Company: VEEAW
Filing Date: 2025-01-10
Form Type: S-1/A
Source: 0001213900-25-002716
Chunk: 102

Company: VEEA INC.
Filing Date: 2025-01-10
Form: S-1/A
Chunk 102
---
 of Plum).
The consummation of the Business Combination involved (i) Plum de-registering from the Register of Companies in the Cayman Islands by
way of continuation out of the Cayman Islands and into the State of Delaware, migrating to and domesticating as a Delaware corporation,
and (ii) the merger of Plum Merger Sub with and into Private Veea, pursuant to which, at the closing of the transactions contemplated
by the Business Combination Agreement, the separate corporate existence of Plum Merger Sub ceased, with Private Veea as the surviving
corporation becoming a wholly-owned subsidiary of Plum, pursuant to the terms of the Business Combination Agreement and in accordance
with the DGCL.

Following the closing of
the Business Combination, the Company owns 100% of the outstanding common stock of Private Veea and Plum changed its name from “Plum
Acquisition Corp. I” to “Veea Inc.” and Veea Inc. changed its name to “VeeaSystems Inc.”

The Business Combination
was accounted for as a “reverse recapitalization,” with no goodwill or other intangible assets recorded, in accordance with
GAAP. A reverse recapitalization did not result in a new basis of accounting, and the financial statements of the combined entity represent
the continuation of the financial statements of Private Veea in many respects.

Under this method of accounting,
Plum was treated as the “acquired” company for financial reporting purposes. For accounting purposes, Private Veea was deemed
to be the accounting acquirer in the transaction and, consequently, the transaction was treated as a recapitalization of Private Veea
(i.e., a capital transaction involving the issuance of stock by Plum for the stock of Private Veea). Accordingly, the consolidated assets,
liabilities and results of operations of Private Veea became the historical financial statements of the combined company, and Plum’s
assets, liabilities and results of operations were consolidated with the Company’s beginning on the acquisition date. Operations
prior to the Business Combination were presented as those of Private Veea in future reports. The net assets of Private Veea were recognized
at carrying value, with no goodwill or other intangible assets recorded.

Private Placements

Simultaneously with the closing of the Business Combination, the Company and Private Veea issued convertible notes under note purchase agreements (the “Note Purchase Agreements”) with certain accredited investors unaffiliated with Plum and Private Veea (each, an “Investor”) for the sale of unsecured subordinated convertible prom