Company: VEEAW
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032215
Chunk: 432

Company: VEEA INC.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1B
Chunk 432
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 recognized at carrying value, with no goodwill or other
intangible assets recorded.

Private
Placements

Simultaneously with the closing
of the Business Combination, the Company and Private Veea issued convertible notes under note purchase agreements (the “Note Purchase
Agreements”) with certain accredited investors unaffiliated with Plum and Private Veea (each, an “Investor”) for the
sale of unsecured subordinated convertible promissory notes (the “September 2024 Notes”) as part of a private placement offering
of up to $15 million in purchase price for such September 2024 Notes in the aggregate (the “Financing Closing”). The Company
received $1.45 million in proceeds from the issuance of its convertible promissory note with a commitment from a convertible note purchaser
for the remaining unfunded amount of $13.55, which is to be funded on or prior to November 15, 2024, subsequently extended to December
15, 2024. In addition, each Investor received as a transfer from NLabs immediately prior to the Financing Closing a number of shares of
Private Veea’s Series A-1 Preferred Stock that upon the Closing became a number of registered shares of our common stock equal to
such Investors’ original principal note amount divided by $7.50 (the “Transferred Shares”). 2,000,000 Transfer Shares
were delivered to Investors at the Financing Closing. The Note Purchase Agreements include customary registration rights.

The Transferred Shares were recorded at a fair value of $21.6 million
on the Company’s consolidated financial statements, which reflected a significant discount to the face amount of the September 2024
Notes, In addition to the cash received at the Financing Closing, one of the Investors committed to purchase approximately $13.6 million
(the “Commitment Amount”) of September 2024 Notes, on or prior to November 15, 2024, which date was subsequently extended
to December 15, 2024. On December 31, 2024, the Company and the Investor entered into a mutual Settlement and Release Agreement pursuant
to which the Company agreed to terminate the Investor’s obligation to purchase a note in the Commitment Amount and provided for
a mutual release of claims, in exchange for a payment to the Company of an aggregate amount of approximately $5.4 million, which amount
includes payments previously made to the Company in respect of the Commitment Amount. As the Company received approximately $1.5 million