Company: VEEAW
Filing Date: 2025-01-10
Form Type: S-1/A
Source: 0001213900-25-002701
Chunk: 251

Company: VEEA INC.
Filing Date: 2025-01-10
Form: S-1/A
Chunk 251
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 captured within segment revenues or expenses; and (iv) the title and position of the individual or name of the group or committee
identified as the CODM. This guidance requires retrospective application to all prior periods presented in the financial statements and
is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024.
Early adoption is permitted. The adoption of this guidance will result in the Company being required to include enhanced disclosures relating
to its reportable segments. The Company is currently evaluating the impact this standard will have on its condensed consolidated financial
statements.

4 -
REVERSE RECAPITALIZATION

As discussed in Note 1, “Organization and Business Operations”, the Business Combination was consummated on September 13, 2024, which, for accounting purposes, was treated as the equivalent of Legacy Veea issuing stock for the net assets of Plum, accompanied by an equity recapitalization of Legacy Veea. Under this method of accounting, Plum was treated as the acquired company for financial accounting and reporting purposes under GAAP. This determination was primarily based on the assumption that:

| ● | Legacy Veea’s current shareholders will hold a majority of the  
 voting power of New Plum (“New Plum”) post Business Combination |

<div align='center'>F-51

Veea Inc. and Subsidiaries

Notes to the Condensed Consolidated Financial Statements

For the Three and Nine Months Ended September 30, 2024 and 2023</div>

| ● | effective upon the Business Combination, the post-combination 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