SCHEDULE: BioVie Inc. Major Shareholder Terren S. Peizer Sentenced, Maintains Significant Stake

Terren S. Peizer, a significant beneficial owner of BioVie Inc. through Acuitas Group Holdings, LLC, was sentenced to 42 months imprisonment and has filed an appeal, while maintaining a 15.8% stake in the company.

Summary

• This filing is Amendment No. 11 to the Schedule 13D, updating beneficial ownership information for BioVie Inc.
• Acuitas Group Holdings, LLC beneficially owns 3,043,574 shares of Class A Common Stock, representing approximately 15.8% of the total shares deemed outstanding.
• Terren S. Peizer beneficially owns 3,050,394 shares of Class A Common Stock, also representing approximately 15.8% of the total shares deemed outstanding.
• All reported share amounts reflect a 1:10 reverse stock split that became effective on August 6, 2024.
• A further 1:10 reverse stock split, effective July 7, 2025, is not yet reflected in the reported share amounts.
• Terren S. Peizer was sentenced on June 23, 2025, to 42 months imprisonment and 3 years of supervised release.
• Mr. Peizer filed a notice of appeal on June 25, 2025, regarding his sentencing.
• No transactions in the securities of BioVie Inc. were conducted by the Reporting Persons during the past sixty days.

Sentiment

Score: 3

Explanation: The negative sentiment is primarily driven by the legal proceedings and sentencing of Terren S. Peizer, a significant beneficial owner. While his substantial ownership stake is maintained, the personal legal issues of a key figure can cast a shadow on the company.

Negatives

• Terren S. Peizer, a significant beneficial owner and key figure associated with the company, was sentenced to 42 months imprisonment and 3 years of supervised release.

Risks

• Potential reputational risk to BioVie Inc. due to the legal proceedings involving Terren S. Peizer, a significant beneficial owner and Chairman of Acuitas Group Holdings, LLC.
• Uncertainty regarding the outcome of Mr. Peizer's appeal and its potential long-term implications for his involvement with the company or its major shareholder.
• Possible impact on investor confidence due to the legal issues of a prominent shareholder.

Future Outlook

The company has a second 1:10 reverse stock split scheduled to become effective on July 7, 2025, which is not yet reflected in the beneficial ownership figures reported in this filing.

Management Comments

• The reporting persons, including Terren S. Peizer, certified the information in the statement as true, complete, and correct to the best of their knowledge and belief.

Industry Context

This filing is specific to a major shareholder's ownership and legal status, and does not provide broader industry context or trends for the biotechnology or pharmaceutical sector in which BioVie Inc. operates.

Legal Proceedings

• Terren S. Peizer was sentenced on June 23, 2025, to 42 months imprisonment and 3 years of supervised release.
• Mr. Peizer filed a notice of appeal on June 25, 2025, regarding his conviction and sentencing.

Related Party Transactions

• No transactions in the securities of the Company by the Reporting Persons were conducted during the past sixty days.

Stakeholder Impact

• Shareholders: Potential impact on investor confidence and perception due to the legal issues of a major beneficial owner.
• Company Reputation: Risk of reputational damage to BioVie Inc. due to association with the legal proceedings of a key figure.

Next Steps

• Terren S. Peizer's appeal of his sentencing.
• The company's 1:10 reverse stock split becoming effective on July 7, 2025.

Key Dates

Keywords

BIOVIE INC., Schedule 13D, beneficial ownership, Terren S. Peizer, Acuitas Group Holdings, LLC, common stock, reverse stock split, SEC filing, corporate governance, legal proceedings