Company: VEEAW
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032215
Chunk: 431

Company: VEEA INC.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1B
Chunk 431
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 and ownership, Edge AI, as well as “always-on”
availability for mission critical applications, and contextual awareness for people, devices and things connected to the Internet.

leading technology, telecom,

Veea earns revenue primarily
from the sale of its VeeaHub® devices, licenses and subscriptions.

Recent
Developments

Business
Combination

On September 13, 2024 Plum Acquisition Corp. I. (“Plum”)
(NASDAQ: PLMI), a special purpose acquisition company, Private Veea consummated its previously announced Business Combination. In connection
with the consummation of the Business Combination (the “Closing”) (i) Plum de-registered 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 (the “Domestication”), and (ii) the merger (the “Merger”) of Plum Merger Sub with and into
the Private Veea was completed and the separate corporate existence of Plum Merger Sub ceased, with Private Veea as the surviving corporation
becoming a wholly owned subsidiary of Plum. Following the Closing, Plum changed its name from “Plum Acquisition Corp. I” to
“Veea Inc.” and Private Veea changed its name from “Veea Inc.” to “VeeaSystems Inc.”

53

The Business Combination was accounted for as a “reverse recapitalization,”
with no goodwill or other intangible assets recorded, in accordance with GAAP. A reverse recapitalization did not result in a new basis
of accounting, and the financial statements of the combined entity represent the continuation of the financial statements of Private Veea
in many respects.

Under this method of accounting, Plum was treated as the “acquired”
company for financial reporting purposes. For accounting purposes, Private Veea was deemed to be the accounting acquirer in the transaction
and, consequently, the transaction was treated as a recapitalization of Private Veea (i.e., a capital transaction involving the issuance
of stock by Plum for the stock of Private Veea). Accordingly, the consolidated assets, liabilities and results of operations of Private
Veea became the historical financial statements of the combined company, and Plum’s assets, liabilities and results of operations
were consolidated with the Company’s beginning on the acquisition date. Operations prior to the Business Combination were presented
as those of Private Veea in future reports. The net assets of Private Veea were