Company: VEEAW
Filing Date: 2025-01-15
Form Type: 424B3
Source: 0001213900-25-003888
Chunk: 231

Company: VEEA INC.
Filing Date: 2025-01-15
Form: 424B3
Chunk 231
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” and Legacy Veea
changed its name from “Veea Inc.” to “VeeaSystems Inc.” See Note 4 “Recapitalization” for more information.

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. The Company is headquartered in New York City
with offices in the United States (“U.S.”) and Europe.

2 - LIQUIDITY AND MANAGEMENT’S PLAN

During the nine months ended September
30, 2024 and 2023, the Company has incurred net losses of $46.6 million and $9.4 million, respectively, and had an accumulated deficit
of $216.9 million as of September 30, 2024. The Company expects to continue to incur net losses as it continues to grow and scale its
business. Historically, the Company’s activities have been financed through private placements of equity securities and debt to
related parties.

<div align='center'>F-43

Veea Inc. and Subsidiaries

Notes to the Condensed Consolidated Financial Statements

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

At
the Closing of the Business Combination, the Company converted approximately $16 million
of related party debt to equity concurrently; and received $1.45 million in proceeds from
the issuance of its convertible promissory note with a commitment from a convertible note
purchaser for the remaining unfunded amount of $13.55 million, which is to be funded on or
prior to November 15, 2024, subsequently extended to December 15, 2024. Following the Closing,
the Company received approximately $1.1 million of net proceeds from Plum’s trust account
and received a cash tax refund of approximately $1.2 million in respect to the Company’s
UK subsidiary’s R&D activities. Taking into account, the cash proceeds received
to date, the anticipated funding of the remaining convertible note commitment, the term sheet
entered into with White Lion Capital, LLC for access to a $25 million Equity Line of Credit
and the anticipated return by year end