Company: VEEAW
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032215
Chunk: 169

Company: VEEA INC.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1
Chunk 169
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 net
proceeds of $1.1 million from the Business Combination, offset by total transaction costs of $5.3 million. The following table reconciles
the elements of the Business Combination to the consolidated statements of cash flows and the consolidated statement of changes in stockholders’
equity (deficit) for the year ended December 31, 2024:

    Cash-trust and cash, net of redemptions 
    $6,448,862 
  
    Less: transaction costs
    and professional fees, paid 
     (5,345,222)
  
    Net proceeds from the Business Combination 
     1,103,640 
  
    Less: private placement warrant liabilities 
     (1,041,119)
  
    Less: related party notes 
     (2,205,497)
  
    Less: accrued expenses 
     (3,079,281)
  
    Less: deferred payables 
     (1,749,723)
  
    Add: prepaid expenses 
     70,382 
  
    Reverse recapitalization,
    net 
    $(6,901,598)

The number of shares of common stock issued immediately following the
consummation of the Business Combination were:

    Plum Class A common stock, outstanding
    prior to the Business Combination 
     3,255,593 
  
    Less: Redemption of
    Plum Class A common stock 
     (2,652,516)
  
    Class A common stock of Plum 
     603,077 
  
    Plum Class A common
    stock, outstanding prior the Business Combination 
     6,102,562 
  
    Business Combination shares 
     6,705,639 
  
    Veea Shares 
     22,133,644 
  
    Issuance of new financing shares 
     2,000,000 
  
    Conversion of debt for Common Stock 
     3,147,970 
  
    Conversion of Sponsor Notes for Common Stock 
     817,453 
  
    Common Stock issued
    for services 
     857,052 
  
    Common
    Stock immediately after the Business Combination 
     35,661,757 

The
number of Veea shares was determined as follows:

    Private
Veea
Shares  
    Veea
    Shares after conversion ratio 
  
    Private Veea Series A-2 Preferred
    Stock 
     19,670,118