Company: VEEAW
Filing Date: 2025-01-15
Form Type: 424B3
Source: 0001213900-25-003888
Chunk: 213

Company: VEEA INC.
Filing Date: 2025-01-15
Form: 424B3
Chunk 213
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 with Plum, at closing the Bridge Notes and Demand Notes will be converted into newly-issued Plum securities at
a price of $10.00 per share. Shares issued upon conversion of the Bridge Notes and the Demand Notes are not included as part of the consideration
issued to holders of Company’s capital stock.

In January 2023, the
Company’s Chief Operating Officer made a loan to the Company in the aggregate principal amount of $50,000. The loan accrues interest
on the outstanding principal amount at a rate of 10% per annum. Principal and interest on the loans are repayable upon the earlier of
demand and December 31, 2023. The Company repaid the outstanding principal amount of the loan on March 16, 2023 in the amount
of $50,000.

Common Stock Warrants

In consideration for the
guarantee by the Company’s CEO of the Company’s obligations under the 2021 Revolving Loan Agreement and a previously outstanding
loan agreement with First Republic Bank, the Company issued warrants to purchase an aggregate of 2,430,000 shares of the Company’s
common stock. The exercise price of the warrants is $.01 per share. The warrants are exercisable for a period of seven years. The
warrants were equity classified and had a fair value of $2,189,014 on the date of grant which is recognized as deferred cost and amortized
to interest expense over the life of the loan agreements.

In December 2021, the
Company issued warrants to purchase 630,000 shares of common stock in connection with the Bridge Notes issued to NLabs. The exercise
price of the warrants is $.01 per share. The warrants are exercisable for a period of seven years. The warrants were equity classified
and had a relative fair value of $499,416 on the date of grant which was recognized as original issue discount on the Bridge Notes in
the year ended December 31, 2021.

In 2022, the Company issued
warrants to purchase 320,000 shares of common stock in connection with the Bridge Notes issued to NLabs. The exercise price of the warrants
is $.01 per share. The warrants are exercisable for a period of seven years. The warrants were equity classified and had a fair
value of approximately $253,816 on the date of grant which was recognized as original issue discount on the Bridge Notes in the year
ended December 31, 2022.

CEO Expenses