Company: VEEAW
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032215
Chunk: 519

Company: VEEA INC.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1B
Chunk 519
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 31, 2024, the Company performed the qualitative assessment for impairment of its investments. Based
on this qualitative assessment, impairment indicators were present for one of its investments; therefore, the Company performed an analysis
to estimate its current fair value and subsequently recognized an impairment loss of $216,278, as it was determined that the investment
was fully impaired. As of December 31, 2024 and 2023, the carrying value of the Company’s private company investments, including
impairment, was $235,596 and $451,874, respectively, and were included in investments on the Company’s consolidated balance sheet
as these investments did not have a stated contractual maturity date.

F-24

Veea
Inc. and Subsidiaries
Notes to the Consolidated Financial Statements 
For the Years ended December 31, 2024 and 2023

9
– STOCKHOLDERS’ EQUITY

On September 13, 2024, the Company
consummated the Business Combination which was accounted for as a reverse recapitalization. See Note 4 – Reverse Recapitalization
for more information. In connection with the consummation of the Business Combination (i) the Company de-registered from the Register
of Companies in the Cayman Islands by way of continuation out of the Cayman Islands and into the State of Delaware, migrating to and domesticating
as a Delaware corporation (the “Domestication”) and (ii) restated our certificate of incorporation (“Restated Certificate
of Incorporation”). In connection with the Domestication, each share of outstanding Class A ordinary shares were converted by operation
of law into shares of common stock, on a one-for-one basis. Upon filing of the Restated Certificate of Incorporation, each issued and
outstanding share of Class B stock outstanding immediately prior to the filing of the Restated Certificate of Incorporation was converted
in shares of common stock on a one-for-one basis. Under the Restated Certificate of Incorporation, the Company is authorized to issue
551,000,000 shares of capital stock, consisting of (a) 550,000,000 shares of Common Stock with a par value of $0.0001 per share, (b) 1,000,000
shares of preferred stock with a par value of $0.0001 per share, and (c) 1,000,000 shares of preferred stock with a par value of $0.0001