Company: NDRA
Filing Date: 2025-10-30
Form Type: 424B5
Source: 0001213900-25-103705
Chunk: 21

Company: ENDRA Life Sciences Inc.
Filing Date: 2025-10-30
Form: 424B5
Chunk 21
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, we have been focused on developing
a next-generation enhanced ultrasound technology platform—Thermo-Acoustic Enhanced Ultrasound, or TAEUS. Recently,
we have begun focusing on pursuing opportunities to expand our portfolio into coins, digital assets and cryptocurrency. Since we believe
cryptocurrency is not an investment security, we do not hold ourselves out as being engaged primarily, or propose to engage primarily,
in the business of investing, reinvesting, or trading in securities within the meaning of Section 3(a)(1)(A) of the 1940 Act.

With respect to Section 3(a)(1)(C), we believe
we satisfy the elements of Rule 3a-1 and therefore are deemed not to be an investment company under, and we intend to conduct our operations
such that we will not be deemed an investment company under, Section 3(a)(1)(C). We believe that we are not an investment company pursuant
to Rule 3a-1 under the 1940 Act because, on a consolidated basis with respect to wholly-owned subsidiaries but otherwise on an unconsolidated
basis, no more than 45% of the value of the Company’s total assets (exclusive of U.S. government securities, shares of registered
money market funds under Rule 2a-7 of the 1940 Act, and cash items) consists of, and no more than 45% of the Company’s net income
after taxes (for the last four fiscal quarters combined) is derived from, securities other than U.S. government securities, shares of
registered money market funds under Rule 2a-7 of the 1940 Act, securities issued by employees’ securities companies, securities
issued by qualifying majority owned subsidiaries of the Company, and securities issued by qualifying companies that are controlled primarily
by the Company.

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Cryptocurrency and other digital assets, as well
as new business models and transactions enabled by blockchain technologies, present novel interpretive questions under the 1940 Act. There
is a risk that assets or arrangements that we have concluded are not securities could be deemed to be securities by the SEC or another
authority for purposes of the 1940 Act, which would increase the percentage of securities held by us for 1940 Act purposes. The SEC has
requested information from a number of participants in the digital assets ecosystem, regarding the potential application of the 1940 Act
to their businesses. For example, in an action