Company: VEEAW
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032215
Chunk: 988

Company: VEEA INC.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 4
Chunk 988
---
 State of Delaware, migrating to and domesticating as
a Delaware corporation (the “Domestication”), and (ii) the merger (the “Merger”) of Plum Merger Sub with and into
the Private Veea was completed and the separate corporate existence of Plum Merger Sub ceased, with Private Veea as the surviving corporation
becoming a wholly owned subsidiary of Plum. Following the Closing, Plum changed its name from “Plum Acquisition Corp. I” to
“Veea Inc.” and Private Veea changed its name from “Veea Inc.” to “VeeaSystems Inc.”

53

The Business Combination was accounted for as a “reverse recapitalization,”
with no goodwill or other intangible assets recorded, in accordance with GAAP. A reverse recapitalization did not result in a new basis
of accounting, and the financial statements of the combined entity represent the continuation of the financial statements of Private Veea
in many respects.

Under this method of accounting, Plum was treated as the “acquired”
company for financial reporting purposes. For accounting purposes, Private Veea was deemed to be the accounting acquirer in the transaction
and, consequently, the transaction was treated as a recapitalization of Private Veea (i.e., a capital transaction involving the issuance
of stock by Plum for the stock of Private Veea). 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