Company: VEEAW
Filing Date: 2025-01-10
Form Type: S-1/A
Source: 0001213900-25-002701
Chunk: 204

Company: VEEA INC.
Filing Date: 2025-01-10
Form: S-1/A
Chunk 204
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 the advances. Refer to Note 10 - Related Party Transactions, Common Stock Warrants.The 2021 Revolving Loan Agreement provided for an initial maturity date of May 15, 2022 with one (1) one-year extension to May 15, 2023. The Company requested an extension of the maturity date to May 15, 2024. While the Company remains in discussions with the Bank, the extension was not formalized prior to the maturity date and the Company is in default under the 2021 Revolving Loan Agreement. The Company has received no notices of default from the Bank, nor has the Bank commenced enforcement actions. In December 2023, the Company repaid $ 5,000,000of the principal balance of the outstanding advances.

Term Note

In March 2023, the Company entered into a $
term loan agreement with an unrelated third party lender. The loan agreement was secured by a lien on the Company’s assets and guaranteed
by the Company’s CEO. The full amount of the loan was drawn at closing. The original maturity date of the loan was August 31,
2023 and was subsequently extended to October 31, 2023. The Company initially issued warrants to the lender to purchase
shares of the Company’s Series A-1 Preferred Stock (the “Initial Warrants”). The exercise price of the Initial
Warrants is $ per share. The term of Initial Warrant covering of the shares expires upon repayment of the loan
(the “Repayment Warrant”). The term of the remaining Initial Warrants covering shares is five years. Prior to
original maturity of the term loan agreement, the maturity date was extended to October 31, 2023. Upon extension of the maturity
date, the Company issued warrants to purchase shares of Series A-1 Preferred Stock (the “Extension Warrants”).
The exercise price of the Extension Warrants is $ per share and the warrant term is five years. The Company repaid the outstanding
principal and accrued interest on the secured term loan on November 10, 2023, in the amount of $. In connection with the
repayment, the lender’s liens were released and the Repayment Warrant expired.

Convertible Notes

In July 2023, the Company issued a $
convertible note to iFREE Group (HK) Limited (“iFree”). The interest rate on the note is %. The note (“iFree Note”)
matures September 30, 2024. The note is (i)