Company: VEEAW
Filing Date: 2025-01-15
Form Type: 424B3
Source: 0001213900-25-003888
Chunk: 181

Company: VEEA INC.
Filing Date: 2025-01-15
Form: 424B3
Chunk 181
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 closing
conditions.

<div align='center'>F-9

Veea Inc. and Subsidiaries
Notes to Consolidated Financial Statements
Years Ended December 31, 2023 and 2022</div>

2 - LIQUIDITY AND MANAGEMENT’S PLAN

During the years ended
December 31, 2023 and 2022, the Company has incurred net losses of $15,638,589 and $35,200,039, respectively, and had an accumulated
deficit of $170,282,750 as of December 31, 2023. The Company expects to continue to incur net losses as it continues to grow and
scale its business. Historically, the Company’s activities have been financed through private placements of equity securities and
debt to related parties. In October 2023, the Company commenced a private placement for the sale of its newly designated Series A-2
Preferred Stock, par value $.00001 per share (the “Series A-2 Preferred Stock”). As of December 31, 2023, the Company has
(1) issued 12,660,067 shares of Series A-2 Preferred Stock in consideration for approximately $18.2 million in cash and the conversion
of debt and other outstanding obligations totaling approximately $5 million and (2) received additional subscriptions totaling approximately
$2 million for which shares Series A-2 Preferred Stock have not yet been issued as of such date. The Company anticipates raising a minimum
of an additional $10,000,000 in cash proceeds from the sales of shares of Series A-2 Preferred Stock before before the closing of the
Business Combination.

In December 2023, the Company
signed an agreement with a placement agent for the issuance of up to $125 million of medium-term notes, face amount of 6.5% medium-term
notes that would mature in August 2030. Closing of the note offering is subject to customary closing conditions including legal
and financial due diligence. The Company expects the offering to close in the second quarter of 2024. Concurrent expects to convert up
to approximately $15 million of related party debt to equity concurrently with the consummation of its de-SPAC transaction with
Plum. As a result, the Company believes that it has sufficient cash to meet its working capital requirements over the next twelve months.
If additional funding is required to execute the Company’s business plan, the Company expects to seek to obtain that additional
funding through