Company: VEEAW
Filing Date: 2025-07-07
Form Type: DRS
Source: 0001213900-25-061586
Chunk: 183

Company: VEEA INC.
Filing Date: 2025-07-07
Form: DRS
Chunk 183
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 holders.             |

If and when the public warrants
become redeemable by us for cash, the Company may exercise its redemption right even if it is unable to register or qualify the underlying
securities for sale under all applicable state securities laws.

The Company has established
the last of the redemption criterion discussed above to prevent a redemption call unless there is at the time of the call a significant
premium to the public warrant exercise price. If the foregoing conditions are satisfied and the Company issues a notice of redemption
of the public warrants, each public warrant holder will be entitled to exercise his, her or its public warrant prior to the scheduled
redemption date. However, the price of the common stock may fall below the $18.00 redemption trigger price (as adjusted for stock splits,
stock capitalizations, reorganizations, recapitalizations and the like) as well as the $11.50 public warrant exercise price after the
redemption notice is issued.

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Redemption procedures and cashless exercise

If we call the public warrants
for redemption as described above, the Company will have the option to require any holder that wishes to exercise his, her or its public
warrant to do so on a “cashless basis.” In determining whether to require all holders to exercise their public warrants on
a “cashless basis,” the Company will consider, among other factors, its cash position, the number of public warrants that
are outstanding and the dilutive effect on its shareholders of issuing the maximum number of shares of the common stock issuable upon
the exercise of its public warrants. If the Company takes advantage of this option, all holders of public warrants would pay the exercise
price by surrendering their public warrants for that number of shares of the common stock equal to the lesser of (A) the quotient obtained
by dividing (x) the product of the number of shares of the common stock underlying the public warrants, multiplied by the excess of the
“fair market value” of the common stock over the exercise price of the public warrants by (y) the fair market value and (B)
0.361. The “fair market value” will mean the average closing price of a share of the common stock for the ten (10) trading
days ending on the third (3) trading day prior to the date on which the notice of redemption is sent to the holders of public warrants.
If the Company takes advantage of this option, the notice of redemption will contain the information necessary to