Company: VEEAW
Filing Date: 2025-01-10
Form Type: S-1/A
Source: 0001213900-25-002701
Chunk: 185

Company: VEEA INC.
Filing Date: 2025-01-10
Form: S-1/A
Chunk 185
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 offices in the United States (“U.S.”)
and Europe.

On March 24, 2021, the Company formed VeeaSystems SAS (“Veea SAS”), a simplified joint stock company in France. Upon formation, the Company contributed capital totaling € 875(approximately $ 1,100), which constitutes approximately a 17.5% ownership in Veea SAS. The Company’s Chief Executive Officer (“CEO”) contributed capital to constitute an approximately 7% ownership in Veea SAS. In addition, the Company’s CEO is the President of Veea SAS as well as a director. In July 2023, the Company exercised its call options to acquire an additional 24.50% stake in Veea SAS, bringing its total ownership stake in Veea SAS to 42.5%. The call option was exercised for a price of € 1per share. In December, the Company exercised its call options for the remaining 57.5% ownership stake in Veea SAS. Veea SAS is accounted for as a Variable Interest Entity and consolidated as further described within Principles of Consolidation to Note 3 - Summary of Significant Accounting Policies.

On November 28, 2023 the
Company and Plum Acquisition Corp. I (“Plum”) (NASDAQ: PLMI), a special purpose acquisition company announced the
signing of a definitive business combination agreement (the “Business Combination Agreement”) in connection with a proposed
business combination expected to result in the Company becoming a publicly traded company (such proposed business combination and related
transactions, including the issuance by Plum of securities in connection therewith, collectively, the “Business Combination”).
The Business Combination is structured as a merger between a wholly-owned subsidiary of Plum, on the one hand, and the Company, on the
other, following which Plum, after transitioning to become a Delaware corporation, will be renamed and will continue the business of the
Company (referred to herein as the “Combined Company”). The transaction consideration to be issued to securityholders (including
holders of outstanding debt and other convertible securities) proposed Business Combination (the “Closing”) will consist of
newly-issued Plum securities determined based on a pre-money equity value for the Company’s outstanding equity securities and certain
outstanding debt that will be converted into equity at the Closing of approximately $ million, excluding the proceeds of the issuance
of shares of Series A-2 Preferred Stock. Following the Closing, holders of the Company capital stock as of immediately prior to the
Closing (excluding holders of the