Company: NDRA
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110887
Chunk: 188

Company: ENDRA Life Sciences Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 3
Chunk 188
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 consecutive trading days, the Company no longer
met the minimum bid price requirement for continued listing on The Nasdaq Capital Market under Nasdaq Marketplace Rule 5550(a)(2), requiring
a minimum bid price of $1.00 per share (the “Minimum Bid Price Requirement”).

Effective August 16, 2024, the Company effected a
reverse stock split at a ratio of one-for-fifty (“August Reverse Stock Split”). The August Reverse Stock Split did not
have the intended effect of regaining compliance with the Nasdaq Minimum Bid Price Rule and shares of the Company’s common stock
opened for trading on a post-split basis on the Nasdaq Capital Market on August 20, 2024 at a bid price of $0.99.

28

The Company held a special meeting of the stockholders
on October 28, 2024 for the purpose of approving a subsequent reverse stock split.  Following stockholder approval, the Company filed
a Certificate of Amendment to the Company’s Certificate of Incorporation with the Secretary of State of Delaware to effect a 1-for-35
reverse stock split of the shares of the Company’s common stock, effective as of November 7, 2024 (the “November Reverse Stock
Split”). As a result of the November Reverse Stock Split, the Company regained compliance with the Nasdaq Minimum Bid Price Requirement.
If we fall below the Minimum Bid Price Requirement again, we cannot be certain that our stockholders will approve a reverse stock split
or, if approved, how the market would respond to such a reverse stock split.

While Nasdaq rules do not impose a specific limit
on the number of times a listed company may effect a reverse stock split to maintain or regain compliance with the Minimum Bid Price Requirement,
Nasdaq has stated that a series of reverse stock splits may undermine investor confidence in securities listed on Nasdaq. In addition,
Nasdaq Listing Rule 5810(c)(3)(A)(iv) states that if any listed company that fails to meet the Minimum Bid Price Requirement after effecting
one or more reverse stock splits over the prior two-year period with a cumulative ratio of 250 shares or more to one, then the company
is not eligible for a Minimum Bid Price Requirement compliance period of 180 days. As a result, since the Company has effected the 1-for-50
August Reverse Stock Split and the 1-for-35 November Reverse Split, if we subsequently fail to satisfy the Minimum Bid Price Requirement,
Nasdaq