Company: VEEAW
Filing Date: 2025-01-15
Form Type: 424B3
Source: 0001213900-25-003892
Chunk: 185

Company: VEEA INC.
Filing Date: 2025-01-15
Form: 424B3
Chunk 185
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 for approximately $18.2 million in cash and the conversion
of debt and other outstanding obligations totaling approximately $5 million and (2) received additional subscriptions totaling approximately
$2 million for which shares Series A-2 Preferred Stock have not yet been issued as of such date. The Company anticipates raising a minimum
of an additional $10,000,000 in cash proceeds from the sales of shares of Series A-2 Preferred Stock before before the closing of the
Business Combination.

In December 2023, the Company
signed an agreement with a placement agent for the issuance of up to $125 million of medium-term notes, face amount of 6.5% medium-term
notes that would mature in August 2030. Closing of the note offering is subject to customary closing conditions including legal
and financial due diligence. The Company expects the offering to close in the second quarter of 2024. Concurrent expects to convert up
to approximately $15 million of related party debt to equity concurrently with the consummation of its de-SPAC transaction with
Plum. As a result, the Company believes that it has sufficient cash to meet its working capital requirements over the next twelve months.
If additional funding is required to execute the Company’s business plan, the Company expects to seek to obtain that additional
funding through a combination of private equity offerings, debt financings or a combination thereof. There can be no assurance as to
the availability or terms upon which such financing and capital might be available.

3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

The accompanying consolidated
financial statements include the accounts of the Company and its wholly owned subsidiaries. The Company consolidates a variable interest
entity (“VIE”) when the Company possesses both the power to direct the activities of the VIE that most significantly impact
its economic performance and the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially
be significant to the VIE. All significant intercompany transactions and balances have been eliminated in consolidation.

Basis of Accounting

The accompanying consolidated
financial statements have been prepared on the accrual basis in accordance with accounting principles generally accepted in the United States
of America (“GAAP”).

Use of Estimates

Management of the Company
is required to make certain estimates, judgments, and assumptions during the preparation of its consolidated financial statements in
accordance with GAAP. The Company believes that these estimates, judgments and assumptions are reasonable under the circumstances