Company: VEEAW
Filing Date: 2025-01-10
Form Type: S-1/A
Source: 0001213900-25-002716
Chunk: 286

Company: VEEA INC.
Filing Date: 2025-01-10
Form: S-1/A
Chunk 286
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 an additional 4,500,000Units to cover over-allotments, if any, at the IPO price less the underwriting discounts and commissions.

The underwriter partially exercised the over-allotment option on April 14, 2021 and purchased 1,921,634Units at $ 10.00per Unit. Simultaneously with the issuance and sale of the Units on April 14, 2021, the Company consummated the private placement with the Sponsor for an aggregate of 256,218warrants to purchase Class A Ordinary Shares for $ 1.50per warrant generating total proceeds of $ 384,327. On April 14, 2021, $ 19,216,340, net of the underwriter discount, was deposited in the Company’s Trust account.

A total of $ 19,216,340was placed in a U.S.-based trust account maintained by Continental Stock Transfer & Trust Company, acting as trustee. Transaction costs of the IPO and the exercise of the over-allotment option amounted to $ 18,336,269consisting of $ 6,384,327of underwriting discount, $ 11,172,572of deferred underwriting discount, and $ 779,370of other offering costs. Of the transaction costs, $ 538,777is included in transaction costs on consolidated the statements of operations and $ 17,797,492is included in consolidated statements of changes in shareholders’ deficit.

Following the closing of the Public Offering on March 18, 2021 and the partial exercise of the underwriter’s over-allotment option, $ 319,216,340(approximately $ 10.00per Unit) from the net proceeds of the sale of the Units in the Public Offering, including the proceeds from the sale of the Private Placement Warrants, was deposited in a trust account (“Trust Account”) located in the United States at Goldman Sachs, with Continental Stock Transfer & Trust Company acting as trustee, and was invested in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act which invests only in direct U.S. government treasury obligations. Except with respect to interest earned on the funds held in the Trust Account that may be released to the Company to pay its taxes, if any, the proceeds from the IPO and the sale of the Private Placement Warrants will not be released from the Trust Account (1) to the Company, until the completion of our initial Business Combination, or