Company: VEEAW
Filing Date: 2025-01-10
Form Type: S-1/A
Source: 0001213900-25-002716
Chunk: 280

Company: VEEA INC.
Filing Date: 2025-01-10
Form: S-1/A
Chunk 280
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 the Plan provides for tax-deferred salary contributions and after-tax contributions for eligible employees.
The Plan provides for tax-deferred salary contributions and after-tax contributions for eligible employees. Employee contributions are
limited to a maximum annual amount as set periodically by the Internal Revenue Code. The Company matches pretax and Roth employee contributions
up to % of eligible earnings that are contributed by employees. All matching contributions vest immediately. The Company’s matching
contributions to the Plan for the nine months ended September 30, 2024 and December 31, 2023 totaled $ and $, respectively.

17 - SUBSEQUENT EVENTS

The Company evaluated subsequent events
from September 30, 2024, the date of these financial statements, through financial statements were issued (the “Issuance Date”),
for events requiring recording or disclosure in the financial statements as of and for the nine months ended September 30, 2024. The
Company concluded that no events have occurred that would require recognition or disclosure in the financial statements, except as described
below.

Equity Line of Credit

On November 15, 2024, the Company and
White Lion Capital, LLC (“White Lion”) signed a term sheet providing for the issuance by the Company to White Lion of up
to $ million of shares of the Company’s common stock. The Company anticipates closing the transactions contemplated by the
term sheet on or about November 20, 2024. At the closing, the Company and White Lion will enter into a common stock purchase agreement
(the “Common Stock Purchase Agreement”) and related registration rights agreement (the “White Lion Registration Rights
Agreement”). Pursuant to the Common Stock Purchase Agreement, the Company, has the right to sell to White Lion up to the lesser
of (i) shares of common stock (“ELOC Shares) and (ii) the Purchase Notice Limit (as defined in the Common
Stock Purchase Agreement), subject to certain limitations and conditions set forth in the Common Stock Purchase Agreement. As of the
Issuance Date, the Company has not filed a Registration Statement on Form S-1 registering the resale of the ELOC Shares. The Company
expects to utilize proceeds from the Common Stock Purchase Agreement for working capital and other general corporate purposes. Subject
to the terms of the Common Stock Purchase Agreement, the Company will have the right from time to time at its sole discretion until the
24th month following signing of the Common Stock Purchase Agreement, to direct White Lion to purchase up to a