Company: VEEAW
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032215
Chunk: 1909

Company: VEEA INC.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 9A
Chunk 1909
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 of 1933, as amended. The proceeds
from the Private Placement Warrants were added to the proceeds from the Plum Initial Public Offering held in the Trust Account.

The
Private Placement Warrants are identical to the Warrants sold in the Plum Initial Public Offering, except that the Private Placement
Warrants (including the underlying securities) are subject to certain transfer restrictions and the holders thereof are entitled to certain
registration rights, and, if held by the original holder or their permitted assigns, the Warrants (i) may be exercised on a cashless
basis and (ii) are not subject to redemption. If the Private Placement Warrants are held by holders other than the initial purchasers
or their permitted transferees, then the Warrants will be redeemable by Plum and exercisable by the holders on the same basis as the
Public Warrants included in the Units sold in the Plum Initial Public Offering.

Related
Party Loans

On
January 13, 2021, the Plum Sponsor agreed to loan the Company up to $300,000 to cover expenses related to the Plum Initial Public Offering
pursuant to a promissory note (the “Note”). This loan was non-interest bearing and payable on the earlier of November 30,
2021, or the completion of the Plum Initial Public Offering. As of December 31, 2022, the Company has no borrowings under the Note. Borrowings
under this note are no longer available.

In
addition, in order to finance transaction costs in connection with an intended Business Combination, the Plum Sponsor or an affiliate
of the Plum Sponsor, or certain of Plum’s officers and directors, and third parties committed to loan Plum funds as may be required
(“Working Capital Loans”). If Plum completed a Business Combination, Plum would repay the Working Capital Loans out of the
proceeds of the Trust Account released to it. In the event that a Business Combination did not close, the Company could use a portion
of the working capital held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would
be used to repay the Working Capital Loans. Up to $1,500,000 of the Working Capital Loans were convertible into Private Placement Warrants
of the post Business Combination entity at a price of $1.50 per warrant at the option of the lender. Such warrants would be identical
to the Private Placement Warrants. Except as set forth above, the terms of such Working Capital Loans, if any