Company: VEEAW
Filing Date: 2025-01-15
Form Type: 424B3
Source: 0001213900-25-003888
Chunk: 93

Company: VEEA INC.
Filing Date: 2025-01-15
Form: 424B3
Chunk 93
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 surviving
corporation becoming a wholly-owned subsidiary of Plum, pursuant to the terms of the Business Combination Agreement and in accordance
with the DGCL.

Following the closing of
the Business Combination, the Company owns 100% of the outstanding common stock of Private Veea and Plum changed its name from “Plum
Acquisition Corp. I” to “Veea Inc.” and Veea Inc. changed its name to “VeeaSystems Inc.”

The Business Combination
was accounted for as a “reverse recapitalization,” with no goodwill or other intangible assets recorded, in accordance with
GAAP. A reverse recapitalization did not result in a new basis of accounting, and the financial statements of the combined entity represent
the continuation of the financial statements of Private Veea in many respects.

Under this method of accounting,
Plum was treated as the “acquired” company for financial reporting purposes. For accounting purposes, Private Veea was deemed
to be the accounting acquirer in the transaction and, consequently, the transaction was treated as a recapitalization of Private Veea
(i.e., a capital transaction involving the issuance of stock by Plum for the stock of Private Veea). Accordingly, the consolidated assets,
liabilities and results of operations of Private Veea became the historical financial statements of the combined company, and Plum’s
assets, liabilities and results of operations were consolidated with the Company’s beginning on the acquisition date. Operations
prior to the Business Combination were presented as those of Private Veea in future reports. The net assets of Private Veea were recognized
at carrying value, with no goodwill or other intangible assets recorded.

Private Placements

Simultaneously with the
closing of the Business Combination, the Company and Private Veea issued convertible notes under note purchase agreements (the “Note
Purchase Agreements”) with certain accredited investors unaffiliated with Plum and Private Veea (each, an “Investor”)
for the sale of unsecured subordinated convertible promissory notes (the “September 2024 Notes”) as part of a private placement
offering of up to $15 million in purchase price for such September 2024 Notes in the aggregate (the “Financing Closing”).
The Company received $1.45 million in proceeds from the issuance of its convertible promissory note with a commitment from a convertible
note purchaser for the remaining unfunded amount of $13.55 million, which was to be funded on or prior to November 15, 2024,