Company: NDRA
Filing Date: 2025-11-26
Form Type: 424B4
Source: 0001213900-25-115097
Chunk: 17

Company: ENDRA Life Sciences Inc.
Filing Date: 2025-11-26
Form: 424B4
Chunk 17
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) of the 1940 Act, a company generally will be deemed to be an “investment company” if (i) it is, or holds itself out
as being, engaged primarily, or proposes to engage primarily, in the business of investing, reinvesting, or trading in securities or
(ii) it engages, or proposes to engage, in the business of investing, reinvesting, owning, holding, or trading in securities and it owns
or proposes to acquire investment securities having a value exceeding 40% of the value of its 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) on an unconsolidated basis. Rule
3a-1 under the 1940 Act generally provides that notwithstanding the Section 3(a)(1)(C) test described in clause (ii) above, an entity
will not be deemed to be an “investment company” for purposes of the 1940 Act if no more than 45% of the value of its 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 its net income after taxes (for the past 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 such entity, and securities issued by qualifying
companies that are controlled primarily by such entity. We do not believe that we are an “investment company” as such term
is defined in either Section 3(a)(1)(A) or Section 3(a)(1)(C) of the 1940 Act.

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Historically, 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