Company: NDRA
Filing Date: 2025-10-30
Form Type: 424B5
Source: 0001213900-25-103705
Chunk: 20

Company: ENDRA Life Sciences Inc.
Filing Date: 2025-10-30
Form: 424B5
Chunk 20
---
 assets as a medium of exchange or store of value. As a result, the emergence or growth
of these or other digital assets could cause the market price of cryptocurrencies we hold to decrease, which could have a material adverse
effect on our business, financial condition and results of operations.

If we were deemed to be an investment company under the 1940 Act, applicable restrictions likely would make it impractical for us to continue segments of our business as currently contemplated.

Under Sections 3(a)(1)(A) and (C) 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.

Historically