Company: VEEAW
Filing Date: 2025-01-10
Form Type: S-1/A
Source: 0001213900-25-002701
Chunk: 97

Company: VEEA INC.
Filing Date: 2025-01-10
Form: S-1/A
Chunk 97
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3 million and $46.6 million for the three and nine months ended September 30, 2024, respectively; net income and losses of approximately $2.0 million and $9.4 million for the three and nine months ended September 30, 2023, respectively. Veea generated net revenue of approximately $51,000 and $108,000 for the three and nine months ended September 30, 2024, respectively, approximately $9,000 and $40,000 for the three and nine months ended September 30, 2023, respectively. Other than $9.0 million of revenue generated from the license of AdEdge™ in 2023, revenue has been immaterial for all periods presented and represented revenue earned from paid pilots for our VeeaHubÒ devices.

Recent Developments

Business Combination

On September 13, 2024,
Plum consummated its previously announced Business Combination with Private Veea, pursuant to that certain Business Combination
Agreement, dated November 27, 2023, between Private Veea, Plum, and Plum Merger Sub (a Delaware corporation and wholly owned
subsidiary of Plum). The consummation of the Business Combination involved (i) Plum de-registering 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, and (ii) the merger of Plum Merger Sub with and into Private Veea, pursuant to which, at the closing of
the transactions contemplated by the Business Combination Agreement, the separate corporate existence of Plum Merger Sub ceased,
with Private Veea as the surviving corporation becoming a wholly-owned subsidiary of Plum, pursuant to the terms of the Business
Combination Agreement and in accordance with the DGCL.

Following the closing of the
Business Combination, the Company owns 100% of the outstanding common stock of Private Veea and Plum changed its name from “Plum
Acquisition Corp. I” to “Veea Inc.” and Veea Inc. changed its name to “VeeaSystems Inc.”

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