<!--HTML document created with Certent Disclosure Management 6.36.2.2-->
<!--Created on: 3/30/2020 6:21:15 AM-->
<html>
	<head>
		<title>
			BroadVision 8-K (for Chapter 11 Filing)
		</title>
	</head>
	<body><div style="margin-left:90pt;margin-right:90pt;">
		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
			<a name="_GoBack"></a><font style="display: inline;font-weight:bold;font-size:10pt;">UNITED STATES</font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;font-size:10pt;">SECURITIES AND EXCHANGE COMMISSION</font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;font-size:10pt;">Washington, D.C. 20549</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 5pt">
			<font style="display: inline;font-size:5pt;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;font-size:10pt;">FORM 8-K</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 5pt">
			<font style="display: inline;font-size:5pt;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;font-size:10pt;">CURRENT REPORT</font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;font-size:10pt;">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 5pt">
			<font style="display: inline;font-size:5pt;">&#xFEFF;</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;CellSpacing:0;margin-left:0pt;">
			<tr style="CellSpacing:0;">
				<td valign="top" style="width:100.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">&#xFEFF;</font></p>
				</td>
			</tr>
			<tr style="CellSpacing:0;">
				<td valign="top" style="width:100.00%;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Date of Report:&nbsp; </font><font style="display: inline;font-size:10pt;">March 30</font><font style="display: inline;font-size:10pt;">,</font><font style="display: inline;font-size:10pt;"> 2020</font></p>
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-style:italic;font-size:10pt;">(Date of earliest event reported)</font></p>
				</td>
			</tr>
			<tr style="CellSpacing:0;">
				<td valign="top" style="width:100.00%;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;font-size:10pt;">BROADVISION, INC.</font></p>
				</td>
			</tr>
			<tr style="CellSpacing:0;">
				<td valign="top" style="width:100.00%;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-style:italic;font-size:10pt;">(Exact name of registrant as specified in its charter)</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 5pt">
			<font style="display: inline;font-size:5pt;">&#xFEFF;</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;CellSpacing:0;margin-left:0pt;">
			<tr style="CellSpacing:0;">
				<td valign="top" style="width:33.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size: 1pt">
						<font style="display: inline;font-size:1pt;">&#xFEFF;</font></p>
				</td>
				<td valign="top" style="width:34.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:33.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr style="CellSpacing:0;">
				<td valign="top" style="width:33.00%;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;font-size:10pt;">Delaware</font></p>
				</td>
				<td valign="top" style="width:34.00%;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">1-34205</font></p>
				</td>
				<td valign="top" style="width:33.00%;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">94-3184303</font></p>
				</td>
			</tr>
			<tr style="CellSpacing:0;">
				<td valign="top" style="width:33.00%;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-style:italic;font-size:10pt;">(State or other jurisdiction</font></p>
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-style:italic;font-size:10pt;">of incorporation)</font></p>
				</td>
				<td valign="top" style="width:34.00%;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-style:italic;font-size:10pt;">(Commission</font></p>
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-style:italic;font-size:10pt;">File Number)</font></p>
				</td>
				<td valign="top" style="width:33.00%;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-style:italic;font-size:10pt;">(I.R.S. Employer</font></p>
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-style:italic;font-size:10pt;">Identification No.)</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 5pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;CellSpacing:0;margin-left:0pt;">
			<tr style="CellSpacing:0;">
				<td valign="bottom" style="width:67.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size: 10pt">
						<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;"> Redwood City, CA </font></p>
				</td>
				<td valign="bottom" style="width:33.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr style="CellSpacing:0;">
				<td valign="bottom" style="width:67.00%;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">460 Seaport Ct, Suite 102,</font><font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;"> Redwood City, CA </font></p>
				</td>
				<td valign="bottom" style="width:33.00%;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">94063</font></p>
				</td>
			</tr>
			<tr style="CellSpacing:0;">
				<td valign="top" style="width:67.00%;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-style:italic;font-size:10pt;">(Address of principal executive offices)</font></p>
				</td>
				<td valign="top" style="width:33.00%;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-style:italic;font-size:10pt;">(Zip Code)</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 5pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;CellSpacing:0;margin-left:0pt;">
			<tr style="CellSpacing:0;">
				<td valign="bottom" style="width:100.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size: 1pt">
						<font style="display: inline;font-size:1pt;">&#xFEFF;</font></p>
				</td>
			</tr>
			<tr style="CellSpacing:0;">
				<td valign="bottom" style="width:100.00%;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">(650) 331-1000</font></p>
				</td>
			</tr>
			<tr style="CellSpacing:0;">
				<td valign="top" style="width:100.00%;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-style:italic;font-size:10pt;">(Registrant&#x2019;s telephone number, including area code)</font></p>
				</td>
			</tr>
			<tr style="CellSpacing:0;">
				<td valign="top" style="width:100.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
			</tr>
			<tr style="CellSpacing:0;">
				<td valign="bottom" style="width:100.00%;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">&#xFEFF;</font></p>
				</td>
			</tr>
			<tr style="CellSpacing:0;">
				<td valign="top" style="width:100.00%;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-style:italic;font-size:10pt;">(Former Name or Former Address, if changed since last report)</font></p>
				</td>
			</tr>
			<tr style="CellSpacing:0;">
				<td valign="top" style="width:100.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">&nbsp; &nbsp;</font></p>
				</td>
			</tr>
			<tr style="CellSpacing:0;">
				<td valign="top" style="width:100.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">&#xFEFF;</font></p>
				</td>
			</tr>
			<tr style="CellSpacing:0;">
				<td valign="top" style="width:100.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">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):</font></p>
				</td>
			</tr>
			<tr style="CellSpacing:0;">
				<td valign="top" style="width:100.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
			</tr>
			<tr style="CellSpacing:0;">
				<td valign="top" style="width:100.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">&#x2610;</font><font style="display: inline;font-size:10pt;"> Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></p>
				</td>
			</tr>
			<tr style="CellSpacing:0;">
				<td valign="top" style="width:100.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
			</tr>
			<tr style="CellSpacing:0;">
				<td valign="top" style="width:100.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">&#x2610;</font><font style="display: inline;font-size:10pt;"> Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p>
				</td>
			</tr>
			<tr style="CellSpacing:0;">
				<td valign="top" style="width:100.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
			</tr>
			<tr style="CellSpacing:0;">
				<td valign="top" style="width:100.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">&#x2610;</font><font style="display: inline;font-size:10pt;"> Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></p>
				</td>
			</tr>
			<tr style="CellSpacing:0;">
				<td valign="top" style="width:100.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
			</tr>
			<tr style="CellSpacing:0;">
				<td valign="top" style="width:100.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">&#x2610;</font><font style="display: inline;font-size:10pt;"> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 5pt">
			<font style="display: inline;font-size:5pt;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font><font style="display: inline;color:#000000;font-size:10pt;">Securities registered pursuant to Section 12(b) of the Act:</font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 5pt">
			<font style="display: inline;color:#000000;font-size:5pt;">&#xFEFF;</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
			<tr>
				<td valign="middle" style="width:38.38%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;color:#000000;font-size:10pt;">Title of each class</font></p>
				</td>
				<td valign="middle" style="width:21.64%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;color:#000000;font-size:10pt;">Trading Symbol(s)</font></p>
				</td>
				<td valign="middle" style="width:39.98%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;color:#000000;font-size:10pt;">Name of each exchange on which registered</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:38.38%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;color:#000000;font-size:10pt;">Common stock, par value $0.0001 per</font></p>
					<p style="margin:0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;color:#000000;font-size:10pt;">share</font></p>
				</td>
				<td valign="middle" style="width:21.64%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;color:#000000;font-size:10pt;">BVSN</font></p>
				</td>
				<td valign="middle" style="width:39.98%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;vertical-align:baseline;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;color:#000000;font-size:10pt;">Nasdaq Capital Market</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 5pt">
			<font style="display: inline;color:#000000;font-size:5pt;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#xA7;&#x2009;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#xA7;&#x2009;240.12b-2 of this chapter).</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 5pt">
			<font style="display: inline;font-size:5pt;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">Emerging growth company </font><font style="display: inline;font-size:10pt;">&#x2610;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 5pt">
			<font style="display: inline;font-size:5pt;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">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. </font><font style="display: inline;font-size:10pt;">&#x2610;</font><font style="display: inline;">&nbsp;</font>
		</p>
		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt;font-family:Times New Roman;;font-size: 10pt"><font style="display: inline;font-size:10pt;"></font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:TimesNewRomanPS-BoldMT;font-weight:bold;font-size:10pt;">Item 1.03 Bankruptcy or Receivership</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:TimesNewRomanPS-ItalicMT;font-style:italic;font-size:10pt;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:TimesNewRomanPS-ItalicMT;font-style:italic;font-size:10pt;">Chapter 11 Filing</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">On </font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">March 30, 2020</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;"> (the &#x201C;</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;text-decoration:underline;">Petition Date</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">&#x201D;), </font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">BroadVision, Inc. </font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">(the &#x201C;</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;text-decoration:underline;">Company</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">,</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">&#x201D;</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;"> or </font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">the &#x201C;</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;text-decoration:underline;">Debtor</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">&#x201D;) filed </font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">a &nbsp;</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">voluntary petition for relief under chapter 11 of title 11 of the United States Code (the &#x201C;</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;text-decoration:underline;">Bankruptcy Code</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">&#x201D;) in the United States Bankruptcy Court for the District of Delaware (the &#x201C;</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;text-decoration:underline;">Court</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">&#x201D;)</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">, commencing the chapter&nbsp;11 case </font><font style="display: inline;font-family:TimesNewRomanPSMT;font-style:italic;font-size:10pt;">In re BroadVision, Inc. </font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">(Case No. 20-</font><font style="display: inline;font-size:10pt;">10701</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">) (the &#x201C;</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;text-decoration:underline;">Chapter 11 Case</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">&#x201D;).</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">&nbsp;</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">&nbsp;</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">The Debtor will continue to operate </font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">its</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;"> business and manage </font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">its</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;"> propert</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">y</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;"> as </font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">a &nbsp;</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">debtor-in-possession pursuant to sections 1107 and 1108 of the Bankruptcy Code. </font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">On the Petition Date, the Company also filed the </font><font style="display: inline;font-family:TimesNewRomanPSMT;font-style:italic;font-size:10pt;">Prepackaged Chapter Plan of Reorganization Under Chapter 11 of the Bankruptcy Code for BroadVision, Inc. </font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">(the &#x201C;</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;text-decoration:underline;">Plan</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">&#x201D;),</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;"> which sets forth a proposed restructuring transaction </font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">consistent with the previously reported Restructuring Support Agreement aimed to address the Company&#x2019;s outstanding </font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">liabilities </font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">and to position the Company for long-term growth. </font><font style="display: inline;font-family:TimesNewRomanPSMT;font-style:italic;font-size:10pt;">&nbsp;</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">To ensure their ability to continue operating in the ordinary course of business, the Debtor </font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">has</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;"> filed with the Court motions seeking a variety of &#x201C;first-day&#x201D; relief (collectively, the &#x201C;</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;text-decoration:underline;">First Day Motions</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">&#x201D;), including to: (a) authorize the Debtor to continue using their existing cash management system, (b) authorize the Debtor to pay prepetition wages, compensation and employee benefits, (c) </font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">establish procedures with respect to the transfer of equity interests</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">, &nbsp;</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">(d) establish deadlines for the filings of proofs of claims and interests </font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">and </font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">(</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">e</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">) &nbsp;</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">establish a timeline for confirmation and consummation of the Plan in order to effectuate a swift exit from bankruptcy. </font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">On </font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">March 30</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">, 20</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">20</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">, the Company issued a press release announcing that the Debtor had filed </font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">a &nbsp;</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">petition to initiate the </font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">chapter 11 case</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">. A copy of the press release is attached hereto as Exhibit </font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">99.1</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;"> and is incorporated herein by reference. </font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">* * * * *</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:TimesNewRomanPS-BoldItalicMT;font-weight:bold;font-style:italic;font-size:10pt;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:TimesNewRomanPS-BoldItalicMT;font-weight:bold;font-style:italic;font-size:10pt;">Cautionary Information Regarding Trading in the Company&#x2019;s Securities.</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">The Company&#x2019;s securityholders are cautioned that trading in the Company&#x2019;s securities during the pendency of the Chapter 11 Case is highly speculative and poses substantial risks. Trading prices for the Company&#x2019;s securities may bear little or no relationship to the actual recovery, if any, by holders thereof in the Company&#x2019;s Chapter 11 Case</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">, and the effectiveness of the Plan is subject to numerous conditions, including approval by the Bankruptcy Court</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">. As noted, the transaction specified in the Restructuring Support Agreement contemplate that existing equity interests in the Company would be cancelled and that the holders thereof will neither receive nor retain any property on account thereof. Accordingly, the Company urges extreme caution with respect to existing and future investments in its securities.</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:TimesNewRomanPS-BoldItalicMT;font-weight:bold;font-style:italic;font-size:10pt;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:TimesNewRomanPS-BoldItalicMT;font-weight:bold;font-style:italic;font-size:10pt;">Cautionary Note Regarding Forward-Looking Statements</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">This Current Report on Form 8-K contains forward-looking statements, which are based on the Company&#x2019;s current expectations, estimates, and projections about the businesses and prospects of the Company and its subsidiaries, as well as management&#x2019;s beliefs, and certain assumptions made by management. Words such as &#x201C;anticipates,&#x201D; &#x201C;expects,&#x201D; &#x201C;intends,&#x201D; &#x201C;plans,&#x201D; &#x201C;believes,&#x201D; &#x201C;seeks,&#x201D; &#x201C;estimates,&#x201D; &#x201C;may,&#x201D; &#x201C;should,&#x201D; &#x201C;will&#x201D; and variations of these words are intended to identify forward-looking statements. Such statements speak only as of the date hereof and are subject to change. The Company undertakes no obligation to revise or update publicly any forward-looking statements for any reason. These statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict. </font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">Forward-looking statements discuss, among other matters: the Company&#x2019;s strategy&#x37E; risks and uncertainties associated with Chapter 11 proceedings&#x37E; the negative impacts on the Company&#x2019;s businesses as a result of filing for and operating under Chapter 11 protection&#x37E; the time, terms and ability to confirm a Chapter 11 plan of reorganization for the Company&#x2019;s businesses&#x37E; the adequacy of the capital resources of the Company&#x2019;s businesses and the difficulty in forecasting the liquidity requirements of the operations of its businesses&#x37E; the unpredictability of the Company&#x2019;s financial results while in Chapter 11 proceedings&#x37E; the </font>
		</p>
		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt;font-family:Times New Roman;;font-size: 10pt"><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">Company&#x2019;s ability to discharge claims in Chapter 11 proceedings&#x37E; negotiations with its trade creditors and other significant creditors&#x37E; risks and uncertainties with performing under the terms of the Restructuring Support Agreement and any other arrangement with creditors while in Chapter 11 proceedings&#x37E; the Company&#x2019;s ability to conduct business as usual in the United States and worldwide&#x37E; the Company&#x2019;s ability to continue to serve customers, suppliers and other business partners at the high level of service and performance they have come to expect from the Company&#x37E; the Company&#x2019;s ability to continue to pay suppliers and vendors&#x37E; the ability to control costs during Chapter 11 proceedings&#x37E; the risk that the Company&#x2019;s Chapter 11 Case may be converted to </font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">a &nbsp;</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">case under Chapter 7 of the Bankruptcy Code&#x37E; the Company&#x2019;s ability to secure operating capital&#x37E; the Company&#x2019;s ability to take advantage of opportunities to acquire assets with upside potential&#x37E; the Company&#x2019;s ability to execute on its strategic plan to pursue, evaluate and close a</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;"> restructuring</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;"> pursuant to </font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">the Plan or </font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">a</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">nother</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;"> plan of reorganization&#x37E; the Company&#x2019;s long-term outlook&#x37E; the Company&#x2019;s preparation for future market conditions&#x37E; and any statements or assumptions underlying any of the foregoing. Such statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict. Accordingly, actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors. </font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">Important factors that may cause such differences include, but are not limited to, the decisions of the Court&#x37E; negotiations with the Company&#x2019;s creditors and any committee approved by the Court&#x37E; the Company&#x2019;s ability to meet the requirements, and compliance with the terms, including restrictive covenants, of the Restructuring Support Agreement and any other financial arrangement while in Chapter 11 proceedings&#x37E; changes in the Company&#x2019;s cash needs as compared to its historical operations or its planned reductions in operating expense&#x37E; adverse litigation&#x37E; changes in domestic and international demand for</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">&nbsp;</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">the Company&#x2019;s products&#x37E; the Company&#x2019;s ability to control operating costs and other expenses&#x37E; that general economic conditions may be worse than expected&#x37E; that competition may increase significantly&#x37E; changes in laws or government regulations or policies affecting the Company&#x2019;s current business operations and, as well as those risks and uncertainties disclosed under the sections entitled &#x201C;Risk Factors&#x201D; and &#x201C;Management&#x2019;s Discussion and Analysis of Financial Condition and Results of Operations&#x201D; in the Company&#x2019;s Forms 10-Q filed with the Securities and Exchange Commission (&#x201C;</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;text-decoration:underline;">SEC</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">&#x201D;) on </font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">September 23, 2019</font><font style="display: inline;font-size:10pt;">&nbsp;</font><font style="display: inline;font-family:TimesNewRomanPSMT;font-size:10pt;">and similar disclosures in subsequent reports filed with the SEC.</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">Item 9.01&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;color:#000000;font-size:10pt;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;text-indent:18pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;color:#000000;font-size:10pt;">(d)</font><font style="display: inline;color:#000000;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 9pt 0pt 0pt;"></font><font style="display: inline;color:#000000;font-size:10pt;"></font><font style="display: inline;color:#000000;font-size:10pt;;font-size: 10pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 9pt 0pt 0pt;"></font><font style="display: inline;color:#000000;font-size:10pt;"></font><font style="display: inline;color:#000000;font-size:10pt;">Exhibits.</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;color:#000000;font-size:10pt;">&#xFEFF;</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
			<tr>
				<td valign="top" style="width:11.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size: 1pt">
						<font style="display: inline;font-size:1pt;">&#xFEFF;</font></p>
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden">
						&nbsp;</p>
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:02.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:86.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:11.10%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 1pt">
						<font style="display: inline;font-size:1pt;">&#xFEFF;</font></p>
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:02.76%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:86.14%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:11.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">Exhibit</font></p>
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">Number</font></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:02.76%;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:86.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;font-size:10pt;">Description</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:11.10%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;color:#000000;font-size:10pt;">&#xFEFF;</font><a href="bvsn-20200330xex99_1.htm" style="-sec-extract:exhibit"><font style="display: inline;font-size:10pt;">99.1</font></a></p>
				</td>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:02.76%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:86.14%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<a href="bvsn-20200330xex99_1.htm" style="-sec-extract:exhibit"><font style="display: inline;font-size:10pt;">Press Release, dated March 30, 2020 ET</font></a></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;color:#000000;font-size:10pt;">______________</font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">

		</p>
		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman;;font-size: 10pt"><font style="display: inline;font-size:10pt;"></font><font style="display: inline;font-weight:bold;font-size:10pt;">SIGNATURES</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">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.</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&#xFEFF;</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;CellSpacing:0;margin-left:0pt;">
			<tr style="CellSpacing:0;">
				<td valign="top" style="width:auto;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size: 1pt">
						<font style="display: inline;font-size:1pt;">&#xFEFF;</font></p>
				</td>
				<td valign="top" style="width:248.05pt;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr style="CellSpacing:0;">
				<td valign="top" style="width:auto;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">&nbsp; &nbsp;</font></p>
				</td>
				<td valign="top" style="width:248.05pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;font-size:10pt;">BroadVision, Inc.</font></p>
				</td>
			</tr>
			<tr style="CellSpacing:0;">
				<td valign="top" style="width:auto;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">&nbsp; &nbsp;</font></p>
				</td>
				<td valign="top" style="width:248.05pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">&nbsp; &nbsp;</font></p>
				</td>
			</tr>
			<tr style="CellSpacing:0;">
				<td valign="top" style="width:auto;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">&nbsp; &nbsp;</font></p>
				</td>
				<td valign="top" style="width:248.05pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">&nbsp; &nbsp;</font></p>
				</td>
			</tr>
			<tr style="CellSpacing:0;">
				<td valign="top" style="width:auto;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Date:&nbsp;&nbsp;March 30, 2020</font></p>
				</td>
				<td valign="top" style="width:248.05pt;padding:0pt;">
					<p style="margin:0pt;border-bottom:1pt solid #000000 ;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">/s</font><font style="display: inline;font-style:italic;font-size:10pt;">/ ______________________________</font></p>
				</td>
			</tr>
			<tr style="CellSpacing:0;">
				<td valign="top" style="width:auto;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">&#xFEFF;</font></p>
				</td>
				<td valign="top" style="width:248.05pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Dr. Pehong Chen</font></p>
				</td>
			</tr>
			<tr style="CellSpacing:0;">
				<td valign="top" style="width:auto;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">&nbsp; &nbsp;</font></p>
				</td>
				<td valign="top" style="width:248.05pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">President, Chief Executive Officer, Interim Chief Financial Officer</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr>
	</div></body>
</html>
[{"type": "8-K", "sequence": "1", "filename": "bvsn-20200330x8k.htm", "description": "8-K", "secsgml_size_bytes": 52096}]
{"company-data": {"conformed-name": "BROADVISION INC", "cik": "0000920448", "assigned-sic": "7372", "irs-number": "943184303", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-34205", "film-number": "20754173"}, "business-address": {"street1": "460 SEAPORT CT.", "street2": "SUITE 102", "city": "REDWOOD CITY", "state": "CA", "zip": "94063", "phone": "6503311000"}, "mail-address": {"street1": "460 SEAPORT CT.", "street2": "SUITE 102", "city": "REDWOOD CITY", "state": "CA", "zip": "94063"}}
BroadVision 8-K (for Chapter 11 Filing)
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:
March 30
,
2020
(Date of earliest event reported)
BROADVISION, INC.
(Exact name of registrant as specified in its charter)
﻿
﻿
Delaware
1-34205
94-3184303
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(I.R.S. Employer
Identification No.)
Redwood City, CA
460 Seaport Ct, Suite 102,
Redwood City, CA
94063
(Address of principal executive offices)
(Zip Code)
﻿
(650) 331-1000
(Registrant's telephone number, including area code)
﻿
(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, par value $0.0001 per
share
BVSN
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 1.03 Bankruptcy or Receivership
﻿
Chapter 11 Filing
﻿
On
March 30, 2020
(the "
Petition Date
"),
BroadVision, Inc.
(the "
Company
,
"
or
the "
Debtor
") filed
a
voluntary petition for relief under chapter 11 of title 11 of the United States Code (the "
Bankruptcy Code
") in the United States Bankruptcy Court for the District of Delaware (the "
Court
")
, commencing the chapter 11 case
In re BroadVision, Inc.
(Case No. 20-
10701
) (the "
Chapter 11 Case
").
The Debtor will continue to operate
its
business and manage
its
propert
y
as
a
debtor-in-possession pursuant to sections 1107 and 1108 of the Bankruptcy Code.
On the Petition Date, the Company also filed the
Prepackaged Chapter Plan of Reorganization Under Chapter 11 of the Bankruptcy Code for BroadVision, Inc.
(the "
Plan
"),
which sets forth a proposed restructuring transaction
consistent with the previously reported Restructuring Support Agreement aimed to address the Company's outstanding
liabilities
and to position the Company for long-term growth.
To ensure their ability to continue operating in the ordinary course of business, the Debtor
has
filed with the Court motions seeking a variety of "first-day" relief (collectively, the "
First Day Motions
"), including to: (a) authorize the Debtor to continue using their existing cash management system, (b) authorize the Debtor to pay prepetition wages, compensation and employee benefits, (c)
establish procedures with respect to the transfer of equity interests
,
(d) establish deadlines for the filings of proofs of claims and interests
and
(
e
)
establish a timeline for confirmation and consummation of the Plan in order to effectuate a swift exit from bankruptcy.
﻿
On
March 30
, 20
20
, the Company issued a press release announcing that the Debtor had filed
a
petition to initiate the
chapter 11 case
. A copy of the press release is attached hereto as Exhibit
99.1
and is incorporated herein by reference.
﻿
* * * * *
﻿
Cautionary Information Regarding Trading in the Company's Securities.
﻿
The Company's securityholders are cautioned that trading in the Company's securities during the pendency of the Chapter 11 Case is highly speculative and poses substantial risks. Trading prices for the Company's securities may bear little or no relationship to the actual recovery, if any, by holders thereof in the Company's Chapter 11 Case
, and the effectiveness of the Plan is subject to numerous conditions, including approval by the Bankruptcy Court
. As noted, the transaction specified in the Restructuring Support Agreement contemplate that existing equity interests in the Company would be cancelled and that the holders thereof will neither receive nor retain any property on account thereof. Accordingly, the Company urges extreme caution with respect to existing and future investments in its securities.
﻿
Cautionary Note Regarding Forward-Looking Statements
﻿
This Current Report on Form 8-K contains forward-looking statements, which are based on the Company's current expectations, estimates, and projections about the businesses and prospects of the Company and its subsidiaries, as well as management's beliefs, and certain assumptions made by management. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," "may," "should," "will" and variations of these words are intended to identify forward-looking statements. Such statements speak only as of the date hereof and are subject to change. The Company undertakes no obligation to revise or update publicly any forward-looking statements for any reason. These statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict.
﻿
Forward-looking statements discuss, among other matters: the Company's strategy; risks and uncertainties associated with Chapter 11 proceedings; the negative impacts on the Company's businesses as a result of filing for and operating under Chapter 11 protection; the time, terms and ability to confirm a Chapter 11 plan of reorganization for the Company's businesses; the adequacy of the capital resources of the Company's businesses and the difficulty in forecasting the liquidity requirements of the operations of its businesses; the unpredictability of the Company's financial results while in Chapter 11 proceedings; the
Company's ability to discharge claims in Chapter 11 proceedings; negotiations with its trade creditors and other significant creditors; risks and uncertainties with performing under the terms of the Restructuring Support Agreement and any other arrangement with creditors while in Chapter 11 proceedings; the Company's ability to conduct business as usual in the United States and worldwide; the Company's ability to continue to serve customers, suppliers and other business partners at the high level of service and performance they have come to expect from the Company; the Company's ability to continue to pay suppliers and vendors; the ability to control costs during Chapter 11 proceedings; the risk that the Company's Chapter 11 Case may be converted to
a
case under Chapter 7 of the Bankruptcy Code; the Company's ability to secure operating capital; the Company's ability to take advantage of opportunities to acquire assets with upside potential; the Company's ability to execute on its strategic plan to pursue, evaluate and close a
restructuring
pursuant to
the Plan or
a
nother
plan of reorganization; the Company's long-term outlook; the Company's preparation for future market conditions; and any statements or assumptions underlying any of the foregoing. Such statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict. Accordingly, actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors.
﻿
Important factors that may cause such differences include, but are not limited to, the decisions of the Court; negotiations with the Company's creditors and any committee approved by the Court; the Company's ability to meet the requirements, and compliance with the terms, including restrictive covenants, of the Restructuring Support Agreement and any other financial arrangement while in Chapter 11 proceedings; changes in the Company's cash needs as compared to its historical operations or its planned reductions in operating expense; adverse litigation; changes in domestic and international demand for
the Company's products; the Company's ability to control operating costs and other expenses; that general economic conditions may be worse than expected; that competition may increase significantly; changes in laws or government regulations or policies affecting the Company's current business operations and, as well as those risks and uncertainties disclosed under the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's Forms 10-Q filed with the Securities and Exchange Commission ("
SEC
") on
September 23, 2019
and similar disclosures in subsequent reports filed with the SEC.
﻿
Item 9.01   Financial Statements and Exhibits.
﻿
(d)
Exhibits.
﻿
﻿
﻿
Exhibit
Number
Description
﻿
99.1
Press Release, dated March 30, 2020 ET
﻿
______________
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.
﻿
﻿
BroadVision, Inc.
Date:  March 30, 2020
/s
/ ______________________________
﻿
Dr. Pehong Chen
President, Chief Executive Officer, Interim Chief Financial Officer
﻿