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[8-K] Lazydays Holdings, Inc. Reports Material Event

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Form Type
8-K
Rhea-AI Filing Summary

BioVie Inc. (Nasdaq: BIVI) has filed Amendment No. 1 to its Form S-1 to complete a firm-commitment public offering that will roughly double the company鈥檚 share count and strengthen short-term liquidity.

  • Size & structure: 1,456,310 Units (one post-split Class A share + one 5-year warrant) or, for investors breaching the 4.99 %/9.99 % ownership caps, an equal number of Pre-funded Units (one pre-funded warrant + one warrant). Gross proceeds at the assumed $10.30 price equal 鈮� $15.0 million; net 鈮� $13.8 million after 7 % underwriting fees and estimated offering costs (exact expenses not yet disclosed). Underwriters hold a 45-day over-allotment option for 15 % additional securities.
  • Pricing metrics: Warrants strike at $12.875 (125 % of the assumed offer price) and will be listed on Nasdaq as 鈥淏IVIW鈥� (listing application pending). Pre-funded warrants exercise at $0.0001 and will not be listed.
  • Capitalisation impact: Shares outstanding rise from 1,860,086 (6-30-25) to 3,316,396 before any warrant exercise鈥攐r 3,534,843 if the green-shoe is exercised in full鈥攔epresenting 鈮� 78 % immediate dilution to existing holders. Potential dilution is greater when considering 960,098 legacy warrants (avg. $35.02 strike), 84,872 options (avg. $286.20 strike) and the new offering warrants (1.46 M) and banker warrants (鈮� 0.15 M).
  • Reverse split executed: A 1-for-10 split became effective 7-7-25 to meet Nasdaq minimum bid requirements; all share figures reflect the split.
  • Use of proceeds: 鈥淲orking capital and general corporate purposes鈥� 鈥� presumed funding of ongoing clinical trials (bezisterim/NE3107 for Alzheimer鈥檚, Parkinson鈥檚 and Long COVID; BIV201 terlipressin for ascites). No debt repayment or acquisition earmarked.
  • Pipeline status: 鈥� Phase 3 AD study unblinded but undermined by cGCP violations at 15 sites, leaving an under-powered data set (81 mITT / 57 per-protocol patients). Company evaluating additional enrolment or a new Phase 3. 鈥� Phase 2b Parkinson鈥檚 study green-lit by FDA and began April 2025. 鈥� DOD-funded Phase 2 Long COVID trial (ADDRESS-LC) commenced May 2025; $13.1 M grant with $2.9 M reimbursed YTD. 鈥� BIV201 Phase 3 protocol being finalised after recent FDA guidance. Orphan Drug & Fast-Track designations remain in force.
  • Litigation disclosure: Consolidated securities-fraud class action (In re BioVie Inc. Securities Litigation, D.Nev. No. 3:24-cv-00035) survived a motion to dismiss on 3-27-25 and is now in discovery; insurer deductible is $2 M.
  • Risk highlights: continuing losses, need for repeated capital raises, substantial clinical and regulatory uncertainty, concentration of cash in one bank above FDIC limits, potential Nasdaq compliance issues if this offering is not deemed 鈥減ublic,鈥� and broad indemnification/blank-check preferred provisions.

The filing positions BioVie to secure modest near-term funds but materially dilutes shareholders and does not address the more costly, pivotal trials still required for commercialization. Strategic success now hinges on swift resolution of AD data integrity questions, execution of new PD/Long-COVID trials, and eventual Phase 3 initiation for BIV201.

BioVie Inc. (Nasdaq: BIVI) ha presentato l'Emendamento n. 1 al suo modulo S-1 per completare un'offerta pubblica a impegno fermo che raddoppier脿 circa il numero di azioni della societ脿 e rafforzer脿 la liquidit脿 a breve termine.

  • Dimensioni e struttura: 1.456.310 Unit脿 (una azione Classe A post-split + un warrant a 5 anni) oppure, per gli investitori che superano i limiti di propriet脿 del 4,99%/9,99%, un numero pari di Unit脿 Pre-finanziate (un warrant pre-finanziato + un warrant). I proventi lordi al prezzo presunto di 10,30 $ ammontano a circa 15,0 milioni di dollari; netti circa 13,8 milioni dopo il 7% di commissioni di sottoscrizione e i costi stimati dell'offerta (spese esatte non ancora comunicate). Gli underwriter detengono un'opzione di sovrallocazione del 15% per ulteriori titoli per 45 giorni.
  • Metriche di prezzo: Il prezzo di esercizio dei warrant 猫 di 12,875 $ (125% del prezzo presunto dell'offerta) e saranno quotati al Nasdaq con il simbolo 鈥淏IVIW鈥� (domanda di quotazione in corso). I warrant pre-finanziati si esercitano a 0,0001 $ e non saranno quotati.
  • Impatto sulla capitalizzazione: Le azioni in circolazione aumentano da 1.860.086 (30-06-25) a 3.316.396 prima di qualsiasi esercizio di warrant 鈥� o 3.534.843 se viene esercitata completamente l'opzione green-shoe 鈥� rappresentando circa il 78% di diluizione immediata per gli azionisti attuali. La diluizione potenziale 猫 maggiore considerando 960.098 warrant legacy (prezzo medio 35,02 $), 84.872 opzioni (prezzo medio 286,20 $) e i warrant della nuova offerta (1,46 milioni) e quelli degli istituti bancari (circa 0,15 milioni).
  • Split inverso eseguito: Un frazionamento azionario 1-per-10 猫 diventato effettivo il 7-7-25 per soddisfare i requisiti minimi di prezzo del Nasdaq; tutte le cifre azionarie riflettono questo split.
  • Utilizzo dei proventi: 鈥淐apitale circolante e scopi aziendali generali鈥� 鈥� presumibilmente per finanziare gli studi clinici in corso (bezisterim/NE3107 per Alzheimer, Parkinson e Long COVID; BIV201 terlipressina per ascite). Nessun rimborso di debiti o acquisizioni previste.
  • Stato della pipeline: 鈥� Studio di Fase 3 sull'Alzheimer svelato ma compromesso da violazioni cGCP in 15 siti, lasciando un dataset sottodimensionato (81 pazienti mITT / 57 per protocollo). La societ脿 sta valutando un'ulteriore arruolamento o un nuovo studio di Fase 3. 鈥� Studio di Fase 2b sul Parkinson approvato dalla FDA e iniziato ad aprile 2025. 鈥� Studio di Fase 2 sul Long COVID finanziato dal DOD (ADDRESS-LC) iniziato a maggio 2025; sovvenzione da 13,1 milioni di dollari con 2,9 milioni rimborsati nell'anno. 鈥� Protocollo di Fase 3 per BIV201 in fase di finalizzazione dopo le recenti indicazioni FDA. Le designazioni Orphan Drug e Fast-Track sono ancora valide.
  • Divulgazione legale: Azione collettiva consolidata per frode sui titoli (In re BioVie Inc. Securities Litigation, D.Nev. No. 3:24-cv-00035) ha superato una mozione di rigetto il 27-3-25 ed 猫 ora in fase di discovery; la franchigia assicurativa 猫 di 2 milioni di dollari.
  • Punti di rischio: perdite continue, necessit脿 di ripetuti aumenti di capitale, notevole incertezza clinica e regolatoria, concentrazione di liquidit脿 in una banca oltre i limiti FDIC, potenziali problemi di conformit脿 Nasdaq se l'offerta non fosse considerata 鈥減ubblica鈥�, e ampie clausole di indennizzo/preferenze azionarie a scatola bianca.

Il deposito posiziona BioVie per assicurarsi fondi modesti a breve termine ma diluisce significativamente gli azionisti e non affronta gli studi pi霉 costosi e cruciali ancora necessari per la commercializzazione. Il successo strategico dipender脿 ora dalla rapida risoluzione delle questioni di integrit脿 dei dati sull'Alzheimer, dall'esecuzione dei nuovi studi su Parkinson/Long COVID e dall'avvio finale della Fase 3 per BIV201.

BioVie Inc. (Nasdaq: BIVI) ha presentado la Enmienda No. 1 a su Formulario S-1 para completar una oferta p煤blica con compromiso firme que aproximadamente duplicar谩 el n煤mero de acciones de la compa帽铆a y fortalecer谩 la liquidez a corto plazo.

  • Tama帽o y estructura: 1,456,310 Unidades (una acci贸n Clase A post-split + un warrant a 5 a帽os) o, para inversores que superen los l铆mites de propiedad del 4,99 %/9,99 %, un n煤mero igual de Unidades Pre-financiadas (un warrant pre-financiado + un warrant). Los ingresos brutos al precio supuesto de 10,30 $ son aproximadamente 15,0 millones; netos aproximadamente 13,8 millones tras una comisi贸n de suscripci贸n del 7 % y costes estimados de la oferta (gastos exactos a煤n no revelados). Los suscriptores tienen una opci贸n de sobresuscripci贸n del 15 % adicional durante 45 d铆as.
  • M茅tricas de precio: El precio de ejercicio de los warrants es de 12,875 $ (125 % del precio supuesto de la oferta) y se listar谩n en Nasdaq como 鈥淏IVIW鈥� (solicitud de listado pendiente). Los warrants pre-financiados se ejercen a 0,0001 $ y no se listar谩n.
  • Impacto en la capitalizaci贸n: Las acciones en circulaci贸n aumentan de 1,860,086 (30-06-25) a 3,316,396 antes de cualquier ejercicio de warrant 鈥� o 3,534,843 si se ejerce completamente la opci贸n green-shoe 鈥� lo que representa aproximadamente un 78 % de diluci贸n inmediata para los accionistas actuales. La diluci贸n potencial es mayor considerando 960,098 warrants antiguos (precio medio 35,02 $), 84,872 opciones (precio medio 286,20 $) y los nuevos warrants de la oferta (1,46 M) y los warrants de los bancos (鈮� 0,15 M).
  • Split inverso ejecutado: Un split 1-por-10 entr贸 en vigor el 7-7-25 para cumplir con los requisitos m铆nimos de precio de Nasdaq; todas las cifras de acciones reflejan este split.
  • Uso de los ingresos: 鈥淐apital de trabajo y prop贸sitos corporativos generales鈥� 鈥� presumiblemente para financiar ensayos cl铆nicos en curso (bezisterim/NE3107 para Alzheimer, Parkinson y Long COVID; BIV201 terlipresina para ascitis). No se destina a pago de deuda ni adquisiciones.
  • Estado de la pipeline: 鈥� Estudio de Fase 3 en Alzheimer desenmascarado pero afectado por violaciones cGCP en 15 sitios, dejando un conjunto de datos insuficiente (81 pacientes mITT / 57 por protocolo). La compa帽铆a eval煤a mayor enrolamiento o un nuevo estudio de Fase 3. 鈥� Estudio de Fase 2b en Parkinson aprobado por FDA y comenzado en abril de 2025. 鈥� Ensayo de Fase 2 en Long COVID financiado por DOD (ADDRESS-LC) iniciado en mayo de 2025; subvenci贸n de 13,1 M $ con 2,9 M $ reembolsados en el a帽o. 鈥� Protocolo de Fase 3 para BIV201 en finalizaci贸n tras reciente orientaci贸n FDA. Designaciones Orphan Drug y Fast-Track vigentes.
  • Divulgaci贸n legal: Demanda colectiva consolidada por fraude de valores (In re BioVie Inc. Securities Litigation, D.Nev. No. 3:24-cv-00035) sobrevivi贸 a una moci贸n de desestimaci贸n el 27-3-25 y est谩 en fase de descubrimiento; deducible del seguro es 2 M $.
  • Aspectos de riesgo: p茅rdidas continuas, necesidad de m煤ltiples aumentos de capital, significativa incertidumbre cl铆nica y regulatoria, concentraci贸n de efectivo en un banco por encima de l铆mites FDIC, posibles problemas de cumplimiento Nasdaq si esta oferta no se considera 鈥減煤blica鈥�, y amplias cl谩usulas de indemnizaci贸n/preferencias preferentes.

La presentaci贸n posiciona a BioVie para asegurar fondos modestos a corto plazo pero diluye materialmente a los accionistas y no aborda los ensayos m谩s costosos y cruciales a煤n necesarios para la comercializaci贸n. El 茅xito estrat茅gico ahora depende de la pronta resoluci贸n de las cuestiones de integridad de datos en Alzheimer, la ejecuci贸n de nuevos ensayos de Parkinson/Long COVID y el eventual inicio de la Fase 3 para BIV201.

BioVie Inc. (雮橃姢雼�: BIVI)電� 須岇偓鞚� 欤检嫕 靾橂ゼ 瓯办潣 霊� 氚半 電橂Μ瓿� 雼赴 鞙犽彊靹膘潉 臧曧檾頃橁赴 鞙勴暅 頇曥爼 鞚胳垬 瓿惦毳� 鞕勲頃橁赴 鞙勴暣 Form S-1鞚� 靾橃爼鞎� 1順鸽ゼ 鞝滌稖頄堨姷雼堧嫟.

  • 攴滊 氚� 甑“: 1,456,310 雼渼(欤检嫕 1欤�(攵勴暊 頉� 韥措灅鞀� A) + 5雲� 鞗岆煱韸� 1臧�) 霕愲姅 4.99%/9.99% 靻岇湢 頃滊弰毳� 齑堦臣頃橂姅 韴瀽鞛愳潣 瓴届毎 霃欖垬鞚� 靹犽偐 鞗岆煱韸� 雼渼(靹犽偐 鞗岆煱韸� 1臧� + 鞗岆煱韸� 1臧�). 臧�鞝曤悳 臧�瓴� 10.30雼煬 旮办 齑� 靾橃澋鞚� 鞎� 1,500毵� 雼煬鞚措┌, 7% 鞚胳垬 靾橃垬耄� 氚� 於旍爼 氚滍枆 牍勳毄(鞝曧檿頃� 牍勳毄 氙戈车臧�) 瓿奠牅 頉� 靾滌垬鞚奠潃 鞎� 1,380毵� 雼煬鞛呺媹雼�. 鞚胳垬鞛愲姅 45鞚缄皠 於旉皜 15% 歃濌秾鞐� 雽�頃� 齑堦臣 氚办爼 鞓奠厴鞚� 氤挫湢頃╇媹雼�.
  • 臧�瓴� 歆�響�: 鞗岆煱韸� 頄夓偓臧�瓴╈潃 12.875雼煬(臧�鞝曤悳 瓿惦臧�鞚� 125%)鞚措┌, 雮橃姢雼レ棎 鈥淏IVIW鈥濍 靸侅灔霅� 鞓堨爼(靸侅灔 鞁犾箔 欷�). 靹犽偐 鞗岆煱韸� 頄夓偓臧�瓴╈潃 0.0001雼煬鞚措┌ 靸侅灔霅橃 鞎婌姷雼堧嫟.
  • 鞛愲掣 鞓來枼: 氚滍枆 欤检嫕 靾橂姅 2025雲� 6鞗� 30鞚� 旮办 1,860,086欤检棎靹� 鞗岆煱韸� 頄夓偓 鞝� 3,316,396欤茧 歃濌皜頃橂┌, 攴鸽Π鞀� 鞓奠厴鞚� 鞝勲秬 頄夓偓頃� 瓴届毎 3,534,843欤缄皜 霅╇媹雼�. 鞚措姅 旮办〈 欤检＜鞐愱矊 鞎� 78%鞚� 歃夑皝鞝侅澑 頋劃 須臣毳� 鞚橂頃╇媹雼�. 鞛犾灛鞝� 頋劃 須臣電� 旮办〈 鞗岆煱韸� 960,098臧�(韽夑窢 頄夓偓臧� 35.02雼煬), 鞓奠厴 84,872臧�(韽夑窢 頄夓偓臧� 286.20雼煬), 鞁犼窚 瓿惦 鞗岆煱韸� 146毵� 臧� 氚� 鞚�頄� 鞗岆煱韸� 鞎� 15毵� 臧滊ゼ 韽暔頃橂┐ 雿� 韥诫媹雼�.
  • 鞐秳頃� 鞁ろ枆: 雮橃姢雼� 斓滌唽 鞛呾鞍臧� 鞖旉贝 於╈”鞚� 鞙勴暣 2025雲� 7鞗� 7鞚� 1雽� 10 鞐秳頃犾澊 鞁滍枆霅橃棃鞙茧┌, 氇摖 欤检嫕 靾橃箻電� 攵勴暊 頉� 靾橃箻鞛呺媹雼�.
  • 靾橃澋旮� 靷毄: 鈥滌毚鞓� 鞛愲掣 氚� 鞚茧皹 旮办梾 氇╈爜鈥� 鈥� 歆勴枆 欷戩澑 鞛勳儊 鞁滍棙(鞎岇笭頃橃澊毹�, 韺岉偍鞀�, 搿膘綌牍勲摐鞖� bezisterim/NE3107; 氤奠垬氤奠垬歃� 旃橂鞖� BIV201 韰岆ゼ毽攧霠堨嫚) 鞛愱笀 臁半嫭 於旍爼. 攵�毂� 靸來櫂 霕愲姅 鞚胳垬 氇╈爜鞚� 鞐嗢潓.
  • 韺岇澊頂勲澕鞚� 順勴櫓: 鈥� 3靸� 鞎岇笭頃橃澊毹� 鞐瓣惮電� 瓿店皽霅橃棃鞙茧倶 15臧� 靷澊韸胳棎靹� cGCP 鞙勲皹鞙茧 鞚疙暣 雿办澊韯瓣皜 攵�臁�(81氇� mITT / 57氇� per-protocol). 於旉皜 霌彪 霕愲姅 靸堧鞖� 3靸� 鞐瓣惮 瓴�韱� 欷�. 鈥� FDA 鞀轨澑 氚涭潃 2b靸� 韺岉偍鞀� 鞐瓣惮電� 2025雲� 4鞗� 鞁滌瀾. 鈥� 甑癌攵�(DOD) 鞛愱笀 歆�鞗� 2靸� 搿膘綌牍勲摐 鞛勳儊(ADDRESS-LC)鞚� 2025雲� 5鞗� 鞁滌瀾; 1,310毵� 雼煬 氤挫“旮� 欷� 290毵� 雼煬 頇橁笁 鞕勲. 鈥� 斓滉芳 FDA 歆�旃� 頉� BIV201 3靸� 頂勲韱犾綔 斓滌 臁办湪 欷�. 頋穩鞎� 氚� 韺姢韸疙姼霝� 歆�鞝� 鞙犾.
  • 靻岇啞 瓿奠嫓: 韱淀暕 歃濌秾 靷赴 歆戨嫧 靻岇啞(In re BioVie Inc. Securities Litigation, D.Nev. No. 3:24-cv-00035)鞚� 2025雲� 3鞗� 27鞚� 旮瓣皝 鞁犾箔鞚� 韱店臣頄堨溂氅� 順勳灛 歃濌卑臧滌嫓 雼硠; 氤错棙 瓿奠牅鞎§潃 200毵� 雼煬.
  • 鞙勴棙 鞖旍爯: 歆�靻嶌爜 靻愳嫟, 氚橂车 鞛愲掣 臁半嫭 頃勳殧, 靸侂嫻頃� 鞛勳儊 氚� 攴滌牅 攵堩檿鞁れ劚, FDIC 頃滊弰 齑堦臣 鞚�頄夓棎 順勱笀 歆戩, 氤� 瓿惦臧� 鈥滉车臧溾�濍 臧勳＜霅橃 鞎婌潉 瓴届毎 雮橃姢雼� 攴滌爼 欷�靾� 氍胳牅 臧�電レ劚, 甏戨矓鞙勴暅 氅挫眳 氚� 氚膘 靾橅憸 鞖办劆欤� 臁绊暛.

鞚措矆 鞝滌稖鞚� BioVie臧� 雼赴鞝侅溂搿� 鞝侅潃 鞛愱笀鞚� 頇曤炒頃� 靾� 鞛堧弰搿� 頃橃毵� 欤检＜毳� 韥矊 頋劃鞁滍偆氅�, 靸侅毄頇旊ゼ 鞙勴暣 鞐爠頌� 頃勳殧頃� 雿� 牍勳毄鞚� 毵庫澊 霌滊姅 頃奠嫭 鞛勳儊 鞁滍棙 氍胳牅毳� 頃搓舶頃橃電� 氇豁暕雼堧嫟. 鞝勲灥鞝� 靹标车鞚� 鞚挫牅 鞎岇笭頃橃澊毹� 雿办澊韯� 氍搓舶靹� 氍胳牅鞚� 鞁犾啀頃� 頃搓舶, 靸堧鞖� 韺岉偍鞀�/搿膘綌牍勲摐 鞛勳儊 鞁滍棙鞚� 鞁ろ枆, BIV201 3靸� 臧滌嫓 鞐秬鞐� 雼牑 鞛堨姷雼堧嫟.

BioVie Inc. (Nasdaq : BIVI) a d茅pos茅 l'Amendement n掳 1 脿 son formulaire S-1 pour finaliser une offre publique ferme qui double approximativement le nombre d'actions de la soci茅t茅 et renforce la liquidit茅 脿 court terme.

  • Taille et structure : 1 456 310 unit茅s (une action de classe A post-split + un bon de souscription de 5 ans) ou, pour les investisseurs d茅passant les plafonds de d茅tention de 4,99 %/9,99 %, un nombre 茅gal d'unit茅s pr茅financ茅es (un bon de souscription pr茅financ茅 + un bon de souscription). Les produits bruts au prix 蝉耻辫辫辞蝉茅 de 10,30 $ s'茅l猫vent 脿 environ 15,0 millions de dollars ; nets d'environ 13,8 millions apr猫s 7 % de frais de souscription et co没ts estim茅s de l'offre (d茅penses exactes non encore divulgu茅es). Les souscripteurs disposent d'une option de surallocation de 15 % suppl茅mentaire pendant 45 jours.
  • M茅triques de prix : Le prix d'exercice des bons est de 12,875 $ (125 % du prix 蝉耻辫辫辞蝉茅 de l'offre) et ils seront cot茅s au Nasdaq sous le symbole 芦 BIVIW 禄 (demande de cotation en cours). Les bons pr茅financ茅s s'exercent 脿 0,0001 $ et ne seront pas cot茅s.
  • Impact sur la capitalisation : Le nombre d'actions en circulation passe de 1 860 086 (30-06-25) 脿 3 316 396 avant tout exercice de bons 鈥� ou 脿 3 534 843 si l'option green-shoe est exerc茅e en totalit茅 鈥� repr茅sentant une dilution imm茅diate d'environ 78 % pour les d茅tenteurs actuels. La dilution potentielle est plus importante si l'on consid猫re 960 098 bons anciens (prix moyen d'exercice 35,02 $), 84 872 options (prix moyen d'exercice 286,20 $), ainsi que les bons de la nouvelle offre (1,46 M) et les bons des banques (鈮� 0,15 M).
  • Fractionnement invers茅 ex茅cut茅 : Un fractionnement 1 pour 10 est entr茅 en vigueur le 7-7-25 pour satisfaire aux exigences minimales de cours du Nasdaq ; tous les chiffres d'actions refl猫tent ce fractionnement.
  • Utilisation des produits : 芦 Fonds de roulement et objectifs g茅n茅raux de l'entreprise 禄 鈥� pr茅sum茅e affectation au financement des essais cliniques en cours (bezisterim/NE3107 pour Alzheimer, Parkinson et Long COVID ; BIV201 terlipressine pour ascite). Aucun remboursement de dette ni acquisition pr茅vu.
  • 脡tat du pipeline : 鈥� 脡tude de phase 3 sur la maladie d'Alzheimer d茅voil茅e mais compromise par des violations des cGCP sur 15 sites, laissant un ensemble de donn茅es sous-dimensionn茅 (81 patients mITT / 57 per-protocole). La soci茅t茅 茅value un recrutement suppl茅mentaire ou une nouvelle phase 3. 鈥� 脡tude de phase 2b sur Parkinson approuv茅e par la FDA et commenc茅e en avril 2025. 鈥� Essai de phase 2 financ茅 par le DOD sur le Long COVID (ADDRESS-LC) d茅but茅 en mai 2025 ; subvention de 13,1 M$ avec 2,9 M$ rembours茅s 脿 ce jour. 鈥� Protocole de phase 3 pour BIV201 en cours de finalisation apr猫s les r茅centes directives de la FDA. Les d茅signations Orphan Drug et Fast-Track restent en vigueur.
  • Divulgation judiciaire : Action collective consolid茅e pour fraude sur titres (In re BioVie Inc. Securities Litigation, D.Nev. No. 3:24-cv-00035) a surv茅cu 脿 une requ锚te en rejet le 27-3-25 et est d茅sormais en phase de d茅couverte ; la franchise d'assurance est de 2 M$.
  • Points de risque : pertes continues, besoin de lev茅es de fonds r茅p茅t茅es, incertitudes cliniques et r茅glementaires substantielles, concentration de liquidit茅s dans une seule banque au-del脿 des limites FDIC, risques potentiels de conformit茅 Nasdaq si cette offre n'est pas consid茅r茅e comme 芦 publique 禄, et clauses d'indemnisation 茅tendues/pr茅f茅rences d'actions privil茅gi茅es 脿 blanc-seing.

Le d茅p么t positionne BioVie pour obtenir des fonds modestes 脿 court terme mais dilue consid茅rablement les actionnaires et ne traite pas des essais plus co没teux et cruciaux encore n茅cessaires 脿 la commercialisation. Le succ猫s strat茅gique d茅pend d茅sormais de la r茅solution rapide des questions d'int茅grit茅 des donn茅es sur la maladie d'Alzheimer, de l'ex茅cution des nouveaux essais sur Parkinson/Long COVID et du lancement 茅ventuel de la phase 3 pour BIV201.

BioVie Inc. (Nasdaq: BIVI) hat 脛nderung Nr. 1 zu ihrem Formular S-1 eingereicht, um ein festverpflichtetes 枚ffentliches Angebot abzuschlie脽en, das die Anzahl der Aktien des Unternehmens ungef盲hr verdoppeln und die kurzfristige Liquidit盲t st盲rken wird.

  • Gr枚脽e & Struktur: 1.456.310 Einheiten (jeweils eine nach Aktiensplit Class A Aktie + ein 5-Jahres-Warrant) oder f眉r Investoren, die die Eigentumsgrenzen von 4,99 %/9,99 % 眉berschreiten, eine gleiche Anzahl an vorfinanzierten Einheiten (ein vorfinanzierter Warrant + ein Warrant). Bruttoerl枚s zum angenommenen Preis von 10,30 $ betr盲gt ca. 15,0 Mio. $; netto ca. 13,8 Mio. $ nach 7 % Underwriting-Geb眉hren und gesch盲tzten Angebotskosten (genaue Ausgaben noch nicht bekannt). Underwriter halten eine 45-t盲gige Mehrzuteilungsoption f眉r zus盲tzliche 15 % der Wertpapiere.
  • Preiskennzahlen: Aus眉bungspreis der Warrants liegt bei 12,875 $ (125 % des angenommenen Angebotspreises) und sie werden an der Nasdaq unter 鈥濨IVIW鈥� gelistet (Listungsantrag l盲uft). Vorfinanzierte Warrants werden zu 0,0001 $ ausge眉bt und nicht gelistet.
  • Kapitalisierungsauswirkung: Ausstehende Aktien steigen von 1.860.086 (30.06.25) auf 3.316.396 vor jeglicher Aus眉bung von Warrants 鈥� oder auf 3.534.843 bei voller Aus眉bung der Green-Shoe-Option 鈥� was etwa 78 % sofortige Verw盲sserung f眉r bestehende Aktion盲re bedeutet. Potenzielle Verw盲sserung ist h枚her, wenn man 960.098 Alt-Warrants (durchschnittlicher Aus眉bungspreis 35,02 $), 84.872 Optionen (durchschnittlicher Aus眉bungspreis 286,20 $), die neuen Offering-Warrants (1,46 Mio.) und Banker-Warrants (ca. 0,15 Mio.) ber眉cksichtigt.
  • Reverse Split durchgef眉hrt: Ein 1-zu-10-Split wurde am 07.07.25 wirksam, um die Mindestgebotspreise der Nasdaq zu erf眉llen; alle Aktienzahlen spiegeln den Split wider.
  • Verwendung der Erl枚se: 鈥濨etriebskapital und allgemeine Unternehmenszwecke鈥� 鈥� vermutlich Finanzierung laufender klinischer Studien (bezisterim/NE3107 f眉r Alzheimer, Parkinson und Long COVID; BIV201 Terlipressin f眉r Aszites). Keine Tilgung von Schulden oder Akquisitionen vorgesehen.
  • Pipeline-Status: 鈥� Phase-3-AD-Studie unblindiert, jedoch durch cGCP-Verst枚脽e an 15 Standorten beeintr盲chtigt, was zu einem unterdimensionierten Datensatz f眉hrte (81 mITT / 57 per-protocol Patienten). Das Unternehmen pr眉ft weitere Einschreibungen oder eine neue Phase 3. 鈥� Phase-2b-Parkinson-Studie von der FDA genehmigt und im April 2025 gestartet. 鈥� DOD-finanzierte Phase-2-Long-COVID-Studie (ADDRESS-LC) begann im Mai 2025; 13,1 Mio. $ Zuschuss, davon 2,9 Mio. $ bisher erstattet. 鈥� BIV201 Phase-3-Protokoll wird nach j眉ngster FDA-Anleitung finalisiert. Orphan-Drug- und Fast-Track-Designationen bleiben bestehen.
  • Rechtliche Offenlegung: Konsolidierte Wertpapierbetrugs-Klassenklage (In re BioVie Inc. Securities Litigation, D.Nev. Nr. 3:24-cv-00035) 眉berstand am 27.03.25 einen Abweisungsantrag und befindet sich nun in der Entdeckungsphase; Versicherungs-Selbstbehalt betr盲gt 2 Mio. $.
  • Risikohighlights: anhaltende Verluste, Bedarf an wiederholten Kapitalerh枚hungen, erhebliche klinische und regulatorische Unsicherheiten, Konzentration von Bargeld bei einer Bank 眉ber FDIC-Grenzen hinaus, potenzielle Nasdaq-Compliance-Probleme, falls dieses Angebot nicht als 鈥灻秄fentlich鈥� gilt, sowie umfangreiche Freistellungs- und Blankoscheck-Vorzugsbestimmungen.

Die Einreichung positioniert BioVie, um kurzfristig bescheidene Mittel zu sichern, verw盲ssert jedoch die Aktion盲re erheblich und adressiert nicht die kostenintensiveren, entscheidenden Studien, die f眉r die Kommerzialisierung noch erforderlich sind. Der strategische Erfolg h盲ngt nun von der schnellen Kl盲rung der AD-Datenintegrit盲tsfragen, der Durchf眉hrung neuer PD/Long-COVID-Studien und dem letztlichen Start der Phase 3 f眉r BIV201 ab.

Positive
  • Reverse stock split successfully restored Nasdaq bid-price compliance, avoiding imminent delisting.
  • $15 million gross capital infusion (鈮� $14 M net) extends cash runway and funds ongoing trials.
  • DoD grant of $13.1 million fully finances the Phase 2 Long-COVID study, reducing out-of-pocket R&D spend.
  • Fast-Track & Orphan Drug designations for BIV201 could accelerate review and provide marketing exclusivity if approved.
Negative
  • Immediate dilution of ~78 % to existing shareholders, with additional over-allotment and warrant overhang.
  • Phase 3 Alzheimer鈥檚 trial data integrity issues leave the lead indication underpowered and delay regulatory pathway.
  • Securities-fraud class action survived dismissal; potential liabilities and $2 M deductible may strain cash.
  • Offering proceeds are insufficient to fund pivotal trials, implying further dilution-inducing raises will be needed.
  • Reverse split risk: reduced float may heighten volatility and potential price erosion post-offering.

Insights

TL;DR 鈥� Capital raise improves runway but comes with 78 % dilution; pipeline catalysts remain high-risk.

The S-1/A reveals an offer sized to bring in roughly $14 M net, extending cash life by an estimated 2-3 quarters based on FY-24 burn rates. The simultaneous 1-for-10 reverse split restored Nasdaq bid-price compliance but shrank the public float, making dilution mathematically severe. Warrants priced at a 25 % premium may cap near-term upside while adding 1.46 M potential shares. Importantly, management has not yet resolved the data-integrity overhang in its Phase 3 Alzheimer鈥檚 program; without an expanded or new trial, FDA approval is implausible. Positive signals include a fully funded $13.1 M DoD Long-COVID study and ongoing PD Phase 2b. Nonetheless, with no commercial product and ongoing securities litigation, risk remains elevated. I view the amendment as neutral overall (rating 0): necessary financing achieved, but no change to fundamental outlook.

TL;DR 鈥� Offering meets compliance goals but amplifies overhangs: warrants, litigation, Nasdaq risk.

Post-split share price near $8.50 implies the bookrunner must discount meaningfully to clear the book, raising the possibility the unit price prices below assumed $10.30. If so, exercise prices and warrant strikes reset lower, increasing dilution. The underwriter鈥檚 over-allotment and 5 % representative warrants further pressure cap-table optics. While proceeds cover day-to-day ops, they are insufficient for a full Phase 3 (~$50-70 M), guaranteeing additional raises. The securities class action, now in discovery, may sap management bandwidth and cash (first $2 M uninsured). Should the deal fail Nasdaq鈥檚 鈥減ublic offering鈥� test, BIVI must seek alternative shareholder-approval solutions. Net impact: financing is incrementally helpful but does not materially de-risk the longer-term funding gap; I assign a neutral rating 0.

BioVie Inc. (Nasdaq: BIVI) ha presentato l'Emendamento n. 1 al suo modulo S-1 per completare un'offerta pubblica a impegno fermo che raddoppier脿 circa il numero di azioni della societ脿 e rafforzer脿 la liquidit脿 a breve termine.

  • Dimensioni e struttura: 1.456.310 Unit脿 (una azione Classe A post-split + un warrant a 5 anni) oppure, per gli investitori che superano i limiti di propriet脿 del 4,99%/9,99%, un numero pari di Unit脿 Pre-finanziate (un warrant pre-finanziato + un warrant). I proventi lordi al prezzo presunto di 10,30 $ ammontano a circa 15,0 milioni di dollari; netti circa 13,8 milioni dopo il 7% di commissioni di sottoscrizione e i costi stimati dell'offerta (spese esatte non ancora comunicate). Gli underwriter detengono un'opzione di sovrallocazione del 15% per ulteriori titoli per 45 giorni.
  • Metriche di prezzo: Il prezzo di esercizio dei warrant 猫 di 12,875 $ (125% del prezzo presunto dell'offerta) e saranno quotati al Nasdaq con il simbolo 鈥淏IVIW鈥� (domanda di quotazione in corso). I warrant pre-finanziati si esercitano a 0,0001 $ e non saranno quotati.
  • Impatto sulla capitalizzazione: Le azioni in circolazione aumentano da 1.860.086 (30-06-25) a 3.316.396 prima di qualsiasi esercizio di warrant 鈥� o 3.534.843 se viene esercitata completamente l'opzione green-shoe 鈥� rappresentando circa il 78% di diluizione immediata per gli azionisti attuali. La diluizione potenziale 猫 maggiore considerando 960.098 warrant legacy (prezzo medio 35,02 $), 84.872 opzioni (prezzo medio 286,20 $) e i warrant della nuova offerta (1,46 milioni) e quelli degli istituti bancari (circa 0,15 milioni).
  • Split inverso eseguito: Un frazionamento azionario 1-per-10 猫 diventato effettivo il 7-7-25 per soddisfare i requisiti minimi di prezzo del Nasdaq; tutte le cifre azionarie riflettono questo split.
  • Utilizzo dei proventi: 鈥淐apitale circolante e scopi aziendali generali鈥� 鈥� presumibilmente per finanziare gli studi clinici in corso (bezisterim/NE3107 per Alzheimer, Parkinson e Long COVID; BIV201 terlipressina per ascite). Nessun rimborso di debiti o acquisizioni previste.
  • Stato della pipeline: 鈥� Studio di Fase 3 sull'Alzheimer svelato ma compromesso da violazioni cGCP in 15 siti, lasciando un dataset sottodimensionato (81 pazienti mITT / 57 per protocollo). La societ脿 sta valutando un'ulteriore arruolamento o un nuovo studio di Fase 3. 鈥� Studio di Fase 2b sul Parkinson approvato dalla FDA e iniziato ad aprile 2025. 鈥� Studio di Fase 2 sul Long COVID finanziato dal DOD (ADDRESS-LC) iniziato a maggio 2025; sovvenzione da 13,1 milioni di dollari con 2,9 milioni rimborsati nell'anno. 鈥� Protocollo di Fase 3 per BIV201 in fase di finalizzazione dopo le recenti indicazioni FDA. Le designazioni Orphan Drug e Fast-Track sono ancora valide.
  • Divulgazione legale: Azione collettiva consolidata per frode sui titoli (In re BioVie Inc. Securities Litigation, D.Nev. No. 3:24-cv-00035) ha superato una mozione di rigetto il 27-3-25 ed 猫 ora in fase di discovery; la franchigia assicurativa 猫 di 2 milioni di dollari.
  • Punti di rischio: perdite continue, necessit脿 di ripetuti aumenti di capitale, notevole incertezza clinica e regolatoria, concentrazione di liquidit脿 in una banca oltre i limiti FDIC, potenziali problemi di conformit脿 Nasdaq se l'offerta non fosse considerata 鈥減ubblica鈥�, e ampie clausole di indennizzo/preferenze azionarie a scatola bianca.

Il deposito posiziona BioVie per assicurarsi fondi modesti a breve termine ma diluisce significativamente gli azionisti e non affronta gli studi pi霉 costosi e cruciali ancora necessari per la commercializzazione. Il successo strategico dipender脿 ora dalla rapida risoluzione delle questioni di integrit脿 dei dati sull'Alzheimer, dall'esecuzione dei nuovi studi su Parkinson/Long COVID e dall'avvio finale della Fase 3 per BIV201.

BioVie Inc. (Nasdaq: BIVI) ha presentado la Enmienda No. 1 a su Formulario S-1 para completar una oferta p煤blica con compromiso firme que aproximadamente duplicar谩 el n煤mero de acciones de la compa帽铆a y fortalecer谩 la liquidez a corto plazo.

  • Tama帽o y estructura: 1,456,310 Unidades (una acci贸n Clase A post-split + un warrant a 5 a帽os) o, para inversores que superen los l铆mites de propiedad del 4,99 %/9,99 %, un n煤mero igual de Unidades Pre-financiadas (un warrant pre-financiado + un warrant). Los ingresos brutos al precio supuesto de 10,30 $ son aproximadamente 15,0 millones; netos aproximadamente 13,8 millones tras una comisi贸n de suscripci贸n del 7 % y costes estimados de la oferta (gastos exactos a煤n no revelados). Los suscriptores tienen una opci贸n de sobresuscripci贸n del 15 % adicional durante 45 d铆as.
  • M茅tricas de precio: El precio de ejercicio de los warrants es de 12,875 $ (125 % del precio supuesto de la oferta) y se listar谩n en Nasdaq como 鈥淏IVIW鈥� (solicitud de listado pendiente). Los warrants pre-financiados se ejercen a 0,0001 $ y no se listar谩n.
  • Impacto en la capitalizaci贸n: Las acciones en circulaci贸n aumentan de 1,860,086 (30-06-25) a 3,316,396 antes de cualquier ejercicio de warrant 鈥� o 3,534,843 si se ejerce completamente la opci贸n green-shoe 鈥� lo que representa aproximadamente un 78 % de diluci贸n inmediata para los accionistas actuales. La diluci贸n potencial es mayor considerando 960,098 warrants antiguos (precio medio 35,02 $), 84,872 opciones (precio medio 286,20 $) y los nuevos warrants de la oferta (1,46 M) y los warrants de los bancos (鈮� 0,15 M).
  • Split inverso ejecutado: Un split 1-por-10 entr贸 en vigor el 7-7-25 para cumplir con los requisitos m铆nimos de precio de Nasdaq; todas las cifras de acciones reflejan este split.
  • Uso de los ingresos: 鈥淐apital de trabajo y prop贸sitos corporativos generales鈥� 鈥� presumiblemente para financiar ensayos cl铆nicos en curso (bezisterim/NE3107 para Alzheimer, Parkinson y Long COVID; BIV201 terlipresina para ascitis). No se destina a pago de deuda ni adquisiciones.
  • Estado de la pipeline: 鈥� Estudio de Fase 3 en Alzheimer desenmascarado pero afectado por violaciones cGCP en 15 sitios, dejando un conjunto de datos insuficiente (81 pacientes mITT / 57 por protocolo). La compa帽铆a eval煤a mayor enrolamiento o un nuevo estudio de Fase 3. 鈥� Estudio de Fase 2b en Parkinson aprobado por FDA y comenzado en abril de 2025. 鈥� Ensayo de Fase 2 en Long COVID financiado por DOD (ADDRESS-LC) iniciado en mayo de 2025; subvenci贸n de 13,1 M $ con 2,9 M $ reembolsados en el a帽o. 鈥� Protocolo de Fase 3 para BIV201 en finalizaci贸n tras reciente orientaci贸n FDA. Designaciones Orphan Drug y Fast-Track vigentes.
  • Divulgaci贸n legal: Demanda colectiva consolidada por fraude de valores (In re BioVie Inc. Securities Litigation, D.Nev. No. 3:24-cv-00035) sobrevivi贸 a una moci贸n de desestimaci贸n el 27-3-25 y est谩 en fase de descubrimiento; deducible del seguro es 2 M $.
  • Aspectos de riesgo: p茅rdidas continuas, necesidad de m煤ltiples aumentos de capital, significativa incertidumbre cl铆nica y regulatoria, concentraci贸n de efectivo en un banco por encima de l铆mites FDIC, posibles problemas de cumplimiento Nasdaq si esta oferta no se considera 鈥減煤blica鈥�, y amplias cl谩usulas de indemnizaci贸n/preferencias preferentes.

La presentaci贸n posiciona a BioVie para asegurar fondos modestos a corto plazo pero diluye materialmente a los accionistas y no aborda los ensayos m谩s costosos y cruciales a煤n necesarios para la comercializaci贸n. El 茅xito estrat茅gico ahora depende de la pronta resoluci贸n de las cuestiones de integridad de datos en Alzheimer, la ejecuci贸n de nuevos ensayos de Parkinson/Long COVID y el eventual inicio de la Fase 3 para BIV201.

BioVie Inc. (雮橃姢雼�: BIVI)電� 須岇偓鞚� 欤检嫕 靾橂ゼ 瓯办潣 霊� 氚半 電橂Μ瓿� 雼赴 鞙犽彊靹膘潉 臧曧檾頃橁赴 鞙勴暅 頇曥爼 鞚胳垬 瓿惦毳� 鞕勲頃橁赴 鞙勴暣 Form S-1鞚� 靾橃爼鞎� 1順鸽ゼ 鞝滌稖頄堨姷雼堧嫟.

  • 攴滊 氚� 甑“: 1,456,310 雼渼(欤检嫕 1欤�(攵勴暊 頉� 韥措灅鞀� A) + 5雲� 鞗岆煱韸� 1臧�) 霕愲姅 4.99%/9.99% 靻岇湢 頃滊弰毳� 齑堦臣頃橂姅 韴瀽鞛愳潣 瓴届毎 霃欖垬鞚� 靹犽偐 鞗岆煱韸� 雼渼(靹犽偐 鞗岆煱韸� 1臧� + 鞗岆煱韸� 1臧�). 臧�鞝曤悳 臧�瓴� 10.30雼煬 旮办 齑� 靾橃澋鞚� 鞎� 1,500毵� 雼煬鞚措┌, 7% 鞚胳垬 靾橃垬耄� 氚� 於旍爼 氚滍枆 牍勳毄(鞝曧檿頃� 牍勳毄 氙戈车臧�) 瓿奠牅 頉� 靾滌垬鞚奠潃 鞎� 1,380毵� 雼煬鞛呺媹雼�. 鞚胳垬鞛愲姅 45鞚缄皠 於旉皜 15% 歃濌秾鞐� 雽�頃� 齑堦臣 氚办爼 鞓奠厴鞚� 氤挫湢頃╇媹雼�.
  • 臧�瓴� 歆�響�: 鞗岆煱韸� 頄夓偓臧�瓴╈潃 12.875雼煬(臧�鞝曤悳 瓿惦臧�鞚� 125%)鞚措┌, 雮橃姢雼レ棎 鈥淏IVIW鈥濍 靸侅灔霅� 鞓堨爼(靸侅灔 鞁犾箔 欷�). 靹犽偐 鞗岆煱韸� 頄夓偓臧�瓴╈潃 0.0001雼煬鞚措┌ 靸侅灔霅橃 鞎婌姷雼堧嫟.
  • 鞛愲掣 鞓來枼: 氚滍枆 欤检嫕 靾橂姅 2025雲� 6鞗� 30鞚� 旮办 1,860,086欤检棎靹� 鞗岆煱韸� 頄夓偓 鞝� 3,316,396欤茧 歃濌皜頃橂┌, 攴鸽Π鞀� 鞓奠厴鞚� 鞝勲秬 頄夓偓頃� 瓴届毎 3,534,843欤缄皜 霅╇媹雼�. 鞚措姅 旮办〈 欤检＜鞐愱矊 鞎� 78%鞚� 歃夑皝鞝侅澑 頋劃 須臣毳� 鞚橂頃╇媹雼�. 鞛犾灛鞝� 頋劃 須臣電� 旮办〈 鞗岆煱韸� 960,098臧�(韽夑窢 頄夓偓臧� 35.02雼煬), 鞓奠厴 84,872臧�(韽夑窢 頄夓偓臧� 286.20雼煬), 鞁犼窚 瓿惦 鞗岆煱韸� 146毵� 臧� 氚� 鞚�頄� 鞗岆煱韸� 鞎� 15毵� 臧滊ゼ 韽暔頃橂┐ 雿� 韥诫媹雼�.
  • 鞐秳頃� 鞁ろ枆: 雮橃姢雼� 斓滌唽 鞛呾鞍臧� 鞖旉贝 於╈”鞚� 鞙勴暣 2025雲� 7鞗� 7鞚� 1雽� 10 鞐秳頃犾澊 鞁滍枆霅橃棃鞙茧┌, 氇摖 欤检嫕 靾橃箻電� 攵勴暊 頉� 靾橃箻鞛呺媹雼�.
  • 靾橃澋旮� 靷毄: 鈥滌毚鞓� 鞛愲掣 氚� 鞚茧皹 旮办梾 氇╈爜鈥� 鈥� 歆勴枆 欷戩澑 鞛勳儊 鞁滍棙(鞎岇笭頃橃澊毹�, 韺岉偍鞀�, 搿膘綌牍勲摐鞖� bezisterim/NE3107; 氤奠垬氤奠垬歃� 旃橂鞖� BIV201 韰岆ゼ毽攧霠堨嫚) 鞛愱笀 臁半嫭 於旍爼. 攵�毂� 靸來櫂 霕愲姅 鞚胳垬 氇╈爜鞚� 鞐嗢潓.
  • 韺岇澊頂勲澕鞚� 順勴櫓: 鈥� 3靸� 鞎岇笭頃橃澊毹� 鞐瓣惮電� 瓿店皽霅橃棃鞙茧倶 15臧� 靷澊韸胳棎靹� cGCP 鞙勲皹鞙茧 鞚疙暣 雿办澊韯瓣皜 攵�臁�(81氇� mITT / 57氇� per-protocol). 於旉皜 霌彪 霕愲姅 靸堧鞖� 3靸� 鞐瓣惮 瓴�韱� 欷�. 鈥� FDA 鞀轨澑 氚涭潃 2b靸� 韺岉偍鞀� 鞐瓣惮電� 2025雲� 4鞗� 鞁滌瀾. 鈥� 甑癌攵�(DOD) 鞛愱笀 歆�鞗� 2靸� 搿膘綌牍勲摐 鞛勳儊(ADDRESS-LC)鞚� 2025雲� 5鞗� 鞁滌瀾; 1,310毵� 雼煬 氤挫“旮� 欷� 290毵� 雼煬 頇橁笁 鞕勲. 鈥� 斓滉芳 FDA 歆�旃� 頉� BIV201 3靸� 頂勲韱犾綔 斓滌 臁办湪 欷�. 頋穩鞎� 氚� 韺姢韸疙姼霝� 歆�鞝� 鞙犾.
  • 靻岇啞 瓿奠嫓: 韱淀暕 歃濌秾 靷赴 歆戨嫧 靻岇啞(In re BioVie Inc. Securities Litigation, D.Nev. No. 3:24-cv-00035)鞚� 2025雲� 3鞗� 27鞚� 旮瓣皝 鞁犾箔鞚� 韱店臣頄堨溂氅� 順勳灛 歃濌卑臧滌嫓 雼硠; 氤错棙 瓿奠牅鞎§潃 200毵� 雼煬.
  • 鞙勴棙 鞖旍爯: 歆�靻嶌爜 靻愳嫟, 氚橂车 鞛愲掣 臁半嫭 頃勳殧, 靸侂嫻頃� 鞛勳儊 氚� 攴滌牅 攵堩檿鞁れ劚, FDIC 頃滊弰 齑堦臣 鞚�頄夓棎 順勱笀 歆戩, 氤� 瓿惦臧� 鈥滉车臧溾�濍 臧勳＜霅橃 鞎婌潉 瓴届毎 雮橃姢雼� 攴滌爼 欷�靾� 氍胳牅 臧�電レ劚, 甏戨矓鞙勴暅 氅挫眳 氚� 氚膘 靾橅憸 鞖办劆欤� 臁绊暛.

鞚措矆 鞝滌稖鞚� BioVie臧� 雼赴鞝侅溂搿� 鞝侅潃 鞛愱笀鞚� 頇曤炒頃� 靾� 鞛堧弰搿� 頃橃毵� 欤检＜毳� 韥矊 頋劃鞁滍偆氅�, 靸侅毄頇旊ゼ 鞙勴暣 鞐爠頌� 頃勳殧頃� 雿� 牍勳毄鞚� 毵庫澊 霌滊姅 頃奠嫭 鞛勳儊 鞁滍棙 氍胳牅毳� 頃搓舶頃橃電� 氇豁暕雼堧嫟. 鞝勲灥鞝� 靹标车鞚� 鞚挫牅 鞎岇笭頃橃澊毹� 雿办澊韯� 氍搓舶靹� 氍胳牅鞚� 鞁犾啀頃� 頃搓舶, 靸堧鞖� 韺岉偍鞀�/搿膘綌牍勲摐 鞛勳儊 鞁滍棙鞚� 鞁ろ枆, BIV201 3靸� 臧滌嫓 鞐秬鞐� 雼牑 鞛堨姷雼堧嫟.

BioVie Inc. (Nasdaq : BIVI) a d茅pos茅 l'Amendement n掳 1 脿 son formulaire S-1 pour finaliser une offre publique ferme qui double approximativement le nombre d'actions de la soci茅t茅 et renforce la liquidit茅 脿 court terme.

  • Taille et structure : 1 456 310 unit茅s (une action de classe A post-split + un bon de souscription de 5 ans) ou, pour les investisseurs d茅passant les plafonds de d茅tention de 4,99 %/9,99 %, un nombre 茅gal d'unit茅s pr茅financ茅es (un bon de souscription pr茅financ茅 + un bon de souscription). Les produits bruts au prix 蝉耻辫辫辞蝉茅 de 10,30 $ s'茅l猫vent 脿 environ 15,0 millions de dollars ; nets d'environ 13,8 millions apr猫s 7 % de frais de souscription et co没ts estim茅s de l'offre (d茅penses exactes non encore divulgu茅es). Les souscripteurs disposent d'une option de surallocation de 15 % suppl茅mentaire pendant 45 jours.
  • M茅triques de prix : Le prix d'exercice des bons est de 12,875 $ (125 % du prix 蝉耻辫辫辞蝉茅 de l'offre) et ils seront cot茅s au Nasdaq sous le symbole 芦 BIVIW 禄 (demande de cotation en cours). Les bons pr茅financ茅s s'exercent 脿 0,0001 $ et ne seront pas cot茅s.
  • Impact sur la capitalisation : Le nombre d'actions en circulation passe de 1 860 086 (30-06-25) 脿 3 316 396 avant tout exercice de bons 鈥� ou 脿 3 534 843 si l'option green-shoe est exerc茅e en totalit茅 鈥� repr茅sentant une dilution imm茅diate d'environ 78 % pour les d茅tenteurs actuels. La dilution potentielle est plus importante si l'on consid猫re 960 098 bons anciens (prix moyen d'exercice 35,02 $), 84 872 options (prix moyen d'exercice 286,20 $), ainsi que les bons de la nouvelle offre (1,46 M) et les bons des banques (鈮� 0,15 M).
  • Fractionnement invers茅 ex茅cut茅 : Un fractionnement 1 pour 10 est entr茅 en vigueur le 7-7-25 pour satisfaire aux exigences minimales de cours du Nasdaq ; tous les chiffres d'actions refl猫tent ce fractionnement.
  • Utilisation des produits : 芦 Fonds de roulement et objectifs g茅n茅raux de l'entreprise 禄 鈥� pr茅sum茅e affectation au financement des essais cliniques en cours (bezisterim/NE3107 pour Alzheimer, Parkinson et Long COVID ; BIV201 terlipressine pour ascite). Aucun remboursement de dette ni acquisition pr茅vu.
  • 脡tat du pipeline : 鈥� 脡tude de phase 3 sur la maladie d'Alzheimer d茅voil茅e mais compromise par des violations des cGCP sur 15 sites, laissant un ensemble de donn茅es sous-dimensionn茅 (81 patients mITT / 57 per-protocole). La soci茅t茅 茅value un recrutement suppl茅mentaire ou une nouvelle phase 3. 鈥� 脡tude de phase 2b sur Parkinson approuv茅e par la FDA et commenc茅e en avril 2025. 鈥� Essai de phase 2 financ茅 par le DOD sur le Long COVID (ADDRESS-LC) d茅but茅 en mai 2025 ; subvention de 13,1 M$ avec 2,9 M$ rembours茅s 脿 ce jour. 鈥� Protocole de phase 3 pour BIV201 en cours de finalisation apr猫s les r茅centes directives de la FDA. Les d茅signations Orphan Drug et Fast-Track restent en vigueur.
  • Divulgation judiciaire : Action collective consolid茅e pour fraude sur titres (In re BioVie Inc. Securities Litigation, D.Nev. No. 3:24-cv-00035) a surv茅cu 脿 une requ锚te en rejet le 27-3-25 et est d茅sormais en phase de d茅couverte ; la franchise d'assurance est de 2 M$.
  • Points de risque : pertes continues, besoin de lev茅es de fonds r茅p茅t茅es, incertitudes cliniques et r茅glementaires substantielles, concentration de liquidit茅s dans une seule banque au-del脿 des limites FDIC, risques potentiels de conformit茅 Nasdaq si cette offre n'est pas consid茅r茅e comme 芦 publique 禄, et clauses d'indemnisation 茅tendues/pr茅f茅rences d'actions privil茅gi茅es 脿 blanc-seing.

Le d茅p么t positionne BioVie pour obtenir des fonds modestes 脿 court terme mais dilue consid茅rablement les actionnaires et ne traite pas des essais plus co没teux et cruciaux encore n茅cessaires 脿 la commercialisation. Le succ猫s strat茅gique d茅pend d茅sormais de la r茅solution rapide des questions d'int茅grit茅 des donn茅es sur la maladie d'Alzheimer, de l'ex茅cution des nouveaux essais sur Parkinson/Long COVID et du lancement 茅ventuel de la phase 3 pour BIV201.

BioVie Inc. (Nasdaq: BIVI) hat 脛nderung Nr. 1 zu ihrem Formular S-1 eingereicht, um ein festverpflichtetes 枚ffentliches Angebot abzuschlie脽en, das die Anzahl der Aktien des Unternehmens ungef盲hr verdoppeln und die kurzfristige Liquidit盲t st盲rken wird.

  • Gr枚脽e & Struktur: 1.456.310 Einheiten (jeweils eine nach Aktiensplit Class A Aktie + ein 5-Jahres-Warrant) oder f眉r Investoren, die die Eigentumsgrenzen von 4,99 %/9,99 % 眉berschreiten, eine gleiche Anzahl an vorfinanzierten Einheiten (ein vorfinanzierter Warrant + ein Warrant). Bruttoerl枚s zum angenommenen Preis von 10,30 $ betr盲gt ca. 15,0 Mio. $; netto ca. 13,8 Mio. $ nach 7 % Underwriting-Geb眉hren und gesch盲tzten Angebotskosten (genaue Ausgaben noch nicht bekannt). Underwriter halten eine 45-t盲gige Mehrzuteilungsoption f眉r zus盲tzliche 15 % der Wertpapiere.
  • Preiskennzahlen: Aus眉bungspreis der Warrants liegt bei 12,875 $ (125 % des angenommenen Angebotspreises) und sie werden an der Nasdaq unter 鈥濨IVIW鈥� gelistet (Listungsantrag l盲uft). Vorfinanzierte Warrants werden zu 0,0001 $ ausge眉bt und nicht gelistet.
  • Kapitalisierungsauswirkung: Ausstehende Aktien steigen von 1.860.086 (30.06.25) auf 3.316.396 vor jeglicher Aus眉bung von Warrants 鈥� oder auf 3.534.843 bei voller Aus眉bung der Green-Shoe-Option 鈥� was etwa 78 % sofortige Verw盲sserung f眉r bestehende Aktion盲re bedeutet. Potenzielle Verw盲sserung ist h枚her, wenn man 960.098 Alt-Warrants (durchschnittlicher Aus眉bungspreis 35,02 $), 84.872 Optionen (durchschnittlicher Aus眉bungspreis 286,20 $), die neuen Offering-Warrants (1,46 Mio.) und Banker-Warrants (ca. 0,15 Mio.) ber眉cksichtigt.
  • Reverse Split durchgef眉hrt: Ein 1-zu-10-Split wurde am 07.07.25 wirksam, um die Mindestgebotspreise der Nasdaq zu erf眉llen; alle Aktienzahlen spiegeln den Split wider.
  • Verwendung der Erl枚se: 鈥濨etriebskapital und allgemeine Unternehmenszwecke鈥� 鈥� vermutlich Finanzierung laufender klinischer Studien (bezisterim/NE3107 f眉r Alzheimer, Parkinson und Long COVID; BIV201 Terlipressin f眉r Aszites). Keine Tilgung von Schulden oder Akquisitionen vorgesehen.
  • Pipeline-Status: 鈥� Phase-3-AD-Studie unblindiert, jedoch durch cGCP-Verst枚脽e an 15 Standorten beeintr盲chtigt, was zu einem unterdimensionierten Datensatz f眉hrte (81 mITT / 57 per-protocol Patienten). Das Unternehmen pr眉ft weitere Einschreibungen oder eine neue Phase 3. 鈥� Phase-2b-Parkinson-Studie von der FDA genehmigt und im April 2025 gestartet. 鈥� DOD-finanzierte Phase-2-Long-COVID-Studie (ADDRESS-LC) begann im Mai 2025; 13,1 Mio. $ Zuschuss, davon 2,9 Mio. $ bisher erstattet. 鈥� BIV201 Phase-3-Protokoll wird nach j眉ngster FDA-Anleitung finalisiert. Orphan-Drug- und Fast-Track-Designationen bleiben bestehen.
  • Rechtliche Offenlegung: Konsolidierte Wertpapierbetrugs-Klassenklage (In re BioVie Inc. Securities Litigation, D.Nev. Nr. 3:24-cv-00035) 眉berstand am 27.03.25 einen Abweisungsantrag und befindet sich nun in der Entdeckungsphase; Versicherungs-Selbstbehalt betr盲gt 2 Mio. $.
  • Risikohighlights: anhaltende Verluste, Bedarf an wiederholten Kapitalerh枚hungen, erhebliche klinische und regulatorische Unsicherheiten, Konzentration von Bargeld bei einer Bank 眉ber FDIC-Grenzen hinaus, potenzielle Nasdaq-Compliance-Probleme, falls dieses Angebot nicht als 鈥灻秄fentlich鈥� gilt, sowie umfangreiche Freistellungs- und Blankoscheck-Vorzugsbestimmungen.

Die Einreichung positioniert BioVie, um kurzfristig bescheidene Mittel zu sichern, verw盲ssert jedoch die Aktion盲re erheblich und adressiert nicht die kostenintensiveren, entscheidenden Studien, die f眉r die Kommerzialisierung noch erforderlich sind. Der strategische Erfolg h盲ngt nun von der schnellen Kl盲rung der AD-Datenintegrit盲tsfragen, der Durchf眉hrung neuer PD/Long-COVID-Studien und dem letztlichen Start der Phase 3 f眉r BIV201 ab.

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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 10, 2025

 

LAZYDAYS HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

 

Delaware   001-38424   82-4183498

(State or other jurisdiction

of incorporation)

  

(Commission

File Number)

  

(IRS Employer

Identification No.)

 

4042 Park Oaks Blvd., Suite 350, Tampa, Florida   33610
(Address of principal executive offices)   (Zip Code)

 

Registrant’s telephone number, including area code   (813) 246-4999

 

N/A

(Former name or former address, if changed since last report)

 

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))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common stock   GORV   Nasdaq Capital Market

 

Indicate by check mark whether the registrant is an emerging growth company 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 3.03 Material Modification to Rights of Security Holders.

 

The information contained below under Item 5.03 with respect to the Charter Amendment (as defined below), to the extent required by Item 3.03 of Form 8-K, is hereby incorporated by reference herein.

 

Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.

 

On July 10, 2025, Lazydays Holdings, Inc. (the “Company”) filed with the Secretary of State of the State of Delaware a Certificate of Amendment (the “Charter Amendment”) to the Company’s Restated Certificate of Incorporation (the “Charter”) to effect a 1-for-30 reverse stock split (the “Reverse Stock Split”) of the outstanding shares of the Company’s common stock, par value $0.0001 per share (“common stock”). Pursuant to the Charter Amendment, the Reverse Stock Split became effective as of 5:00 p.m. Eastern time on July 11, 2025.

 

As previously reported, on July 3, 2025, the Company held its annual meeting of stockholders (the “Annual Meeting”), at which the Company’s stockholders approved an amendment to the Charter to effect a reverse stock split of the common stock at a ratio of at least 1-for-2 and up to 1-for-30, as determined by the Company’s Board of Directors (the “Board”) in its discretion and publicly announced prior to the effectiveness of such reverse stock split, subject to the authority of the Board to abandon such amendment. The Board has approved the implementation of the Reverse Stock Split at a ratio of 1-for-30.

 

The Reverse Stock Split is primarily intended to increase the per share market price of the common stock in order to meet the $1.00 per share minimum bid price required for continued listing on The Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(a)(2). The common stock is expected to begin trading on a Reverse Stock Split adjusted basis on The Nasdaq Capital Market at market open on July 14, 2025 under the existing symbol “GORV” and the new CUSIP number 52110H209.

 

As a result of the Reverse Stock Split, every 30 shares of the common stock will be automatically combined into one new share of common stock. No fractional shares will be issued in connection with the Reverse Stock Split. If the shares of common stock held by any holder of common stock immediately prior to the Effective Time are collectively reclassified pursuant to the Reverse Stock Split into a fractional number of shares of common stock, the Company will issue to such holder such fractions of a share of common stock as are necessary to round the number of shares of common stock held by such holder immediately following the Reverse Stock Split up to the nearest whole number of shares. The Reverse Stock Split will affect all of our stockholders uniformly and will not affect any stockholder’s percentage ownership interests in the Company, except to the extent that the Reverse Stock Split effectively results in rounding up of fractional shares. After the Reverse Stock Split, the shares of the common stock will have the same voting rights and rights to dividends and distributions and will be identical in all other respects to the common stock now authorized. The Reverse Stock Split will not affect the number of authorized shares or the par value of the Company’s capital stock. Proportional adjustments will be made to the number of shares of common stock issuable upon the exercise of the Company’s outstanding stock options and warrants, and the number of shares authorized and reserved for issuance pursuant to the Company’s equity incentive plan.

 

The foregoing summary is qualified in its entirety by reference to the full text of the Charter Amendment, a copy of which is attached hereto as Exhibit 3.1 and incorporated herein by reference.

 

Item 7.01 Regulation FD Disclosure.

 

On July 11, 2025, the Company issued a press release announcing, among other things, the effectiveness of the Reverse Stock Split described herein. A copy of the press release is furnished as Exhibit 99.1 hereto and is incorporated herein by reference.

 

 
 

 

Item 8.01 Other Events.

 

The information provided in Item 5.03 is hereby incorporated by reference.

 

The Company has registration statements on Form S-1 (File No. 333-283838 and 333-261315) and registration statements on Form S-8 (File No. 333-282735, 333-282734, 333-266520, 333-231973 and 333-227155) on file with the Securities and Exchange Commission (the “SEC”). SEC regulations permit the Company to incorporate by reference future filings made with the SEC pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934, as amended, prior to the termination of the offerings covered by registration statements filed on Form S-1 or Form S-8. The information incorporated by reference is considered to be part of the prospectus included within each of those registration statements. Information in Item 8.01 of this Current Report on Form 8-K is therefore intended to be automatically incorporated by reference into each of the active registration statements listed above, thereby amending them. Pursuant to Rule 416(b) under the Securities Act of 1933, as amended, the amount of undistributed shares of common stock deemed to be covered by the effective registration statements of the Company described above are proportionately reduced as of the Effective Time to give effect to the Reverse Stock Split.

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits

 

Exhibit No.   Description
     
3.1   Certificate of Amendment of Restated Certificate of Incorporation of Lazydays Holdings, Inc., dated July 10, 2025 and effective July 11, 2025.
     
99.1   Press Release, dated July 11, 2025.
     
104   Cover Page Interactive Data File (formatted as inline XBRL).

 

 
 

 

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.

 

  LAZYDAYS HOLDINGS, INC.
     
July 11, 2025 By:  /s/ Ronald K. Fleming
Date   Ronald K. Fleming
    Chief Executive Officer

 

 

 

Source:

FAQ

Why is BioVie (BIVI) conducting a public offering now?

To raise 鈮� $14 M net for working capital and fund ongoing clinical programs after executing a 1-for-10 reverse split.

How much will the BioVie offering dilute existing shareholders?

Post-offering shares rise from 1.86 M to 3.32 M (up 78 %), plus 1.46 M 5-year warrants and possible over-allotment.

What is the exercise price and term of the new warrants (ticker BIVIW)?

Each warrant strikes at $12.875 (125 % of assumed $10.30 offer price) and expires five years after issuance.

Will the pre-funded warrants be tradeable?

No. Pre-funded warrants (exercise price $0.0001) will not be listed on any exchange and are expected to be illiquid.

How does the reverse stock split affect BioVie鈥檚 shares?

Every 10 pre-split shares became 1 new share on 7-7-25, boosting price above $5 but reducing the public float.

What are the key pipeline catalysts after this filing?

1) Resolution or redesign of the Alzheimer鈥檚 Phase 3 program; 2) Enrollment progress in the Phase 2b Parkinson鈥檚 trial; 3) ADDRESS-LC Long-COVID Phase 2 readouts; 4) Finalization of BIV201 Phase 3 protocol for ascites.

Does BioVie face any significant legal risks?

Yes. A consolidated securities class action (In re BioVie Inc.) is in discovery; defense costs up to $2 M are uninsured.
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Lazydays Hldgs Inc

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