Company: VEEAW
Filing Date: 2025-07-23
Form Type: S-1
Source: 0001213900-25-066815
Chunk: 217

Company: VEEA INC.
Filing Date: 2025-07-23
Form: S-1
Chunk 217
---
 Warrant”) to purchase a number of shares of Common Stock, after adjustment for anti-dilutive shares, equal to the product of (i) the number of shares of Private Veea’s common stock subject to such Preferred Stock warrant immediately prior to the Business Combination and (ii) the Exchange Ratio, at an exercise price per share equal to (A) the exercise price per share of such Preferred Stock warrant immediately prior to the consummation of the Business Combination, divided by (B) the Exchange Ratio. On November 6, 2024, the warrant holder exercised warrants to purchase 79,654shares of Common Stock at an exercise price of $ 0.05per share for an aggregate purchase price of $ 3,983. The outstanding Exchanged Warrants are exercisable at the option of the holder until September 28, 2028, for an exercise price of $ 10.19per share. As of March 31, 2025, there are 159,307Exchanged Warrants outstanding. 12 - RELATED PARTY TRANSACTIONS Lease Agreements On March 1, 2014, Private Veea entered into a sublease agreement with NLabs Inc., an affiliate of the Company’s CEO that held approximately 33% of the Company’s outstanding capital stock at December 31, 2024, for office space for an initial term of five years. In 2018, Private Veea renewed the sublease for an additional five-year term, with all other terms and conditions of the sublease remaining the same. The renewal term expired February 28, 2024, and was subsequently extended to December 31, 2025. Rent for the office space is accrued and not paid in cash. The Company recognized rent expense of $ 61,200for each of the three months ended March 31, 2025 and 2024, which was classified as general and administrative expenses in the Company’s condensed consolidated statements of operations and comprehensive income (loss). Accrued and unpaid rent expense included in the Company’s condensed consolidated balance sheets was $ 1,774,800as of March 31, 2025 and $ 1,713,600as of December 31, 2024. In April 2017, Private Veea entered into a lease agreement with 83 rdStreet LLC to lease office space for an initial term of two years. The sole member of 83 rdStreet LLC is the Salmasi 2004 Trust. At December