Company: VEEAW
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-111013
Chunk: 108

Company: VEEA INC.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 108
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 or hedging transactions involving the Common Stock.
Further, the Common Stock Purchase Agreement provided for the issuance of additional Commitment Shares to the Common Stock Purchaser if
the Company failed to sell at least $1,000,000 in gross proceeds to the Common Stock Purchaser by the sixth-month anniversary of signing
of the Common Stock Purchase Agreement. The Company and the Common Stock Purchaser amended the Common Stock Purchase Agreement effective
of June 2, 2025 (the “ELOC Amendment”) to provide for (i) an extension of the time period to December 15, 2025 and (ii) an
increase the gross proceeds sold under the Common Stock Purchase Agreement to $1,250,000. If the Company fails to sell such amount of,
the number of additional Commitment Shares would be equal to $50,000 divided by the volume weighted average stock price of the Common
Stock 10 days prior to December 15, 2025.

16

August 2025 Public Offering

On August 14, 2025, the Company closed a public offering (the “August
2025 Public Offering”) of 9,189,096 shares of its common stock and warrants to purchase up to 9,189,096 shares of common stock (the
“2025 Investor Warrants”) at a combined offering price of $1.00 per share and accompanying warrant. The Company received aggregate
cash gross proceeds of approximately $6.0 million, before deducting placement agent fees and other offering expenses. The 2025 Investor
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
in consideration and satisfaction of the NLabs 2025 Notes and associated interest. The Company is using the net proceeds from the Offering
for investments in inventory and the Company’s customer support infrastructure and for other working capital and general corporate
purposes.

11 - STOCK INCENTIVE PLANS

In September 2014, the Private Veea’s
Board of Directors adopted the Max2 Inc. Equity Incentive Plan (“2014 Plan”). Upon adoption of the 2014 Plan, the aggregate
number of shares of Common Stock reserved for awards under the Plan were 1,250,000. In September 2018, Private Veea’s Board of Directors