Company: VEEAW
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-111013
Chunk: 113

Company: VEEA INC.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 113
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’s condensed consolidated statements of operations and comprehensive loss. There were no RSUs granted during the nine months
ended September 30, 2024. Total unrecognized expense related to unvested RSUs as of September 30, 2025, was $550,820 which will be recognized
over a weighted average period of 0.58 years.

12 - WARRANTS

Public Warrants

As part of Plum’s initial public
offering (“IPO”), Plum issued warrants to third-party investors where each whole warrant entitles the holder to purchase one
share of the Common Stock at an exercise price of $11.50 per share (the “Public Warrants”). Simultaneously with the closing
of the IPO, Plum completed the private sale of warrants (the “SPAC Private Placement Warrants” and together with the Public
Warrants, the “SPAC Warrants”) where each Private Placement Warrant allows the holder to purchase one share of the Common
Stock at $11.50 per share. At September 30, 2025, there were 6,384,326 Public Warrants and 5,256,218 SPAC Private Placement Warrants outstanding.

The Public Warrants are exercisable
at per share, subject to adjustment, provided that the Company has an effective registration statement under the Securities Act covering
the shares of Common Stock issuable upon exercise of the Public Warrants and a current prospectus relating to them is available (or the
Company permits holders to exercise their warrants on a cashless basis under the circumstances specified in the warrant agreement) and
such shares are registered, qualified or exempt from registration under the securities, or blue sky, laws of the state of residence of
the holder. The warrants will expire five years after the completion of the Business Combination or earlier upon redemption or liquidation.

The Company filed with the SEC a registration
statement for the registration, under the Securities Act, of the shares of Common Stock issuable upon exercise of the SPAC Private Placement
Warrants. Such registration statement was declared effective by the SEC on January 15, 2025.

With the exception of the SPAC Private
Placement Warrants, in no event will the Company be required to net cash settle any warrant. In the event that a registration statement
is not effective for the exercised warrants, the purchaser of a unit containing such warrant will have paid the full purchase price for
the unit solely for the shares of Common Stock underlying such Warrant.

19

Redemption of SP