Company: VEEAW
Filing Date: 2025-01-10
Form Type: S-1/A
Source: 0001213900-25-002701
Chunk: 280

Company: VEEA INC.
Filing Date: 2025-01-10
Form: S-1/A
Chunk 280
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, 2021, the Company consummated the initial public offering (the “Public Offering” or “IPO”) of 30,000,000units (the “Units), at $ 10.00per Unit, generating gross proceeds of $ 300,000,000, which is discussed in Note 3.

Simultaneously with the closing of the IPO, the Company consummated the sale of 6,000,000warrants (the “Private Placement Warrants”), at a price of $ 1.50per Private Placement Warrant, which is discussed in Note 4. Each warrant entitles the holder to purchase oneClass A ordinary share at a price of $ 11.50per share, generating gross proceeds of $ 9,000,000, which is described in Note 4.

The Company granted the underwriter a 45-day option from March 18, 2021 to purchase up to an additional 4,500,000Units to cover over-allotments, if any, at the IPO price less the underwriting discounts and commissions.

The underwriter partially exercised the over-allotment option on April 14, 2021 and purchased 1,921,634Units at $ 10.00per Unit. Simultaneously with the issuance and sale of the Units on April 14, 2021, the Company consummated the private placement with the Sponsor for an aggregate of 256,218warrants to purchase Class A Ordinary Shares for $ 1.50per warrant generating total proceeds of $ 384,327. On April 14, 2021, $ 19,216,340, net of the underwriter discount, was deposited in the Company’s Trust account.

A total of $ 19,216,340was placed in a U.S.-based trust account maintained by Continental Stock Transfer & Trust Company, acting as trustee. Transaction costs of the IPO and the exercise of the over-allotment option amounted to $ 18,336,269consisting of $ 6,384,327of underwriting discount, $ 11,172,572of deferred underwriting discount, and $ 779,370of other offering costs. Of the transaction costs, $ 538,777is included in transaction costs on consolidated the statements of operations and $ 17,797,492is included in consolidated statements of changes in shareholders’ deficit.

Following the closing of the Public Offering on March 18, 2021 and the