Company: VEEAW
Filing Date: 2025-08-06
Form Type: S-1/A
Source: 0001213900-25-072342
Chunk: 149

Company: VEEA INC.
Filing Date: 2025-08-06
Form: S-1/A
Chunk 149
---
 by promissory notes aggregating $9,500,000 (the “ Bridge Notes”). The Bridge Notes bore interest on the outstanding principal at a rate of 10% per annum, calculated on the basis of a 365-day year. The original maturity date of the Bridge Notes was December 31, 2022, which was extended to December 31, 2023, which was subsequently extended to September 30, 2024. The Company accounted for the extension as a modification of the Bridge Notes. The unpaid principal amount and accrued unpaid interest on the Bridge Notes was due and payable upon the date of the first to occur of (i) the maturity date and (ii) the consummation of a debt or equity financing transaction with an unrelated third party. In 2022 and 2023, NLabs made loans to the Company evidenced by promissory notes in the aggregate principal amount of $3,098,000 (the “ Promissory Notes” and collectively with the Bridge Notes, the “ Related Party Notes”). The Promissory Notes bore interest on the outstanding principal amount at a rate of 10% per annum, calculated on the basis of a 365-day year. The unpaid principal amount and accrued interest on the Promissory Notes was due and payable upon the earlier of demand and December 31, 2023, which was subsequently extended to September 30, 2024. Concurrent with the closing of the Business Combination, the Related Party Notes were converted into shares of common stock at a price of $5.00 per share, which shares were not considered shares of Private Veea and were in addition to the shares of common stock issued to holders of shares of Private Veea. Thus, there was no interest expense recorded for the three months ended March 31, 2025, for the Related Party Notes. Through July 14, 2025, NLabs made loans to the Company in the aggregate principal amount of $3,026,000 pursuant to certain promissory notes. Interest on the 2025 Related Party Notes accrue at a rate of 10% per annum, calculated on the basis of a 365-day year. Principal and accrued interest is payable on demand. The Company is expected to propose satisfying its obligation to repay the outstanding notes, plus accrued interest, in the aggregate amount of $3,058,861, as of the date of this prospectus, with the issuance of 2,109,560 shares of common stock with accompanying common warrants