Company: VEEAW
Filing Date: 2025-08-12
Form Type: S-1/A
Source: 0001213900-25-074676
Chunk: 148

Company: VEEA INC.
Filing Date: 2025-08-12
Form: S-1/A
Chunk 148
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”). The Promissory Notes bore interest on the outstanding principal amount at a rate of 10% per annum, calculated on the basis of a 365-day year. The unpaid principal amount and accrued interest on the Promissory Notes was due and payable upon the earlier of demand and December 31, 2023, which was subsequently extended to September 30, 2024. Concurrent with the closing of the Business Combination, the Related Party Notes were converted into shares of common stock at a price of $5.00 per share, which shares were not considered shares of Private Veea and were in addition to the shares of common stock issued to holders of shares of Private Veea. Thus, there was no interest expense recorded for the three months ended March 31, 2025, for the Related Party Notes. Through July 14, 2025, NLabs made loans to the Company in the aggregate principal amount of $3,176,000 pursuant to certain promissory notes. Interest on the 2025 Related Party Notes accrue at a rate of 10% per annum, calculated on the basis of a 365-day year. Principal and accrued interest is payable on demand. The Company is expected to propose satisfying its obligation to repay the outstanding notes, plus accrued interest, in the aggregate amount of approximately $3,237,356, as of the date of this prospectus, with the issuance of 2,232,659 shares of common stock with accompanying common warrants in this offering, based on the assumed offering price of $1.45 per share. Private Veea Common Stock Warrants In consideration for the guarantee by the Company’s CEO (then CEO of Private Veea) of Private Veea’s obligations under the certain revolving loan agreement and a previously outstanding loan agreement with First Republic Bank, which was subsequently acquired by JPMorgan Chase, Private Veea issued warrants to purchase an aggregate of 2,430,000 shares of Private Veea’s common stock (the “ Loan Guarantee Warrants”). The exercise price of the warrants is $0.01 per share. The warrants are exercisable for a period of seven years. The warrants were equity classified and had a fair value of $2,189,014 on the date of grant which is recognized as deferred cost and amortized to interest expense over the life of the loan agreements. In December 2021, Private Veea issued warrants to purchase 630,000 shares of common stock in connection with the Bridge Notes issued to NLabs (the “