Company: VEEAW
Filing Date: 2025-01-15
Form Type: 424B3
Source: 0001213900-25-003888
Chunk: 180

Company: VEEA INC.
Filing Date: 2025-01-15
Form: 424B3
Chunk 180
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28, 2023 the
Company and Plum Acquisition Corp. I (“Plum”) (NASDAQ: PLMI), a special purpose acquisition company announced the
signing of a definitive business combination agreement (the “Business Combination Agreement”) in connection with a proposed
business combination expected to result in the Company becoming a publicly traded company (such proposed business combination and related
transactions, including the issuance by Plum of securities in connection therewith, collectively, the “Business Combination”).
The Business Combination is structured as a merger between a wholly-owned subsidiary of Plum, on the one hand, and the Company, on the
other, following which Plum, after transitioning to become a Delaware corporation, will be renamed and will continue the business of
the Company (referred to herein as the “Combined Company”). The transaction consideration to be issued to securityholders
(including holders of outstanding debt and other convertible securities) proposed Business Combination (the “Closing”) will
consist of newly-issued Plum securities determined based on a pre-money equity value for the Company’s outstanding equity securities
and certain outstanding debt that will be converted into equity at the Closing of approximately $194 million, excluding the proceeds
of the issuance of shares of Series A-2 Preferred Stock. Following the Closing, holders of the Company capital stock as of immediately
prior to the Closing (excluding holders of the Company’s Series A-2 Preferred Stock) will have the contingent right to receive
up to 4.5 million additional shares of Combined Company common stock if certain trading-price based milestones of the Combined Company’s
common stock are achieved during the ten-year period following the Closing, as set forth in the Business Combination Agreement. Proceeds
from the proposed Business Combination and financing transactions are expected to support the Combined Company in its business plans.

Current equity holders of
the Company are expected to own a majority of the outstanding capital stock of the Combined Company immediately after the Closing and
the Company will appoint a majority of the members of the board of directors of the Combined Company in accordance with the terms of
the Business Combination Agreement. The parties expect the Business Combination to be consummated during the first half of 2024, following
satisfaction of certain closing conditions set forth in the Business Combination Agreement, including, without limitation, approval by
shareholders of Plum and stockholders of the Company, the effectiveness of a registration statement to be filed by Plum with the Securities
and Exchange Commission in connection with the transaction, the expiration of any HSR Act waiting period and other customary