Company: VEEAW
Filing Date: 2025-01-15
Form Type: 424B3
Source: 0001213900-25-003888
Chunk: 106

Company: VEEA INC.
Filing Date: 2025-01-15
Form: 424B3
Chunk 106
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8 million and $6.0 million, respectively. As of September 30, 2024, we had $14.15 million outstanding
debt, of which approximately $1.45 million was outstanding under the Note Purchase Agreement and $12.7 million was outstanding under
our working capital facility.

During the nine months ended
September 30, 2024 and 2023, the Company has incurred net losses of $46.6 million and $9.4 million, respectively, and had an accumulated
deficit of $216.9 million as of September 30, 2024. The Company expects to continue to incur net losses as it continues to grow and scale
its business. Historically, the Company’s activities have been financed through private placements, of equity securities and debt
to related parties.

At the Closing of the Business
Combination, the Company converted approximately $16 million of related party debt to equity; and received $1.45 million in proceeds
from the issuance of its convertible promissory note. Following the Closing, the Company received approximately $1.1 million of proceeds
from Plum’s trust account, received a cash tax refund approximately $1.2 million in respect to the Company’s UK subsidiary’s
R&D activities. Taking into account the cash proceeds received to date, the $5,364,159 received by the Company in connection with
the termination of the convertible note commitment, the Company’s entering into the $25 million Equity Line of Credit with White
Lion Capital LLC, the proceeds receivable under the $25 million Equity Line of Credit with White Lion Capital, LLC and the anticipated
return of the Company’s $5 million downpayment for certain inventory purchased from iFREE Group Holdings Limited and, the Company
expects it will be able to funds its operations over the next twelve months. The Company may seek additional funding through debt or
other equity financing arrangements, implement incremental expense reduction measures or a combination thereof to continue financing
its operations. Although management continues to pursue these plans, there is no assurance that the Company will be successful in obtaining
sufficient funding on terms acceptable to the Company to fund continuing operations, if at all.

Comparison of the Nine Months Ended September 30, 2024 and 2023

The following table shows
Veea’s cash flows provided by (used in) operating activities, investing activities and financing activities for the stated periods:

|                      |     | Nine Months ended September 30, |        2024