Company: VEEAW
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-111013
Chunk: 30

Company: VEEA INC.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 30
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 of one or more
outstanding series of Preferred Stock if the holders of such affected series are entitled, either separately or together as a class with
the holders of one or more other such series, to vote thereon pursuant to the Restated Certificate of Incorporation (including any certificate
of designations relating to any series of Preferred Stock). Holders of Common Stock are entitled to one vote per share on all
matters submitted to the stockholders for their vote or approval.

Equity Line of Credit

On December 2, 2024, the Company entered
into a common stock purchase agreement (“Common Stock Purchase Agreement”) and related registration rights agreement (the
“Registration Rights Agreement”) with White Lion Capital, LLC (“White Lion”). Pursuant to the Common Stock
Purchase Agreement, the Company has the right, but not the obligation, to direct White Lion to purchase up to $25.0 million in aggregate
gross purchase price of newly issued shares of Common Stock, subject to certain limitations and conditions as described below (the “ELOC
Program”), at a purchase price equal to (i) 96.5% of the volume weighted average stock price for the three consecutive
business days after a purchase notice is given, (ii) 98% 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 depend on a variety of factors including, among other things, market conditions, the trading
price of the 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
stock. In all instances, the Company may not sell shares of Common Stock under the 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 the 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.

The Company did not draw on the ELOC
during the three months ended September 30, 2025, and received $836,766 in proceeds from draws on the ELOC during the nine months ended
September 30