Company: VEEAW
Filing Date: 2025-01-15
Form Type: 424B3
Source: 0001213900-25-003888
Chunk: 133

Company: VEEA INC.
Filing Date: 2025-01-15
Form: 424B3
Chunk 133
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320,000 shares of common stock in connection with the Bridge Notes issued to NLabs (the “Tranche 2 Bridge
Note Warrants” and collectively with the Loan Guarantee Warrants and the Tranche 1 Bridge Note Warrants, the “Related Party
Common Stock Warrants”). The exercise price of the warrants is $.01 per share. The warrants are exercisable for a period of seven
years. The warrants were equity classified and had a fair value of approximately $253,816 on the date of grant which was recognized as
original issue discount on the Bridge Notes in the year ended December 31, 2022.

At Closing, the Related Party
Common Stock Warrants were exercised in whole, on a net basis, for 3,880,000 shares of Common Stock of Private Veea at a conversion price
of $0.01 per share for an aggregate purchase price of $38,800. A total of 21,798 shares of Common Stock were surrendered in payment of
the purchase price.

CEO Expenses

Veea incurred expenses relating
to ordinary course travel expenses of the Company’s Chief Executive Officer and founder (“CEO”) for travel made by
the CEO on behalf of the Company. As of September 30, 2024 and December 31, 2023, the Company had accrued expenses reimbursable to the
CEO in the aggregate amount of $119,075 and $179,075, respectively. During the nine months ended September 30, 2024, the Company paid
the CEO $150,000 in reimbursement of these expenses. The Company records the expenses as accrued expenses in the Company’s consolidated
balance sheet.

Note Conversion Agreements

On September 13, 2024, in connection with the consummation of the Business Combination, Private Veea, Plum and the holders of certain notes (the “Noteholders”) issued by Private Veea entered into Note Conversion Agreements, pursuant to which each Noteholder agreed that principal and accrued interest under such notes shall convert into Common Stock at Closing at a per share value of $5.00, and that such shares shall be subject to a five-month lock-up period. At the Closing, notes having an aggregate of $15,739,846 in principal and accrued interest were converted into 3,147,970 shares of Common Stock.

Certain Relationships and Related Person Transactions of Plum

Founder Shares

On January 13, 2021, the Plum Sponsor paid $25,000, or approximately $0