Company: VEEAW
Filing Date: 2025-05-21
Form Type: 10-Q
Source: 0001213900-25-046124
Chunk: 25

Company: VEEA INC.
Filing Date: 2025-05-21
Form: 10-Q
Item: Part I, Item 1
Chunk 25
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  4.12% 

Stock compensation expense related
to the common stock options outstanding for the three months ended March 31, 2025 and 2024, was $50,000 and $62,670, respectively, which
is included in general and administrative expenses in the Company’s condensed consolidated statements of operations and comprehensive
income (loss). Total unrecognized expense related to unvested options outstanding as of March 31, 2025, was $135,863 which will be recognized
over a weighted average period of 2.49 years.

Restricted Stock Units

There were no RSUs granted or stock
compensation expense recorded during each of the three months ended March 31, 2025 and 2024.

11 - WARRANTS

As part of Plum’s initial public
offering (“IPO”), Plum issued warrants to third-party investors where each whole warrant entitles the holder to purchase one
share of the Common Stock at an exercise price of $11.50 per share (the “Public Warrants”). Simultaneously with the closing
of the IPO, Plum completed the private sale of warrants (the “Private Placement Warrants” and together with the Public Warrants,
the “Warrants”) where each Private Placement Warrant allows the holder to purchase one share of the Common Stock at $11.50
per share. At March 31, 2025, there were 6,384,326 Public Warrants and 5,256,218 Private Placement Warrants outstanding.

The Public Warrants become exercisable
at $11.50 per share, subject to adjustment, at any time commencing 30 days after the completion of the Business Combination; provided
that the Company has an effective registration statement under the Securities Act covering the shares of Common Stock issuable upon exercise
of the Public Warrants and a current prospectus relating to them is available (or the Company permits holders to exercise their warrants
on a cashless basis under the circumstances specified in the warrant agreement) and such shares are registered, qualified or exempt from
registration under the securities, or blue sky, laws of the state of residence of the holder. The warrants will expire five years after
the completion of the Business Combination or earlier upon redemption or liquidation.

The Company has agreed that as soon
as practicable, but in no event later than twenty business days after the closing of the Business Combination, it shall use commercially
reasonable efforts to file with the SEC a registration statement for the registration, under