[Form 4] UiPath, Inc. Insider Trading Activity

Rhea-AI Filing Summary

BioVie Inc. (BIVI) received Amendment No. 11 to Schedule 13D from long-time insiders Acuitas Group Holdings, LLC and its principal, Terren S. Peizer. The filing reconfirms their combined ownership of roughly 3.0 million Class A common shares, equal to 15.8 % of outstanding stock, after adjusting for the 1-for-10 reverse split completed on 6 August 2024. The ownership is split as follows: Acuitas—3,043,574 shares (shared voting/dispositive power); Peizer—3,050,394 shares (sole voting/dispositive power including 6,500 option shares and Acuitas’ warrant).

Governance development: Item 2 discloses that Mr. Peizer was sentenced on 23 June 2025 to 42 months in prison plus three years’ supervised release; he filed an appeal on 25 June 2025. This marks the first 13D acknowledging the criminal judgment, heightening key-person and reputational risk for BioVie.

Capital structure notes: Percentages are based on 18.57 million shares outstanding as of 2 June 2025 plus warrant dilution. The filing explicitly does not reflect the additional 1-for-10 reverse split scheduled for 7 July 2025, implying future mechanical changes to share counts but no change in economic ownership.

No recent trading: The reporting persons state they executed no transactions in the past 60 days.

Overall, the amendment chiefly updates (i) share counts post-split, (ii) confirms unchanged 15.8 % beneficial stake, and (iii) discloses Peizer’s criminal sentence—information that may influence investor perception of control, governance, and future strategic flexibility.

Positive

• Insider ownership remains high at 15.8 %, suggesting continued economic alignment with shareholders.
• No insider selling within the last 60 days, reducing immediate supply risk.
• Explicit clarification of share counts after the 2024 1-for-10 reverse split improves transparency ahead of another split in July 2025.

Negative

• Terren S. Peizer’s 42-month prison sentence introduces substantial governance and reputational risk.
• Concentration of voting power (sole or shared control over ~3 million shares) limits minority influence.
• Upcoming additional 1-for-10 reverse split (effective 7 July 2025) may signal listing-maintenance issues and can deter retail investors.

Insights

Corporate Governance Expert

TL;DR Sentencing of controlling shareholder raises governance red flags; ownership unchanged at ~16 %. Impact skewed negative.

The filing puts BioVie’s governance risk squarely in focus: Mr. Peizer, who exercises effective control through Acuitas and direct holdings, now faces a 42-month prison term. Although he has appealed, the conviction threatens leadership continuity, board dynamics, and outside perceptions of integrity. Control concentration (15.8 %) limits minority shareholders’ influence, and any forced divestiture could create technical selling pressure. No share sales are disclosed, so immediate dilution is unlikely, but the reputational overhang and potential lender covenant issues make the disclosure materially negative.

Securities Analyst

TL;DR Large insider stake maintained post-reverse split; criminal sentence clouds stock but no capital flows noted.

From a pure ownership standpoint, the amendment signals stability: 3.0 million shares represent the same 15.8 % stake as prior amendments, indicating no forced liquidation ahead of the July 2025 reverse split. The warrant (727,273 shares) remains priced per earlier terms, so dilution optics are unchanged. However, Peizer’s legal outcome could limit near-term fundraising options if investors demand stronger governance. With no trades in 60 days, supply pressure is muted; yet headline risk may hurt valuation multiples. I classify the net effect as moderately negative, primarily reputational rather than financial.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Wong Rich

(Last) (First) (Middle)

C/O UIPATH, INC., ONE VANDERBILT AVENUE

60TH FLOOR

(Street)

NEW YORK NY 10017

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
UiPath, Inc. [ PATH ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
06/26/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	06/26/2025		A(1)		16,064(2)	A	$0.00	70,488	D
Class A Common Stock								774,831(3)	I	By Trust

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. This grant was made pursuant to the issuer's non-employee director compensation policy.

2. Includes 16,064 Restricted Stock Units (RSUs). Each RSU represents a contingent right to receive one share of Issuer's Class A Common Stock upon settlement. Each Annual Director RSU vests on the earlier of the date of the following year's annual meeting (or the date immediately prior to the next annual meeting, if the non-employee director's service as a director ends at such meeting due to the director's failure to be re-elected or the director not standing for re-election), or the first anniversary of the date of grant, in each case subject to the director's continued service through such vesting date.

3. Includes 65,447 shares of Class A common stock acquired by the Reporting Person in a distribution for no consideration on October 9, 2024, in accordance with exemptions afforded by Rules 16a-9 and 16a-13 of the Securities Exchange Act of 1934, as amended. The Reporting Person disclaims Section 16 beneficial ownership over the securities reported herein except to the extent of his pecuniary interest therein, if any, and this report shall not be deemed an admission that the Reporting Person is the beneficial owner of such securities for Section 16 or any other purpose.

Remarks:

	/s/ Brad Brubaker, as Attorney-in-Fact	06/30/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many BioVie (BIVI) shares do Acuitas Group Holdings and Terren Peizer own after the reverse split?

They report beneficial ownership of approximately 3.0 million shares each, equating to 15.8 % of BioVie’s Class A common stock.

Did Acuitas or Mr. Peizer sell any BIVI shares recently?

No. The filing states no transactions in the Company’s securities during the past 60 days.

What legal development about Terren Peizer is disclosed in the Schedule 13D/A?

Item 2 reveals that Mr. Peizer was sentenced on 23 June 2025 to 42 months imprisonment and three years’ supervised release, with an appeal filed 25 June 2025.

How is the reported share count affected by BioVie’s reverse splits?

All numbers reflect the 1-for-10 split effective 6 Aug 2024; they do not yet reflect the additional 1-for-10 split scheduled for 7 Jul 2025.

What percentage of BIVI’s outstanding shares does Acuitas control?

Based on 19,297,999 shares deemed outstanding, Acuitas controls about 15.8 %.

Does Terren Peizer share voting power with Acuitas?

Yes. Acuitas shares voting power with Mr. Peizer over its 3,043,574 shares, but Mr. Peizer also holds sole voting power over his personal and option shares.