Company: NDRA
Filing Date: 2025-11-26
Form Type: 424B4
Source: 0001213900-25-115097
Chunk: 18

Company: ENDRA Life Sciences Inc.
Filing Date: 2025-11-26
Form: 424B4
Chunk 18
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 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.

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 unrelated to the Company, in February 2022, the SEC issued a cease-and-desist
order under the 1940 Act to BlockFi Lending LLC, in which the SEC alleged that BlockFi was operating as an unregistered investment company
because it issued securities and also held more than 40% of its total assets, excluding cash, in investment securities, including the
loans of digital assets made by BlockFi to institutional borrowers.

If we were deemed to be an
investment company, Rule 3a-2 under the