Company: VEEAW
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001213900-25-078177
Chunk: 33

Company: VEEA INC.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 1
Chunk 33
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offering (“IPO”), Plum issued warrants to third-party investors where each whole warrant entitles the holder to purchase one
share of the Common Stock at an exercise price of $11.50 per share (the “Public Warrants”). Simultaneously with the closing
of the IPO, Plum completed the private sale of warrants (the “Private Placement Warrants” and together with the Public Warrants,
the “Warrants”) where each Private Placement Warrant allows the holder to purchase one share of the Common Stock at $11.50
per share. At June 30, 2025, there were 6,384,326 Public Warrants and 5,256,218 Private Placement Warrants outstanding.

The Public Warrants become exercisable
at per share, subject to adjustment, at any time commencing 30 days after the completion of the Business Combination; provided that the
Company has an effective registration statement under the Securities Act covering the shares of Common Stock issuable upon exercise of
the Public Warrants and a current prospectus relating to them is available (or the Company permits holders to exercise their warrants
on a cashless basis under the circumstances specified in the warrant agreement) and such shares are registered, qualified or exempt from
registration under the securities, or blue sky, laws of the state of residence of the holder. The warrants will expire five years after
the completion of the Business Combination or earlier upon redemption or liquidation.

The Company has agreed that as soon
as practicable, but in no event later than twenty business days after the closing of the Business Combination, it shall use commercially
reasonable efforts to file with the SEC a registration statement for the registration, under the Securities Act, of the shares of Common
Stock issuable upon exercise of the warrants. Such registration statement was declared effective by the SEC on January 15, 2025.

With the exception of the Private Placement
Warrants, in no event will the Company be required to net cash settle any warrant. In the event that a registration statement is not effective
for the exercised warrants, the purchaser of a unit containing such warrant will have paid the full purchase price for the unit solely
for the shares of Common Stock underlying such Warrant.

17

Redemption of Warrants When the
Price per Share of Common Stock Equals or Exceeds $18.00

Once the Warrants become exercisable,
the Company may redeem the outstanding Warrants (except with respect to the Private Placement Warrants):

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