Company: VEEAW
Filing Date: 2025-08-12
Form Type: S-1/A
Source: 0001213900-25-074676
Chunk: 204

Company: VEEA INC.
Filing Date: 2025-08-12
Form: S-1/A
Chunk 204
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 Note 12 for further information. In December 2023, Private Veea repaid
$ of the principal balance of the Loan. Following the acquisition of First Republic, the Loan was transferred to the Bank. Total
borrowings during the three months ended March 31, 2025, were $ million. As of March 31, 2025, the outstanding principal amount of
the Loan was $ million, and there is no availability to borrow additional funds.

Convertible Note Payable

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 the Company 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 $ million in purchase price for such September 2024 Notes in the aggregate (the “Financing Closing”).
The Company received $ million in proceeds from the issuance of its convertible promissory notes. 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’s
Series A-1 Preferred Stock that upon the Closing became a number of registered shares of Common Stock equal to such Investors’ original
principal note loan amount under their respective notes divided by $ (the “Transferred Shares”). million Transfer
Shares were delivered to Investors at the Financing Closing. The Note Purchase Agreements include customary registration rights.

F-11 The Transferred Shares were recorded at a fair value of $ 21.6million on the Company’s consolidated financial statements at issuance, which reflected a significant discount to the face amount of the September 2024 Notes. In addition to the cash received at the Financing Closing, one of the Investors committed to purchase approximately $ 13.6million (the “Commitment Amount”) of September 2024 Notes, on or prior to November 15, 2024, which date was subsequently extended to December 15, 2024. On December 31, 2024, the Company and one of the Investors entered into a mutual Settlement and Release Agreement pursuant to which the Company agreed to terminate the Investor’s obligation to purchase a note in the Commitment Amount and provided for a mutual release of claims, in exchange for a payment to the Company