Company: VEEAW
Filing Date: 2025-01-10
Form Type: S-1/A
Source: 0001213900-25-002716
Chunk: 189

Company: VEEA INC.
Filing Date: 2025-01-10
Form: S-1/A
Chunk 189
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 set forth in the Business Combination Agreement, including, without limitation, approval by
shareholders of Plum and stockholders of the Company, the effectiveness of a registration statement to be filed by Plum with the Securities
and Exchange Commission in connection with the transaction, the expiration of any HSR Act waiting period and other customary closing
conditions.

<div align='center'>F-9

Veea Inc. and Subsidiaries
Notes to Consolidated Financial Statements
Years Ended December 31, 2023 and 2022</div>

2 - LIQUIDITY AND MANAGEMENT’S PLAN

During the years ended
December 31, 2023 and 2022, the Company has incurred net losses of $ and $, respectively, and had an accumulated
deficit of $ as of December 31, 2023. 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. In October 2023, the Company commenced a private placement for the sale of its newly designated Series A-2
Preferred Stock, par value $ per share (the “Series A-2 Preferred Stock”). As of December 31, 2023, the Company has
(1) issued shares of Series A-2 Preferred Stock in consideration for approximately $ million in cash and the conversion
of debt and other outstanding obligations totaling approximately $ million and (2) received additional subscriptions totaling approximately
$ million for which shares Series A-2 Preferred Stock have not yet been issued as of such date. The Company anticipates raising a minimum
of an additional $ in cash proceeds from the sales of shares of Series A-2 Preferred Stock before before the closing of the
Business Combination.

In December 2023, the Company
signed an agreement with a placement agent for the issuance of up to $ million of medium-term notes, face amount of % medium-term
notes that would mature in August 2030. Closing of the note offering is subject to customary closing conditions including legal
and financial due diligence. The Company expects the offering to close in the second quarter of 2024. Concurrent expects to convert up
to approximately $ million of related party debt to equity concurrently with the consummation of its de-SPAC transaction with
Plum. As a result, the Company believes that it has sufficient cash to meet its working capital requirements over the next twelve months.
If additional