Company: VEEAW
Filing Date: 2025-07-23
Form Type: S-1
Source: 0001213900-25-066815
Chunk: 284

Company: VEEA INC.
Filing Date: 2025-07-23
Form: S-1
Chunk 284
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’s records and were not be eligible to be held by Depository Trust Company (“ DTC”) without the investor first notifying the Company of its intent to transfer any such shares to a brokerage account and/or to be held by DTC or another nominee (a “ Brokerage Transfer”). If the investor provides such notice or otherwise has any such shares subject to a Brokerage Transfer within 6 months after the Closing of the Business Combination, a portion of the outstanding obligations under such Investor’s September 2024 Note will automatically convert into a number of 2024 Note Conversion Shares equal to the number of the transferred shares subject to such Brokerage Transfer, and the lock-up period for such 2024 Note Conversion Shares would be extended for an additional 6 months to 12 months after the closing of the September 2024 Note Offering. As of December 31, 2024, $250,000 in aggregate principal amount of the September 2024 Notes, together with associated interest, had automatically converted upon the occurrence of a Brokerage Transfer. II-5 Equity Line of Credit On December 2, 2024, the Company entered into the ELOC Purchase Agreement and the White Lion Registration Rights Agreement with White Lion. Pursuant to the ELOC Purchase Agreement, the Company has the right, but not the obligation, to direct White Lion to purchase up to 25,000,000 shares of common stock, subject to certain limitations and conditions as described below at a purchase price equal to (i) 96.5% of the volume weighted average stock price for the three consecutive business days after a purchase notice is given, (ii) 98% of the volume weighted average stock price on the day a notice is delivered, or (iii) the lowest traded price for a given purchase date. During the three months ended March 31, 2025, the Company issued 27,498 ELOC Commitment Shares (as defined below) to White Lion in payment of its commitment fee and sold 240,500 shares to White Lion under the ELOC Program for aggregate proceeds of $604,426, with the stock price of shares purchased by the White Lion ranging from $1.79 per share to $3.31 per share. The Company controls the timing and amount of any sales to White Lion, which depends on a variety of factors including, among other things, market conditions, the trading price of the Company’s common stock, and determinations by the Company as to appropriate sources of funding for its business and operations. However