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

Company: VEEA INC.
Filing Date: 2025-05-21
Form: 10-Q
Item: Part I, Item 1
Chunk 21
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 agreement (“Common Stock Purchase Agreement”) and related registration rights agreement (the
“Registration Rights Agreement”) with White Lion Capital, LLC (“White Lion”). Pursuant to the Common Stock
Purchase Agreement, the Company has the right, but not the obligation, to direct White Lion to purchase up to $25.0 million in aggregate
gross purchase price of newly issued shares of Common Stock, subject to certain limitations and conditions as described below (the “ELOC
Program”), at a purchase price equal to (i) 96.5% of the volume weighted average stock price for the three consecutive
business days after a purchase notice is given, (ii) 98% of the volume weighted average stock price on the day a notice is delivered,
or (iii) the lowest traded price for a given purchase date.

The Company controls the timing and
amount of any sales to White Lion, which depend on a variety of factors including, among other things, market conditions, the trading
price of the Common Stock, and determinations by the Company as to appropriate sources of funding for its business and operations. However,
White Lion’s obligation to purchase shares is subject to certain conditions, including the daily trading volume of the Company’s
stock. In all instances, the Company may not sell shares of Common Stock under the Purchase Agreement if it would result in White Lion
and its affiliate beneficially owning more than 4.99% of its outstanding voting power or shares of the Common Stock at any one point
in time, or the aggregate number of shares of common stock would not exceed 19.99% of the voting power of the issued and outstanding
Common Stock.

During the three months ended March
31, 2025, the Company received $604,426 in proceeds and issued 240,500 shares of Common Stock pursuant to the ELOC Program.

The Company agreed to issue to White
Lion 27,498 shares of Common Stock as a commitment fee (the “Commitment Shares”). The fair value of the Commitment Shares
was $25,000, which pursuant to ASC 815, was recorded in transaction costs in the condensed consolidated statement of operations and comprehensive
income (loss) during the three months ended March 31, 2025. The Common Stock Purchaser has agreed that during the term of the Common Stock
Purchase Agreement, neither it nor any of its affiliates will engage in any short sales or hedging transactions involving the Common Stock.

10 - STOCK INCENTIVE