Company: VEEAW
Filing Date: 2025-01-15
Form Type: 424B3
Source: 0001213900-25-003888
Chunk: 92

Company: VEEA INC.
Filing Date: 2025-01-15
Form: 424B3
Chunk 92
---
 the largest mobile satellite messaging and position reporting
system with integrated IoT solutions during the 1980s and in the 1990s; 2G/3G technology and products at Qualcomm in 1990s; 4G technology
and products at NextWave during the 2000s, and hyper-converged edge computing and communications during the 2010s; and beyond with Veea.
At Veea, Mr. Salmasi has assembled a talented and experienced management and engineering team that includes former senior executives
of leading technology, telecom, SaaS, and wireless companies that possess a deep understanding of wireless technologies, mesh networking
and edge computing.

Veea earns revenue primarily from the sale of its VeeaHubÒ devices, licenses and subscriptions. Veea incurred net losses of approximately $33.3 million and $46.6 million for the three and nine months ended September 30, 2024, respectively; net income and losses of approximately $2.0 million and $9.4 million for the three and nine months ended September 30, 2023, respectively. Veea generated net revenue of approximately $51,000 and $108,000 for the three and nine months ended September 30, 2024, respectively, approximately $9,000 and $40,000 for the three and nine months ended September 30, 2023, respectively. Other than $9.0 million of revenue generated from the license of AdEdge™ in 2023, revenue has been immaterial for all periods presented and represented revenue earned from paid pilots for our VeeaHubÒ devices.

Recent Developments

Business Combination

On September 13, 2024, Plum
consummated its previously announced Business Combination with Private Veea, pursuant to that certain Business Combination Agreement,
dated November 27, 2023, between Private Veea, Plum, and Plum Merger Sub (a Delaware corporation and wholly owned subsidiary of Plum).
The consummation of the Business Combination involved (i) Plum de-registering from the Register of Companies in the Cayman Islands by
way of continuation out of the Cayman Islands and into the State of Delaware, migrating to and domesticating as a Delaware corporation,
and (ii) the merger of Plum Merger Sub with and into Private Veea, pursuant to which, at the closing of the transactions contemplated
by the Business Combination Agreement, the separate corporate existence of Plum Merger Sub ceased, with Private Veea as the