Company: VEEAW
Filing Date: 2025-01-15
Form Type: 424B3
Source: 0001213900-25-003892
Chunk: 254

Company: VEEA INC.
Filing Date: 2025-01-15
Form: 424B3
Chunk 254
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ination Board will consist of seven (7) directors, 
 including five (5) directors designated by Legacy Veea, one (1) director designated by Plum    
 and one (1) director mutually agreed upon by Plum and Legacy Veea;                             |

| ● | Legacy                                                                                
 Veea’s operations will substantially comprise the ongoing operations of New Plum; and |

| ● | Legacy                                                                    
 Veea’s senior management will comprise the senior management of New Plum. |

Another determining factor was that Plum does not meet the definition of a “business” pursuant to ASC 805-10-55, Business Combinations (“ASC 805”), and thus, for accounting purposes, the Business Combination will be accounted for as a reverse recapitalization, within the scope of ASC 805. The net assets of Plum will be stated at historical cost, with no goodwill or other intangible assets recorded. Any excess of the fair value of shares issued to Plum over the fair value of Plum’s identifiable net assets acquired represents compensation for the service of a stock exchange listing for its shares and is expensed as incurred.

Transaction Proceeds

Upon closing of the Business Combination,
the Company received net proceeds of $1.1 million from the Business Combination, offset by total transaction costs of $5.3 million. The
following table reconciles the elements of the Business Combination to the condensed consolidated statements of cash flows and the condensed
consolidated statement of changes in stockholders’ equity for the period ended September 30, 2024:

| Cash-trust and cash, net of redemptions             |     | $ |  6,448,862 |   |
| Less: transaction costs and professional fees, paid |     |   | (5,345,222 | ) |
| Net proceeds from the Business Combination          |     |   |  1,103,640 |   |
| Less: private placement warrant liabilities         |     |   | (1,041,119 | ) |
| Less: related party notes                           |     |   | (2,205,497 | ) |
| Less: accrued expenses                              |     |   | (3,079,281 | ) |
| Less: deferred payables                             |     |   | (1,749,723 | ) |
| Add: prepaid expenses                               |     |   |     70,382 |   |
| Reverse recapitalization, net                       |     |   | (6,901,598 | ) |

The number of shares of