Company: VEEAW
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032215
Chunk: 633

Company: VEEA INC.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1C
Chunk 633
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, Private Veea, and Plum Merger Sub, a Delaware corporation)
(“Plum Merger Sub”). In connection with the consummation of the Business Combination (the “Closing”) (i) Plum
de-registered from the Register of Companies in the Cayman Islands by way of continuation out of the Cayman Islands and into the State
of Delaware, migrating to and domesticating as a Delaware corporation (the “Domestication”), and (ii) the merger (the “Merger”)
of Plum Merger Sub with and into Private Veea was completed and the separate corporate existence of Plum Merger Sub ceased, with Private
Veea as the surviving corporation becoming a wholly owned subsidiary of Plum. Following the Closing Plum changed its name from “Plum
Acquisition Corp. I” to “Veea Inc.” (hereinafter “Veea” or “the Company” and Private Veea changed
its name from “Veea Inc.” to “VeeaSystems Inc.” See Note 4 “Recapitalization” for more information.

The Company has six wholly owned subsidiaries, VeeaSystems Inc., formerly
known as Veea Inc. a Delaware corporation, Veea Solutions Inc., a Delaware corporation VeeaSystems Development Inc., formerly known as
Veea Systems Inc., a Delaware corporation, Veea Systems Ltd., a company organized under the laws of England and Wales, VeeaSystems SAS,
a French simplified joint stock company and Veea Systems Mexico, S. de R.L. de C.V., a limited liability company organized under the General
Mercantile Corporations law of Mexico (“VeeaSystems MX”). VeeaSystems MX is 95% owned by Veea Systems Inc. and, due to local
law requirements, the remaining 5% is held by Veea’s CEO The Company is headquartered in New York City with offices in the United
States, Mexico and Europe. 

F-7

Veea
                                            Inc. and Subsidiaries
                                            Notes to the Consolidated Financial Statements 
                                            For the Years ended December 31, 2024 and 2023

2
– LIQUIDITY AND MANAGEMENT’S PLAN

Since our inception the Company has
incurred significant operating losses and negative cash flows. To date, the Company has financed its operations primarily through private
placements of equity securities and debt. As of December 31, 2024 and 2023, the Company had an accumulated deficit of $217.8 million and