Company: VEEAW
Filing Date: 2025-01-15
Form Type: 424B3
Source: 0001213900-25-003892
Chunk: 98

Company: VEEA INC.
Filing Date: 2025-01-15
Form: 424B3
Chunk 98
---
eea). 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, subsequently
extended to December 15, 2024. On December 31, 2024, the Company and the convertible note purchaser entered into a mutual Settlement
and Release Agreement terminating the purchaser’s obligation for the remaining unfunded amount of $13.55 million in exchange for
a payment to the Company of $5,364,159, which includes amounts previously paid to the Company. In addition to a September 2024 Note,
each Investor received as a transfer from NLabs immediately prior to the Financing Closing a number of shares of Private Veea Series
A-1 Preferred Stock that upon the Closing became a number of registered shares of Common Stock equal to such Investors’ loan amount
under their respective notes divided by $7.50 (the “Transferred Shares”).

The Company and Private Veea
are co-borrowers under each September 2024 Note (together, the “Borrowers”) and are jointly responsible for the obligations
to each Investor thereunder. Each September 2024 Note has a maturity date of 18 months after the Financing Closing but is prepayable
in whole or in part by the Borrowers at any time without penalty.