Company: VEEAW
Filing Date: 2025-07-07
Form Type: DRS
Source: 0001213900-25-061586
Chunk: 273

Company: VEEA INC.
Filing Date: 2025-07-07
Form: DRS
Chunk 273
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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 shares issued to Plum over the fair value of Plum’s identifiable net assets acquired represents compensation for the service of a stock exchange listing for its shares and is expensed as incurred.

Transaction Proceeds

Upon closing of the Business Combination, the Company received net proceeds of $1.1 million from the Business Combination, offset by total transaction costs of $5.3 million. The following table reconciles the elements of the Business Combination to the consolidated statements of cash flows and the consolidated statement of changes in stockholders’ equity (deficit) for the year ended December 31, 2024:

| Cash-trust and cash, net of redemptions     |     | $ |  6,448,862 |   |
| Less: transaction costs                     
 and professional fees, paid                 |     |   | (5,345,222 | ) |
| Net proceeds from the Business Combination  |     |   |  1,103,640 |   |
| Less: private placement warrant liabilities |     |   | (1,041,119 | ) |
| Less: related party notes                   |     |   | (2,205,497 | ) |
| Less: accrued expenses                      |     |   | (3,079,281 | ) |
| Less: deferred payables                     |     |   | (1,749,723 | ) |
| Add: prepaid expenses                       |     |   |     70,382 |   |
| Reverse recapitalization,                   
 net                                         |     | $ | (6,901,598 | ) |

The number of shares of common stock issued immediately following the consummation of the Business Combination were:

| Plum Class A common stock, outstanding            
 prior to the Business Combination                 |     |  3,255,593 |   |
| Less: Redemption of                               
 Plum Class A common stock                         |     | (2,652,516 | ) |
| Class A common stock of Plum                      |     |    603,077 |   |
| Plum Class A common                               
 stock, outstanding prior the Business Combination |     |  6,102,562 |   |
| Business Combination shares                       |     |  6,705,639 |   |
| Veea Shares                                       |     | 22,133,644 |   |
| Issuance of new financing shares