BioVie Inc (BIVI)

[Omarprelude]

So this is their first R/S so IMO, they intend to uplist to NASDAQ most likely due to wanting to be more visible to more investors (with quality too) in order to raise more capital, possibly because they know Phase 3 is going to be very expensive (as per the norm in biotech). But wouldn't that mean they are tipping to the market then that Phase 2 (2 and 2A) went well???

Now if there were reverse split history in the past, it is a completely different ball game as to why they would be reverse splitting - most likely for negative reasons from trial results.