Company: VEEAW
Filing Date: 2025-07-07
Form Type: DRS
Source: 0001213900-25-061586
Chunk: 242

Company: VEEA INC.
Filing Date: 2025-07-07
Form: DRS
Chunk 242
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ting entry to additional paid-in capital
and adjusts the carrying value of the instruments to fair value through other income (expense) on the condensed consolidated statement
of operations and comprehensive income (loss) at each reporting period until they are exercised. As of March 31, 2025, the Private Placement
Warrants are presented within warrants on the condensed consolidated balance sheet.

Private Veea Warrants

Upon the closing of the Business Combination,
the Related Party Common Stock Warrants were exercised in whole, on a net basis, for 3,880,000 shares of common stock of Private Veea
at a conversion price of $0.01 per share for an aggregate purchase price of $38,800. A total of 21,798 shares of common stock were surrendered
in payment of the purchase price.

<div align='center'>F-17</div>

In connection with the Business Combination,
Private Veea’s outstanding equity-classified Preferred stock warrants were exchanged for common stock warrants of the Company (each
an “Exchanged Warrant”) to purchase a number of shares of Common Stock, after adjustment for anti-dilutive shares, equal to
the product of (i) the number of shares of Private Veea’s common stock subject to such Preferred Stock warrant immediately prior
to the Business Combination and (ii) the Exchange Ratio, at an exercise price per share equal to (A) the exercise price per share of such
Preferred Stock warrant immediately prior to the consummation of the Business Combination, divided by (B) the Exchange Ratio. On November
6, 2024, the warrant holder exercised warrants to purchase 79,654 shares of Common Stock at an exercise price of $0.05 per share for an
aggregate purchase price of $3,983. The outstanding Exchanged Warrants are exercisable at the option of the holder until September 28,
2028, for an exercise price of $10.19 per share. As of March 31, 2025, there are 159,307 Exchanged Warrants outstanding.

12 - RELATED PARTY TRANSACTIONS

Lease Agreements

On March 1, 2014, Private Veea entered
into a sublease agreement with NLabs Inc., an affiliate of the Company’s CEO that held approximately 33% of the Company’s
outstanding capital stock at December 31, 2024, for office space for an initial term of five years. In 2018, Private Veea renewed the
sublease