Company: VEEAW
Filing Date: 2025-01-15
Form Type: 424B3
Source: 0001213900-25-003888
Chunk: 199

Company: VEEA INC.
Filing Date: 2025-01-15
Form: 424B3
Chunk 199
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 rate established by reference
to the average 12-month trailing one-year US treasuries plus a spread of 1.80% per annum and a minimum floor rate of 1.5% per annum.
The Company was not required to provide collateral for the advances or comply with any covenants. The advances were secured by a lien
on certain personal assets of the CEO.

The Company issued common
stock warrants to NLabs in consideration for the CEO’s guaranteeing the advances. Refer to Note 10 - Related Party Transactions, Common Stock Warrants.The 2021 Revolving Loan Agreement provided for an initial maturity date of May 15, 2022 with one (1) one-year
extension to May 15, 2023. The Company requested an extension of the maturity date to May 15, 2024. While the Company remains in discussions
with the Bank, the extension was not formalized prior to the maturity date and the Company is in default under the 2021 Revolving Loan
Agreement. The Company has received no notices of default from the Bank, nor has the Bank commenced enforcement actions. In December
2023, the Company repaid $5,000,000 of the principal balance of the outstanding advances.

Term Note

In March 2023, the
Company entered into a $5,000,000 term loan agreement with an unrelated third party lender. The loan agreement was secured by a lien
on the Company’s assets and guaranteed by the Company’s CEO. The full amount of the loan was drawn at closing. The original
maturity date of the loan was August 31, 2023 and was subsequently extended to October 31, 2023. The Company initially issued
warrants to the lender to purchase 3,300,000 shares of the Company’s Series A-1 Preferred Stock (the “Initial Warrants”).
The exercise price of the Initial Warrants is $2.00 per share. The term of Initial Warrant covering 2,500,000 of the 3,300,000 shares
expires upon repayment of the loan (the “Repayment Warrant”). The term of the remaining Initial Warrants covering 800,000
shares is five years. Prior to original maturity of the term loan agreement, the maturity date was extended to October 31,
2023. Upon extension of the maturity date, the Company issued warrants to purchase 400,000 shares of Series A-1 Preferred Stock
(the “Extension W