Company: VEEAW
Filing Date: 2025-01-15
Form Type: 424B3
Source: 0001213900-25-003892
Chunk: 97

Company: VEEA INC.
Filing Date: 2025-01-15
Form: 424B3
Chunk 97
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 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 VeeaHubdevices.

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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 this method of accounting,
Plum was treated as the “acquired” company for financial reporting purposes. For accounting purposes, Private Veea was deemed
to be the accounting acquirer in the transaction and, consequently, the transaction was treated as a recapitalization of Private Veea
(i.e., a capital transaction involving the issuance of stock by Plum for the stock of Private V