Company: VEEAW
Filing Date: 2025-01-10
Form Type: S-1/A
Source: 0001213900-25-002716
Chunk: 207

Company: VEEA INC.
Filing Date: 2025-01-10
Form: S-1/A
Chunk 207
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000,000of the principal balance of the outstanding advances.

Term Note

In March 2023, the
Company entered into a $ 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 shares of the Company’s Series A-1 Preferred Stock (the “Initial Warrants”).
The exercise price of the Initial Warrants is $ per share. The term of Initial Warrant covering of the shares
expires upon repayment of the loan (the “Repayment Warrant”). The term of the remaining Initial Warrants covering
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 shares of Series A-1 Preferred Stock
(the “Extension Warrants”). The exercise price of the Extension Warrants is $ per share and the warrant term is five years.
The Company repaid the outstanding principal and accrued interest on the secured term loan on November 10, 2023, in the amount of
$. In connection with the repayment, the lender’s liens were released and the Repayment Warrant expired.

Convertible Notes

In July 2023, the Company
issued a $ convertible note to iFREE Group (HK) Limited (“iFree”). The interest rate on the note is %. The note
(“iFree Note”) matures September 30, 2024. The note is (i) optionally convertible at any time at the holder’s
election and (ii) automatically converts upon the closing of a qualified financing, defined to be the receipt by the Company of
at least $ proceeds (including debt conversion) from the issuance of equity or equity-related securities. Upon the Company’s
receipt of $ proceeds from the issuance and sale of shares of its Series A-2 Preferred Stock private placement, a qualified
financing under the iFree Note occurred and the note automatically converted into shares of Series A-2 Preferred Stock of the Company.
The aggregate amount of principal and interest equaled $ and converted into shares of Series A-2 Preferred Stock.

7 - INVESTMENTS

The Company accounts for
its