Company: VEEAW
Filing Date: 2025-01-10
Form Type: S-1/A
Source: 0001213900-25-002701
Chunk: 101

Company: VEEA INC.
Filing Date: 2025-01-10
Form: S-1/A
Chunk 101
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) the Purchase Notice Limit (as defined in the Common Stock Purchase
Agreement), subject to certain limitations and conditions set forth in the Common Stock Purchase Agreement. TheCompany
expects to utilize proceeds from the Common Stock Purchase Agreement for working capital and other general corporate purposes.
Subject to the terms of the Common Stock Purchase Agreement, the Company will have the right from time to time at its sole
discretion until the 24th month following signing of the Common Stock Purchase Agreement, to direct White Lion to purchase up to a
specified maximum number of shares of common stock as set forth in the Common Stock Purchase Agreement by delivering written notice
to White Lion prior to the commencement of trading on any trading day. The Company will control the timing and amount of any sales
of the common stock to White Lion. Actual sales of shares to White Lion under the Common Stock Purchase Agreement will depend on a
variety of factors to be determined by the Company from time to time, including, among other things, market conditions, and the
trading price of the common stock.

The Company and White Lion executed definitive agreements
for the equity line of credit on December 2, 2024. For more information, see “Summary - Recent Developments.”

Note Purchase Agreement Termination

As previously disclosed, on September 13, 2024, the Company and and VeeaSystems Inc. entered into note purchase agreements with certain accredited investors for the sale of unsecured subordinated convertible promissory notes. Pursuant to the note purchase agreement with Harmonic Equity Partners LLC (“Harmonic”), Harmonic was to purchase a note in an aggregate principal amount of $13.55 million (the “Commitment Amount”) on or prior to October 15, 2024, which was subsequently extended to December 15, 2024. On December 31, 2024, the Company and Harmonic entered into a mutual Settlement and Release Agreement (the “Settlement Agreement”), pursuant to which the Company agreed to terminate Harmonic’s obligation to purchase a note in the principal amount of the Commitment Amount and a mutual release of claims, in exchange for a payment to the Company of $5,364,159, which includes amounts previously paid to the Company.

Director and Officer Compensation

On November 11, 2024, the Company issued 81,116 fully-vested restricted stock units (“RSUs”) to each non-employee director; and on December 30, 2024, and a fully-vested stock option