Company: VEEAW
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-111013
Chunk: 171

Company: VEEA INC.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 2
Chunk 171
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. Stephenson was appointed as the Company’s Acting Chief Financial Officer.

Appointment of Acting Chief Revenue Officer

On July 15, 2025, Mr. Helder
Antunes, a current member of the Company’s Board of Directors, was appointed as the acting Chief Revenue Officer.

Acquisition of Assets of Crowdkeep, Inc.

Asset Purchase Agreement 

On May 13, 2025, the Company
entered into an Asset Purchase Agreement with Crowdkeep, Inc., a Delaware corporation (the “Seller”), pursuant to which, subject
to the terms and conditions set forth in the APA, the Company acquired upon the closing certain assets of Seller relating to Seller’s
IoT technology platform business, free and clear of any liens other than certain specified liabilities of Seller that are being assumed
in consideration for the issuance to the Seller of 4,065,689 shares of common stock. 

Note Purchase Agreements and Convertible Promissory
Notes

On April 17, 2025, and May
13, 2025, the Company and the majority stockholder of the Seller (“Crowdkeep Investor”), entered into two Note Purchase Agreements
(the “Crowdkeep Note Purchase Agreements”). Pursuant to the Crowdkeep Note Purchase Agreements, the Crowdkeep Investor loaned
to the Company an aggregate of $1,000,000 in two tranches (the “Crowdkeep Loans”), of which $500,000 was provided on April
17, 2025 and $500,000 was provided on May 13, 2025. In connection with the entry into the Crowdkeep Note Purchase Agreements, the Company
issued to the Crowdkeep Investor unsecured convertible promissory notes (the “Crowdkeep Convertible Notes”). The Crowdkeep
Convertible Notes have an aggregate principal amount of $1,000,000, and the interest accrues at an annual rate of 8%. The maturity dates
of the Crowdkeep Convertible Notes are April 17, 2026, and May 13, 2026, respectively.

30

Pursuant to the terms of
the Convertible Notes, upon an event of default, the outstanding principal amount of the applicable Crowdkeep Convertible Note, plus accrued
but unpaid interest, will become immediately due and payable in full. Events of default include failure to pay any principal or interest
amounts under the Crowdkeep Convertible Notes, failure to perform covenants in the Crowdkeep Convertible Notes and certain