Company: VEEAW
Filing Date: 2025-01-15
Form Type: 424B3
Source: 0001213900-25-003888
Chunk: 13

Company: VEEA INC.
Filing Date: 2025-01-15
Form: 424B3
Chunk 13
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 2010s; and beyond with Veea.
At Veea, Mr. Salmasi has assembled a talented and experienced management and engineering team that includes former senior executives
of leading technology, telecom, SaaS, and wireless companies that possess a deep understanding of wireless technologies, mesh networking
and edge computing.

The
Company has five wholly owned subsidiaries, VeeaSystems Inc., formerly known as Veea Inc.
(“VeeaSystems US”) a Delaware corporation, Veea Solutions Inc., a Delaware corporation
VeeaSystems Development Inc., formerly known as Veea Systems Inc., a Delaware corporation,
Veea Systems Ltd., a company organized under the laws of England and Wales and VeeaSystems
SAS, a French simplified joint stock company, and one majority owned subsidiary, VeeaSystems
Mexico, S. de R.L. de C.V., a limited capital company organized under the laws of Mexico
(“VeeaSystems MX”). VeeaSystems MX is 95% owned by Veea Systems and due to local
law requirements, the remaining 5% is held by Veea’s CEO.

The Company is headquartered
in New York City.

The Company generated net
revenue of $50,683 and $9,009,254 for the three months ended September 30, 2024 and 2023, respectively. The Company generated net revenue
of $108,264 and $9,040,359 for the nine months ended September 30, 2024 and 2023, respectively. Other than $9 million of revenue
generated from the license of AdEdge™ in 2023, revenue has been immaterial for all periods presented and represented revenue earned
from paid pilots for our VeeaHub devices.

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Recent Developments Convertible Note Purchase Agreement Termination As previously disclosed, on September 13, 2024, the Company and and VeeaSystems Inc. entered into note purchase agreements with certain accredited investors for the sale of unsecured subordinated convertible promissory notes. Pursuant to the note purchase agreement with Harmonic Equity Partners LLC (“Harmonic”), Harmonic was to purchase a note in an aggregate principal amount of $13.55 million (the “Commitment Amount”) on or prior to October 15, 2024, which was subsequently extended to December 15, 2024. On December 31, 2024, the Company and Harmonic entered into a mutual Settlement and Release Agreement (the