Company: VEEAW
Filing Date: 2025-08-12
Form Type: S-1/A
Source: 0001213900-25-074676
Chunk: 118

Company: VEEA INC.
Filing Date: 2025-08-12
Form: S-1/A
Chunk 118
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 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. 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, White Lion’s obligation to purchase shares is subject to certain conditions, including the daily trading volume of the Company’s common stock. In all instances, the Company may not sell shares of its common stock under the ELOC Purchase Agreement if it would result in White Lion and its affiliate beneficially owning more than 4.99% of its outstanding voting power or shares of common stock at any one point in time, or the aggregate number of shares of common stock would not exceed 19.99% of the voting power of the issued and outstanding common stock. 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 issued to White Lion 27,498 shares of common stock as a commitment fee (the “ ELOC Commitment Shares”). The fair value of the ELOC Commitment Shares was $25,000, which pursuant to ASC 815, was recorded in transaction costs in the condensed consolidated statement of operations and comprehensive income (loss) of the Company for the three months ended March 31, 2025. Further, the Common Stock Purchase Agreement provided for the issuance of additional Commitment Shares to the Common Stock Purchaser if the Company failed to sell at least $1,000,000 in gross proceeds to the Common Stock Purchaser by the sixth-month anniversary of signing of the Common Stock Purchase Agreement. The Company and the Common Stock Purchaser amended the Common Stock Purchase Agreement effective of June 2, 2025 (the “ ELOC Amendment”) to provide for (i) an extension of the time period to December 15, 2025 and (ii) an increase the gross proceeds sold under the Common Stock Purchase Agreement to $1,250,000. If the Company fails to