Company: NDRA
Filing Date: 2025-11-26
Form Type: 424B4
Source: 0001213900-25-115097
Chunk: 15

Company: ENDRA Life Sciences Inc.
Filing Date: 2025-11-26
Form: 424B4
Chunk 15
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securities” within the meaning of the U.S. federal securities laws, and registration of the Company under
the 1940 Act, is therefore not required under the applicable securities laws, we acknowledge that a regulatory body or federal court
may determine otherwise. Therefore, our belief, even if reasonable under the circumstances, would not preclude legal or regulatory action
based on such a finding that cryptocurrency is a “security,” which would require us to register as an investment company
under the 1940 Act.

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We have also adapted our
process for analyzing the U.S. federal securities law status of cryptocurrencies over time, as guidance and case law have evolved. As
part of our U.S. federal securities law analytical process, we take into account a number of factors, including the various definitions
of “security” under U.S. federal securities laws and federal court decisions interpreting the elements of these definitions,
such as the U.S. Supreme Court’s decisions in the Howey and Reves cases, as well as court rulings,
reports, orders, press releases, public statements, and speeches by the SEC Commissioners and SEC Staff providing guidance on when a
digital asset or a transaction to which a digital asset may relate may be a security for purposes of U.S. federal securities laws. Our
belief that HYPE and other blockchain-linked cryptocurrencies in which we intend to invest are not a “security” is premised,
among other reasons, on our belief that such cryptocurrencies do not meet the elements of the Howey test. For instance,
ownership of HYPE and other blockchain-linked cryptocurrencies do not convey the right to receive any interest, rewards, or other returns.

We acknowledge, however,
that the SEC, a federal court or another relevant entity could take a different view. The regulatory treatment of cryptocurrency is such
that it has drawn significant attention from legislative and regulatory bodies, in particular the SEC which has previously stated it
deemed cryptocurrency a security. Application of securities laws to the specific facts and circumstances of digital assets is complex
and subject to change. Our belief, even if reasonable under the circumstances, would not preclude legal or regulatory action based on
a finding that cryptocurrency, or any other digital asset we might hold is a “security.” As such, we are at risk of enforcement
proceedings against us, which could result in potential injunctions, cease-and-desist orders, fines, and penalties if cryptocurrency
was determined to be a security by a regulatory body or a court