Company: VEEAW
Filing Date: 2025-08-12
Form Type: S-1/A
Source: 0001213900-25-074676
Chunk: 152

Company: VEEA INC.
Filing Date: 2025-08-12
Form: S-1/A
Chunk 152
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 a note in the 2024 Note Commitment Amount and provided for a mutual release of claims, in exchange for a payment to the Company of an aggregate amount of approximately $5.4 million, which amount includes payments previously made to the Company in respect of the 2024 Note Commitment Amount. As the Company received approximately $1.5 million of the total expected $15 million proceeds at the closing of September 2024 Note Offering, a proportional amount (approximately $19.5 million) of the substantial discount was deferred and recorded as a deferred financing asset on the Company’s consolidated financial statements as of September 30, 2024, which was subsequently then reversed as of December 31, 2024. The Company and Private Veea are co-borrowers under each September 2024 Note (together, the “ 2024 Note Borrowers”) and are jointly responsible for the obligations to each 2024 Note Offering Investor thereunder. Each September 2024 Note has a maturity date of 18 months after the closing but is prepayable in whole or in part by the 2024 Note Borrowers at any time without penalty. The outstanding obligations under each September 2024 Note accrue interest at a rate equal to the Secured Overnight Financing Rate (as defined in the September 2024 Notes) plus 2% per annum, adjusted quarterly, but interest is only payable upon the maturity of the September 2024 Notes as long as there is no event of default thereunder. Each September 2024 Note is unsecured and expressly subordinated to any senior debt of the 2024 Note Borrowers. The September 2024 Notes and the 2024 Note Purchase Agreements do not include any operational or financial covenants for the 2024 Note Borrowers. Each September 2024 Note includes customary events of default for failure to pay amounts due on the maturity date, for failure to otherwise comply with the Borrowers’ covenants thereunder or for 2024 Note Borrower insolvency events, in each case, with customary cure periods, and upon an event of default, the Investor may accelerate all obligations under its September 2024 Note and the 2024 Note Borrowers will be required to pay for the 2024 Note Offering Investors’ reasonable out-of-pocket collection costs. The outstanding obligations under each September 2024 Note are convertible in whole or in part into shares of our common stock (the “ 2024 Note Conversion Shares”) at a conversion price