equity Securities. |
The information provided in Item
1.01 of this Form 8-K is hereby incorporated by reference into this Item 3.02.
Item 9.01 |
Financial Statements and Exhibits |
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(d) Exhibits
SIGNATURE
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: July 15, 2022
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BIOVIE INC. |
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By: |
/s/ Joanne Wendy Kim |
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Name: |
Joanne Wendy Kim |
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Title: |
Chief Financial Officer |
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