Company: VEEAW
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-111013
Chunk: 54

Company: VEEA INC.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 54
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 offering of 9,189,096
shares of common stock and warrants to purchase up to 9,189,096 shares of common stock at a combined offering price of $1.00 per share
and accompanying warrant (the “August 2025 Public Offering”). The Company received aggregate cash gross process of approximately
$6.0 million, before deducting placement agent fees and other offering expenses. The warrants have an exercise price of $1.10 per share,
are exercisable immediately, and will expire five years from the original issuance date. Included in the aggregate securities issued are
3,239,096 shares of common stock and accompanying warrants that were issued to NLabs Inc. in consideration and satisfaction of the NLabs
2025 Notes. The Company is using the net proceeds from the August 2025 Public Offering for investments in inventory and the Company’s
customer support infrastructure and for other working capital and general corporate purposes.

29

Supply Agreement

On
August 7, 2025, Private Veea entered into a Framework Agreement for the Licenses, Equipment and Services (the “Supply Agreement”)
with RadioMovil Dipsa, S.A. De C.V. (“Telcel”), a Mexican wireless telecommunications company owned by América Móvil,
effective August 7, 2025. The Supply Agreement was signed by the parties following the completion of an extensive certification and homologation
process with Telcel; and the successful completion of trials with certain Telcel enterprise customers of the Company’s VeeaHub STAXÒ
-5G product, incorporating Telcel SIM cards.

The
Supply Agreement sets forth the general guidelines, terms and conditions that govern the solution implementation and marketing, as well
as the provisioning of the services provided by VeeaSystems. Under the agreement, VeeaSystems will supply a comprehensive Platform-as-a-Service
solution featuring 5G-based Fixed Wireless Access (FWA) through its VeeaHub STAXÒ-5G
device, which incorporates 4G and 5G cellular connectivity, Wi-Fi 6 Access Point, IoT gateway, storage and Linux server capabilities to
deliver connectivity with integrated AI-driven cybersecurity services, managed connectivity, and monitoring tools while capable of hosting
applications on STAX-5G including third-party application. The parties have agreed to work together in the development of the marketing
strategy, branding and promotion of Private Veea’s services to Telcel’s customers in Mexico. The agreement provides for an
initial term of