Company: VEEAW
Filing Date: 2025-05-21
Form Type: 10-Q
Source: 0001213900-25-046124
Chunk: 42

Company: VEEA INC.
Filing Date: 2025-05-21
Form: 10-Q
Item: Part I, Item 1
Chunk 42
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 Edge Platform
include optimal latency, lower data transport costs, data privacy, security and ownership, Edge AI, as well as “always-on”
availability for mission critical applications, and contextual awareness for people, devices and things connected to the Internet.

Veea earns revenue primarily
from the sale of its VeeaHub® devices, licenses, and subscriptions.

Recent Developments

Asset Purchase Transaction with Crowdkeep,
Inc.

Asset Purchase Agreement 

On May 13, the Company entered
into an Asset Purchase Agreement (the “APA”) with Crowdkeep, Inc., a Delaware corporation (the “Seller”), pursuant
to which, subject to the terms and conditions set forth in the APA, the Company acquired, upon the closing (the “Crowdkeep Closing”,
and the date of such Crowdkeep Closing, the “Crowdkeep Closing Date”) certain assets of Seller relating to Seller’s
IoT technology platform business (collectively, the “Crowdkeep Assets”), free and clear of any liens other than certain specified
liabilities of Seller that are being assumed (collectively, the “Crowdkeep Liabilities” and such acquisition of the Crowdkeep
Assets and assumption of the Crowdkeep Liabilities together, the “Crowdkeep Transaction”) in consideration for the issuance
to the Seller of 4,065,689 shares of Common Stock (the “Purchase Price”).

The APA contains other customary
representations, warranties and covenants of the parties. The foregoing summary of the APA is not complete and is qualified in its entirety
by reference to the full text of the APA, a copy of which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.

Note Purchase Agreements and Convertible Promissory
Notes

On April 17, 2025, and May
13, 2025, the Company and the majority stockholder of the Seller (“Crowdkeep Investor”), entered into two Note Purchase Agreements
(the “Crowdkeep Note Purchase Agreements”). Pursuant to the Crowdkeep Note Purchase Agreements, the Crowdkeep Investor loaned
to the Company an aggregate of $1,000,000 in two tranches (the “Crowdkeep Loans”), of which $500,000 was provided on April
17, 2025 and $500,000 was provided on May 13, 2025. In connection with the entry into the Crowdkeep Note Purchase Agreements the Company
issued to the Crowdkeep Investor unsecured convertible promiss