ENDRA Life Sciences Announces Closing of Public Offering of Common Stock and Exercise of Over-Allotment Option

Rhea-AI Summary

ENDRA Life Sciences Inc. (NASDAQ:NDRA) has completed its public offering of 7,857,286 shares of common stock at $0.70 per share, raising $5,500,100 before expenses. The underwriter, ThinkEquity, exercised its over-allotment option for an additional 714,286 shares. The offering was made under an effective shelf registration statement filed with the SEC. ENDRA focuses on developing its TAEUS technology for improved tissue visualization, particularly for liver conditions affecting over 1 billion people globally, which currently lack practical diagnostic tools.

Positive

• The public offering raised $5,500,100, providing funds for business growth.
• TAEUS technology targets a significant market with over 1 billion people suffering from liver conditions.

Negative

• The issuance of shares may lead to shareholder dilution.
• -

ANN ARBOR, MI / ACCESSWIRE / December 18, 2020 / ENDRA Life Sciences Inc. ("ENDRA") (NASDAQ:NDRA), a developer of enhanced ultrasound technologies, today reported the closing of its previously announced underwritten public offering of 7,143,000 shares of common stock at an offering price of $0.70 per share. In connection with the offering, the underwriter exercised its over-allotment option to purchase an additional 714,286 shares of common stock at the public offering price, less the underwriting discount, in full. As a result, the total offering size was 7,857,286 shares, and the gross proceeds from the offering were $5,500,100, before deducting underwriting discounts and estimated offering expenses. All of the shares of common stock were offered by ENDRA.

ThinkEquity, a division of Fordham Financial Management, Inc., acted as the sole underwriter for the offering.

A shelf registration statement on Form S-3 (File No. 333-229090) relating to the shares of common stock issued in the proposed offering was filed with the Securities and Exchange Commission (the "SEC") and is effective. The final prospectus supplement relating to the offering was filed with the SEC on December 17, 2020. Copies of the final prospectus supplement and the accompanying prospectus relating to the offering may be obtained from ThinkEquity, a division of Fordham Financial Management, Inc., 17 State Street, 22nd Floor, New York, New York 10004, by telephone at (877) 436-3673, or by email at prospectus@think-equity.com. Electronic copies of the final prospectus supplement and accompanying prospectus are also available on the SEC's website at http://www.sec.gov.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About ENDRA Life Sciences Inc.

ENDRA Life Sciences is the pioneer of Thermo Acoustic Enhanced UltraSound (TAEUS^®), a ground-breaking technology being developed to visualize tissue like MRI, but at 1/50^th the cost and at the point of patient care. TAEUS is designed to work in concert with the over one million ultrasound systems in use globally today. TAEUS is initially focused on the measurement of fat in the liver as a means to assess and monitor Non-Alcoholic Fatty Liver Disease (NAFLD) and inflammation (NASH), chronic liver conditions that affect over 1 billion people globally, and for which there are no practical diagnostic tools. Beyond the liver, ENDRA is exploring several other clinical applications of TAEUS, including visualization of tissue temperature during energy-based surgical procedures. For more information, please visitwww.endrainc.com.

Forward-Looking Statements

All statements in this news release that are not based on historical fact are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as "believe," "expect," "may," "will," "should," "could," "seek," "intend," "plan," "goal," "estimate," "anticipate" or other comparable terms. Examples of forward-looking statements include, among others, estimates of the timing of future events and achievements, such as the expectations regarding commercializing the TAEUS device, establishing evaluation reference sites and initial sales in Europe, receipt of U.S. Food and Drug Administration regulatory approval and expectations concerning ENDRA's business strategy. Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements as a result of various factors including, among others, risks relating to our ability to develop a commercially feasible technology; receipt of necessary regulatory approvals; the impact of COVID-19 on our business plans; our ability to find and maintain development partners, market acceptance of our technology and the amount and nature of competition in our industry; our ability to protect our intellectual property; and the other risks and uncertainties described in ENDRA's filings with the Securities and Exchange Commission. The forward-looking statements made in this news release speak only as of the date of issuance, and ENDRA assumes no obligation to update any such forward-looking statements to reflect actual results or changes in expectations, except as otherwise required by law.

Company Contact:

David Wells
Chief Financial Officer
(734) 997-0464
investors@endrainc.com
www.endrainc.com

Investor Relations Contact:

Kim Sutton Golodetz
LHA Investor Relations
(212) 838-3777
kgolodetz@lhai.com

SOURCE: ENDRA Life Sciences Inc.

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FAQ

What is the recent public offering by ENDRA Life Sciences?

ENDRA Life Sciences closed a public offering of 7,857,286 shares at $0.70 per share, raising a total of $5,500,100.

How many shares did ENDRA Life Sciences offer?

ENDRA Life Sciences offered a total of 7,857,286 shares, including the exercise of the over-allotment option.

What is the intended use of funds from ENDRA's public offering?

The funds from the offering are intended to support the development and commercialization of ENDRA's TAEUS technology.

What are the financial implications of ENDRA's stock offering on shareholders?

The issuance of new shares may dilute existing shareholders' equity.

Who was the underwriter for ENDRA's public offering?

ThinkEquity acted as the sole underwriter for ENDRA's public offering.