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</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>As filed with the Securities
and Exchange Commission on December 12, 2024</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Registration
No. 333-</b></span>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: right"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>UNITED
STATES<br/>
SECURITIES AND EXCHANGE COMMISSION<br/>
WASHINGTON, D.C. 20549</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"></p><div>

</div><!-- Field: Rule-Page --><div style="margin: 0pt auto; width: 25%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FORM
<ix:nonNumeric contextRef="c0" name="dei:DocumentType" id="ixv-62835">S-1</ix:nonNumeric><br/>
REGISTRATION STATEMENT<br/>
<i>UNDER<br/>
THE SECURITIES ACT OF 1933</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"></p><div>

</div><!-- Field: Rule-Page --><div style="margin: 0pt auto; width: 25%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><b><ix:nonNumeric contextRef="c0" name="dei:EntityRegistrantName" id="ixv-62836">VEEA INC.</ix:nonNumeric><br/>
</b>(Exact name of registrant as specified in its charter)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"></p><div>

</div><!-- Field: Rule-Page --><div style="margin: 0pt auto; width: 25%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-align: center; width: 32%; text-indent: 0pt"><ix:nonNumeric contextRef="c0" format="ixt-sec:stateprovnameen" name="dei:EntityIncorporationStateCountryCode" id="ixv-83"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Delaware</b></span></ix:nonNumeric></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 1.5pt; text-align: center; white-space: nowrap; width: 2%; text-indent: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-align: center; width: 32%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7373</b></span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt 0pt 1.5pt; text-align: center; white-space: nowrap; width: 2%; text-indent: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-align: center; width: 32%; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>98-1577353</b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top; text-align: center; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State or other jurisdiction of <br/> incorporation or organization)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center; white-space: nowrap; text-indent: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top; text-align: center; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Primary Standard Industrial <br/> Classification Code Number)</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: center; white-space: nowrap; text-indent: 0pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 0pt; vertical-align: top; text-align: center; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(I.R.S. Employer <br/> Identification Number)</span></td></tr> </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>164
E. 83rd Street</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>New
York,&#160;NY&#160;10028</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(212)&#160;535-6050</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Address,
including zip code, and telephone number, including area code, of registrant&#8217;s principal executive offices)</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Allen
Salmasi, Chief Executive Officer<br/>
164 E. 83rd Street</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>New
York,&#160;NY&#160;10028</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(212)&#160;535-6050</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Name,
address, including zip code, and telephone number, including area code, of agent for service)</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"></p><div>

</div><!-- Field: Rule-Page --><div style="margin: 0pt auto; width: 25%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Copies
to:<br/>
</i>Stuart Neuhauser, Esq.<br/>
Jonathan Deblinger, Esq.<br/>
Ellenoff Grossman &amp; Schole LLP<br/>
1345 6<sup>th</sup> Ave<br/>
New York, NY 10105<br/>
Tel: (212) 370-1300</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"></p><div>

</div><!-- Field: Rule-Page --><div style="margin: 0pt auto; width: 25%"><div style="border-top: Black 1.5pt solid; font-size: 1pt">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b>Approximate date of commencement of proposed
sale to the public: As soon as practicable after the effective date of this Registration Statement.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If any of the securities being registered on
this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following
box. <span style="font-family: Times New Roman, Times, Serif">&#9746;</span></p><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If this Form is filed to register additional
securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration
statement number of the earlier effective registration statement for the same offering. <span style="font-family: Times New Roman, Times, Serif">&#9744;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If this Form is a post-effective amendment filed
pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of
the earlier effective registration statement for the same offering. <span style="font-family: Times New Roman, Times, Serif">&#9744;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If this Form is a post-effective amendment filed
pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of
the earlier effective registration statement for the same offering. <span style="font-family: Times New Roman, Times, Serif">&#9744;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company.
See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221; &#8220;smaller reporting company&#8221;
and &#8220;emerging growth company&#8221; in Rule 12b-2 of the Exchange Act. <span style="font-family: Times New Roman, Times, Serif">&#9744;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="padding: 0pt; text-indent: 0pt; width: 25%"><span style="font-size: 10pt">Large accelerated filer:</span></td> <td style="padding: 0pt; text-align: justify; text-indent: 0pt; width: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></td> <td style="padding: 0pt; white-space: nowrap; text-indent: 0pt; width: 40%">&#160;</td> <td style="padding: 0pt; text-align: justify; text-indent: 0pt; width: 25%"><span style="font-size: 10pt">Accelerated filer:</span></td> <td style="padding: 0pt; text-align: justify; text-indent: 0pt; width: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></td></tr> <tr style="vertical-align: top"> <td style="padding: 0pt; text-indent: 0pt"><span style="font-size: 10pt"><ix:nonNumeric contextRef="c0" format="ixt-sec:entityfilercategoryen" name="dei:EntityFilerCategory" id="ixv-62837">Non-accelerated filer</ix:nonNumeric>:</span></td> <td style="padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</span></td> <td style="padding: 0pt; white-space: nowrap; text-indent: 0pt">&#160;</td> <td style="padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-size: 10pt">Smaller reporting company:</span></td> <td style="padding: 0pt; text-align: justify; text-indent: 0pt"><ix:nonNumeric contextRef="c0" format="ixt-sec:boolballotbox" name="dei:EntitySmallBusiness" id="ixv-259"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</span></ix:nonNumeric></td></tr> <tr style="vertical-align: top"> <td style="padding: 0pt; text-indent: 0pt">&#160;</td> <td style="padding: 0pt; text-indent: 0pt">&#160;</td> <td style="padding: 0pt; white-space: nowrap; text-indent: 0pt">&#160;</td> <td style="padding: 0pt; text-align: justify; text-indent: 0pt"><span style="font-size: 10pt">Emerging growth company:</span></td> <td style="padding: 0pt; text-align: justify; text-indent: 0pt"><ix:nonNumeric contextRef="c0" format="ixt-sec:boolballotbox" name="dei:EntityEmergingGrowthCompany" id="ixv-268"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</span></ix:nonNumeric></td></tr> </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. <ix:nonNumeric contextRef="c0" format="ixt-sec:boolballotbox" name="dei:EntityExTransitionPeriod" id="ixv-276"><span style="font-family: Times New Roman, Times, Serif">&#9744;</span></ix:nonNumeric></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 1; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="margin: 0pt">&#160;</p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;&#160;</b></span></p><div>

</div><p style="color: Red; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="color: Red"><b>The information
in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the
Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and it is not soliciting an
offer to buy these securities in any state where the offer or sale is not permitted.</b></span></p><div>

</div><p style="color: Red; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="color: Red">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Red"><b>Subject
to Completion<br/>
Preliminary Prospectus dated December 12, 2024.</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Veea Inc.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>9,193,579 Shares of Common Stock</b></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; color: Red; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This prospectus relates to the offer and sale from time to time by
White Lion Capital, LLC (&#8220;White Lion&#8221; or the &#8220;selling stockholder&#8221;) of up to 9,193,579 shares of common stock
of Veea Inc. (&#8220;we,&#8221; &#8220;us,&#8221; &#8220;our,&#8221; the &#8220;Company,&#8221; or &#8220;Veea&#8221;), par value $0.0001
per share (the &#8220;Common Stock&#8221;), that have been or may be issued by us to White Lion pursuant to that certain Common Stock
Purchase Agreement, dated as of December 2, 2024, by and between us and White Lion (the &#8220;ELOC Purchase Agreement&#8221;), establishing
an equity line of credit. Such shares of our Common Stock include up to (i) 9,166,081 shares of Common Stock (assuming the shares to be
issued are sold at a price of $2.73 per share) that we may elect, in our sole discretion, to issue and sell to White Lion, from time to
time from and after the commencement date under the ELOC Purchase Agreement, and subject to applicable stock exchange rules and (ii) 27,498
shares of Common Stock issuable to White Lion as commitment shares under the ELOC Purchase Agreement (assuming a value of $2.73 per share).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The actual number of shares
of our Common Stock issuable will vary depending on the then-current market price of shares of our Common Stock sold to the selling stockholder
under the ELOC Purchase Agreement, but will not exceed the number set forth in the preceding sentences unless we file an additional registration
statement under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), with the U.S. Securities and Exchange Commission
(the &#8220;SEC&#8221;), See &#8220;The White Lion Equity Financing&#8221; for a description of the ELOC Purchase Agreement and &#8220;Selling
Stockholder&#8221; for additional information regarding White Lion.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We are registering the shares
on behalf of the selling stockholder, to be offered and sold by it from time to time. We are not selling any securities under this prospectus,
and will not receive any proceeds from the sale of Common Stock by the selling stockholder pursuant to this prospectus. We may receive
up to $25.0 million in aggregate gross proceeds from White Lion under the ELOC Purchase Agreement in connection with sales of the shares
of our Common Stock pursuant to the ELOC Purchase Agreement at varying purchase prices after the date of this prospectus. However, the
actual proceeds from White Lion may be less than this amount depending on the number of shares of our Common Stock sold and the price
at which the shares of our Common Stock are sold. The purchase price per share that White Lion will pay for shares of Common Stock purchased
from us under the ELOC Purchase Agreement will fluctuate based on the market price of our shares at the time we elect to sell shares
to White Lion and, further, to the extent that the Company sells shares of Common Stock under the ELOC Purchase Agreement, substantial
amounts of shares could be issued and resold, which would cause dilution and may impact the Company&#8217;s stock price.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The selling securityholder
can sell, under this prospectus, up to 9,193,579 shares of our Common Stock, constituting more than 25.7% of our outstanding shares of
Common Stock as of December 10, 2024. Sales of a substantial number of our shares of Common Stock in the public market by the selling
securityholder and/or by our other existing securityholders, or the perception that those sales might occur, could increase the volatility
of and cause a significant decline in the market price of our securities and could impair our ability to raise capital through the sale
of additional equity securities. See &#8220;- <i>Sales of a substantial number of our securities in the public market by the selling securityholder
and/or by our existing securityholders could cause the price of our shares of Common Stock and Warrants to fall.</i>&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 2; Value: 1 --><div>
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">All the securities offered
in this prospectus by the selling securityholder may be resold for so long as the registration statement, of which this prospectus forms
a part, is available for use. The sale of all or a portion of the securities being offered in this prospectus could result in a significant
decline in the public trading price of our securities. Despite such a decline in the public trading price, some of the selling securityholder
may still experience a positive rate of return on the securities they purchased due to the price at which such selling securityholder
initially purchased the securities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">We are registering the securities
for resale pursuant to the selling securityholder&#8217;s registration rights under certain agreements between us, on the one hand, and
the selling securityholder, on the other hand, subject to certain exceptions. Our registration of the securities covered by this prospectus
does not mean that the selling securityholder will offer or sell any of the securities registered for resale.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We will bear all costs, expenses,
and fees in connection with the registration of the shares of Common Stock. The selling securityholder may offer, sell or distribute all
or a portion of its shares of Common Stock publicly or through private transactions at prevailing market prices or at negotiated prices.
The selling securityholder will bear all commissions and discounts, if any, attributable to its sales of the shares of Common Stock. We
provide more information about how the selling securityholder may sell the shares of Common Stock in the section titled &#8220;<i>Plan
of Distribution</i>.&#8221; Our shares of Common Stock and public warrants are listed on the Nasdaq Stock Market LLC (&#8220;Nasdaq&#8221;)
under the symbols &#8220;VEEA&#8221; and &#8220;VEEAW&#8221; respectively. On December 10, 2024, the closing price of our Common Stock
was $3.32 per share and the closing price for our Warrants was $0.1559 per warrant.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We are an &#8220;emerging
growth company&#8221; and a &#8220;smaller reporting company&#8221; under the federal securities laws and will be subject to reduced
disclosure and public reporting requirements. See &#8220;<i>Summary - Emerging Growth Company</i>&#8221; <i>and </i>&#8220;<i>Summary
- Smaller Reporting Company.</i>&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Investing in shares of our securities involves
risks that are described in the &#8220;Risk Factors&#8221; section beginning on page 6 of this prospectus.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Neither the U.S. Securities
and Exchange Commission (the &#8220;SEC&#8221;) nor any state securities commission has approved or disapproved of the securities to
be issued under this prospectus or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal
offense.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>The date of this prospectus is December 12,
2024.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>




</div><!-- Field: Page; Sequence: 3 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="margin: 0pt">&#160;</p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>TABLE OF CONTENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="padding: 0pt 0pt 1.5pt 0.125in; text-indent: -0.125in; width: 90%"/>
    <td style="padding: 0pt 0pt 1.5pt; white-space: nowrap; text-indent: 0pt; width: 1%">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; text-align: center; text-indent: 0pt; width: 9%"><span style="font-size: 10pt"><b>Page</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 0.125in; text-indent: -0.125in"><a href="#via_001"><span style="font-size: 10pt">ABOUT THIS PROSPECTUS</span></a></td>
    <td style="padding: 0pt; white-space: nowrap; text-indent: 0pt">&#160;</td>
    <td style="padding: 0pt; vertical-align: bottom; text-align: center; text-indent: 0pt"><span style="font-size: 10pt">ii</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0pt 0pt 0pt 0.125in; text-indent: -0.125in"><a href="#via_002"><span style="font-size: 10pt">INDUSTRY AND MARKET
    DATA</span></a></td>
    <td style="padding: 0pt; white-space: nowrap; text-indent: 0pt">&#160;</td>
    <td style="padding: 0pt; vertical-align: bottom; text-align: center; text-indent: 0pt"><span style="font-size: 10pt">iii</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 0.125in; text-indent: -0.125in"><a href="#via_003"><span style="font-size: 10pt">TRADEMARKS</span></a></td>
    <td style="padding: 0pt; white-space: nowrap; text-indent: 0pt">&#160;</td>
    <td style="padding: 0pt; vertical-align: bottom; text-align: center; text-indent: 0pt"><span style="font-size: 10pt">iii</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0pt 0pt 0pt 0.125in; text-indent: -0.125in"><a href="#via_004"><span style="font-size: 10pt">FREQUENTLY USED
    TERMS AND BASIS OF PRESENTATION</span></a></td>
    <td style="padding: 0pt; white-space: nowrap; text-indent: 0pt">&#160;</td>
    <td style="padding: 0pt; vertical-align: bottom; text-align: center; text-indent: 0pt"><span style="font-size: 10pt">iv</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 0.125in; text-indent: -0.125in"><a href="#via_005"><span style="font-size: 10pt">CAUTIONARY STATEMENT
    REGARDING FORWARD-LOOKING STATEMENTS</span></a></td>
    <td style="padding: 0pt; white-space: nowrap; text-indent: 0pt">&#160;</td>
    <td style="padding: 0pt; vertical-align: bottom; text-align: center; text-indent: 0pt">viii</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0pt 0pt 0pt 0.125in; text-indent: -0.125in"><a href="#via_006"><span style="font-size: 10pt">SUMMARY</span></a></td>
    <td style="padding: 0pt; white-space: nowrap; text-indent: 0pt">&#160;</td>
    <td style="padding: 0pt; vertical-align: bottom; text-align: center; text-indent: 0pt"><span style="font-size: 10pt">1</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 0.125in; text-indent: -0.125in"><a href="#via_007"><span style="font-size: 10pt">THE OFFERING</span></a></td>
    <td style="padding: 0pt; white-space: nowrap; text-indent: 0pt">&#160;</td>
    <td style="padding: 0pt; vertical-align: bottom; text-align: center; text-indent: 0pt">5</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0pt 0pt 0pt 0.125in; text-indent: -0.125in"><a href="#via_008"><span style="font-size: 10pt">RISK FACTORS</span></a></td>
    <td style="padding: 0pt; white-space: nowrap; text-indent: 0pt">&#160;</td>
    <td style="padding: 0pt; vertical-align: bottom; text-align: center; text-indent: 0pt">6</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 0.125in; text-indent: -0.125in"><a href="#via_009"><span style="font-size: 10pt">USE OF PROCEEDS</span></a></td>
    <td style="padding: 0pt; white-space: nowrap; text-indent: 0pt">&#160;</td>
    <td style="padding: 0pt; vertical-align: bottom; text-align: center; text-indent: 0pt">39</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0pt 0pt 0pt 0.125in; text-indent: -0.125in"><a href="#via_010"><span style="font-size: 10pt">DETERMINATION OF
    OFFERING PRICE</span></a></td>
    <td style="padding: 0pt; white-space: nowrap; text-indent: 0pt">&#160;</td>
    <td style="padding: 0pt; vertical-align: bottom; text-align: center; text-indent: 0pt">40</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 0.125in; text-indent: -0.125in"><a href="#via_011"><span style="font-size: 10pt">MARKET INFORMATION
    FOR COMMON STOCK AND DIVIDEND POLICY</span></a></td>
    <td style="padding: 0pt; white-space: nowrap; text-indent: 0pt">&#160;</td>
    <td style="padding: 0pt; vertical-align: bottom; text-align: center; text-indent: 0pt">40</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0pt 0pt 0pt 0.125in; text-indent: -0.125in"><a href="#via_013"><span style="font-size: 10pt">BUSINESS</span></a></td>
    <td style="padding: 0pt; white-space: nowrap; text-indent: 0pt">&#160;</td>
    <td style="padding: 0pt; vertical-align: bottom; text-align: center; text-indent: 0pt">41</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 0.125in; text-indent: -0.125in"><a href="#via_014"><span style="font-size: 10pt">MANAGEMENT&#8217;S
    DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</span></a></td>
    <td style="padding: 0pt; white-space: nowrap; text-indent: 0pt">&#160;</td>
    <td style="padding: 0pt; vertical-align: top; text-align: center; text-indent: 0pt">54</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0pt 0pt 0pt 0.125in; text-indent: -0.125in"><a href="#via_015"><span style="font-size: 10pt">EXECUTIVE AND DIRECTOR
    COMPENSATION</span></a></td>
    <td style="padding: 0pt; white-space: nowrap; text-indent: 0pt">&#160;</td>
    <td style="padding: 0pt; vertical-align: bottom; text-align: center; text-indent: 0pt">68</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 0.125in; text-indent: -0.125in"><a href="#via_016"><span style="font-size: 10pt">MANAGEMENT</span></a></td>
    <td style="padding: 0pt; white-space: nowrap; text-indent: 0pt">&#160;</td>
    <td style="padding: 0pt; vertical-align: bottom; text-align: center; text-indent: 0pt">70</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0pt 0pt 0pt 0.125in; text-indent: -0.125in"><a href="#via_017"><span style="font-size: 10pt">SECURITY OWNERSHIP
    OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</span></a></td>
    <td style="padding: 0pt; white-space: nowrap; text-indent: 0pt">&#160;</td>
    <td style="padding: 0pt; vertical-align: bottom; text-align: center; text-indent: 0pt">75</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 0.125in; text-indent: -0.125in"><a href="#via_018"><span style="font-size: 10pt">CERTAIN RELATIONSHIPS
    AND RELATED PARTY TRANSACTIONS</span></a></td>
    <td style="padding: 0pt; white-space: nowrap; text-indent: 0pt">&#160;</td>
    <td style="padding: 0pt; vertical-align: bottom; text-align: center; text-indent: 0pt">76</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0pt 0pt 0pt 0.125in; text-indent: -0.125in"><a href="#via_019"><span style="font-size: 10pt">SELLING SECURITYHOLDER</span></a></td>
    <td style="padding: 0pt; white-space: nowrap; text-indent: 0pt">&#160;</td>
    <td style="padding: 0pt; vertical-align: bottom; text-align: center; text-indent: 0pt">81</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 0.125in; text-indent: -0.125in"><a href="#via_020"><span style="font-size: 10pt">DESCRIPTION OF SECURITIES</span></a></td>
    <td style="padding: 0pt; white-space: nowrap; text-indent: 0pt">&#160;</td>
    <td style="padding: 0pt; vertical-align: bottom; text-align: center; text-indent: 0pt">82</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0pt 0pt 0pt 0.125in; text-indent: -0.125in"><a href="#via_027"><span style="font-size: 10pt">RESTRICTIONS ON
    RESALE OF COMMON STOCK</span></a></td>
    <td style="padding: 0pt; white-space: nowrap; text-indent: 0pt">&#160;</td>
    <td style="padding: 0pt; vertical-align: bottom; text-align: center; text-indent: 0pt">92</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 0.125in; text-indent: -0.125in"><a href="#via_021"><span style="font-size: 10pt">PLAN OF DISTRIBUTION</span></a></td>
    <td style="padding: 0pt; white-space: nowrap; text-indent: 0pt">&#160;</td>
    <td style="padding: 0pt; vertical-align: bottom; text-align: center; text-indent: 0pt">94</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0pt 0pt 0pt 0.125in; text-indent: -0.125in"><a href="#via_022"><span style="font-size: 10pt">MATERIAL U.S. FEDERAL
    INCOME TAX CONSIDERATIONS</span></a></td>
    <td style="padding: 0pt; white-space: nowrap; text-indent: 0pt">&#160;</td>
    <td style="padding: 0pt; vertical-align: bottom; text-align: center; text-indent: 0pt">96</td></tr>

<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 0.125in; text-indent: -0.125in; width: 90%"><a href="#via_023"><span style="font-size: 10pt">EXPERTS</span></a></td>
    <td style="text-indent: 0pt; padding: 0pt; white-space: nowrap; width: 1%">&#160;</td>
    <td style="vertical-align: bottom; padding: 0pt; text-align: center; text-indent: 0pt; width: 9%">100</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0pt 0pt 0pt 0.125in; text-indent: -0.125in"><a href="#via_024"><span style="font-size: 10pt">LEGAL MATTERS</span></a></td>
    <td style="text-indent: 0pt; padding: 0pt; white-space: nowrap">&#160;</td>
    <td style="vertical-align: bottom; padding: 0pt; text-align: center; text-indent: 0pt">100</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0pt 0pt 0pt 0.125in; text-indent: -0.125in"><a href="#via_025"><span style="font-size: 10pt">WHERE YOU CAN FIND
    MORE INFORMATION</span></a></td>
    <td style="text-indent: 0pt; padding: 0pt; white-space: nowrap">&#160;</td>
    <td style="vertical-align: bottom; padding: 0pt; text-align: center; text-indent: 0pt">100</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0pt 0pt 0pt 0.125in; text-indent: -0.125in"><a href="#via_026"><span style="font-size: 10pt">INDEX TO FINANCIAL
    STATEMENTS</span></a></td>
    <td style="text-indent: 0pt; padding: 0pt; white-space: nowrap">&#160;</td>
    <td style="vertical-align: bottom; padding: 0pt; text-align: center; text-indent: 0pt"><span style="font-size: 10pt">F-1</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="text-transform: uppercase"><b>&#160;</b></span></p><div>


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->i<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-transform: uppercase"><b>&#160;</b></span></p><div>

</div><div><a id="via_001"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="text-transform: uppercase"><b>ABOUT
THIS PROSPECTUS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="text-transform: uppercase"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This prospectus is part
of a registration statement on Form S-1 that we filed with the SEC using the &#8220;shelf&#8221; registration process. Under the shelf
registration process, the selling securityholder may, from time to time, sell the securities offered by it described in this prospectus
through any means described in the section titled &#8220;<i>Plan of Distribution</i>.&#8221; More specific terms of any securities that
the selling securityholder and its permitted transferees offer and sell may be provided in a prospectus supplement that describes, among
other things, the specific amounts and prices of the securities being offered and the terms of the offering. This prospectus also relates
to the issuance by us of shares of Common Stock from time to time upon the occurrence of the events described in this prospectus.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We may also provide a prospectus
supplement or post-effective amendment to the registration statement of which this prospectus forms a part to add information to, or
update or change information contained in, this prospectus. Any statement contained in this prospectus will be deemed to be modified
or superseded for purposes of this prospectus to the extent that a statement contained in such prospectus supplement or post-effective
amendment modifies or supersedes such statement. Any statement so modified will be deemed to constitute a part of this prospectus only
as so modified, and any statement so superseded will be deemed not to constitute a part of this prospectus. You should read both this
prospectus and any applicable prospectus supplement or post-effective amendment to the registration statement of which this prospectus
forms a part together with the additional information to which we refer you in the sections of this prospectus titled &#8220;<i>Where
You Can Find More Information</i>.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This prospectus contains
summaries of certain provisions contained in some of the documents described herein, but reference is made to the actual documents for
complete information. All of the summaries are qualified in their entirety by the actual documents. Copies of some of the documents referred
to herein have been filed, will be filed, or will be incorporated by reference as exhibits to the registration statement of which this
prospectus forms a part, and you may obtain copies of those documents as described under &#8220;<i>Where You Can Find More Information</i>.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As used in this prospectus,
unless otherwise indicated or the context otherwise requires, references to &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our,&#8221; the
&#8220;Company,&#8221; &#8220;Registrant,&#8221; and &#8220;Veea&#8221; refer to Veea Inc. following the Business Combination and VeeaSystems
Inc. prior to the Business Combination.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-transform: uppercase"><b>&#160;</b></span></p><div>

</div><div><a id="via_002"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="text-transform: uppercase"><b>INDUSTRY
AND MARKET DATA</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This prospectus contains,
and any amendment or any prospectus supplement may contain, industry and market data which have been obtained from industry publications,
market research and other publicly available information. Such information is supplemented, where necessary, with the Company&#8217;s
own internal estimates, taking into account publicly available information about other industry participants and the judgment of the
Company&#8217;s management where information is not publicly available.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Industry publications and
market research generally state that the information they contain has been obtained from sources believed to be reliable, but that the
accuracy and completeness of such information is not guaranteed and that the projections they contain are based on a number of significant
assumptions. In some cases, the sources from which this data is derived is not expressly referred to. While the Company compiled, extracted
and reproduced industry data from these sources, and believes that the information used is reliable, the Company did not independently
verify the data that was extracted or derived from such industry publications or market reports, and cannot guarantee its accuracy or
completeness.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The industry and market
data that appears in this prospectus is inherently uncertain, involves a number of assumptions and limitations and may not necessarily
be reflective of actual market conditions and you are cautioned not to give undue weight to such industry and market data because it
may differ from current data due to material changes in market conditions or otherwise. Such statistics are based on market research,
which itself is based on sampling and subjective judgements by both the researchers and the respondents, including judgements about what
types of products and transactions should be included in the relevant market. Forecasts and other forward-looking information obtained
from these sources are subject to the same qualifications and uncertainties as the other forward-looking statements in this prospectus.
These and other factors could cause results to differ materially from those expressed in any forecasts or estimates.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company does not intend
or assume any obligation to update industry or market data set forth in this prospectus. Because market behavior, preferences and trends
are subject to change, prospective investors should be aware that market and industry information in this prospectus and estimates based
on any data therein may not be reliable indicators of future market performance or the Company&#8217;s future results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="via_003"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="text-transform: uppercase"><b>TRADEMARKS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This prospectus contains,
and any amendment or any prospectus supplement may contain, references to trademarks and service marks belonging to other entities. Solely
for convenience, trademarks and trade names, referred to in this prospectus may appear without the <sup>&#174;</sup> or &#8482; symbols,
but such references are not intended to indicate, in any way, that the applicable licensor will not assert, to the fullest extent under
applicable law, its rights to these trademarks and trade names. We do not intend our use or display of other companies&#8217; trade names,
trademarks or service marks to imply a relationship with, or endorsement or sponsorship of us by, any other companies.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-transform: uppercase"><b>&#160;</b></span></p><div>

</div><div><a id="via_004"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="text-transform: uppercase"><b>FREQUENTLY
USED TERMS AND BASIS OF PRESENTATION</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="text-transform: uppercase"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As used in this prospectus,
unless otherwise noted or the context otherwise requires, references to:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;<b><i>Board</i></b>&#8221;
                                            refers to the board of directors of the Company.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;<b><i>Business
                                            Combination Agreement</i></b>&#8221; means that certain Business Combination Agreement, dated
                                            November&#160;27, 2023, as amended on June 13, 2024 and September 13, 2024, by and among
                                            Plum, the Merger Sub, and Private Veea.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;<b><i>Business
                                            Combination</i></b>&#8221; means the Domestication, the Merger and the other transactions
                                            closed on September 13, 2024, pursuant to the Business Combination Agreement.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;<b><i>Bylaws</i></b>&#8221;
                                            means the bylaws of the Company as in effect on the date of this prospectus.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;<b><i>Change
                                            of Control Transaction</i></b>&#8221; means any transaction or series of related transactions
                                            (a) under which any person(s), directly or indirectly, acquires or otherwise purchases (i)
                                            another person or any of its affiliates or (ii) all or a material portion of assets, businesses
                                            or Equity Securities of another person, (b) that results, directly or indirectly, in the
                                            shareholders of a person as of immediately prior to such transaction holding, in the aggregate,
                                            less than fifty percent (50%) of the voting shares of such person (or any successor or parent
                                            company of such person) immediately after the consummation thereof (in the case of each of
                                            clauses (a) and (b), whether by merger, consolidation, tender offer, recapitalization, purchase
                                            or issuance of Equity Securities, tender offer or otherwise) or (c) under which any person(s)
                                            makes any equity or similar investment in another person.</td>
</tr></table><div>

</div><p style="text-align: justify; text-indent: 0.5in; margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;<b><i>Charter</i></b>&#8221;
                                            means the certificate of incorporation, as amended, of the Company as in effect on the date
                                            of this prospectus.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;<b><i>Class
                                            A ordinary shares</i></b>&#8221; means the Class A ordinary shares, par value $0.0001 per
                                            share, of Plum, which converted by operation of law into shares of Common Stock, on a one-for-one
                                            basis, in connection with the Domestication.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;<b><i>Class
                                            B ordinary shares</i></b>&#8221; or &#8220;<b><i>founder shares</i></b>&#8221; means the
                                            Class B ordinary shares, par value $0.0001 per share, of Plum that were initially issued
                                            to the Plum Sponsor in a private placement prior to its Initial Public Offering and subsequently
                                            converted into Class A ordinary shares on September&#160;13, 2023 prior to the Closing.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;<b><i>Closing
                                            Date</i></b>&#8221; means September 13, 2024.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;<b><i>Closing</i></b>&#8221;
                                            means the closing of the Business Combination.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;<b><i>Common
                                            Stock</i></b>&#8221; means the common stock, par value $0.0001 per share, of the Company.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;<b><i>Company</i></b>&#8221;
                                            means Veea Inc., a Delaware corporation.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;<b><i>Continental</i></b>&#8221;
                                            means Continental Stock Transfer &amp; Trust Company, a New York limited purpose trust company.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;<b><i>DGCL</i></b>&#8221;
                                            means the General Corporation Law of the State of Delaware.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;<b><i>Dissenting
                                            Shares</i></b>&#8221; means the shares of Private Veea Capital Stock issued and outstanding
                                            immediately prior to the Effective Time (other than shares of Private Veea Capital Stock
                                            cancelled in accordance with the Business Combination Agreement) and held by a holder who
                                            has not voted in favor of adoption of the Business Combination Agreement or consented thereto
                                            in writing and who has properly exercised and perfected appraisal rights of such Private
                                            Veea Capital Stock in accordance with Section 262 of the DGCL.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;<b><i>Domestication</i></b>&#8221;
                                            means the transfer by way of continuation and deregistration of Plum from the Cayman Islands
                                            and the continuation and domestication of Plum as a corporation incorporated in the State
                                            of Delaware in connection with the Merger.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;<b><i>Earnout
                                            Consideration</i></b>&#8221; means the shares of Common Stock issuable in connection with
                                            the Earnout Triggering Events.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;<b><i>Earnout
                                            Period</i></b>&#8221; means the time period between the Closing and the ten-year&#160;anniversary
                                            of the Closing.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="margin-top: 0; margin-bottom: 0"></p><div>

</div><!-- Field: Page; Sequence: 7; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->iv<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>




</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;<b><i>Earnout
                                            Triggering Event I</i></b>&#8221; means the date on which the volume-weighted&#160;average
                                            trading sale price of one share of Common Stock (as adjusted for stock splits, stock dividends,
                                            reorganizations and recapitalizations) is greater than or equal to $12.50 for any twenty
                                            (20) trading days within any thirty (30) consecutive trading day period within the Earnout
                                            Period.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;<b><i>Earnout
                                            Triggering Event II</i></b>&#8221; means the date on which the volume-weighted&#160;average
                                            trading sale price of one share of Common Stock (as adjusted for stock splits, stock dividends,
                                            reorganizations and recapitalizations) is greater than or equal to $15.00 for any twenty
                                            (20) trading days within any thirty (30) consecutive trading day period within the Earnout
                                            Period.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;<b><i>Earnout
                                            Triggering Events</i></b>&#8221; means Earnout Triggering Event I and Earnout Triggering
                                            Event II.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;<b><i>Effective
                                            Time</i></b>&#8221; means the time at which the Merger became effective.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;<b><i>Employee
                                            Stock Purchase Plan</i></b>&#8221; means the Combined Company 2024 Employee Stock Purchase
                                            Plan.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;<b><i>Equity
                                            Securities</i></b>&#8221; means, with respect to any person, (a) any capital stock, partnership
                                            or membership interest, unit of participation or other similar interest (however designated)
                                            in such person and (b) any option, warrant, purchase right, conversion right, exchange right
                                            or other contractual obligation which would entitle any other person to acquire any such
                                            interest in such person or otherwise entitle any other person to share in the equity, profits,
                                            earnings, losses or gains of such person (including any interest, the value of which is in
                                            any way based on, linked to or derived from any interest described in clause (a), including
                                            stock appreciation, phantom stock, profit participation or other similar rights).</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;<b><i>Existing
                                            Holder Exchange Ratio</i></b>&#8221; means the ratio by which each of (a) Private Veea Share,
                                            (b) warrant of Private Veea and (c) Plum Ordinary Share was converted into such securities
                                            of Veea prior to the Closing of the Business Combination, which is equal to approximately
                                            0.19618.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;<b><i>Existing
                                            Veea Shareholders</i></b>&#8221; means, collectively, the holders of shares of Private Veea.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;<b><i>Private
                                            Veea Shares</i></b>&#8221; means, collectively, Private Veea Common Stock, Private Veea Series
                                            A Preferred Stock and Private Veea Series A-1&#160;Preferred Stock prior to the Closing.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;<b><i>GAAP</i></b>&#8221;
                                            means the United States generally accepted accounting principles, consistently applied.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;<b><i>Governing
                                            Documents</i></b>&#8221; means the Charter and the Bylaws.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;<b><i>HSR
                                            Act</i></b>&#8221; means the Hard-Scott-Rodino&#160;Antitrust Improvements Act of 1976, as
                                            amended, and the rules and regulations promulgated thereunder.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;<b><i>Incentive
                                            Equity Plan</i></b>&#8221; means the Company&#8217;s 2024 Incentive Equity Plan.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;<b><i>Initial
                                            Public Offering</i></b>&#8221; means Plum&#8217;s Initial Public Offering that was consummated
                                            on March&#160;15, 2021.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;<b><i>Legacy
                                            Equity Incentive Plans</i></b>&#8221; means each of the 2014 Max2 Inc. Equity Incentive Plan
                                            and the Veea Inc. 2018 Equity Incentive Plan.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;<b><i>Lock-Up
                                            Agreements</i></b>&#8221; means the Veea Lock-Up Agreements and the Plum Lock-Up&#160;Agreements.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;<b><i>Nasdaq</i></b>&#8221;
                                            means The Nasdaq Stock Market LLC.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;<b><i>New
                                            Financing Fully Diluted Private Veea Capitalization</i></b>&#8221; means, without duplication,
                                            the aggregate shares of Private Veea Common Stock, (a) treating the shares of Private Veea
                                            Series A-2 Preferred Stock and other New Financing Securities on an as-converted&#160;to
                                            shares of Private Veea Common Stock basis and (b) treating all outstanding in-the-money,
                                            vested Private Veea Convertible Securities convertible into New Financing Securities as if
                                            such Private Veea Convertible Security had been exercised on a cash basis as of the Effective
                                            Time, but excluding any Private Veea Securities held as treasury stock.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;<b><i>New
                                            Financing Securities</i></b>&#8221; means the Private Veea Convertible Securities sold pursuant
                                            to Section 9.11 of the Business Combination Agreement.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;<b><i>New
                                            Veea Shareholder Equity Value Per Share</i></b>&#8221; means (a) the aggregate amount raised
                                            through the issuance of the New Financing Securities, plus the aggregate exercise price for
                                            all shares of Private Veea Capital Stock issuable under any in-the-money New Financing Securities
                                            in accordance with their terms (and assuming no cashless exercise thereof), divided by (b)
                                            the New Financing Fully Diluted Private Veea Capitalization.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;<b><i>New
                                            Veea Shareholder Exchange Ratio</i></b>&#8221; means the ratio by which each New Financing
                                            Security was converted into such securities of Private Veea prior to the Closing of the Business
                                            Combination, which is equal to approximately 0.244.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;<b><i>New
                                            Veea Shareholders</i></b>&#8221; means, collectively, the holders of shares of New Financing
                                            Securities.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;<b><i>Plum</i></b>&#8221;
                                            means Plum Acquisition Corp. I.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;<b><i>Plum
                                            Lock-Up&#160;Agreements</i></b>&#8221; means the agreements entered into prior to or simultaneously
                                            with the Closing pursuant to which, among other things, the Plum shareholder party thereto
                                            agreed not to sell, for the period specified in such agreement, certain shares of Common
                                            Stock the Plum shareholder received in the Domestication, on the terms and subject to the
                                            conditions set forth in such lock-up&#160;agreement.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;<b><i>Plum
                                            Ordinary Shares</i></b>&#8221; means the Plum Class A ordinary shares outstanding prior to
                                            the Closing of the Business Combination.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;<b><i>Plum
                                            Sponsor</i></b>&#8221; means Plum Partners LLC, a Delaware limited liability company.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;<b><i>Plum</i></b>&#8221;
                                            means Plum Acquisition Corp. I, a Cayman Islands exempted company, prior to the consummation
                                            of the Business Combination.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">&#8220;<b><i>Private Placement Warrants</i></b>&#8221;
    means the 5,256,218 warrants outstanding as of the date of this prospectus that were issued to the Plum Sponsor simultaneously with
    the consummation of Plum&#8217;s Initial Public Offering, which Private Placement Warrants are identical to the Public Warrants,
    subject to certain limited exceptions, each such whole warrant representing the right to purchase one Ordinary Share of Plum.</span></td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;<b><i>Private
                                            Veea</i></b>&#8221; means VeeaSystems.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;<b><i>Public
                                            Shares</i></b>&#8221; means the Class A ordinary shares of Plum sold as part of the Plum
                                            Units in its Initial Public Offering, whether acquired in Plum&#8217;s Initial Public Offering
                                            or acquired in the secondary market.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;<b><i>Sponsor
                                            Letter Agreement</i></b>&#8221; means the sponsor letter agreement dated as of November&#160;27,
                                            2023, by and among Plum, Plum Sponsor and Private Veea.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;<b><i>Plum
                                            Units</i></b>&#8221; or &#8220;<b><i>Units</i></b>&#8221; or means the units of Plum, each
                                            unit representing one Class A ordinary share and one-fifth&#160;of one warrant, with such
                                            whole warrant representing the right to acquire one Class A ordinary share, that were offered
                                            and sold by Plum in its Initial Public Offering.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;<b><i>Private
                                            Veea Capital Stock</i></b>&#8221; means the Private Veea Common Stock and the Private Veea
                                            Preferred Stock.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;<b><i>Private
                                            Veea Common Stock</i></b>&#8221; means, prior to the Closing, Private Veea&#8217;s common
                                            stock, par value $0.00001 per share.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;<b><i>Private
                                            Veea Convertible Securities</i></b>&#8221; means, collectively, the Private Veea Options,
                                            Private Veea Warrants, and any other options, warrants or rights to subscribe for or purchase
                                            any capital stock of Veea or securities (including debt securities) convertible into or exchangeable
                                            for, or that otherwise confer on the holder any right to acquire any Veea Capital Stock.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;<b><i>Private
                                            Veea Option</i></b>&#8221; means each outstanding option (whether vested or unvested) to
                                            purchase Veea Common Stock granted under the Legacy Equity Incentive Plans.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;<b><i>Private
                                            Veea Optionholders</i></b>&#8221; means, collectively, the holders of Private Veea Options
                                            as of any applicable determination time prior to Closing.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;<b><i>Private
                                            Veea Preferred Stock</i></b>&#8221; means, collectively, the Private Veea Series A Preferred
                                            Stock, the Private Veea Series A-1Preferred Stock and the Private Veea Series A-2&#160;Preferred
                                            Stock.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;<b><i>Private
                                            Veea Securities</i></b>&#8221; means, collectively, the Private Veea Capital Stock and the
                                            Private Veea Convertible Securities.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;<b><i>Private
                                            Veea Securityholders</i></b>&#8221; means, collectively, the Veea Stockholders, Veea Optionholders,
                                            and Veea Warrantholders.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;<b><i>Private
                                            Veea Series A Preferred Stock</i></b>&#8221; means Private Veea&#8217;s Series A Preferred
                                            Stock, $0.00001 par value per share.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;<b><i>Private
                                            Veea Series A-1&#160;Preferred Stock</i></b>&#8221; means Private Veea&#8217;s Series A-1&#160;Preferred
                                            Stock, $0.00001 par value per share.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;<b><i>Private
                                            Veea Series A-2&#160;Preferred Stock</i></b>&#8221; means Private Veea&#8217;s Series A-2&#160;Preferred
                                            Stock, $0.00001 par value per share.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;<b><i>Private
                                            Veea Stockholder</i></b>&#8221; means a holder of a share of any Private Veea Capital Stock
                                            as of any applicable determination time prior to Closing.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;<b><i>Private
                                            Veea Warrantholders</i></b>&#8221; means, collectively, the holders of Private Veea Warrants
                                            as of any applicable determination time prior to Closing.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;<b><i>Private
                                            Veea Warrants</i></b>&#8221; means the outstanding and unexercised warrants to purchase shares
                                            of Private Veea Capital Stock prior to the Closing.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;<b><i>Public
                                            Warrants</i></b>&#8221; means the redeemable warrants sold as part of the Units in Plum&#8217;s
                                            Initial Public Offering or acquired in the secondary market.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;<b><i>SEC</i></b>&#8221;
                                            means the Securities and Exchange Commission.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;<b><i>Securities
                                            Act</i></b>&#8221; means the&#160;Securities Act of 1933, as amended.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;<b><i>Transfer
                                            Agent</i></b>&#8221; means Continental Stock Transfer &amp; Trust Company.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;<b><i>Trust
                                            Account</i></b>&#8221; means the trust account established at the consummation of Plum&#8217;s
                                            Initial Public Offering, containing the proceeds of the Initial Public Offering and from
                                            the sale of Private Placement Warrants.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;<b><i>Veea
                                            Lock-Up&#160;Agreements</i></b>&#8221; means the agreements entered into prior to or simultaneously
                                            with the Closing pursuant to which, among other things, the Private Veea Securityholder party
                                            thereto agreed not to sell, for the period specified in such agreement, certain shares of
                                            Common Stock the Private Veea Securityholder received in the Business Combination.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;<b>VeeaSystems</b>&#8221;
                                            means VeeaSystems Inc. (prior to the Closing, Veea Inc.), a Delaware corporation and wholly
                                            owned subsidiary of the Company.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;<b><i>Warrant
                                            Agreement</i></b>&#8221; that certain Warrant Agreement, dated as of March&#160;18, 2021,
                                            by and between Plum and Continental, as the warrant agent, which sets forth the expiration
                                            and exercise price of and procedure for exercising the Warrants.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">&#8220;<b><i>Warrants</i></b>&#8221;
                                            means the Public Warrants and the Private Placement Warrants.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Unless specified otherwise,
amounts in this prospectus are presented in U.S. dollars.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Defined terms in the financial
statements contained in this prospectus have the meanings ascribed to them in the financial statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-transform: uppercase"><b>&#160;</b></span></p><div>

</div><div><a id="via_005"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="text-transform: uppercase"><b>CAUTIONARY
STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This prospectus contains
forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act
of 1995, including statements regarding, among other things, the plans, strategies and prospects, both business and financial, of the
Company. These statements are based on the beliefs and assumptions, whether or not identified in this prospectus, of the management of
the Company. Although the Company believes that its plans, intentions and expectations reflected in or suggested by these forward-looking
statements are reasonable, the Company cannot assure you that it will achieve or realize these plans, intentions or expectations. Forward-looking
statements are inherently subject to risks, uncertainties and assumptions. Generally, statements that are not historical facts, including
statements concerning possible or assumed future actions, business strategies, events or results of operations, and any statements that
refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are
forward-looking statements. These statements may be preceded by, followed by or include the words &#8220;anticipate,&#8221; &#8220;believe,&#8221;
&#8220;could,&#8221; &#8220;continue,&#8221; &#8220;estimate,&#8221; &#8220;expect,&#8221; &#8220;forecast,&#8221; &#8220;intend,&#8221;
&#8220;may,&#8221; &#8220;might,&#8221; &#8220;plan,&#8221; &#8220;possible,&#8221; &#8220;potential,&#8221; &#8220;project,&#8221; &#8220;scheduled,&#8221;
&#8220;seek,&#8221; &#8220;should,&#8221; &#8220;will&#8221; or similar expressions, but the absence of these words does not mean that
a statement is not forward-looking. Forward-looking statements contained in this prospectus include, but are not limited to, statements
about the ability of the Company to:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify">failure to
                                            maintain adequate operational and financial resources or raise additional capital or generate
                                            sufficient cash flows;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify">risks related
                                            to Veea&#8217;s current growth strategy and Veea&#8217;s ability to generate revenue and
                                            become profitable;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify">market acceptance
                                            of Veea&#8217;s platform and products;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify">the length
                                            and unpredictable nature of Veea&#8217;s sales cycles;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify">Veea&#8217;s
                                            reliance on distribution and partnering arrangements and third-party manufacturers;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify">cybersecurity
                                            incidents, security vulnerabilities, and real or perceived errors, failures, defects, or
                                            bugs in Veea&#8217;s platforms or products;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify">the ability
                                            to maintain the listing of our Common Stock and the warrants on Nasdaq, and the potential
                                            liquidity and trading of such securities;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify">our public
                                            securities&#8217; potential liquidity and trading;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify">the ability
                                            to recognize the anticipated benefits of the Business Combination, which may be affected
                                            by, among other things, competition, the ability of the combined company to grow and manage
                                            growth profitably and retain its key employees;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify">our success
                                            in retaining or recruiting, or changes required in, our officers, key employees or directors
                                            following the completion of the Business Combination, and our ability to attract and retain
                                            key personnel;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify">macroeconomic
                                            conditions; and</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify">each of the
                                            other factors detailed under the section entitled &#8220;Risk Factors.&#8221;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Forward-looking statements
are provided for illustrative purposes only and are not guarantees of performance. You should not put undue reliance on these statements
which speak only as of the date hereof. You should understand that the factors discussed under the heading &#8220;<i>Risk Factors</i>&#8221;
and elsewhere in this prospectus, could affect the future results of the Company, and could cause those results or other outcomes to
differ materially from those expressed or implied in the forward-looking statements in this prospectus.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition, the risks described
under the heading &#8220;<i>Risk Factors</i>&#8221; are not exhaustive. Other sections of this prospectus describe additional factors
that could adversely affect the businesses, financial conditions, or results of operations of the Company. New risk factors emerge from
time to time and it is not possible to predict all such risk factors, nor can the Company assess the impact of all such risk factors
on the business of the Company, or the extent to which any factor or combination of factors may cause actual results to differ materially
from those contained in any forward-looking statements. All forward-looking statements attributable to the Company or persons acting
on their behalf are expressly qualified in their entirety by the foregoing cautionary statements. The Company undertakes no obligations
to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except
as required by law.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition, this prospectus
contains statements of belief and similar statements that reflect the beliefs and opinions of the Company on the relevant subject. These
statements are based upon information available to the Company as of the date of this prospectus, and while the Company believes such
information forms a reasonable basis for such statements, such information may be limited or incomplete, and statements should not be
read to indicate that the Company has conducted an exhaustive inquiry into, or review of, all potentially available relevant information.
These statements are inherently uncertain and you are cautioned not to unduly rely upon these statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><div style="padding: 5pt; border: Black 1.5pt solid; width: 98%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<a id="via_006"></a><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="text-transform: uppercase"><b>SUMMARY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="text-transform: uppercase"><b>&#160;</b></span></p>

<p style="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>This summary highlights
selected information from this prospectus and may not contain all of the information that is important to you in making an investment
decision. Before investing in our securities, you should read this entire document carefully, including our financial statements and
the related notes included in this prospectus and the information set forth under the headings &#8220;Risk Factors&#8221; and &#8220;Management&#8217;s
Discussion and Analysis of Financial Condition and Results of Operations.&#8221; Some of the statements in this prospectus constitute
forward-looking statements. See &#8220;Cautionary Statement Regarding Forward-Looking Statements.&#8221;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Business Overview</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company is a provider
of edge computing and communications devices (i.e., &#8220;VeeaHub&#174;&#8221; devices), applications and services hosted on its edge
Platform-as-a-Service (&#8220;ePaaS&#8221;). Veea Edge Platform ePaaS is an end-to-end platform that is both locally- and cloud-managed.
VeeaHub<span style="font-family: Symbol">&#210;</span> products are converged computing and communications (i.e., hyperconverged) indoor
and outdoor devices, about the size of a Wi-Fi Access Point (AP), that provide for networking and computing solutions for AI-assisted
applications and solutions at the edge where people, places, and things connect to the network.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Veea Edge Platform provides
for highly secure connectivity, computing, and IoT solutions through full stack platform for digital transformation of industries as
well as unserved or underserved communities that lack Internet connectivity and essential applications and services. It further enables
the formation of highly secure, but easily accessible, private clouds and networks across one or multiple user(s) or enterprise location(s)
across the globe. We have redefined and simplified edge computing and connectivity with Veea Edge Platform, easily deployable products
that fully integrate hardware, system software, technologies, and edge applications. We are demonstrating, globally, that the Platform
enables our partners and customers to champion digital transformations in multiple vertical markets.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Through our innovative Veea
Edge Platform, we have created a new product category that brings cloud capabilities close to the user, as an alternative to cloud computing,
with benefits in optimal latency, lower data transport costs, data privacy, security and ownership, Edge AI, &#8220;always-on&#8221;
availability at the edge for mission critical applications, and contextual awareness for people, devices and things connected to the
Internet. The Company was recognized in 2023 by Gartner for the innovativeness and capabilities of our Veea Edge Platfom and was named
a Leading Smart Edge Platform in 2023 and a Cool Vendor in Edge Computing in 2021. Veea was named in Market Reports World&#8217;s its
research report published in October 2023 as one of the top 10 Edge AI solution providers alongside of IBM, Microsoft, Amazon Web Services
(&#8220;AWS&#8221;) among others.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Veea
earns revenue primarily from the sale of its VeeaHub</span><span style="font-family: Symbol">&#210;</span> <span style="font-family: Times New Roman, Times, Serif">devices,
licenses and subscriptions. Veea incurred net losses of approximately $33.3 million and $46.6 million for the three and nine months ended
September 30, 2024, respectively; net income and losses of approximately $2.0 million and $9.4 million for the three and nine months
ended September 30, 2023, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Veea was founded in 2014
by Allen Salmasi, our Chief Executive Officer and a pioneering wireless technology leader. Mr. Salmasi helped to drive industry transformation
through his contributions to the development of CDMA/TDMA-based OmniTRACS, the largest mobile satellite messaging and position reporting
system with integrated IoT solutions during the 1980s and in the 1990s; 2G/3G technology and products at Qualcomm in 1990s; 4G technology
and products at NextWave during the 2000s, and hyper-converged edge computing and communications during the 2010s; and beyond with Veea.
At Veea, Mr. Salmasi has assembled a talented and experienced management and engineering team that includes former senior executives
of leading technology, telecom, SaaS, and wireless companies that possess a deep understanding of wireless technologies, mesh networking
and edge computing.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company has five wholly
owned subsidiaries, VeeaSystems Inc., formerly known as Veea Inc. (&#8220;VeeaSystems US&#8221;) 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&#160;York City.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company generated net
revenue of $50,683 and $9,009,254 for the three months ended September 30, 2024 and 2023, respectively. The Company generated net revenue
of $108,264 and $9,040,359 for the nine months ended September 30, 2024 and 2023, respectively. Other than $9&#160;million of revenue
generated from the license of AdEdge&#8482; in 2023, revenue has been immaterial for all periods presented and represented revenue earned
from paid pilots for our VeeaHub<sup>&#174;</sup> devices.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

</div><div>

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</div><div style="padding: 5pt; border: Black 1.5pt solid; width: 98%"><span style="font-size: 10pt">&#160;</span><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><b>Recent
                                            Developments</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On December 2, 2024, the
Company entered into a Common Stock Purchase Agreement (the &#8220;ELOC Purchase Agreement&#8221;) with White Lion Capital, LLC (&#8220;White
Lion). Pursuant to the ELOC Purchase Agreement, the Company has the right, but not the obligation, to require White Lion to purchase,
from time to time, up to $25.0 million in aggregate gross purchase price of newly issued common stock of the Company (the &#8220;Company&#8221;).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Subject to the satisfaction
of certain customary conditions including, without limitation, the effectiveness of a resale registration statement (the &#8220;Registration
Statement&#8221;) registering the resale of the shares issuable pursuant to the ELOC Purchase Agreement, the Company&#8217;s right to
sell shares to White Lion commenced on the date of the execution of ELOC Purchase Agreement and extends until (i) 24 months from the
date of execution of the ELOC Purchase Agreement (the &#8220;Commitment Period&#8221;).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">During the Commitment Period,
subject to the terms and conditions of the ELOC Purchase Agreement, the Company may exercise its right to sell its Common Stock. The
Company may deliver a Regular Purchase Notice (as such term is defined in the ELOC Purchase Agreement), pursuant to which the Company
can require White Lion to purchase shares of Common Stock and opt for the purchase price per share to be (i) 98% of the lowest daily
VWAP during the three consecutive business days after notice is delivered (&#8220;Regular Purchase Price Option 1&#8221;) or (ii) 96.5%
of the daily VWAP on the day notice is delivered (&#8220;Regular Purchase Price Option 2&#8221;). The number of shares that the Company
can require White Lion to purchase pursuant to a Regular Purchase Notice is subject to a limit of the lesser of:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">$2.0 million divided by the closing
                                            sale price of the Common Stock on the day prior to the day notice is delivered (the &#8220;Fixed
                                            Limit&#8221;);</td></tr><tr style="vertical-align: top">
<td style="text-align: justify">&#160;</td><td style="text-align: justify">&#160;</td><td style="text-align: justify">&#160;</td></tr>

<tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"/><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify">100%
                                            of Average Daily Trading Volume (as such term is defined in the ELOC Purchase Agreement)
                                            for Regular Purchase Price Option 1, or 50% of Average Daily Trading Volume for Regular Purchase
                                            Price Option 2; and</td></tr><tr style="vertical-align: top">
<td style="text-align: justify">&#160;</td><td style="text-align: justify">&#160;</td><td style="text-align: justify">&#160;</td></tr>

<tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"/><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify">a
                                            dollar amount equal to the quotient of (x) the product of (i) the Average Daily Trading Volume
                                            prior to the effectiveness of the Registration Statement (the &#8220;Effective Date&#8221;),
                                            (ii) the closing price on the Effective Date and (iii) 100% for Regular Purchase Price Option
                                            1 and 50% for Regular Purchase Price Option 2 and (y) the closing price on the day prior
                                            to the day notice is delivered.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company may also deliver
a Rapid Purchase Notice (as such term is defined in the ELOC Purchase Agreement), pursuant to which the Company may require White Lion
to purchase shares of Common Stock at a purchase price per share equal to the lowest traded price of the Common Stock on the date that
the notice is delivered. The number of shares that the Company can require White Lion to purchase pursuant to a Rapid Purchase Notice
is subject to the Fixed Limit.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">No purchase notice shall
result in White Lion beneficially owning (as calculated pursuant to Section 13(d) of the Securities Exchange Act of 1934, as amended,
and Rule 13d-3 thereunder) more than 4.99% (subject to increase, in the sole discretion of White Lion, to 9.99%) of the number of shares
of Common Stock outstanding immediately prior to the issuance of Common Stock issuable pursuant to a purchase notice.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company has the right
to terminate the ELOC Purchase Agreement in the event of a material breach of the ELOC Purchase Agreement by White Lion, or upon three
business days&#8217; notice to White Lion following the six month anniversary of the execution of the ELOC Purchase Agreement. The ELOC
Purchase Agreement also automatically terminates upon the earlier of (i) the end of the Commitment Period and (ii) the date that the
Company commences a voluntary bankruptcy proceeding, a custodian is appointed for the Company or for all or substantially all of its
property, or the Company makes a general assignment for the benefit of its creditors.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In consideration for the
commitments of White Lion, as described above, the Company has agreed that it will issue to White Lion an amount of Common Stock equal
to $25,000 divided by the average VWAP of the Common Stock 10 days prior to the the earlier of (i) the business day prior to the effectiveness
of the Registration Statement or (ii) the business day prior to the date that White Lion delivers a written request to the Company for
such shares (the &#8220;Commitment Shares&#8221;). The Commitment Shares will be fully earned by White Lion regardless of termination
of the ELOC Purchase Agreement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Concurrently with the ELOC
Purchase Agreement, the Company entered into a related Registration Rights Agreement (the &#8220;RRA&#8221;) with White Lion, pursuant
to which the Company agreed to file, within 30 days following the execution of the ELOC Purchase Agreement, the Registration Statement
with the SEC covering the resale by White Lion of the number of shares determined appropriate by the Company and permitted to be included
therein in accordance with applicable SEC rules, regulations and interpretations and the Commitment Shares. The RRA also contains usual
and customary damages provisions for failure to file and failure to have the Registration Statement declared effective by the SEC within
the time periods specified therein.</p>

</div><div>

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</div><div style="padding: 5pt; border: Black 1.5pt solid; width: 98%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>The Business Combination and Related Transactions</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On September 13, 2024, Plum
consummated its previously announced Business Combination with Private Veea, pursuant to that certain Business Combination Agreement,
dated November 27, 2023 (as amended on June 13, 2024 and September 13, 2024, the &#8220;Business Combination Agreement&#8221;), between
Private Veea, Plum, and Plum Merger Sub (a Delaware corporation and wholly-owned subsidiary of Plum) (&#8220;Plum Merger Sub&#8221;).
The consummation of the Business Combination involved (i) Plum de-registering from the Register of Companies in the Cayman Islands by
way of continuation out of the Cayman Islands and into the State of Delaware, migrating to and domesticating as a Delaware corporation
(the &#8220;Domestication&#8221;), and (ii) the merger (the &#8220;Merger&#8221;) of Plum Merger Sub with and into Private Veea, pursuant
to which, at the closing of the transactions contemplated by the Business Combination Agreement (the &#8220;Closing&#8221;), the separate
corporate existence of Plum Merger Sub ceased, with Private Veea as the surviving corporation becoming a wholly-owned subsidiary of Plum,
pursuant to the terms of the Business Combination Agreement and in accordance with the DGCL.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Following the closing of
the Business Combination, the Company owns 100% of the outstanding common stock of Private Veea and Plum changed its name from &#8220;Plum
Acquisition Corp. I&#8221; to &#8220;Veea Inc.&#8221; and Veea Inc. changed its name to &#8220;VeeaSystems Inc.&#8221;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Emerging Growth Company</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We qualify as an &#8220;emerging
growth company&#8221; as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012
(the &#8220;JOBS Act&#8221;). Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with
new or revised financial accounting standards until private companies (that is, those that have not had a registration statement under
the Securities Act declared effective or do not have a class of securities registered under the Exchange Act) are required to comply
with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition
period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable.
We have not elected to opt out of such extended transition period, which means that when a standard is issued or revised and it has different
application dates for public or private companies, we, as an emerging growth company, can adopt the new or revised standard at the time
private companies adopt the new or revised standard.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This may make comparison
of our consolidated financial statements with another public company which is neither an emerging growth company nor an emerging growth
company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting
standards used.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Smaller Reporting Company</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Additionally, we are a &#8220;smaller
reporting company&#8221; as defined in Item 10(f)(1) of Regulation S-K. Smaller reporting companies may take advantage of certain reduced
disclosure obligations, including, among other things, providing only two years of audited financial statements. To the extent we take
advantage of such reduced disclosure obligations, it may also make comparison of our financial statements with other public companies
difficult or impossible.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Summary Risk Factors</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">You should carefully read
this prospectus and especially consider the factors discussed in the section entitled &#8220;<i>Risk Factors</i>.&#8221; Some of the
risks related to the Company are summarized below. Unless the context otherwise requires, all references in this subsection to the &#8220;we,&#8221;
&#8220;us&#8221; or &#8220;our&#8221; refer to the business of the Company.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify">Veea has not
                                            generated significant revenue from product sales, has incurred significant losses in recent
                                            years, and anticipates that it will continue to incur significant losses for the foreseeable
                                            future;</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify">Veea will need
                                            to raise substantial additional funding, which would dilute existing shareholders, and a
                                            failure to secure additional funding would force the combined company to delay, reduce, or
                                            eliminate some of its product development programs or commercialization efforts;</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify">The market
                                            for Veea&#8217;s platform and products is relatively new and highly competitive and the estimates
                                            of market opportunity and forecasts of market growth may prove to be inaccurate;</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify">Veea may be
                                            unable to effectively manage its growth;</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
</div><div>
</div><p style="margin-top: 0; margin-bottom: 0"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><div style="padding: 5pt; border: Black 1.5pt solid; width: 98%"><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">If Veea does not develop its services
                                            and introduce new services that achieve market acceptance, its growth, business, results
                                            of operations and financial condition could be adversely affected;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"/><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify">Veea&#8217;s
                                            sales cycle is often long and unpredictable;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"/><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify">Real
                                            or perceived errors, failures, defects, or bugs in Veea&#8217;s platforms, or disruptions
                                            in Veea&#8217;s operations, could adversely affect its results of operations and growth prospects;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"/><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify">Veea
                                            bears costs and risks associated with relying on distribution and partnering arrangements;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"/><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify">Veea&#8217;s
                                            operations are complex and rely on third party manufacturers, and any scarcity or unavailability
                                            of critical components used in Veea&#8217;s products could damage its business;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"/><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify">Veea
                                            depends on its management team and other key employees;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"/><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify">Veea
                                            has significant operations in foreign countries which expose it to certain risks inherent
                                            in doing business internationally;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"/><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify">Veea
                                            may not be able to protect its intellectual property rights;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"/><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify">Veea
                                            may be subject to claims that Veea&#8217;s employees, consultants or advisors have wrongfully
                                            used or disclosed alleged trade secrets of their current or former employers or claims asserting
                                            ownership of what Veea regards as Veea&#8217;s own intellectual property;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"/><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify">Third-party
                                            claims of intellectual property infringement, misappropriation or other violations against
                                            Veea or its collaborators may prevent or delay Veea&#8217;s products;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"/><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify">If
                                            Veea&#8217;s security measures are breached or fail and unauthorized access is obtained to
                                            a customer&#8217;s data, Veea&#8217;s service may be perceived as insecure, the attractiveness
                                            of its services to current or potential customers may be reduced, and Veea may incur significant
                                            liabilities;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"/><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify">Cybersecurity
                                            incidents may have a material adverse effect on Veea&#8217;s business, operations, financial
                                            performance, customer and vendor relationships, reputation and brand;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"/><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify">Veea
                                            is subject to many federal, state and local laws with which compliance is both costly and
                                            complex;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"/><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify">Potential
                                            health risks related to radiofrequency electromagnetic fields may subject Veea to various
                                            product liability claims and result in regulatory changes;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"/><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify">Veea
                                            is an &#8220;emerging growth company&#8221; within the meaning of the Securities Act, and,
                                            if Veea takes advantage of certain exemptions from disclosure requirements available to emerging
                                            growth companies, this could make our securities less attractive to investors;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"/><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify">A
                                            portion of our total outstanding shares are restricted from immediate resale but may be sold
                                            into the market in the near future;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"/><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify">Because
                                            there are no current plans to pay cash dividends on the Common Stock for the foreseeable
                                            future, you may not receive any return on investment unless you sell the Common Stock at
                                            a price greater than what you paid for it;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"/><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify">Veea&#8217;s
                                            business and operations could be negatively affected if it becomes subject to any litigation
                                            or stockholder activism;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"/><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify">An
                                            active, liquid trading market may not develop for the Common Stock;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"/><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify">The
                                            other risks and uncertainties discussed in &#8220;<i>Risk Factors</i>&#8221; elsewhere in
                                            this prospectus.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Corporate Information</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We were originally incorporated
under the name &#8220;Plum Acquisition Corp I.&#8221; as a blank check company incorporated as a Cayman Islands exempted company and
formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar Business
Combination with one or more businesses, which we refer to throughout this prospectus as our initial Business Combination. We completed
our initial Business Combination with Veea Inc., on September 13, 2024, and changed our name to &#8220;Veea Inc.&#8221;</p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our principal executive
office is located at 164 E. 83rd Street, New York, NY 10028. Our telephone number is (212) 535-6050. Our website address is <i>https://www.veea.com</i>.
Information contained on our website is not a part of this prospectus, and the inclusion of our website address in this prospectus is
an inactive textual reference only.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
</div><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 15; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>
</div><div style="padding: 5pt; border: Black 1.5pt solid; width: 98%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<a id="via_007"></a><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>THE OFFERING</b></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 25%"><span style="font-size: 10pt">Shares of Common Stock offered by the selling securityholder</span></td>
    <td style="white-space: nowrap; width: 1%">&#160;</td>
    <td style="text-align: justify; width: 74%"><span style="font-size: 10pt">Up to 9,193,579</span></td></tr>
  <tr>
    <td style="vertical-align: top">&#160;</td>
    <td style="white-space: nowrap; vertical-align: top">&#160;</td>
    <td style="vertical-align: bottom; text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt">Shares of Common Stock outstanding prior to this offering</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">35,766,411</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt">Terms of the Offering</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">The selling securityholder will determine when and how it will dispose
    of any shares of Common Stock registered under this prospectus for resale.</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt">Use of proceeds</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">We are not selling any securities under this prospectus, and will not
    receive any proceeds from the sale of Common Stock by the selling stockholder pursuant to this prospectus. We may receive up to $25.0
    million in aggregate gross proceeds from White Lion under the ELOC Purchase Agreement in connection with sales of the shares of our
    Common Stock pursuant to the ELOC Purchase Agreement after the date of this prospectus. However, the actual proceeds from White Lion
    may be less than this amount depending on the number of shares of our Common Stock sold and the price at which the shares of our
    Common Stock are sold.</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="white-space: nowrap">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt">Risk factors</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">You should carefully read the &#8220;<i>Risk Factors</i>&#8221; beginning
    on page 6 and the other information included in this prospectus for a discussion of factors you should consider carefully before
    deciding to invest in our Common Stock.</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt">Material U.S. Federal Income Tax Considerations</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt"><br/>
    For a discussion of material U.S. federal income tax consequences that may be relevant to holders of Common Stock, see &#8220;<i>Material
    U.S. Federal Income Tax Considerations</i>.&#8221;</span></td></tr>
  <tr>
    <td style="vertical-align: top">&#160;</td>
    <td style="white-space: nowrap; vertical-align: top">&#160;</td>
    <td style="vertical-align: bottom; text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt">Nasdaq symbol for our Common Stock</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#8220;VEEA&#8221;</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt">Nasdaq symbol for our Public Warrants</span></td>
    <td style="white-space: nowrap">&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#8220;VEEAW&#8221;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
</div><div>
</div><!-- Field: Page; Sequence: 16; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><div><a id="via_008"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="text-transform: uppercase"><b>RISK
FACTORS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Investing in our securities involves risks.
Before you make a decision to buy our securities, in addition to the risks and uncertainties discussed above under &#8220;Cautionary
Statement Regarding Forward-Looking Statements,&#8221; you should carefully consider the specific risks set forth herein. If any of these
risks actually occur, it may materially harm our business, financial condition, liquidity and results of operations. As a result, the
market price of our securities could decline, and you could lose all or part of your investment. Additionally, the risks and uncertainties
described in this prospectus or any prospectus supplement are not the only risks and uncertainties that we face. We may face additional
risks and uncertainties that are not presently known to us, or that we currently deem immaterial, which may ultimately impair our business,
prospects, financial condition or operating results. The following discussion should be read in conjunction with our financial statements
and notes to the financial statements included herein.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Risks Related to Our Limited Operating History, Financial Position,
and Capital Requirements</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Veea has incurred significant losses in
recent years and anticipates that it will continue to incur significant losses in the near term.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Veea has suffered recurring
losses from operations since its inception. In addition, Veea will incur significant sales, marketing and manufacturing expenses, in
addition to the additional associated costs Veea will incur in connection with operating as a public company after the closing of the
Business Combination. As a result, Veea expects to continue to incur significant operating losses over the next several years. Because
of the numerous risks and uncertainties associated with developing computing technology products, Veea is unable to predict the extent
of any future losses or when Veea will become profitable, if at all. Even if Veea does become profitable, Veea may not be able to sustain
or increase its profitability on a quarterly or annual basis.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The amount of Veea&#8217;s
future losses is uncertain, and Veea&#8217;s quarterly and annual operating results may fluctuate significantly in the future due to
a variety of factors, many of which are outside of its control and may be difficult to predict, including, but not limited to, the following:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt; text-indent: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify">Component supply
                                            constraints and sudden, unanticipated price increases from Veea manufacturers, suppliers
                                            and vendors;</td>
</tr></table><div>

</div><p style="margin: 0pt; text-indent: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify">Veea&#8217;s
                                            inability to accurately forecast product demand, resulting in increased inventory exposure
                                            and/or lost sales;</td>
</tr></table><div>

</div><p style="margin: 0pt; text-indent: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify">Slow or negative
                                            growth in the networking, smart agriculture, smart building, smart retail and related technology
                                            markets;</td>
</tr></table><div>

</div><p style="margin: 0pt; text-indent: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify">Changes in
                                            U.S. and international trade policy that adversely affect customs, tax or duty rates and/or
                                            currency fluctuations;</td>
</tr></table><div>

</div><p style="margin: 0pt; text-indent: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify">Intense competition
                                            from established and emerging players;</td>
</tr></table><div>

</div><p style="margin: 0pt; text-indent: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify">Rapid technological
                                            change leading to product obsolescence;</td>
</tr></table><div>

</div><p style="margin: 0pt; text-indent: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify">Slowdown or
                                            changes in market demand for technology products and services;</td>
</tr></table><div>

</div><p style="margin: 0pt; text-indent: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify">Reliance on
                                            a limited number of customers or products for revenue;</td>
</tr></table><div>

</div><p style="margin: 0pt; text-indent: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify">Inability to
                                            raise additional capital if needed;</td>
</tr></table><div>

</div><p style="margin: 0pt; text-indent: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify">Failure to
                                            effectively manage and scale critical infrastructure; and</td>
</tr></table><div>

</div><p style="margin: 0pt; text-indent: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify">Delays in product
                                            development and manufacturing causing missed market opportunities.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt; text-indent: 0pt">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The cumulative effects of
these factors could result in large fluctuations and unpredictability in Veea&#8217;s quarterly and annual operating results. As a result,
comparing Veea&#8217;s operating results on a period-to-period basis may not be meaningful. This variability and unpredictability could
also result in Veea failing to meet the expectations of industry or financial analysts or investors for any period. If Veea&#8217;s revenue
or operating results fall below the expectations of analysts or investors or below any forecasts Veea may provide to the market, or if
the forecasts Veea provides to the market are below the expectations of analysts or investors, the price of Veea&#8217;s Common Stock
could decline substantially. Such a stock price decline could occur even if Veea has met any previously publicly stated guidance it may
provide.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>


</div><!-- Field: Page; Sequence: 17; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Veea has not genera<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ted
any significant revenue from product sales.</span></i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Veea&#8217;s
ability to become profitable depends upon Veea&#8217;s ability to generate revenue. To date, Veea has not generated significant revenue
from its products or from product sales. Veea&#8217;s ability to generate revenue depends on a number of factors, many of which are detailed
elsewhere herein, and including, but not limited to, Veea&#8217;s ability to:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Solve
                                            real problems for its target market in a unique and compelling way and truly understand the
                                            needs of its customers;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Clearly
                                            articulate the benefits and differentiation for Veea from its competitors;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Design,
                                            build and deliver products and services that are reliable and effective and meet customer
                                            expectations;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Constantly
                                            innovate and differentiate its products and services including adding additional features
                                            and functionalities;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reach
                                            its target market through the right sales efforts including the right channels and partners;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utilize
                                            a clear and actionable sales strategy to identify, qualify, and convert leads into paying
                                            customers;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Generate
                                            interest in Veea products and services via effective marketing and publicity;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Price
                                            its products and services to match the market&#8217;s perception of value of those products
                                            and services;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maintain
                                            consistent design and manufacturing of Veea products to match inventory with demand;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Continue
                                            to deliver high-quality products and services on time and within budget for its customers;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provide
                                            responsive and helpful customer support that leaves a positive impression and builds loyalty;
                                            and</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Continuously
                                            improve all Veea products, services and processes to enhance efficiency, reduce costs, and
                                            optimize performance.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
Veea does not achieve one or more of these factors in a timely manner or at all, Veea could experience significant delays or an inability
to s</span>uccessfully commercialize its products, which would materially harm its business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Veea will need to raise substantial additional
funding. If Veea is unable to raise capital when needed or on terms acceptable to Veea, it would be forced to delay, reduce, or eliminate
some of its product development programs or commercialization efforts.</i></b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">The development of edge
computing devices and products is capital-intensive. Veea expects its expenses to significantly increase in connection with its ongoing
activities, and to incur significant commercialization expenses related to product sales, marketing, manufacturing and distribution.
Veea may also need to raise additional funds sooner if Veea chooses to pursue additional indications and/or geographies for its current
or future products or otherwise expands more rapidly than presently anticipated. Furthermore, Veea will incur additional costs associated
with operating as a public company. Accordingly, Veea will need to obtain substantial additional funding in connection with its continuing
operations. If Veea is unable to raise capital when needed or on attractive terms, Veea would be forced to delay, reduce or eliminate
certain of its research and development programs or future commercialization efforts.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Developing computing technology
products is a time-consuming, expensive and uncertain process that takes years to complete. In addition, Veea&#8217;s products may not
achieve commercial success.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Veea may need to continue
to rely on additional financing to achieve its business objectives. Any additional fundraising efforts may divert Veea&#8217;s management
from their day-to-day activities, which may adversely affect Veea&#8217;s ability to develop and commercialize its products. Market conditions
and disruptions in the market (such as due to economic downturn, and geopolitical developments such as the war in Ukraine) may make equity
and debt financing more difficult to obtain and may have a material adverse effect on Veea&#8217;s ability to meet its fundraising needs.
Veea cannot guarantee that future financing will be available in sufficient amounts or on terms acceptable to Veea, if at all.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>


</div><!-- Field: Page; Sequence: 18; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="margin: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">If Veea is unable to obtain
funding on a timely basis or on acceptable terms, Veea may be required to significantly curtail, delay or discontinue one or more of
its research or development programs or commercialization or be unable to expand its operations or otherwise capitalize on its business
opportunities as desired, which could materially affect its business, financial condition and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b><i>Raising additional capital may cause dilution
to Veea&#8217;s stockholders, restrict its operations or require it to relinquish rights to its technologies or products.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Until such time, if ever,
as Veea can generate substantial product revenue, Veea expects to finance its cash needs through a combination of private and public
equity offerings, debt financings, collaborations, strategic alliances and licensing arrangements. Veea does not have any committed external
source of funds. The terms of any financing may adversely affect the holdings or the rights of Veea&#8217;s stockholders and the issuance
of additional securities, whether equity or debt, by Veea or the possibility of such issuance, may cause the market price of Veea&#8217;s
shares to decline. To the extent that Veea raises additional capital through the sale of common stock or securities convertible or exchangeable
into common stock, your ownership interest will be diluted, and the terms of those securities may include liquidation or other preferences
that may materially adversely affect your rights as a stockholder. Debt financing, if available, would increase Veea&#8217;s fixed payment
obligations and may involve agreements that include covenants limiting or restricting Veea&#8217;s ability to take specific actions,
such as incurring additional debt, acquiring, selling or licensing intellectual property rights, and making capital expenditures, declaring
dividends or other operating restrictions that could adversely impact Veea&#8217;s ability to conduct its business. Veea could also be
required to meet certain milestones in connection with debt financing and the failure to achieve such milestones by certain dates may
force Veea to relinquish rights to some of its technologies or products or otherwise agree to terms unfavorable to Veea which could have
a material adverse effect on Veea&#8217;s business, operating results and prospects.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Veea also could be required
to seek funds through arrangements with collaborators or distributors or otherwise at an earlier stage than otherwise would be desirable.
If Veea raises funds through collaborations, strategic alliances or distribution or licensing arrangements with third parties, Veea may
have to relinquish valuable rights to its intellectual property, future revenue streams, research programs or products, grant licenses
on terms that may not be favorable to Veea or grant rights to develop and market products that Veea would otherwise prefer to develop
and market itself, any of which may have a material adverse effect on Veea&#8217;s business, operating results and prospects.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Risks Related to Our Business, Industry and Technology</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b><i>The market for Veea&#8217;s platform and
products is relatively new, and may decline or experience limited growth, and Veea&#8217;s business is dependent on its clients&#8217;
continuing adoption and use of its services and products.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">The market for edge computing
is in an early stage of development. There is considerable uncertainty over the size and rate at which this market will grow, as well
as whether our platform will be widely adopted. Our success will depend, to a substantial extent, on the widespread adoption of our platform
as an alternative to other solutions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Although Veea believes a
broad market exists for its products and services, Veea&#8217;s assumptions may be incorrect or overestimated. In addition, there can
be no assurance that Veea&#8217;s products and services will achieve a sufficient level of market acceptance to result in profitable
operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Furthermore, in the event
a broad market exists for its products and services, Veea may not have sufficient capital resources to implement its business plan and
successfully achieve market acceptance. The timing, size and technology choices in the market could evolve differently than predicted
and Veea could encounter unforeseen technical challenges in meeting market demand.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b><i>The estimates of market opportunity and
forecasts of market growth may prove to be inaccurate, and any real or perceived inaccuracies may harm our reputation and negatively
affect our business. Even if the market in which we compete achieves the forecasted growth, our business could fail to grow at similar
rates, if at all.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Third-party market opportunity
estimates and our growth forecasts are subject to significant uncertainty and are based on assumptions and estimates that may not prove
to be accurate. The variables that go into the calculation of our market opportunity are subject to change over time, and there is no
guarantee that any particular number or percentage of addressable companies or end-users covered by our market opportunity estimates
will purchase our products at all or generate any particular level of revenues for us. Even if the market in which we compete meets the
size estimates and growth forecasted, our business could fail to grow for a variety of reasons, including reasons outside of our control,
such as competition in our industry.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b><i>Veea may be unable to effectively manage
growth.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">For Veea to succeed, it
may need to undergo significant expansion. There can be no assurance that it will achieve this expansion. Additionally, expansion may
place a significant strain on Veea&#8217;s management, operational and financial resources. There can be no assurance that Veea&#8217;s
current and planned personnel, systems, procedures and controls will be adequate to support its future operations at any increased level.
Veea&#8217;s ability to manage such growth effectively will require Veea to develop and improve operational, management and financial
systems and controls and to hire, train, motivate and manage its employees and contractors. As a result, Veea is subject to significant
growth-related risks, including the risk that it will be unable to hire or retain the necessary personnel or acquire other resources
necessary to service such growth adequately. Veea&#8217;s failure to manage growth effectively could have a material adverse effect on
its business, results of operations and financial condition.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b><i>If Veea does not develop enhancements to
its services and introduce new services that achieve market acceptance, its growth, business, results of operations and financial condition
could be adversely affected.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Veea&#8217;s ability to
attract new clients and increase revenue from existing clients depends, in part, on its ability to enhance and improve its existing offerings,
increase adoption and usage of its offerings, and introduce new offerings. The success of any enhancements or new offerings depends on
several factors, including timely completion, adequate quality testing, actual performance quality, market accepted pricing levels and
overall market acceptance.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Enhancements and new services
that Veea develops may not be introduced in a timely or cost-effective manner, may contain errors or defects, may have interoperability
difficulties with its platform or other services or may not achieve the broad market acceptance necessary to generate significant revenue.
Furthermore, Veea&#8217;s ability to increase the usage of its services depends, in part, on the development of new uses for its services,
which may be outside of its control. If Veea is unable to successfully enhance its existing services to meet evolving consumer requirements,
increase adoption and usage of its services, develop new services, or if its efforts to increase the usage of its services are more expensive
than Veea expects, then its business, results of operations and financial condition would be adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b><i>Competition may impact Veea&#8217;s results
and its ability to operate profitably.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">The markets in which Veea
operates are competitive in terms of price, functionality, service quality, customization, timing of development, and the introduction
of new products and services. Veea may encounter increased competition from new market entrants and alternative technologies. Veea&#8217;s
competitors may implement new technologies before Veea does, offer more attractively priced or enhanced products, services or solutions,
or they may offer other incentives that Veea does not provide. Some of Veea&#8217;s competitors may also have greater resources in certain
business segments or geographic areas than Veea does. In addition, industry convergence and consolidation could potentially result in
stronger competitors with greater resources and competitive advantages than Veea.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">If Veea fails to compete
effectively, this could have a materially adverse effect on Veea&#8217;s revenues, financial condition, profitability and cash flows.
Competitive forces may also lead to reduced profit margins, loss of market share, and increased costs in research and development, manufacturing,
and sales and marketing expense.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b><i>Veea&#8217;s sales efforts involve considerable
time and expense and its sales cycle is often long and unpredictable.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Veea&#8217;s results of
operations may fluctuate, in part, because of the intensive nature of Veea&#8217;s sales efforts and the length and unpredictability
of Veea&#8217;s sales cycle. As part of Veea&#8217;s sales efforts, Veea invests considerable time and expense evaluating the specific
organizational needs of its potential customers and educating these potential customers about the technical capabilities and value of
our platforms and services. Veea often also provides its platforms to potential customers at no or low cost initially to them for evaluation
purposes through short-term pilot deployments of Veea&#8217;s platforms, and there is no guarantee that Veea will be able to convert
customers from these short-term pilot deployments to full revenue-generating contracts. The length of Veea&#8217;s sales cycle, from
initial demonstration of its platforms to sale of its platforms and services, tends to be long and varies substantially from customer
to customer. Veea&#8217;s sales cycle often lasts many months. Because decisions to purchase Veea&#8217;s platforms involves significant
financial commitments, potential customers generally evaluate Veea&#8217;s platforms at multiple levels within their organization, each
of which often have specific requirements and typically involve their senior management.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Veea&#8217;s results of
operations depend on sales to government and commercial enterprise organizations, which make product purchasing decisions based in part
or entirely on factors, or perceived factors, not directly related to the features of the platforms, including, among others, that customer&#8217;s
projections of business growth, uncertainty about macroeconomic conditions, capital budgets, anticipated cost savings from the implementation
of our platforms, potential preference for such customer&#8217;s internally-developed solutions, perceptions about Veea&#8217;s business
and platforms, more favorable terms offered by potential competitors, and previous technology investments. In addition, certain decision
makers and other stakeholders within Veea&#8217;s potential customers tend to have vested interests in the continued use of internally
developed or existing solutions, which may make it more difficult for us to sell our platforms and products. As a result of these and
other factors, Veea&#8217;s sales efforts typically require an extensive effort throughout a customer&#8217;s organization, a significant
investment of human resources, expense and time, including by its senior management, and there can be no assurances that it will be successful
in making a sale to a potential customer. If Veea&#8217;s sales efforts to a potential customer do not result in sufficient revenue to
justify Veea&#8217;s investments, including in its growing direct sales force, its business, financial condition, and results of operations
could be adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b><i>Veea&#8217;s ability to sell its platform
and satisfy its customers is dependent on the quality of its services, and its failure to offer high quality services could have a material
adverse effect on its sales and results of operations.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Once Veea&#8217;s platforms
are deployed and integrated with our customers&#8217; existing information technology investments and data, Veea&#8217;s customers depend
on our support and maintenance services to resolve any issues relating to our platforms. Increasingly, Veea&#8217;s platforms have been
deployed in large-scale, complex technology environments, and Veea believes its future success will depend on its ability to increase
sales of its platforms for use in such deployments. Further, its ability to provide effective ongoing services, or to provide such services
in a timely, efficient, or scalable manner, may depend in part on its customers&#8217; environments and their upgrading to the latest
versions of its platforms and participating in its centralized platform management and services.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">In addition, Veea&#8217;s
ability to provide effective services is largely dependent on our ability to attract, train, and retain qualified personnel with experience
in supporting customers on platforms such as Veea&#8217;s platforms. The number of Veea&#8217;s customers has grown significantly, and
that growth has and may continue to put additional pressure on its services teams. Veea may be unable to respond quickly enough to accommodate
short-term increases in customer demand for its support and maintenance services. Veea also may be unable to modify the future scope
and delivery of its support and maintenance services to compete with changes in the services provided by its competitors. Increased customer
demand for support, without corresponding revenue, could increase costs and negatively affect Veea&#8217;s business and results of operations.
In addition, as Veea continues to grow its operations and expand outside of the United States, Veea needs to be able to provide efficient
services that meet its customers&#8217; needs globally at scale, and its services teams may face additional challenges, including those
associated with operating the platforms and delivering support, training, and documentation in languages other than English and providing
services across expanded time-zones. If Veea is unable to provide efficient support and maintenance services globally at scale, its ability
to grow its operations may be harmed, and Veea may need to hire additional services personnel, which could negatively impact its business,
financial condition, and results of operations.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Veea&#8217;s customers typically
need training in the proper use of and the variety of benefits that can be derived from its platforms to maximize the potential of its
platforms. If Veea does not effectively deploy, update, or upgrade its platforms, succeed in helping its customers quickly resolve post-deployment
issues, and provide effective ongoing services, Veea&#8217;s ability to sell additional products and services to existing customers could
be adversely affected, Veea may face negative publicity, and its reputation with potential customers could be damaged. Many enterprise
and government customers require higher levels of service than smaller customers. If Veea fails to meet the requirements of the larger
customers, it may be more difficult to execute on its strategy to increase its penetration with larger customers. As a result, Veea&#8217;s
failure to maintain high quality services may have a material adverse effect on its business, financial condition, results of operations,
and growth prospects.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b><i>Real or perceived errors, failures, defects,
or bugs in Veea&#8217;s platforms could adversely affect its results of operations and growth prospects.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Because Veea offers very
complex technology platforms, undetected errors, defects, failures, or bugs have occurred and may in the future occur, especially when
platforms or capabilities are first introduced or when new versions or other product or infrastructure updates are released. Veea&#8217;s
platforms are often installed and used in large-scale computing environments with different operating systems, software products and
equipment, and data source and network configurations, which may cause errors or failures in Veea&#8217;s platforms or may expose undetected
errors, failures, or bugs in its platforms. Despite testing by Veea, errors, failures, or bugs may not be found in new software or releases
until after commencement of commercial shipments. In the past, errors have affected the performance of its platforms and can also delay
the development or release of new platforms or capabilities or new versions of platforms, adversely affect its reputation and its customers&#8217;
willingness to buy platforms from Veea, and adversely affect market acceptance or perception of Veea&#8217;s platforms. Many of Veea&#8217;s
customers use its platforms in applications that are critical to their businesses or missions and may have a lower risk tolerance to
defects in Veea&#8217;s platforms than to defects in other, less critical, software products. Any errors or delays in releasing new software
or new versions of platforms or allegations of unsatisfactory performance, errors, defects, or failures in released software could cause
Veea to lose revenue or market share, increase Veea&#8217;s service costs, cause Veea to incur substantial costs in redesigning the software,
cause Veea to lose significant customers, subject Veea to liability for damages and divert Veea&#8217;s resources from other tasks, any
one of which could materially and adversely affect Veea&#8217;s business, results of operations and financial condition. In addition,
Veea&#8217;s platforms could be perceived to be ineffective for a variety of reasons outside of its control. Hackers or other malicious
parties could circumvent Veea&#8217;s or Veea&#8217;s customers&#8217; security measures, and customers may misuse Veea&#8217;s platforms
resulting in a security breach or perceived product failure.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Real or perceived errors,
failures, or bugs in our platforms and services, or dissatisfaction with Veea&#8217;s services and outcomes, could result in customer
terminations and/or claims by customers for losses sustained by them. In such an event, Veea may be required, or Veea may choose, for
customer relations or other reasons, to expend additional resources in order to help correct any such errors, failures, or bugs. Although
Veea has limitation of liability provisions in Veea&#8217;s standard software licensing and service agreement terms and conditions, these
provisions may not be enforceable in some circumstances, may vary in levels of protection across our agreements, or may not fully or
effectively protect Veea from such claims and related liabilities and costs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Veea generally provides
a warranty to its customers for its software products and services. In the event that there is a failure of warranties in such agreements,
Veea is generally obligated to correct the product or service to conform to the warranty provision as set forth in the applicable agreement,
or, if Veea is unable to do so, the customer is entitled to seek a refund of the purchase price of the product and service (generally
prorated over the contract term). The sale and support of Veea&#8217;s products also entail the risk of product liability claims. Veea
maintains insurance to protect against certain claims associated with the use of its products, but its insurance coverage may not adequately
cover any claim asserted against us. In addition, even claims that ultimately are unsuccessful could result in Veea&#8217;s expenditure
of funds in litigation and divert management&#8217;s time and other resources.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">In addition, Veea&#8217;s
platforms integrate a wide variety of other elements, and Veea&#8217;s platforms must successfully interoperate with products from other
vendors and its customers&#8217; internally developed software. As a result, when problems occur for a customer using Veea&#8217;s platforms,
it may be difficult to identify the sources of these problems, and Veea may receive blame for a security, access control, or other compliance
breach that was the result of the failure of one of the other elements in a customer&#8217;s or another vendor&#8217;s information technology,
security, or compliance infrastructure. The occurrence of software or errors in data, whether or not caused by Veea&#8217;s platforms,
could delay or reduce market acceptance of Veea&#8217;s platforms and have an adverse effect on Veea&#8217;s business and financial performance,
and any necessary revisions may cause Veea to incur significant expenses. The occurrence of any such problems could harm Veea&#8217;s
business, financial condition, and results of operations. If an actual or perceived breach of information correctness, auditability,
integrity, or availability occurs in one of our customers&#8217; systems, regardless of whether the breach is attributable to Veea&#8217;s
platforms, the market perception of the effectiveness of Veea&#8217;s platforms could be harmed. Alleviating any of these problems could
require additional significant expenditures of Veea&#8217;s capital and other resources and could cause interruptions, delays, or cessation
of Veea&#8217;s product licensing, which could cause Veea to lose existing or potential customers and could adversely affect Veea&#8217;s
business, financial condition, results of operations, and growth prospects.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">A product failure could
expose Veea to damages (including consequential damages or strict liability) if used in certain critical usage situations (e.g., monitoring
a critical system like a transportation control system or water level control use case). Veea&#8217;s contractual liability disclaimers
could be set-aside by a court or administrative agency, exposing Veea to economic and reputational injury.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b><i>Veea bears costs and risks associated with
relying on distribution and partnering arrangements.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">Recruiting and retaining qualified
third-party distributors and channel partners and training them in our technology and product offerings require significant time and
resources. To develop and expand our distributors and channel &#160;partners, we must continue to scale and improve our processes and
procedures that support our distributors and channel partners.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Furthermore, if our relationship
with a successful distributor or channel partner terminates, we may be unable to replace them without disruption to our business. If
we fail to maintain positive relationships with our distributors or channel partners, fail to develop new relationships with other distributors
or channel partners (including in new markets), fail to manage, train, or incentivize our existing distributors or channel partners effectively,
or fail to strike agreements with attractive terms, or if our distributors and channel partners are not successful in their businesses,
our revenue may decrease, and our operating results, reputation, and business may be harmed.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Additionally, if Veea does
not effectively manage its sales channel and distributor inventory and product mix, it may incur costs associated with excess inventory,
or lose sales from having too few products. If we improperly forecast demand for our products, we could incur increased expenses associated
with writing off excessive or obsolete inventory, lose sales, incur penalties for late delivery or incur additional costs by having to
ship products by air freight.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b><i>Any disruption of Veea&#8217;s operations,
whether due to natural or political events, may be highly damaging to the operation of Veea&#8217;s business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Veea&#8217;s business operations
and those of its suppliers are vulnerable to interruption by fire, earthquake, hurricane, flood or other natural disasters, power loss,
computer viruses, computer systems failure, telecommunications failure, pandemics, quarantines, national catastrophe, terrorist activities,
war and other events beyond its control. If any disaster were to occur, our or our supplier&#8217;s ability to operate could be seriously
impaired and Veea could experience material harm to our business, operating results and financial condition.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">The delivery of goods from
suppliers, and to customers, could also be hampered for the reasons stated above. Interruptions to Veea&#8217;s systems and communications
may have an adverse effect on Veea&#8217;s operations and financial condition.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b><i>Veea&#8217;s operations are complex and
rely on third party manufacturers. If critical components used in Veea&#8217;s products become scarce or unavailable, Veea may incur
delays in delivering its products and providing services, which could damage its business. Veea relies on a sustainable supply chain.
Any issues with this supply chain could adversely affect daily business operations and profitability.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Veea depends on third party
providers, suppliers and licensors to supply some of the hardware, software and support necessary to provide some of Veea&#8217;s products
and services. Veea obtains these materials from a limited number of vendors, some of which do not have a long operating history, or which
may not be able to continue to supply the equipment, supplies, and services it desires. Some of Veea&#8217;s hardware, software and operational
support vendors represent Veea&#8217;s primary or sole source of supply or have, either through contract or as a result of intellectual
property rights, a position of some exclusivity. If demand exceeds these vendors&#8217; capacity or if these vendors experience operating
or financial difficulties or are otherwise unable to provide the equipment or services Veea needs in a timely manner, at its specifications
and at reasonable prices, its ability to provide some services might be materially adversely affected, or the need to procure or develop
alternative sources of the affected materials or services might delay Veea&#8217;s ability to serve our customers. These events could
materially and adversely affect Veea&#8217;s ability to retain and attract customers, and have a material negative impact on Veea&#8217;s
operations, business, financial results and financial condition.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Veea&#8217;s reliance on
third-party manufacturers also exposes Veea to the following risks over which it has limited control:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">unexpected
                                            increases in manufacturing and repair costs;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">inability
                                            to control the timing, quality and reliability of finished products;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">inability
                                            to control delivery schedules;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">liability
                                            for expenses incurred by third-party manufacturers in reliance on forecasts that later prove
                                            to be inaccurate, including the cost of components purchased by third-party manufacturers
                                            on Veea&#8217;s behalf;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">industry
                                            consolidation and divestitures, which may result in changed business and product priorities
                                            among certain suppliers.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">lack
                                            of adequate capacity to manufacture all or a part of the products Veea requires; and</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">labor
                                            unrest affecting the ability of the third-party manufacturers to produce Veea products.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b><i>Veea depends on its management team and
other key employees, and the loss of one or more of these employees or an inability to attract and retain highly skilled employees could
adversely affect its business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Veea&#8217;s future success
depends, in part, on Veea&#8217;s ability to continue to attract and retain highly skilled personnel. The loss of the services of any
of our key personnel, the inability to attract or retain qualified personnel, or delays in hiring required personnel, particularly in
engineering and sales, may seriously and adversely affect Veea&#8217;s business, financial condition and results of operations. Although
Veea has entered into employment or consulting agreements with certain of Veea&#8217;s personnel, their employment is generally for no
specific duration.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Veea&#8217;s future performance
also depends on the continued services and continuing contributions of Veea&#8217;s senior management team, which include Allen Salmasi,
Veea&#8217;s Founder and Chief Executive Officer to execute on Veea&#8217;s business plan and to identify and pursue new opportunities
and product innovations. Veea has not entered into an employment agreement with Mr.&#160;Salmasi. The loss of services of Veea&#8217;s
senior management team, particularly Veea&#8217;s Chief Executive Officer could significantly delay or prevent the achievement of Veea&#8217;s
development and strategic objectives, which could adversely affect Veea&#8217;s business, financial condition and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b><i>Veea may not be successful in continuing
to attract and retain highly qualified employees to remain competitive.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Veea believes that Veea&#8217;s
future success largely depends on Veea&#8217;s continued ability to hire, develop, motivate and retain engineers and other qualified
employees who develop successful new products/solutions, support Veea&#8217;s existing product range and provide services to Veea&#8217;s
customers and create great customer experience.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Competition for highly qualified
people in the industries in which Veea operates remains intense. This competition is only further increased by the fact that other industries
are looking for similar talent. Veea is continuously striving to create a positive work experience for its employees. However, there
are no guarantees that Veea will be successful in attracting and retaining employees with the right skills in the future, and failure
in retaining and recruiting could have a material adverse effect on Veea&#8217;s business and brand.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b><i>Veea&#8217;s management team has limited
experience managing a public company and regulatory compliance may divert their attention from the day-to-day management of Veea&#8217;s
business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Most of the individuals
who now constitute Veea&#8217;s management team have limited experience managing a publicly traded company, interacting with public company
investors and complying with the increasingly complex laws pertaining to public companies. Veea&#8217;s management team may not successfully
or efficiently manage the transition to being a public company subject to significant regulatory oversight and reporting obligations
under federal securities laws and the continuous scrutiny of securities analysts and investors. These new obligations and constituents
will require significant attention from Veea&#8217;s senior management and could divert their attention away from the day-to-day management
of the businesses, which could adversely affect Veea&#8217;s businesses. It is probable that Veea will be required to expand its employee
base and hire additional employees to support its operations as a public company, which would increase Veea&#8217;s operating costs in
future periods.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b><i>Global economic conditions could materially
adversely impact demand for Veea&#8217;s products and services.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Veea&#8217;s operations
and performance depend significantly on worldwide economic conditions. Uncertainty about global economic conditions could result in customers
postponing purchases of Veea&#8217;s products and services in response to tighter credit, unemployment, negative financial news and/or
declines in income or asset values and other macroeconomic factors, which could have a material negative effect on demand for Veea&#8217;s
products and services and, accordingly, on Veea&#8217;s business, results of operations or financial condition. For example, any economic
and political uncertainty caused by the United States tariffs imposed on goods from various countries, and any corresponding tariffs
from those countries in response, may negatively impact demand and/or increase the cost for Veea&#8217;s products. There is also potential
adverse impact including reduced demand for products and services, excess and obsolete inventories, financial difficulties among our
suppliers and vendors, difficulty in collecting on accounts receivable, increased difficulty in forecasting sales and operating results
and increased volatility in results.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">The challenging global economic
conditions, e.g., downturn in the global economy, political unrest and uncertainty, labor and supply shortages, increasing inflation
and rising interest rates, or geopolitical risks and trade frictions may have adverse, wide-ranging effects on demand for Veea&#8217;s
products and for the products of Veea&#8217;s customers. This could cause customers to postpone investments or initiate other cost-cutting
measures to maintain or improve their financial position. This could also result in significantly reduced expenditures for Veea&#8217;s
products and services, including network infrastructure, in which case Veea&#8217;s operating results would suffer. If demand for Veea&#8217;s
products and services were to fall, Veea may experience material adverse effects on Veea&#8217;s revenues, cash flow, capital employed
and value of Veea&#8217;s assets and Veea could incur operating losses. The potential adverse effects of an economic downturn include:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reduced
                                            demand for products and services, resulting in increased price competition or deferrals of
                                            purchases, with lower revenues not fully compensated through reduced costs;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">excess
                                            and obsolete inventories and excess manufacturing capacity;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">financial
                                            difficulties or failures among Veea&#8217;s suppliers;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">increased
                                            demand for customer finance, difficulties in collection of accounts receivable and increased
                                            risk of counter party failures;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">impairment
                                            losses related to Veea&#8217;s intangible assets as a result of lower forecasted sales of
                                            certain products; and</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">increased
                                            difficulties in forecasting sales and financial results as well as increased volatility in
                                            Veea&#8217;s reported results.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 25; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b><i>Veea&#8217;s operations in foreign countries
expose us to certain risks inherent in doing business internationally, which may adversely affect Veea&#8217;s business, results of operations
or financial condition.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Veea has revenue, operations,
contract manufacturing arrangements in foreign countries that expose Veea to certain risks. For example, fluctuations in exchange rates
may affect Veea&#8217;s revenue, expenses and results of operations as well as the value of Veea&#8217;s assets and liabilities as reflected
in our financial statements. Veea is also subject to other types of risks, including the following:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px; font-size: 10pt">&#160;</td>
    <td style="width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">protection of intellectual
    property and trade secrets;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">tariffs,
                                            customs, trade sanctions, trade embargoes and other barriers to importing/exporting materials
                                            and products in a cost-effective and timely manner, or changes in applicable tariffs or custom
                                            rules;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            burden of complying with and changes in U.S. or international taxation policies;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">timing
                                            and availability of export licenses including authorization for the export of controlled
                                            items;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">rising
                                            labor costs;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">disruptions
                                            in or inadequate infrastructure of the countries where Veea operates;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            impact of public health epidemics on employees and the global economy;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">difficulties
                                            in collecting accounts receivable;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">difficulties
                                            in staffing and managing international operations; and</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            burden of complying with foreign and international laws and treaties.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b><i>Disruptions to the global supply chain
may affect the timely manufacture and delivery of products.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Veea is subject to variations
and disruptions in the availability, price, and lead times for component parts for its products. During such periods, Veea may experience
longer than normal lead time for component parts. Increased costs as a result of excessive demand for parts. In addition, contract manufacturers
may be limited in terms of credit terms they can offer. This may require Veea to pay deposits in advance of production, or to seek alternative
financing. These problems may be compounded further by finite manufacturing capacity. The impact to Veea and its customers is longer
than expected product delivery schedules which has a direct effect on revenue recognition and cash collection.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b><i>Ongoing geopolitical and trade uncertainty
from a range of factors may have a material adverse impact on Veea&#8217;s business, operations, business prospects and consequently
on operating results, financial conditions and Veea&#8217;s ability to meet Veea&#8217;s targets.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Veea is subject to the increasing
adverse impact of trade disputes, restrictions on imports and exports, export controls, the dismantling of dispute settlement mechanisms,
and the increased control of national resources like airwaves and communications standards. Additional risks include the need to modify,
change or eliminate current manufacturing capability and capacity, find alternative sources of supply and manufacturing resources and
comply with rules and regulations for local sourcing and investment.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Geopolitical alliances are
shifting as global tensions, including between US and China, drive growing economic, technological, military, and political competition
across the world. At the same time, there are numerous ongoing local and regional conflicts, of which the ongoing military conflict between
the Ukraine and Russia, are of particular significance. It is not yet clear how these new dynamics will play out across the world. These
tensions, including trade restrictions, enhanced sanctions measures and increased safeguards for national security purposes, can impact
global market conditions and continue to be challenging for global supply chains.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Because some of Veea&#8217;s
products are manufactured in China and Taiwan, further changes in the economic and political policies in or relating to China and tensions
between China and Taiwan could have a material adverse effect on Veea&#8217;s business. Additionally, political instability in the regions
in which Veea operates may further increase the risk of possible legal or regulatory violations by Veea or its suppliers, agents and
employees. Any violation could cause severe reputational harm to Veea and a material adverse effect on Veea&#8217;s business operations.
Additional impacts could include:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reduced
                                            or lost market access;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">decreased
                                            ability for unrestricted use of Veea&#8217;s global supply chain for all markets, e.g., as
                                            a result of import or export restrictions in the US and China;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 26; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">increased
                                            trade restrictions, including economic sanctions and export controls, tariffs and increased
                                            costs which may not be recoverable;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">separation
                                            of global standards for mobile telecommunication;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">sourcing
                                            restrictions and constraints for access to hardware and software products and components;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reduced
                                            efficiency in research and development (&#8220;<b><i>R&amp;D</i></b>&#8221;) and restrictions
                                            in use of R&amp;D resources;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">deferrals
                                            of purchases, with lower revenues not fully compensated through reduced costs;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">excess
                                            and obsolete inventories and excess manufacturing capacity;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">financial
                                            difficulties or failures among Veea&#8217;s suppliers;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">impairment
                                            losses related to Veea&#8217;s intangible assets as a result of lower forecasted sales of
                                            certain products; and</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">increased
                                            difficulties in forecasting sales and financial results as well as increased volatility in
                                            Veea&#8217;s reported results.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b><i>If Veea fails to maintain effective internal
control over financial reporting or identify a material weakness or significant deficiency in its internal control over financial reporting,
Veea&#8217;s ability to report its financial condition and results of operations in a timely and accurate manner could be adversely affected,
investor confidence in Veea company could diminish, and the value of its stock may decline.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Preparing Veea&#8217;s consolidated
financial statements involves a number of complex manual and automated processes, which are dependent upon individual data input or review
and require significant management judgment. One or more of these processes may result in errors that may not be detected and could result
in a material misstatement or other errors of Veea&#8217;s consolidated financial statements. Such errors may be more likely to occur
when implementing new systems and processes, particularly when implementing evolving and complex accounting rules. The Sarbanes-Oxley
Act of 2002 (the &#8220;<b><i>Sarbanes-Oxley Act</i></b>&#8221;) requires, among other things, that as a publicly traded company, Veea
discloses whether our internal control over financial reporting and disclosure controls and procedures are effective.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">A material weakness is a
deficiency, or combination of deficiencies, in internal controls over financial reporting such that there is a reasonable possibility
that a material misstatement of Veea&#8217;s annual or interim financial statements will not be prevented or detected on a timely basis.
While Veea continually undertakes steps to improve Veea&#8217;s internal controls over financial reporting as Veea&#8217;s business changes,
Veea may not be successful in making the improvements and changes necessary to be able to identify and remediate control deficiencies
or material weaknesses on a timely basis. If Veea is unable to successfully remediate any current or future material weaknesses in Veea&#8217;s
internal controls over financial reporting, the accuracy and timing of Veea&#8217;s financial reporting may be adversely affected; Veea&#8217;s
liquidity, access to capital markets and perceptions of Veea&#8217;s creditworthiness may be adversely affected; Veea may be unable to
maintain compliance with securities laws, stock exchange listing requirements and debt instruments covenants regarding the timely filing
of periodic reports; Veea may be subject to regulatory investigations and penalties; investors may lose confidence in its financial reporting;
Veea may suffer defaults under Veea&#8217;s debt instruments; and Veea&#8217;s stock price may decline.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Risks Related to Our Intellectual Property</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b><i>If Veea is unable to obtain and maintain
patent protection for Veea&#8217;s products and other proprietary technologies Veea develops, or if the scope of the patent protection
obtained is not sufficiently broad, Veea&#8217;s competitors could develop and commercialize products and technology similar or identical
to Veea&#8217;s, and Veea&#8217;s ability to successfully commercialize Veea&#8217;s products and other proprietary technologies Veea
may develop may be adversely affected.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Veea&#8217;s success depends
in large part on Veea&#8217;s ability to obtain and maintain patent protection in the U.S. and other countries with respect to Veea&#8217;s
products and other proprietary technologies Veea may develop. In order to protect Veea&#8217;s proprietary position, Veea has filed and
intends to file additional patent applications in the U.S. and abroad relating to Veea&#8217;s products and other proprietary technologies
Veea may develop; however, there can be no assurance that any such patent applications will issue as granted patents or that a granted
patent will provide sufficient coverage for Veea&#8217;s products. If Veea is unable to obtain or maintain patent protection with respect
to Veea&#8217;s products and other proprietary technologies Veea may develop, Veea&#8217;s business, financial condition, results of
operations and prospects could be materially harmed.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 27; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">The patent prosecution process
is expensive, time-consuming and complex, and Veea may not be able to file, prosecute, maintain, enforce, or license all necessary or
desirable patent applications at a reasonable cost or in a timely manner. It is also possible that Veea will fail to identify patentable
aspects of Veea&#8217;s research and development output in time to obtain patent protection. Although Veea enters into non-disclosure
and confidentiality agreements with parties who have access to confidential or patentable aspects of Veea&#8217;s research and development
output, such as Veea&#8217;s employees, corporate collaborators, outside collaborators, contract manufacturers, consultants, advisors
and other third parties, any of these parties may breach the agreements and disclose such output before a patent application is filed,
thereby jeopardizing Veea&#8217;s ability to seek patent protection. In addition, Veea&#8217;s ability to obtain and maintain valid and
enforceable patents depends on whether the differences between Veea&#8217;s inventions and the prior art allow Veea&#8217;s inventions
to be patentable over the prior art. Furthermore, publications of discoveries in the scientific literature often lag behind the actual
discoveries, and patent applications in the U.S. and other jurisdictions are typically not published until 18 months after filing, or
in some cases not at all. Therefore, Veea cannot be certain that Veea or Veea&#8217;s licensors were the first to make the inventions
claimed in any of Veea&#8217;s owned or licensed patents or pending patent applications, or that Veea or Veea&#8217;s licensors were
the first to file for patent protection of such inventions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">The patent position of technology
companies generally is highly uncertain and involves complex legal and factual questions. As a result, the issuance, scope, validity,
enforceability and commercial value of Veea&#8217;s patent rights are highly uncertain. Veea&#8217;s patent applications may not result
in patents being issued which protect Veea&#8217;s products and other proprietary technologies which Veea may develop, or which effectively
prevent others from commercializing competitive technologies and products. In particular, Veea&#8217;s ability to stop third parties
from making, using, selling, offering to sell, or importing products that infringe Veea&#8217;s intellectual property will depend in
part on Veea&#8217;s success in obtaining and enforcing patent claims that cover all of Veea&#8217;s technology, inventions and improvements.
With respect to both licensed and company-owned intellectual property, Veea cannot be sure that patents will be granted with respect
to any of Veea&#8217;s pending patent applications or with respect to any patent applications filed by us in the future. Moreover, even
issued patents do not provide Veea with the right to practice Veea&#8217;s technology in relation to the commercialization of Veea&#8217;s
products. Third parties may have blocking patents that could be used to prevent us from commercializing Veea&#8217;s products and practicing
Veea&#8217;s proprietary technology. Veea&#8217;s issued patent as well as patents that may issue in the future that Veea owns or licenses
may be challenged, invalidated, or circumvented, which could limit Veea&#8217;s ability to stop competitors from marketing related products
or limit the length of the term of patent protection that Veea may have for Veea&#8217;s products. Furthermore, Veea&#8217;s competitors
may independently develop similar technologies.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Additionally, issuance of
a patent is not conclusive as to its inventorship, scope, validity, or enforceability, and Veea&#8217;s patents may be challenged in
the courts or patent offices in the U.S. and abroad. Veea may be subject to a third-party pre-issuance submission of prior art to the
U.S. Patent and Trademark Office (&#8220;<b><i>USPTO</i></b>&#8221;) or in other jurisdictions, or become involved in opposition, derivation,
revocation, reexamination, post-grant and <i>inter partes </i>review, or other similar proceedings challenging Veea&#8217;s patent rights.
An adverse determination in any such submission, proceeding or litigation could reduce the scope of, invalidate or render unenforceable,
Veea&#8217;s patent rights, allow third parties to commercialize Veea&#8217;s products and other proprietary technologies Veea may develop
and compete directly with Veea, without payment to Veea, or result in Veea&#8217;s inability to manufacture or commercialize products
without infringing third-party patent rights. Such proceedings also may result in substantial cost and require significant time from
Veea&#8217;s scientists and management, even if the eventual outcome is favorable to us.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">In addition, if the breadth
or strength of protection provided by Veea&#8217;s patents and patent applications is threatened, regardless of the outcome, it could
dissuade companies from collaborating with Veea to license, develop or commercialize current or future products.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b><i>Veea may not be able to protect Veea&#8217;s
intellectual property rights throughout the world.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Filing, prosecuting, maintaining,
enforcing and defending patents and other intellectual property rights on Veea&#8217;s technology and any products Veea may develop in
all jurisdictions throughout the world would be prohibitively expensive, and accordingly, Veea&#8217;s intellectual property rights in
some jurisdictions outside the U.S. could be less extensive than those in the U.S. In some cases, Veea or Veea&#8217;s licensors may
not be able to obtain patent or other intellectual property protection for certain technology and products outside the U.S. In addition,
the laws of some foreign jurisdictions do not protect intellectual property rights to the same extent as federal and state laws in the
U.S. Consequently, Veea and Veea&#8217;s licensors may not be able to obtain issued patents or other intellectual property rights covering
any products Veea may develop and Veea&#8217;s technology in all jurisdictions outside the U.S. and, as a result, may not be able to
prevent third parties from practicing Veea&#8217;s and Veea&#8217;s licensors&#8217; inventions in all countries outside the U.S., or
from selling or importing products made using Veea&#8217;s inventions in and into the U.S. or other jurisdictions. For example, third
parties may use Veea&#8217;s technologies in jurisdictions where Veea and Veea&#8217;s licensors have not pursued and obtained patent
or other intellectual property protection to develop their own products and, further, may export otherwise infringing, misappropriating
or violating products to territories where Veea has patent or other intellectual property protection, but enforcement is not as strong
as that in the U.S.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Additionally, many companies
have encountered significant problems in protecting and defending intellectual property rights in foreign jurisdictions. The legal systems
of certain jurisdictions, particularly certain developing countries, do not favor the enforcement of patents, trade secrets and other
intellectual property protection, which could make it difficult for us to stop the infringement, misappropriation or other violation
of Veea&#8217;s patent and other intellectual property rights or marketing of competing products in violation of Veea&#8217;s intellectual
property rights generally. Proceedings to enforce Veea&#8217;s or Veea&#8217;s licensors&#8217; patent and other intellectual property
rights in foreign jurisdictions could result in substantial costs and divert Veea&#8217;s efforts and attention from other aspects of
Veea&#8217;s business, could put Veea&#8217;s patent and other intellectual property rights at risk of being invalidated or interpreted
narrowly and Veea&#8217;s patent applications at risk of not issuing and could provoke third parties to assert claims against us. Veea
or Veea&#8217;s licensors may not prevail in any lawsuits that Veea or Veea&#8217;s licensors initiate and, if Veea or Veea&#8217;s licensors
prevail, the damages or other remedies awarded, if any, may not be commercially meaningful. Accordingly, Veea&#8217;s efforts to enforce
Veea&#8217;s intellectual property rights around the world may be inadequate to obtain a significant commercial advantage from the intellectual
property that Veea develop or license.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Many jurisdictions also
have compulsory licensing laws under which a patent owner may be compelled to grant licenses to third parties, and many jurisdictions
limit the enforceability of patents against government agencies or government contractors. In these jurisdictions, the patent owner may
have limited remedies, which could materially diminish the value of such patents. If Veea or any of Veea&#8217;s licensors is forced
to grant a license to third parties with respect to any patents relevant to Veea&#8217;s business, Veea&#8217;s competitive position
may be impaired, and Veea&#8217;s business, financial condition, results of operations and prospects may be adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b><i>Issued patents covering products Veea may
develop could be found invalid or unenforceable if challenged in court or before administrative bodies in the U.S. or abroad.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Veea&#8217;s owned and licensed
patent rights may be subject to priority, validity, inventorship and enforceability disputes. If Veea or Veea&#8217;s licensors are unsuccessful
in any of these proceedings, such patent rights may be narrowed, invalidated or held unenforceable. The foregoing could have a material
adverse effect on Veea&#8217;s business, financial condition, results of operations and prospects.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">For example, if Veea or
one of Veea&#8217;s licensors initiate legal proceedings against a third party to enforce a patent covering any of Veea&#8217;s products
or Veea&#8217;s technology, the defendant could counterclaim that the patent is invalid or unenforceable. In patent litigation in the
U.S., defendant counterclaims alleging invalidity or unenforceability are commonplace. Grounds for a validity challenge could be an alleged
failure to meet any of several statutory requirements, including lack of novelty, obviousness, lack of written description or non-enablement.
Grounds for an unenforceability assertion could be an allegation that someone connected with prosecution of the patent withheld information
material to patentability from the USPTO, or made a misleading statement, during prosecution. Third parties also may raise similar claims
before administrative bodies in the U.S. or abroad, even outside the context of litigation. Such mechanisms include re-examination, interference
proceedings, derivation proceedings, post grant review, <i>inter partes </i>review and equivalent proceedings such as opposition, invalidation
and revocation proceedings in foreign jurisdictions. Such proceedings could result in the revocation or cancellation of or amendment
to Veea&#8217;s patents in such a way that they no longer cover one or more of Veea&#8217;s products or Veea&#8217;s technology or no
longer prevent third parties from competing with any products Veea may develop or Veea&#8217;s technology. The outcome following legal
assertions of invalidity and unenforceability is unpredictable. Defense of these claims, regardless of their merit, would involve substantial
litigation expense and would be a distraction to management and other employees. With respect to the validity question, for example,
Veea cannot be certain that there is no invalidating prior art, of which the patent examiner and Veea or Veea&#8217;s licensing partners
were unaware during prosecution. If a third party were to prevail on a legal assertion of invalidity or unenforceability, Veea could
lose at least part, and perhaps all, of the patent protection on one or more of Veea&#8217;s products or technology. Such a loss of patent
protection could have a material adverse effect on Veea&#8217;s business, financial condition, results of operations and prospects.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b><i>Obtaining and maintaining Veea&#8217;s
patent protection depends on compliance with various procedural, document submission, fee payment, and other requirements imposed by
government patent agencies, and Veea&#8217;s patent protection could be reduced or eliminated for non-compliance with these requirements.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Periodic maintenance fees,
renewal fees, annuity fees, and various other government fees on patents and applications will be due to be paid to the USPTO and various
government patent agencies outside of the U.S. over the lifetime of Veea&#8217;s owned or licensed patents and applications. The USPTO
and various non-U.S. government agencies require compliance with several procedural, documentary, fee payment and other similar provisions
during the patent application process. In some cases, an inadvertent lapse can be cured by payment of a late fee or by other means in
accordance with the applicable rules. There are situations, however, in which non-compliance can result in abandonment or lapse of the
patent or patent application, resulting in a partial or complete loss of patent rights in the relevant jurisdiction. In such an event,
potential competitors might be able to enter the market with similar or identical products or technology, which could have a material
adverse effect on Veea&#8217;s business, financial condition, results of operations, and prospects.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b><i>Changes in patent law in the U.S. or worldwide
could diminish the value of patents in general, thereby impairing Veea&#8217;s ability to protect any products Veea may develop and Veea&#8217;s
technology.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Changes in either the patent
laws or interpretation of patent laws in the U.S. and worldwide, including patent reform legislation such as the Leahy-Smith America
Invents Act (the &#8220;<b><i>Leahy-Smith Act</i></b>&#8221;), could increase the uncertainties and costs surrounding the prosecution
of any owned or in-licensed patent applications and the maintenance, enforcement or defense of any in-licensed issued patents and issued
patents Veea may own or in-license in the future. The Leahy-Smith Act includes a number of significant changes to U.S. patent law. These
changes include provisions that affect the way patent applications are prosecuted, redefine prior art, provide more efficient and cost-effective
avenues for competitors to challenge the validity of patents, and enable third-party submission of prior art to the USPTO during patent
prosecution and additional procedures to attack the validity of a patent at USPTO administered post-grant proceedings, including post-grant
review, <i>inter partes </i>review, and derivation proceedings. Assuming that other requirements for patentability are met, prior to
March 2013, in the U.S., the first to invent the claimed invention was entitled to the patent, while outside the U.S., the first to file
a patent application was entitled to the patent. After March 2013, under the Leahy-Smith Act, the U.S. transitioned to a first-to-file
system in which, assuming that the other statutory requirements for patentability are met, the first inventor to file a patent application
will be entitled to the patent on an invention regardless of whether a third party was the first to invent the claimed invention. As
such, the Leahy-Smith Act and its implementation could increase the uncertainties and costs surrounding the prosecution of Veea&#8217;s
patent applications and the enforcement or defense of patents to issue, all of which could have a material adverse effect on Veea&#8217;s
business, financial condition, results of operations and prospects.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">In addition, the patent
positions of companies in the development and commercialization of biologics and pharmaceuticals are particularly uncertain. Recent U.S.
Supreme Court rulings have narrowed the scope of patent protection available in certain circumstances and weakened the rights of patent
owners in certain situations.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Depending on future actions
by the U.S. Congress, the federal courts and the USPTO, the laws and regulations governing patents could change in unpredictable ways
that could have a material adverse effect on Veea&#8217;s patent rights and Veea&#8217;s ability to protect, defend and enforce Veea&#8217;s
patent rights in the future.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b><i>Veea may be subject to claims challenging
the inventorship or ownership of Veea&#8217;s patent and other intellectual property rights.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Veea or Veea&#8217;s licensors
may be subject to claims that former employees, collaborators or other third parties have an interest in Veea&#8217;s owned or in-licensed
patent rights, trade secrets or other intellectual property as an inventor or co-inventor. For example, Veea or Veea&#8217;s licensors
may have inventorship disputes arise from conflicting obligations of employees, consultants or others who are involved in developing
Veea&#8217;s products or technology. Litigation may be necessary to defend against these and other claims challenging inventorship or
Veea&#8217;s or Veea&#8217;s licensors&#8217; ownership of Veea&#8217;s owned or in-licensed patent rights, trade secrets or other intellectual
property. If Veea or Veea&#8217;s licensors fail in defending any such claims, in addition to paying monetary damages, Veea may lose
valuable intellectual property rights, such as exclusive ownership of or right to use intellectual property that is important to any
products Veea may develop or Veea&#8217;s technology. Even if Veea is successful in defending against such claims, litigation could result
in substantial costs and be a distraction to management and other employees. Any of the foregoing could have a material adverse effect
on Veea&#8217;s business, financial condition, results of operations and prospects.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b><i>Veea may be subject to claims that Veea&#8217;s
employees, consultants or advisors have wrongfully used or disclosed alleged trade secrets of their current or former employers or claims
asserting ownership of what Veea regards as Veea&#8217;s own intellectual property.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Some of Veea&#8217;s employees,
consultants and advisors are currently or were previously employed at other companies, including Veea&#8217;s competitors or potential
competitors. Although Veea tries to ensure that Veea&#8217;s employees, consultants and advisors do not use the proprietary information
or know-how of others in their work for us, Veea may be subject to claims that Veea or these individuals have used or disclosed intellectual
property, including trade secrets or other proprietary information, of any such individual&#8217;s current or former employer. Litigation
may be necessary to defend against these claims. If Veea fails in defending any such claims, in addition to paying monetary damages,
Veea may lose valuable intellectual property rights or personnel. Even if Veea is successful in defending against such claims, litigation
could result in substantial costs and be a distraction to Veea&#8217;s management.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">In addition, while it is
Veea&#8217;s policy to require Veea&#8217;s employees and contractors who may be involved in the conception or development of intellectual
property to execute agreements assigning such intellectual property to us, Veea may be unsuccessful in executing such an agreement with
each party who, in fact, conceives or develops intellectual property that Veea regards as Veea&#8217;s own. The assignment of intellectual
property rights may not be self-executing, or the assignment agreements may be breached, and Veea may be forced to bring claims against
third parties, or defend claims that they may bring against us, to determine the ownership of what Veea regards as Veea&#8217;s intellectual
property. Such claims could have a material adverse effect on Veea&#8217;s business, financial condition, results of operations and prospects.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b><i>Third-party claims of intellectual property
infringement, misappropriation or other violations against us or Veea&#8217;s collaborators may prevent or delay the development and
commercialization of Veea&#8217;s products and other proprietary technologies Veea may develop.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Veea&#8217;s commercial
success depends in part on Veea&#8217;s ability to avoid infringing, misappropriating and otherwise violating the patents and other intellectual
property rights of third parties. There is a substantial amount of complex litigation involving patents and other intellectual property
rights in the technology industry, as well as administrative proceedings for challenging patents, including interference, derivation,
reexamination, <i>inter partes </i>review and post-grant review proceedings before the USPTO or oppositions and other comparable proceedings
in foreign jurisdictions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Numerous U.S. and foreign
issued patents and pending patent applications owned by third parties exist in the fields in which Veea is commercializing or plan to
commercialize Veea&#8217;s products and in which Veea is developing other proprietary technologies. As the technology industry expands
and more patents are issued, the risk increases that Veea&#8217;s products and commercializing activities may give rise to claims of
infringement of the patent rights of others. Veea cannot assure you that Veea&#8217;s products and other proprietary technologies Veea
may develop will not infringe existing or future patents owned by third parties. Veea may not be aware of patents that have already been
issued and that a third party, for example, a competitor in the fields in which Veea is developing Veea&#8217;s products, might assert
as infringed by us. It is also possible that patents owned by third parties of which Veea is aware or patents that may issue in the future
from patent applications owned by third parties of which Veea is aware, but which Veea does not believe Veea infringes or that Veea believes
Veea has valid defenses to any claims of patent infringement, could be found to be infringed by us, such as in connection with one or
more of Veea&#8217;s products. In addition, because patent applications can take many years to issue, and the scope of any patent claims
that may ultimately issue are difficult to predict, there may be currently pending patent applications that may later result in issued
patents that Veea may infringe and that, as a result, could harm Veea&#8217;s business.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">In the event that any third-party
claims that Veea infringes their patents or that Veea is otherwise employing their proprietary technology without authorization and initiates
litigation against us, even if Veea believes such claims are without merit, a court of competent jurisdiction could hold that such patents
are valid, enforceable and infringed by us. In this case, the holders of such patents may be able to block Veea&#8217;s ability to commercialize
the infringing products or technologies unless Veea obtains a license under the applicable patents, or until such patents expire or are
finally determined to be held invalid or unenforceable. Such a license may not be available on commercially reasonable terms or at all.
Even if Veea is able to obtain a license, the license would likely obligate us to pay license fees or royalties or both, and the rights
granted to us might be nonexclusive, which could result in Veea&#8217;s competitors gaining access to the same intellectual property.
If Veea is unable to obtain a necessary license to a third-party patent on commercially reasonable terms, Veea may be unable to commercialize
the infringing products or technologies or such commercialization efforts may be significantly delayed, which could in turn significantly
harm Veea&#8217;s business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Defense of infringement
claims, regardless of their merit, would involve substantial litigation expense and would be a substantial diversion of management and
other employee resources from Veea&#8217;s business, and may impact Veea&#8217;s reputation. In the event of a successful claim of infringement
against us, Veea may be enjoined from further developing or commercializing the infringing products or technologies. In addition, Veea
may have to pay substantial damages, including treble damages and attorneys&#8217; fees for willful infringement, obtain one or more
licenses from third parties, pay royalties and/or redesign Veea&#8217;s infringing products or technologies, which may be impossible
or require substantial time and monetary expenditure. In that event, Veea would be unable to further develop and commercialize Veea&#8217;s
products or technologies, which could harm Veea&#8217;s business significantly. Further, Veea cannot predict whether any required license
would be available at all or whether it would be available on commercially reasonable terms. Veea could be prevented from commercializing
a product, or be forced to cease some aspect of Veea&#8217;s business operations, if, as a result of actual or threatened patent infringement
claims, Veea is unable to enter into licenses on acceptable terms.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Veea may in the future pursue
invalidity proceedings with respect to third-party patents. The outcome following legal assertions of invalidity is unpredictable. Even
if resolved in Veea&#8217;s favor, these legal proceedings may cause us to incur significant expenses, and could distract Veea&#8217;s
technical and management personnel from their normal responsibilities. In addition, there could be public announcements of the results
of hearings, motions or other interim proceedings or developments and if securities analysts or investors perceive these results to be
negative, it could have a substantial adverse effect on the price of Veea&#8217;s common stock. Such proceedings could substantially
increase Veea&#8217;s operating losses and reduce the resources available for development activities or any future sales, marketing or
distribution activities. If Veea does not prevail in the patent proceedings the third parties may assert a claim of patent infringement
directed at Veea&#8217;s products.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b><i>Veea may become involved in lawsuits to
protect or enforce Veea&#8217;s patents and other intellectual property rights, which could be expensive, time-consuming and unsuccessful.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Third parties, such as a
competitor, may infringe Veea&#8217;s patent rights. In an infringement proceeding, a court may decide that a patent owned by Veea is
invalid or unenforceable or may refuse to stop the other party from using the invention at issue on the grounds that the patent does
not cover the technology in question. In addition, Veea&#8217;s patent rights may become involved in inventorship, priority or validity
disputes. To counter or defend against such claims can be expensive and time-consuming. An adverse result in any litigation proceeding
could put Veea&#8217;s patent rights at risk of being invalidated or interpreted narrowly. Furthermore, because of the substantial amount
of discovery required in connection with intellectual property litigation, there is a risk that some of Veea&#8217;s confidential information
could be compromised by disclosure during this type of litigation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Even if resolved in Veea&#8217;s
favor, litigation or other legal proceedings relating to intellectual property claims may cause us to incur significant expenses and
could distract Veea&#8217;s personnel from their normal responsibilities. In addition, there could be public announcements of the results
of hearings, motions or other interim proceedings or developments, and if securities analysts or investors perceive these results to
be negative, it could have a substantial adverse effect on the price of Veea&#8217;s common stock. Such litigation or proceedings could
substantially increase Veea&#8217;s operating losses and reduce the resources available for development activities or any future sales,
marketing or distribution activities. Veea may not have sufficient financial or other resources to conduct such litigation or proceedings
adequately. Some of Veea&#8217;s competitors may be able to sustain the costs of such litigation or proceedings more effectively than
Veea can because of their greater financial resources and more mature and developed intellectual property portfolios. Uncertainties resulting
from the initiation and continuation of patent litigation or other proceedings could have a material adverse effect on Veea&#8217;s ability
to compete in the marketplace.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b><i>If Veea&#8217;s trademarks and trade names
are not adequately protected, then Veea may not be able to build name recognition in Veea&#8217;s markets of interest and Veea&#8217;s
business may be adversely affected.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Veea&#8217;s registered
or unregistered trademarks or trade names may be challenged, infringed, circumvented or declared generic or determined to be infringing
on other marks. Veea may not be able to protect Veea&#8217;s rights to these trademarks and trade names, which Veea need to build name
recognition among potential partners or customers in Veea&#8217;s markets of interest. At times, competitors or other third parties may
adopt trade names or trademarks similar to ours, thereby impeding Veea&#8217;s ability to build brand identity and possibly leading to
market confusion. In addition, there could be potential trade name or trademark infringement claims brought by owners of other registered
trademarks or trademarks that incorporate variations of Veea&#8217;s registered or unregistered trademarks or trade names. Veea&#8217;s
efforts to enforce or protect Veea&#8217;s proprietary rights related to trademarks, trade names, domain name or other intellectual property
may be ineffective and could result in substantial costs and diversion of resources and could adversely affect Veea&#8217;s business,
financial condition, results of operations and prospects.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Risks Related to Cybersecurity and Data Privacy</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b><i>If Veea&#8217;s security measures are breached
or fail and unauthorized access is obtained to a customer&#8217;s data, Veea&#8217;s service may be perceived as insecure, the attractiveness
of its services to current or potential customers may be reduced, and Veea may incur significant liabilities.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Veea&#8217;s services involve
the web-based and data storage and transmission of customers&#8217; information. Veea relies on proprietary and commercially available
systems, software, tools and monitoring, as well as other processes, to provide security for processing, transmission and storage of
such information. Because of the sensitivity of this information and due to requirements under applicable laws and regulations, the effectiveness
of our security efforts is very important. If Veea&#8217;s security measures are breached or fail as a result of third-party action,
acts of terror, social unrest, employee error, malfeasance or for any other reasons, someone may be able to obtain unauthorized access
to customer data. Improper activities by third-parties, advances in computer and software capabilities and encryption technology, new
tools and discoveries and other events or developments may facilitate or result in a compromise or breach of our security systems. Veea&#8217;s
security measures may not be effective in preventing unauthorized access to the customer data stored on Veea&#8217;s servers. If a breach
of our security occurs, Veea could face damages for contract breach, penalties for violation of applicable laws or regulations, possible
lawsuits by individuals affected by the breach and significant remediation costs and efforts to prevent future occurrences. In addition,
whether there is an actual or a perceived breach of Veea&#8217;s security, the market perception of the effectiveness of Veea&#8217;s
security measures could be harmed and Veea could lose current or potential customers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b><i>Cybersecurity incidents may have a material
adverse effect on Veea&#8217;s business, operations, financial performance, customer and vendor relationships, reputation and brand,
and may introduce the possibility of litigations or regulatory investigations or actions.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Veea&#8217;s business operations
are vulnerable to cybersecurity incidents that may impact the confidentiality, availability or integrity of information assets, IT assets,
products, services, or solutions. These incidents may include data breaches, intrusions, espionage, data privacy infringements, leakage
of confidential or sensitive data, unauthorized or accidental modification of data and general malfeasance.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Events or incidents that
are caused as a result of vulnerabilities in software or products supplied to us could have a material adverse effect upon Veea, Veea&#8217;s
business, financial performance, reputation and brand, potentially slowing operations, leaking valuable or sensitive information, personal
data or damaging Veea&#8217;s products that have been installed in Veea&#8217;s customers&#8217; networks.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">It is possible that a cybersecurity
incident in Veea&#8217;s operations or supply chain could have an adverse impact on the integrity of solutions or services provided by
Veea as well as Veea&#8217;s ability to comply with legal, regulatory or contractual requirements. These incidents may include tampering
with components, the inclusion of backdoors or implants, the unintentional inclusion of vulnerabilities in components or software, and
cybersecurity incidents which prevent a supplier from being able to fulfil commitments to Veea.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Any cybersecurity incident
including unintended use, misconfiguration, or unintended actions, involving Veea&#8217;s operations, supply chain, product development,
services, third-party providers or installed product base, could cause severe harm to Veea and could have a material adverse effect on
Veea&#8217;s business, financial performance, customer and vendor relationships, reputation and brand, and may introduce the possibility
of litigation or regulatory investigations or actions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b><i>The presence of vulnerabilities in Veea&#8217;s
products, services or operations, may not be detected during product development and operations, and may be leveraged by a threat actor
to cause material harm to Veea or Veea&#8217;s customers.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Vulnerabilities in Veea&#8217;s
products, solutions or services not detected and treated during product development or solution delivery may be exploited by a threat
actor to cause harm to Veea&#8217;s customers, end-users or Veea. Vulnerabilities could be brought in through different stages of the
product life cycle. In some situations, it may be hard to detect these vulnerabilities due to their location, or due to the fact that
they are unknown vulnerabilities, often referred to as &#8220;zero-day vulnerabilities.&#8221; As almost any modern software can contain
open source and third-party components, so does software in networks, unmitigated security exposures can put Veea customers at varying
levels of risk and expose Veea to liabilities or loss of business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b><i>Veea, Veea&#8217;s partners, and others
who use Veea&#8217;s services obtain and process a large amount of sensitive data. Any real or perceived improper or unauthorized use
of, disclosure of, or access to such data could harm Veea&#8217;s reputation as a trusted brand, as well as have a material and adverse
effect on Veea&#8217;s business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Veea and Veea&#8217;s partners
obtain and process large amounts of sensitive data, including data related to customers and their transactions as well as other users
of Veea&#8217;s services. Veea faces risks, including to Veea&#8217;s reputation as a trusted brand in the handling and protection of
this data, and these risks will increase as Veea&#8217;s business continues to expand to include new products and technologies. Our operations
involve the storage and transmission of sensitive information of individuals. Veea has administrative, technical, and physical security
measures in place, and Veea has policies and procedures in place to contractually require third parties to whom Veea transfers data to
implement and maintain appropriate security measures. However, if Veea&#8217;s security measures or those of the previously mentioned
third parties are inadequate or are breached as a result of third-party action, employee error, malfeasance, malware, phishing, hacking
attacks, system error, trickery, or otherwise, and, as a result, someone obtains unauthorized access to sensitive information, including
personally identifiable information or protected health information, on Veea&#8217;s systems or Veea&#8217;s partners&#8217; systems,
or if Veea suffers a ransomware or advanced persistent threat attack, or if any of the foregoing is reported or perceived to have occurred,
Veea&#8217;s reputation and business could be damaged. If the sensitive information is lost or improperly disclosed or threatened to
be disclosed, Veea could incur significant liability and be subject to regulatory scrutiny and penalties, including costs associated
with remediation. Veea is also required to comply with ever-more stringent privacy regulations, the violation of which can lead to financial
penalties and reputational injury.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Risks Related to Compliance with Law, Government Regulation and
Litigation</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b><i>Veea could experience penalties and adverse
rulings in enforcement or other proceedings for non-compliance with laws, rules and regulations governing its business (e.g., frequency
certifications).</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Compliance with changed
laws, rules or regulations may subject Veea to increased costs or reduced products and services demand. Compliance failures as well as
required operational changes could have a material adverse impact on Veea, including its reputation, business, financial condition, results
of operations, cash flows or prospects.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Further, Veea develops many
of its products and services based on existing laws, rules, regulations and technical standards. Changes to existing laws, rules, regulations
and technical standards, or the implementation of new laws, rules, regulations and technical standards relating to products and services
not previously regulated, could adversely affect Veea&#8217;s development efforts by increasing compliance costs and causing delay. Regulatory
changes related to e.g., license fees, environment, health and safety, privacy (including the cross-border transfer of personal data
for example between the EU and the US), and other regulatory areas may increase costs and restrict Veea&#8217;s operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b><i>Veea is subject to certain US and other
anti-corruption (including anti-bribery, anti-money-laundering, dual use regulations, sanctions, terror finance and anti-terrorism) laws,
rules and regulations.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Veea is required to comply
with anti-corruption (including anti-bribery, anti-money-laundering, sanctions, terror finance and anti-terrorism) laws, rules and regulations
in the jurisdictions in which Veea does business. Veea has policies and procedures designed to assist us and our personnel in complying
with applicable laws, rules and regulations, but our employees and subcontractors may from time to time take actions that violate these
requirements. Actions by Veea&#8217;s employees or subcontractors, or by third party intermediaries acting on its behalf in violation
of these laws, rules or regulations whether carried out in the US or elsewhere in connection with the conduct of Veea&#8217;s business
may expose Veea to significant liability for violations of such laws, rules or regulations and may have a material adverse effect on
Veea, including its reputation, business, financial condition, results of operations, cash flows, or prospects.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b><i>Veea could be subject to additional tax
liabilities.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Veea is subject to federal,
state, and local income taxes in the United States and numerous foreign jurisdictions. Determining Veea&#8217;s provision for income
taxes requires significant management judgment, and the ultimate tax outcome may be uncertain. In addition, Veea&#8217;s provision for
income taxes is subject to volatility and could be adversely affected by many factors, including, among other things, changes to Veea&#8217;s
operating or holding structure, changes in the amounts of earnings in jurisdictions with differing statutory tax rates, changes in the
valuation of deferred tax assets and liabilities, and changes in U.S. and foreign tax laws. Moreover, Veea is subject to the examination
of Veea&#8217;s income tax returns by tax authorities in the U.S. and various foreign jurisdictions, which may disagree with Veea&#8217;s
calculation of research and development tax credits, cross-jurisdictional transfer pricing, or other matters and assess additional taxes,
interest or penalties. While Veea regularly assesses the likely outcomes of these examinations to determine the adequacy of Veea&#8217;s
provision for income taxes and Veea believes that its financial statements reflect adequate reserves to cover any such contingencies,
there can be no assurance that the outcomes of such examinations will not have a material impact on Veea&#8217;s results of operations
and cash flows. If U.S. or other foreign tax authorities change applicable tax laws, Veea&#8217;s overall taxes could increase, and Veea&#8217;s
financial condition or results of operations may be adversely impacted.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b><i>Veea could become involved in lawsuits,
legal proceedings and investigations which, if determined unfavorably, could require Veea to pay substantial damages, fines and/or penalties.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">In the normal course of
Veea&#8217;s business Veea could become involved in legal proceedings, including such matters as commercial disputes, claims regarding
intellectual property, antitrust, tax and labor disputes, as well as government inquiries and investigations. Legal proceedings can be
expensive, lengthy and disruptive to normal business operations. Moreover, the results of complex legal proceedings are difficult to
predict. An unfavorable resolution of a particular matter could have a material adverse effect on Veea&#8217;s business, operating results,
financial condition and reputation. As a publicly listed company, Veea may be exposed to lawsuits in which plaintiffs allege that Veea
or its officers have failed to comply with securities laws, stock market regulations or other laws, regulations or requirements. Whether
or not there is merit to such claims, the time and costs incurred to defend Veea and its officers and the potential settlement or compensation
to the plaintiffs could have significant impact on Veea&#8217;s reported results and reputation.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b><i>Veea may fail to comply with environmental,
social and governance standards, which could negatively affect Veea, including its reputation, business, financial condition, results
of operations, cash flows or prospects.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Veea is subject to environmental,
social and governance laws, rules and regulations as well as sustainability and corporate responsibility requirements, and Veea expect
such laws, rules, regulations and other requirements to increase as governments impose new laws, rules, regulations or other requirements.
These laws, rules, regulations and other requirements have a high focus on anti-corruption (including anti-bribery, anti-money-laundering,
sanctions, terror finance and anti-terrorism). To ensure that Veea&#8217;s operations are conducted in accordance with applicable laws,
rules, regulations and other requirements, Veea&#8217;s employees are subject to ethical standards in its Employee Handbook and other
sources.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">There is also an increased
demand from external stakeholders, for example investors, customers, suppliers and partners, for transparency about sustainability and
corporate responsibility issues that might be difficult to fulfill. If Veea fails to adequately meet these expectations, our business
may be adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b><i>Potential health risks related to radiofrequency
electromagnetic fields may subject us to various product liability claims and result in regulatory changes.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">The edge computing industry
is subject to claims that mobile devices including edge routers and associated computing devices and other equipment that generate radiofrequency
electromagnetic fields may expose individuals to health risks. At present, a substantial number of scientific reviews conducted by various
independent research bodies have concluded that radiofrequency electromagnetic fields, when used at levels within the limits prescribed
by public health authority safety standards and recommendations, cause no adverse effects to human health. However, any perceived risk
or new scientific findings of adverse health effects from mobile communication devices and equipment could adversely affect us through
a reduction in sales or through liability claims. Although Veea&#8217;s products are designed to comply with currently applicable safety
standards and regulations regarding radio frequency electromagnetic fields, Veea cannot guarantee that Veea will not become the subject
of product liability claims. Veea also cannot guarantee that Veea will not be held liable for such claims or be required to comply with
future changed regulatory requirements. Veea may in addition be affected by regulatory or other restrictions imposed on Veea&#8217;s
customers use of radio equipment that may have a material adverse effect on our business, operating results, financial condition, reputation
and brand.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b><i>Risks Related to our Common Stock</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b><i>The price of the Common Stock may change,
even if Veea&#8217;s business is doing well, and you could lose all or part of your investment as a result.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The trading price of shares
of Veea&#8217;s Common Stock is likely to be volatile. The stock market recently has experienced extreme volatility. This volatility
often has been unrelated or disproportionate to the operating performance of particular companies. You may not be able to resell your
shares of the Common Stock at an attractive price due to a number of factors such as those listed elsewhere herein and the following:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">results
                                            of operations that vary from the expectations of securities analysts and investors;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">results
                                            of operations that vary from those of Veea&#8217;s competitors;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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                                            in expectations as to Veea&#8217;s future financial performance, including financial estimates
                                            and investment recommendations by securities analysts and investors;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">declines
                                            in the market prices of stocks generally;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">strategic
                                            actions by Veea or its competitors;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">announcements
                                            by Veea or its competitors of significant contracts, acquisitions, joint ventures, other
                                            strategic relationships or capital commitments;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"></p><div>

</div><!-- Field: Page; Sequence: 36; Value: 1 --><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                            significant change in Veea&#8217;s management;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; margin: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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                                            in general economic or market conditions (including changes in interest rates or inflation)
                                            or trends in Veea&#8217;s industry or markets;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0pt; margin: 0pt">&#160;&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 24px; font-size: 10pt">&#160;</td>
    <td style="text-align: justify; width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
    in business or regulatory conditions, including new laws or regulations or new interpretations of existing laws or regulations applicable
    to Veea&#8217;s business;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0pt; margin: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 24px">&#160;</td>
    <td style="text-align: justify; width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">future
    sales of the Common Stock or other securities;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0pt; margin: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 24px">&#160;</td>
    <td style="text-align: justify; width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">dilution
    as a result of future exercises of Warrants;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0pt; margin: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 24px">&#160;</td>
    <td style="text-align: justify; width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">investor
    perceptions of the investment opportunity associated with the Common Stock relative to other investment alternatives;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0pt; margin: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 24px">&#160;</td>
    <td style="text-align: justify; width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the public&#8217;s
    response to press releases or other public announcements by Veea or third parties, including Veea&#8217;s filings with the SEC;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0pt; margin: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 24px">&#160;</td>
    <td style="text-align: justify; width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">litigation
    involving Veea, Veea&#8217;s industry, or both, or investigations by regulators into Veea&#8217;s Board, our operations or those
    of Veea&#8217;s competitors;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0pt; margin: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 24px">&#160;</td>
    <td style="text-align: justify; width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">guidance,
    if any, that Veea provides to the public, any changes in this guidance or Veea&#8217;s failure to meet this guidance;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0pt; margin: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 24px">&#160;</td>
    <td style="text-align: justify; width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the development
    and sustainability of an active trading market for the Common Stock;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0pt; margin: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 24px">&#160;</td>
    <td style="text-align: justify; width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">actions
    by institutional or activist stockholders;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0pt; margin: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 24px">&#160;</td>
    <td style="text-align: justify; width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
    in accounting standards, policies, guidelines, interpretations or principles; and</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0pt; margin: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 24px">&#160;</td>
    <td style="text-align: justify; width: 24px; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">other
    events or factors, including those resulting from pandemics, natural disasters, war, acts of terrorism or responses to these events.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">These broad market and industry
fluctuations may adversely affect the market price of the Common Stock, regardless of Veea&#8217;s actual operating performance. In addition,
price volatility may be greater if the public float and trading volume of the Common Stock is low.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">In the past, following periods
of market volatility, stockholders have instituted securities class action litigation. If Veea were involved in securities litigation,
it could have a substantial cost and divert resources and the attention of management from Veea&#8217;s business regardless of the outcome
of such litigation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b><i>Veea intends to file a registration statement
with the SEC on Form S-8 that will automatically become effective upon filing. Veea&#8217;s issuance of additional shares of the Common
Stock or convertible securities could make it difficult for another company to acquire Veea, may dilute your ownership of Veea and could
adversely affect price of the Common Stock.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Veea intends to file a registration
statement with the SEC on Form S-8 providing for the registration of shares of the Common Stock issued or reserved for issuance under
the Incentive Equity Plan. Subject to the expiration of any applicable lock-ups, shares registered under the registration statement on
Form S-8 will automatically become effective upon filing and be available for resale immediately in the public market without restriction.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">In addition, the shares
of the Common Stock reserved for future issuance under the Incentive Equity Plan will become eligible for sale in the public market once
those shares are issued, subject to provisions relating to various vesting agreements, lock-up agreements and, in some cases, limitations
on volume and manner of sale by affiliates under Rule 144, as applicable. 4,852,697&#160;shares of the Common Stock (all of which may
be issued pursuant to the exercise of incentive stock options) are expected to be reserved for future issuance under the Incentive Equity
Plan, and such number is expected to increase by the lesser of three percent (3%) of the aggregate number of fully diluted shares of
Veea outstanding on the final day of the immediately preceding calendar year or such smaller number of shares as is determined by the
administrator of the Incentive Equity Plan.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 37; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b><i>Future sales, or the perception of future
sales, by Veea or its stockholders in the public market could cause the market price for shares of the Common Stock to decline, even
if Veea&#8217;s business is doing well.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">The sale of shares of the
Common Stock in the public market, or the perception that such sales could occur, could harm the prevailing market price of the Common
Stock. These sales, or the possibility that these sales may occur, also might make it more difficult for Veea to sell equity securities
in the future at a time and at a price that it deems appropriate.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Following the expiration
of the lock-ups under the Lock-Up Agreements, sales of a substantial number of shares of Common Stock in the public market could occur.
These sales, or the perception in the market that the holders of a large number of shares intend to sell shares, could reduce the market
price of the Common Stock. As restrictions on resale end and registration statements (filed after the Closing to provide for the resale
of such shares from time to time) are available for use, the sale or possibility of sale of these shares could have the effect of increasing
the volatility in the share price of the Common Stock or the market price of the Common Stock could decline if the holders of currently
restricted shares sell them or are perceived by the market as intending to sell them.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b><i>As a public reporting company, Veea is
subject to rules and regulations established from time to time by the SEC regarding its internal controls over financial reporting. If
Veea fails to establish and maintain effective internal controls over financial reporting and disclosure controls and procedures, it
may not be able to accurately report its financial results or report them in a timely manner, which could adversely affect Veea&#8217;s
business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Veea is a public reporting
company subject to the rules and regulations established from time to time by the SEC. These rules and regulations require, among other
things, and Veea establish and periodically evaluate, certain procedures with respect to its internal controls over financial reporting.
Reporting obligations as a public company are likely to place a considerable strain on Veea&#8217;s financial and management systems,
processes, and controls, as well as on its personnel.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">In addition, prior to the
Business Combination, Private Veea was not required to document and test its internal controls over financial reporting nor was Private
Veea&#8217;s management required to certify the effectiveness of its internal controls, and its auditors have not been required to opine
on the effectiveness of Private Veea&#8217;s internal controls over financial reporting. However, as a public company, Veea is required
to document and test its internal control over financial reporting pursuant to Section 404 of the Sarbanes-Oxley Act so that Veea&#8217;s
management can certify as to the effectiveness of its internal controls over financial reporting by the time Veea&#8217;s second annual
report is filed with the SEC and thereafter, which will require Veea to document and make significant changes to its internal controls
over financial reporting. As a public company, Veea is subject to the reporting requirements of the Exchange Act, the Sarbanes-Oxley
Act and the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, as well as rules adopted, and to be adopted, by the SEC
and Nasdaq, and other applicable securities rules and regulations, which impose various requirements on public companies, including the
establishment and maintenance of effective disclosure and financial controls and changes in corporate governance practices. Veea&#8217;s
management and other personnel will need to devote a substantial amount of time to these public company requirements. Moreover, these
rules and regulations may substantially increase Veea&#8217;s legal and financial compliance costs and may make some activities more
time-consuming and costly. Veea may need to hire additional legal, accounting and financial staff with appropriate public company experience
and technical accounting knowledge and maintain an internal audit function.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Veea will develop and refine
its disclosure controls and other procedures that are designed to ensure that information required to be disclosed by Veea in the reports
that it will file with the SEC is recorded, processed, summarized, and reported within the time periods specified in SEC rules and forms
and that information required to be disclosed in reports under the Exchange Act is accumulated and communicated to our principal executive
and financial officers. It is expected that Veea will improve its internal controls over financial reporting, which includes hiring additional
accounting and financial personnel to implement such processes and controls. It is expected that Veea will incur costs related to implementing
an internal audit and compliance function in the upcoming years to further improve its internal controls environment.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b><i>Veea incurs increased costs as a result
of being a public company.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">As a publicly traded company,
Veea will incur significant legal, accounting, and other expenses that Veea was not required to incur prior to the closing of the Business
Combination, particularly after it is no longer an &#8220;emerging growth company.&#8221; In addition, new and changing laws, regulations,
and standards relating to corporate governance and public disclosure, including changing regulations of the SEC and Nasdaq, have created
uncertainty for public companies and have increased the costs and the time that Veea&#8217;s Board and management must devote to compliance.
Furthermore, the need to establish the corporate infrastructure demanded of a public company may divert Veea&#8217;s management&#8217;s
attention from implementing its growth strategy, which could negatively affect Veea&#8217;s business, results of operations, and financial
condition.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b><i>The rules and regulations applicable to
public companies are expected to make it more expensive for Veea to obtain and maintain director and officer liability insurance, which
could adversely affect its ability to attract and retain qualified officers and directors.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">The rules and regulations
applicable to public companies are expected to make it more expensive for Veea to obtain and maintain director and officer liability
insurance, and Veea may be required to accept reduced coverage or incur substantially higher costs to obtain coverage. The amount or
timing of additional costs that Veea may incur to respond to these requirements cannot be estimated or predicted. The potential for increased
personal liability could also make it more difficult for Veea to attract and retain qualified members of the Board, particularly to serve
on its audit committee and compensation committee, and qualified executive officers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b><i>The unaudited Pro Forma financial information
included elsewhere in this prospectus may not be indicative of what Veea&#8217;s actual financial position or results of operations would
have been.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Plum and Private Veea operated
as separate companies and had no prior history as a combined entity, and Plum&#8217;s and Private Veea&#8217;s operations have not previously
been managed on a combined basis. The Pro Forma financial information included in this prospectus is presented for informational purposes
only and is not necessarily indicative of the financial position or results of operations that would have actually occurred had the Business
Combination been completed at or as of the dates indicated, nor is it indicative of the future operating results or financial position
of Veea. The Pro Forma statement of operations does not reflect future nonrecurring charges resulting from the Business Combination.
The unaudited Pro Forma financial information does not reflect future events that may occur after the Business Combination and does not
consider potential impacts of future market conditions on revenues or expenses. The Pro Forma financial information included in the section
entitled &#8220;<i>Unaudited Pro Forma Condensed Combined Financial Information</i>&#8221; has been derived from Plum&#8217;s and Private
Veea&#8217;s historical financial statements and certain adjustments and assumptions have been made regarding Private Veea after giving
effect to the Business Combination. There may be differences between preliminary estimates in the Pro Forma financial information and
the final acquisition accounting, which could result in material differences from the Pro Forma information presented in this prospectus
in respect of the estimated financial position and results of operations of Veea.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">In addition, the assumptions
used in preparing the Pro Forma financial information may not prove to be accurate and other factors may affect Veea&#8217;s financial
condition or results of operations following the Closing. Any potential decline in Veea&#8217;s financial condition or results of operations
may cause significant variations in Veea&#8217;s stock price.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b><i>Veea is an emerging growth company and
a smaller reporting company within the meaning of the Securities Act, and if Veea takes advantage of certain exemptions from disclosure
requirements available to &#8220;emerging growth companies&#8221; or &#8220;smaller reporting companies,&#8221; this could make its securities
less attractive to investors and may make it more difficult to compare its performance with other public companies.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Veea is an &#8220;emerging
growth company&#8221; within the meaning of the Securities Act, as modified by the JOBS Act, and Veea may take advantage of certain exemptions
from various reporting requirements that are applicable to other public companies that are not &#8220;emerging growth companies&#8221;
including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley
Act, reduced disclosure obligations regarding executive compensation in Veea&#8217;s periodic reports and proxy statements, and exemptions
from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute
payments not previously approved. As a result, Veea&#8217;s shareholders may not have access to certain information they may deem important.
Veea could be an emerging growth company for up to five years, although circumstances could cause it to lose that status earlier, including
if the market value of the Common Stock held by non-affiliates exceeds $700 million as of any June 30 before that time, in which case
Veea would no longer be an emerging growth company as of the following December 31. Veea cannot predict whether investors will find its
securities less attractive because Veea will rely on these exemptions. If some investors find Veea&#8217;s securities less attractive
as a result of its reliance on these exemptions, the trading prices of its securities may be lower than they otherwise would be, there
may be a less active trading market for its securities and the trading prices of its securities may be more volatile.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Further, Section 102(b)(1)
of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until
private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class
of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS
Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging
growth companies but any such an election to opt out is irrevocable. Veea has not opted out of such extended transition period which
means that when a standard is issued or revised and it has different application dates for public or private companies, Veea, as an emerging
growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make
comparison of its financial statements with another public company which is neither an emerging growth company nor an emerging growth
company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting
standards used.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Additionally, Veea is a
&#8220;smaller reporting company&#8221; as defined in Item 10(f)(1) of Regulation S-K. Smaller reporting companies may take advantage
of certain reduced disclosure obligations, including, among other things, providing only two years of audited financial statements. Veea
will remain a smaller reporting company until the last day of the fiscal year in which (i) the market value of the Common Stock held
by non-affiliates exceeds $250 million as of the prior June 30, or (ii) its annual revenues exceeded $100 million during such completed
fiscal year and the market value of the Common Stock held by non-affiliates exceeds $700 million as of the prior June 30. To the extent
Veea takes advantage of such reduced disclosure obligations, it may also make comparison of its financial statements with other public
companies difficult or impossible.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b><i>A significant portion of Veea&#8217;s total
outstanding shares are restricted from immediate resale but may be sold into the market in the near future. This could cause the market
price of the Common Stock to drop significantly, even if Veea&#8217;s business is doing well.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Sales of a substantial number
of shares of Veea&#8217;s Common Stock in the public market could occur at any time. These sales, or the perception in the market that
the holders of a large number of shares intend to sell shares, could reduce the market price of the Common Stock.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Although the Plum Sponsor
and certain of Veea&#8217;s stockholders are subject to certain restrictions regarding the transfer of the Common Stock, these shares
may be sold after the expiration or early termination of the respective applicable lock-ups under the Lock-Up Agreements. Upon the effectiveness
of this registration statement and as restrictions on resale end, the market price of the Common Stock could decline if the holders of
currently restricted shares sell them or are perceived by the market as intending to sell them.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b><i>Veea&#8217;s directors, executive officers
and principal stockholders have substantial control over Veea, which could limit Veea&#8217;s ability to influence the outcome of key
transactions, including a change of control.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Veea&#8217;s executive officers,
directors and principal stockholders and their affiliates own 21,012,263 shares of Veea&#8217;s Common Stock, or approximately 58.8%
of the outstanding shares of the Common Stock. As a result, these stockholders will be able to exercise a significant level of control
over all matters requiring stockholder approval, including the election of directors and the approval of mergers, acquisitions or other
extraordinary transactions. They may also have interests that differ from yours and may vote in a way with which you disagree and which
may be adverse to Veea&#8217;s interests. This concentration of ownership may have the effect of delaying, preventing or deterring a
change of control of Veea, could deprive Veea&#8217;s stockholders of an opportunity to receive a premium for their common stock as part
of a sale of Veea and might ultimately affect the market price of the Common Stock.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b><i>Warrants exercised for Common Stock would
increase the number of shares eligible for future resale in the public market and result in dilution to its shareholders.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Outstanding Warrants to
purchase an aggregate of 12,640,544 shares of the Common Stock are exercisable in accordance with the terms of the Warrant Agreement.
The exercise price of these Warrants is $11.50 per share. To the extent such Warrants are exercised, additional shares of the Common
Stock will be issued, which will result in dilution to the holders of the Common Stock and increase the number of shares eligible for
resale in the public market. Sales of substantial numbers of such shares in the public market or the fact that such Warrants may be exercised
could adversely affect the prevailing market prices of the Common Stock. However, there is no guarantee that the Warrants will ever be
in the money prior to their expiration, and as such, the Warrants may expire worthless. See &#8220;<i>- The terms of the Warrants may
be amended in a manner adverse to a holder if holders of at least 50% of the then outstanding Public Warrants approve of such amendment</i>.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b><i>The terms of the Warrants may be amended
in a manner adverse to a holder if holders of at least 50% of the then outstanding Public Warrants approve of such amendment.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">The Public Warrants were
issued in registered form under a Warrant Agreement between Continental, as warrant agent, and Plum. The Warrant Agreement provides that
the terms of the Warrants may be amended without the consent of any holder to cure any ambiguity or correct any defective provision or
correct any mistake, but requires the approval by the holders of at least 50% of the then-outstanding Public Warrants to make any change
that adversely affects the interests of the registered holders of Public Warrants. Accordingly, the Company may amend the terms of the
Public Warrants in a manner adverse to a holder if holders of at least 50% of the then-outstanding Public Warrants approve of such amendment
and, solely with respect to any amendment to the terms of the Private Placement Warrants or any provision of the Warrant Agreement with
respect to the Private Placement Warrants, 50% of the number of the then outstanding Private Placement Warrants. Although the Company&#8217;s
ability to amend the terms of the Public Warrants with the consent of at least 50% of the then-outstanding Public Warrants is unlimited,
examples of such amendments could be amendments to, among other things, increase the exercise price of the Warrants, convert the Warrants
into cash, shorten the exercise period or decrease the number of shares of the Common Stock purchasable upon exercise of a Warrant.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b><i>Veea may redeem a Public Warrant holder&#8217;s
unexpired Public Warrants prior to their exercise at a time that may be disadvantageous to such Public Warrant holder, thereby making
its Public Warrants worthless.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Veea will have the ability
to redeem outstanding Public Warrants at any time after they become exercisable and prior to their expiration, at a price of $0.01 per
Warrant, provided that the last reported sales price of the Common Stock equals or exceeds $18.00 per share (as adjusted for adjustments
to the number of shares issuable upon exercise or the exercise price of a Warrant) for any 20 trading-days within a 30 trading-day period
ending on the third trading day prior to the date Veea sends the notice of redemption to the Public Warrant holders. If and when the
Public Warrants become redeemable by Veea, Veea may exercise its redemption right even if Veea is unable to register or qualify the underlying
securities for sale under all applicable state securities laws. Redemption of the outstanding Public Warrants could force a Public Warrant
holder to: (i) exercise its Public Warrants and pay the exercise price at a time when it may be disadvantageous for such Public Warrant
holder to do so; (ii) sell its Public Warrants at the then-current market price when a warrant holder might otherwise wish to hold its
Warrants; or (iii) accept the nominal redemption price which, at the time the outstanding Public Warrants are called for redemption,
is likely to be substantially less than the market value of a Public Warrant holder&#8217;s Public Warrants. None of the Private Placement
Warrants will be redeemable by Veea so long as they are held by their initial purchasers or their permitted transferees.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">The value received upon
exercise of the Public Warrants (1) may be less than the value the holders would have received if they had exercised their Public Warrants
at a later time where the underlying share price is higher and (2) may not compensate the holders for the value of the Public Warrants.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b><i>A Public Warrant holder may only be able
to exercise its Public Warrants on a &#8220;cashless basis&#8221; under certain circumstances, and if a Public Warrant holder does so,
such Public Warrant holder will receive fewer the Common Stock from such exercise than if a Public Warrant holder were to exercise such
Public Warrants for cash.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">The Warrant Agreement provides
that in the following circumstances holders of Warrants who seek to exercise their Public Warrants will not be permitted to do so for
cash and will, instead, be required to do so on a cashless basis in accordance with Section 3(a)(9) of the Securities Act: (i) if the
Common Stock issuable upon exercise of the Public Warrants are not registered under the Securities Act in accordance with the terms of
the Warrant Agreement; (ii) if Veea has so elected and the Common Stock are at the time of any exercise of a Public Warrant not listed
on a national securities exchange such that they satisfy the definition of &#8220;covered securities&#8221; under Section 18(b)(1) of
the Securities Act; and (iii) if Veea has so elected and it calls the Public Warrants for redemption. If you exercise your Public Warrants
on a cashless basis, you would pay the Warrant exercise price by surrendering all of the Public Warrants for that number of the Common
Stock equal to the less of (A) the quotient obtained by dividing (x) the product of the number of the Common Stock underlying the Public
Warrants, multiplied by the excess of the &#8220;fair market value&#8221; of the Common Stock (as defined in the next sentence) over
the exercise price of the Public Warrants by (y) the fair market value and (B) 0.361. The &#8220;fair market value&#8221; is the average
reported closing price of the Common Stock for the 10 trading-days ending on the third trading-day prior to the date on which the notice
of redemption is sent to the holders of the Public Warrants. As a result, you would receive fewer shares of the Common Stock from such
exercise than if you were to exercise such Public Warrants for cash.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b><i>There can be no assurance that the Public
Warrants will be in the money at the time they become exercisable, and they may expire worthless.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">The exercise price for the
outstanding Public Warrants is $11.50 per share. There can be no assurance that such Public Warrants will be in the money following the
time they become exercisable and prior to their expiration, and as such, the Public Warrants may expire worthless.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b><i>The Warrant Agreement designates the courts
of the State of New York or the United States District Court for the Southern District of New York as the sole and exclusive forum for
certain types of actions and proceedings that may be initiated by holders of its Warrants, which could limit the ability of warrant holders
to obtain a favorable judicial forum for disputes with Plum.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Warrant Agreement provides
that, subject to applicable law, (i) any action, proceeding or claim against Plum arising out of or relating in any way to the Warrant
Agreement, including under the Securities Act, will be brought and enforced in the courts of the State of New York or the United States
District Court for the Southern District of New York, and (ii) that Plum irrevocably submits to such jurisdiction, which jurisdiction
shall be the exclusive forum for any such action, proceeding or claim. Plum will waive any objection to such exclusive jurisdiction and
that such courts represent an inconvenient forum.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Notwithstanding the foregoing,
these provisions of the Warrant Agreement will not apply to suits brought to enforce any liability or duty created by the Exchange Act
or any other claim for which the federal district courts of the United States of America are the sole and exclusive forum. Any person
or entity purchasing or otherwise acquiring any interest in any of its Warrants shall be deemed to have notice of and to have consented
to the forum provisions in its Warrant Agreement. If any action, the subject matter of which is within the scope of the forum provisions
of the Warrant Agreement, is filed in a court other than a court of the State of New York or the United States District Court for the
Southern District of New York (a &#8220;<b><i>Foreign Action</i></b>&#8221;) in the name of any holder of Warrants, such holder shall
be deemed to have consented to: (x) the personal jurisdiction of the state and federal courts located in the State of New York in connection
with any action brought in any such court to enforce the forum provisions (an &#8220;<b><i>Enforcement Action</i></b>&#8221;), and (y)
having service of process made upon such Warrant holder in any such enforcement action by service upon such Warrant holder&#8217;s counsel
in the foreign action as agent for such Warrant holder.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">This choice-of-forum provision
may limit a Warrant holder&#8217;s ability to bring a claim in a judicial forum that it finds favorable for disputes with Plum&#8217;s,
which may discourage such lawsuits. Alternatively, if a court were to find this provision of the Warrant Agreement inapplicable or unenforceable
with respect to one or more of the specified types of actions or proceedings, Plum may incur additional costs associated with resolving
such matters in other jurisdictions, which could materially and adversely affect its business, financial condition and results of operations
and result in a diversion of the time and resources of its management and board of directors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b><i>An active, liquid trading market for Veea&#8217;s
securities may not develop, which may limit your ability to sell such securities.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">An active trading market
for the Common Stock and the Warrants may never develop or be sustained. A public trading market having the desirable characteristics
of depth, liquidity and orderliness depends upon the existence of willing buyers and sellers at any given time, such existence being
dependent upon the individual decisions of buyers and sellers over which neither we nor any market maker has control. The failure of
an active and liquid trading market to develop and continue would likely have a material adverse effect on the value of the Common Stock
and the Warrants.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b><i>Reports published by analysts, including
projections in those reports that differ from Veea&#8217;s actual results, could adversely affect the price and trading volume of its
common shares.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Securities research analysts
may establish and publish their own periodic projections for Veea. These projections may vary widely and may not accurately predict the
results Veea actually achieves. Veea&#8217;s share price may decline if its actual results do not match the projections of these securities
research analysts. Similarly, if one or more of the analysts who write reports on Veea downgrades its stock or publishes inaccurate or
unfavorable research about its business, Veea&#8217;s stock price could decline. If one or more of these analysts ceases coverage of
Veea or fails to publish reports on Veea regularly, Veea&#8217;s stock price or trading volume could decline. If no analysts commence
coverage of Veea, the market price and volume for the Common Stock could be adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">In addition, fluctuations
in the price of Veea&#8217;s securities could contribute to the loss of all or part of your investment. Prior to the Business Combination,
there was no public market for the stock of Veea. The trading price of Veea&#8217;s securities could be volatile and subject to wide
fluctuations in response to various factors, some of which are beyond Veea&#8217;s control. Any of the factors listed below could have
a material adverse effect on Veea&#8217;s securities and Veea&#8217;s securities may trade at prices significantly below the price you
paid for them. In such circumstances, the trading price of the Combined Company securities may not recover and may experience a further
decline.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Factors
affecting the trading price of Veea&#8217;s securities may include:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">actual
                                            or anticipated fluctuations in our financial results or the financial results of companies
                                            perceived to be similar to Veea;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
                                            in the market&#8217;s expectations about Veea&#8217;s operating results;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">success
                                            of Veea&#8217;s competitors;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">operating
                                            results failing to meet the expectations of securities analysts or investors in a particular
                                            period;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
                                            in financial estimates and recommendations by securities analysts concerning Veea or the
                                            industry in which Veea operates in general;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">operating
                                            and stock price performance of other companies that investors deem comparable to Veea;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
                                            in laws and regulations affecting Veea&#8217;s business;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">commencement
                                            of, or involvement in, litigation involving Veea;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
                                            in Veea&#8217;s capital structure, such as future issuances of securities or the incurrence
                                            of debt;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            volume of shares of the Common Stock available for public sale;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                            major change in the Board or management;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">sales
                                            of substantial amounts of the Common Stock by its directors, executive officers or significant
                                            stockholders or the perception that such sales could occur; and</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">general
                                            economic and political conditions such as recessions, interest rates, fuel prices, international
                                            currency fluctuations and acts of war or terrorism.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 43; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Broad
market</span> and industry factors may materially harm the market price of Veea&#8217;s securities irrespective of its operating performance.
The stock market in general has experienced extreme volatility that has often been unrelated to the operating performance of particular
companies. As a result of this volatility, you may not be able to sell your securities at or above the price at which they were acquired.
A loss of investor confidence in the market for the stocks of other companies which investors perceive to be similar to Veea could depress
its stock price regardless of Veea&#8217;s business, prospects, financial conditions or results of operations. A decline in the market
price of Veea&#8217;s securities also could adversely affect its ability to issue additional securities and its ability to obtain additional
financing in the future.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b><i>Veea may fail to meet its publicly announced
guidance or other expectations about its business, which would cause its stock price to decline.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Veea expects to provide
guidance regarding its expected financial and business performance, such as projections regarding sales and product development, as well
as anticipated future revenues, gross margins, profitability and cash flows. Correctly identifying key factors affecting business conditions
and predicting future events is inherently an uncertain process and Veea&#8217;s guidance may not be accurate. If Veea&#8217;s guidance
is not accurate or varies from actual results due to Veea&#8217;s inability to meet Veea&#8217;s assumptions or the impact on Veea&#8217;s
financial performance that could occur as a result of various risks and uncertainties, the market value of the Common Stock could decline
significantly.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b><i>Veea does not intend to pay cash dividends
for the foreseeable future.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Veea intends to retain its
future earnings, if any, to finance the further development and expansion of its business and does not intend to pay cash dividends for
the foreseeable future. Any future determination to pay dividends will be at the discretion of the Board and will depend on Veea&#8217;s
financial condition, results of operations, capital requirements, restrictions contained in future agreements and financing instruments,
business prospects and such other factors as its board of directors deems relevant.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b><i>Veea is subject to changing law and regulations
regarding public company regulatory matters, corporate governance and public disclosure that have increased and may continue to increase
Veea&#8217;s costs and the risk of non-compliance.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Veea is and subject to rules
and regulations by various governing bodies applicable to public companies, including, for example, the SEC, which are charged with the
protection of investors and the oversight of companies whose securities are publicly traded, and to new and evolving regulatory measures
under applicable law. Veea&#8217;s efforts to comply with new and changing laws and regulations have resulted in, and Veea&#8217;s efforts
to comply with new and changing laws and regulations likely will result in, increased general and administrative expenses and a diversion
of management time and attention.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Moreover, because these
laws, regulations and standards are subject to varying interpretations, their application in practice may evolve over time as new guidance
becomes available. This evolution may result in continuing uncertainty regarding compliance matters and additional costs necessitated
by ongoing revisions to Veea&#8217;s disclosure and governance practices. If Veea fails to address and comply with these regulations
and any subsequent changes, Veea may be subject to penalty and its business may be harmed.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b><i>Veea&#8217;s business and operations could
be negatively affected if it becomes subject to any securities litigation or stockholder activism, which could cause Veea to incur significant
expense, hinder execution of business and growth strategy and impact its stock price.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">In the past, following periods
of volatility in the market price of a company&#8217;s securities, securities class action litigation has often been brought against
that company. Shareholder activism, which could take many forms or arise in a variety of situations, has been increasing recently. Volatility
in the stock price of the Common Stock or other reasons may in the future cause it to become the target of securities litigation or stockholder
activism. Securities litigation and stockholder activism, including potential proxy contests, could result in substantial costs and divert
management&#8217;s and the Board&#8217;s attention and resources from Veea&#8217;s business. Additionally, such securities litigation
and stockholder activism could give rise to perceived uncertainties as to Veea&#8217;s future, adversely affect its relationships with
suppliers, service providers and customers and make it more difficult to attract and retain qualified personnel. Also, Veea may be required
to incur significant legal fees and other expenses related to any securities litigation and activist stockholder matters.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Further, Veea&#8217;s stock
price could be subject to significant fluctuation or otherwise be adversely affected by the events, risks and uncertainties of any securities
litigation and stockholder activism.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b><i>Delaware law and the Governing Documents
contain certain provisions, including anti-takeover provisions, that limit the ability of stockholders to take certain actions and could
delay or discourage takeover attempts that stockholders may consider favorable.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">The Governing Documents
and the DGCL contain provisions that could have the effect of rendering more difficult, delaying, or preventing an acquisition deemed
undesirable by the Board and therefore depress the trading price of the Common Stock. These provisions could also make it difficult for
stockholders to take certain actions, including electing directors who are not nominated by the current members of the Board or taking
other corporate actions, including effecting changes in Veea&#8217;s management. Among other things, the Governing Documents include
provisions regarding:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">providing
                                            for a classified board of directors with staggered, three-year terms;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            ability of the Board to issue shares of preferred stock, including &#8220;blank check&#8221;
                                            preferred stock and to determine the price and other terms of those shares, including preferences
                                            and voting rights, without stockholder approval, which could be used to significantly dilute
                                            the ownership of a hostile acquirer;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Veea&#8217;s
                                            Charter prohibits cumulative voting in the election of directors, which limits the ability
                                            of minority stockholders to elect director candidates;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            limitation of the liability of, and the indemnification of, Veea&#8217;s directors and officers;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">removal
                                            of the ability of the stockholders to take action by written consent in lieu of a meeting;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            requirement that a special meeting of stockholders may be called only by or at the direction
                                            of the Board, the chairperson of the Board or the chief executive officer of Veea, which
                                            could delay the ability of stockholders to force consideration of a proposal or to take action,
                                            including the removal of directors;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">controlling
                                            the procedures for the conduct and scheduling of board of directors and stockholder meetings;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            ability of the Board to amend the bylaws, which may allow the Board to take additional actions
                                            to prevent an unsolicited takeover and inhibit the ability of an acquirer to amend the bylaws
                                            to facilitate an unsolicited takeover attempt; and</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">advance
                                            notice procedures with which stockholders must comply to nominate candidates to the Board
                                            or to propose matters to be acted upon at a stockholders&#8217; meeting, which could preclude
                                            stockholders from bringing matters before annual or special meetings of stockholders and
                                            delay changes in the Board, and also may discourage or deter a potential acquirer from conducting
                                            a solicitation of proxies to elect the acquirer&#8217;s own slate of directors or otherwise
                                            attempting to obtain control of Veea.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">These provisions, alone
or together, could delay or prevent hostile takeovers and changes in control or changes in the Board or management.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b><i>Veea&#8217;s Charter designates the Delaware
Court of Chancery or the United States federal district courts as the sole and exclusive forum for substantially all disputes between
Veea and its stockholders, which could limit Veea&#8217;s stockholders&#8217; ability to obtain a favorable judicial forum for disputes
with Veea or its directors, officers, stockholders, employees or agents.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">The Charter provides that,
unless Veea consents in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware shall be the
sole and exclusive forum for state law claims for (i) any derivative action or proceeding brought on behalf of Veea; (ii) any action,
suit or proceeding asserting a claim of breach of a fiduciary duty owed by any current or former director, officer or other employee,
agent or stockholder of Veea against it or against its stockholders, (iii) any action, suit or proceeding asserting a claim against Veea,
its current or former directors, officers, employees, agents or stockholders arising pursuant to any provision of the DGCL or the Charter
or Bylaws, or (iv) any action, suit or proceeding asserting a claim against Veea, its current or former directors, officers, employees,
agents or stockholders governed by the internal affairs doctrine. The foregoing provisions will not apply to any claims as to which the
Delaware Court of Chancery determines that there is an indispensable party not subject to the jurisdiction of such court, which is rested
in the exclusive jurisdiction of a court or forum other than such court (including claims arising under the Exchange Act), or for which
such court does not have subject matter jurisdiction, or to any claims arising under the Securities Act and, unless Veea consents in
writing to the selection of an alternative forum, the United States District Court for the District of Delaware will be the sole and
exclusive forum for resolving any action asserting a claim arising under the Securities Act.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Section 22 of the Securities
Act creates concurrent jurisdiction for federal and state courts over all suits brought to enforce any duty or liability created by the
Securities Act or the rules or regulations thereunder. Accordingly, both state and federal courts have jurisdiction to entertain such
Securities Act claims. To prevent having to litigate claims in multiple jurisdictions and the threat of inconsistent or contrary rulings
by different courts, among other considerations, Veea&#8217;s Charter provides that, unless Veea consents in writing to the selection
of an alternative forum, United States District Court for the District of Delaware shall be the exclusive forum for the resolution of
any complaint asserting a cause of action arising under the Securities Act. There is uncertainty as to whether a court would enforce
the forum provision with respect to claims under the federal securities laws.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">This choice of forum provision
in the Charter may limit a stockholder&#8217;s ability to bring a claim in a judicial forum that it finds favorable for disputes with
Veea or any of Veea&#8217;s directors, officers, or other employees, which may discourage lawsuits with respect to such claims. There
is uncertainty as to whether a court would enforce such provisions, and the enforceability of similar choice of forum provisions in other
companies&#8217; charter documents has been challenged in legal proceedings. It is possible that a court could find these types of provisions
to be inapplicable or unenforceable, and if a court were to find the choice of forum provision contained in the Charter to be inapplicable
or unenforceable in an action, Veea may incur additional costs associated with resolving such action in other jurisdictions, which could
harm Veea&#8217;s business, results of operations and financial condition. Furthermore, investors cannot waive compliance with the federal
securities laws and rules and regulations thereunder.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b><i>The Charter provides for indemnification
of officers and directors of Veea at Veea&#8217;s expense, which may result in a significant cost to Veea and hurt the interests of its
stockholders because corporate resources may be expended for the benefit of officers and/or directors.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">The Charter and applicable
Delaware law provide for the indemnification of Veea&#8217;s directors and officers, under certain circumstances, against any liability,
action, proceeding, claim, demand, costs, damages or expenses, including legal expenses, whatsoever which they or any of them may incur
as a result of any act or failure to act in carrying out their functions in connection with Veea, other than such liability (if any)
that they may incur by reason of their own actual fraud, dishonesty, willful neglect or willful default. Veea will also bear the expenses
of such litigation for any of its directors or officers, upon such person&#8217;s undertaking to repay any amounts paid, advanced, or
reimbursed by Veea if it is ultimately determined that any such person shall not have been entitled to indemnification. This indemnification
policy could result in substantial expenditures by Veea that we will be unable to recoup.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>ELOC FINANCING</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 24pt"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On December 2, 2024, the
Company entered into a Common Stock Purchase Agreement with White Lion and a related Registration Rights Agreement (the &#8220;RRA&#8221;).
Pursuant to the ELOC Purchase Agreement, the Company has the right, but not the obligation, to require White Lion to purchase, from time
to time, up to $25.0 million in aggregate gross purchase price of newly issued Common Stock, subject to certain limitations and conditions
set forth in the ELOC Purchase Agreement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Subject to the satisfaction
of certain customary conditions including, without limitation, the effectiveness of the registration statement of which this prospectus
forms a part (the &#8220;Registration Statement&#8221;) registering the resale of the shares issuable pursuant to the ELOC Purchase Agreement,
the Company&#8217;s right to sell shares to White Lion commenced on the date of the execution of ELOC Purchase Agreement and extends
until (i) 24 months from the date of execution of the ELOC Purchase Agreement (the &#8220;Commitment Period&#8221;).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">During the Commitment Period,
subject to the terms and conditions of the ELOC Purchase Agreement, the Company may exercise its right to sell its Common Stock. The
Company may deliver a Regular Purchase Notice (as such term is defined in the ELOC Purchase Agreement), pursuant to which the Company
can require White Lion to purchase shares of Common Stock and opt for the purchase price per share to be (i) 98% of the lowest daily
VWAP during the three consecutive business days after notice is delivered (&#8220;Regular Purchase Price Option 1&#8221;) or (ii) 96.5%
of the daily VWAP on the day notice is delivered (&#8220;Regular Purchase Price Option 2&#8221;). The number of shares that the Company
can require White Lion to purchase pursuant to a Regular Purchase Notice is subject to a limit of the lesser of:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">$2.0 million divided
                                            by the closing sale price of the Common Stock on the day prior to the day notice is delivered
                                            (the &#8220;Fixed Limit&#8221;);</td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">100% of Average
                                            Daily Trading Volume (as such term is defined in the ELOC Purchase Agreement) for Regular
                                            Purchase Price Option 1, or 50% of Average Daily Trading Volume for Regular Purchase Price
                                            Option 2; and</td>
</tr></table><div>

</div><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">a dollar amount
                                            equal to the quotient of (x) the product of (i) the Average Daily Trading Volume prior to
                                            the effectiveness of the Registration Statement (the &#8220;Effective Date&#8221;), (ii)
                                            the closing price on the Effective Date and (iii) 100% for Regular Purchase Price Option
                                            1 and 50% for Regular Purchase Price Option 2 and (y) the closing price on the day prior
                                            to the day notice is delivered.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company may also deliver
a Rapid Purchase Notice (as such term is defined in the ELOC Purchase Agreement), pursuant to which the Company may require White Lion
to purchase shares of Common Stock at a purchase price per share equal to the lowest traded price of the Common Stock on the date that
the notice is delivered. The number of shares that the Company can require White Lion to purchase pursuant to a Rapid Purchase Notice
is subject to the Fixed Limit.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">No purchase notice shall
result in White Lion beneficially owning (as calculated pursuant to Section 13(d) of the Securities Exchange Act of 1934, as amended,
and Rule 13d-3 thereunder) more than 4.99% (subject to increase, in the sole discretion of White Lion, to 9.99%) of the number of shares
of Common Stock outstanding immediately prior to the issuance of Common Stock issuable pursuant to a purchase notice.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company has the right
to terminate the ELOC Purchase Agreement in the event of a material breach of the ELOC Purchase Agreement by White Lion. The ELOC Purchase
Agreement also automatically terminates upon the earlier of (i) the end of the Commitment Period and (ii) the date that the Company commences
a voluntary bankruptcy proceeding, a custodian is appointed for the Company or for all or substantially all of its property, or the Company
makes a general assignment for the benefit of its creditors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In consideration for the
commitments of White Lion, as described above, the Company has agreed that it will issue to White Lion an amount of Common Stock equal
to $25,000 divided by the average VWAP of the Common Stock 10 days prior to the the earlier of (i) the business day prior to the effectiveness
of the Registration Statement or (ii) the business day prior to the date that White Lion delivers a written request to the Company for
such shares (the &#8220;Commitment Shares&#8221;). The Commitment Shares will be fully earned by White Lion regardless of termination
of the ELOC Purchase Agreement.</p><div>
</div><p style="text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: center; margin-top: 0; margin-bottom: 0"></p><div>

</div><!-- Field: Page; Sequence: 47; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Concurrently with the ELOC
Purchase Agreement, the Company entered into the RRA with White Lion, pursuant to which the Company agreed to file, within 30 days following
the execution of the ELOC Purchase Agreement, the Registration Statement with the SEC covering the resale by White Lion of the number
of shares determined appropriate by the Company and permitted to be included therein in accordance with applicable SEC rules, regulations
and interpretations and the Commitment Shares. The RRA also contains usual and customary damages provisions for failure to file and failure
to have the Registration Statement declared effective by the SEC within the time periods specified therein.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The ELOC Purchase Agreement
and the RRA contain customary representations, warranties, conditions and indemnification obligations of the parties. The representations,
warranties and covenants contained in such agreements were made only for purposes of such agreements and as of specific dates, were solely
for the benefit of the parties to such agreements and may be subject to limitations agreed upon by the contracting parties.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Effect of Sales of our Common Stock under the ELOC Purchase Agreements
on our Stockholders</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Common Stock being registered
for resale in this offering may be issued and sold by us to the selling stockholder from time to time at our discretion, during the terms
described above. The resale by the selling stockholder of a significant quantity of shares registered for resale in this offering at
any given time, or the perception that these sales may occur, could cause the market price of our Common Stock to decline and to be highly
volatile. Sales of our Common Stock, if any, to White Lion under the ELOC Purchase Agreement will be determined by us in our sole discretion,
subject to the satisfaction of certain conditions in the ELOC Purchase Agreement, and will depend upon market conditions and other factors.
We may ultimately decide to sell to White Lion all, some or none of the Common Stock that may be available for us to sell to White Lion
pursuant to the ELOC Purchase Agreement. If we elect to sell Common Stock to White Lion pursuant to the ELOC Purchase Agreement, after
White Lion has acquired such shares, White Lion may resell all, some or none of such Common Stock at any time or from time to time in
its discretion and at different prices. As a result, investors who purchase Common Stock from White Lion in this offering at different
times will likely pay different prices for those shares of Common Stock, and so may experience different levels of dilution and in some
cases substantial dilution and different outcomes in their investment results. See &#8220;<i>Risk Factors</i>&#8212;<i>Risks Related
to the Committed Equity Financings</i>&#8212;<i>Investors who buy shares of Common Stock from White Lion at different times will likely
pay different prices</i>.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Investors may experience
a decline in the value of the Common Stock they purchase from White Lion in this offering as a result of future sales made by us to White
Lion at prices lower than the prices such investors paid for their shares in this offering. In addition, if we sell a substantial number
of shares of Common Stock to White Lion under the White Lion ELOC Purchase Agreement, or if investors expect that we will do so, the
actual sales of Common Stock or the mere existence of our arrangement with White Lion may make it more difficult for us to sell equity
or equity-related securities in the future at a time and at a price that we might otherwise wish to effect such sales.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Because the purchase price per share to be paid by White Lion for the
Common Stock that we may elect to sell to White Lion under the ELOC Purchase Agreement, if any, will fluctuate based on the market prices
of our Common Stock at the time we make such election, as of the date of this prospectus, it is not possible for us to predict the number
of shares of Common Stock that we will sell to White Lion under the ELOC Purchase Agreement, the actual purchase price per share to be
paid by White Lion for those shares of Common Stock, or the actual gross proceeds to be raised by us from those sales, if any. As of December
10, 2024, there were 35,766,411 shares of Common Stock outstanding. If all of the 9,166,081 shares of our Common Stock offered for resale
by the selling stockholder under this prospectus were issued and outstanding as of December 10, 2024, such shares would represent approximately
25.7% of total number of shares of our Common Stock outstanding. The actual number of shares of our Common Stock issuable will vary depending
on the then current market price of shares of our Common Stock sold to the selling stockholder in this offering.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The number of shares of
Common Stock ultimately offered for sale by the selling stockholder for resale under this prospectus is dependent upon the number of
shares of Common Stock, if any, we ultimately sell to White Lion under the ELOC Purchase Agreement. Further, if and when we elect to
sell shares of Common Stock to White Lion pursuant to the ELOC Purchase Agreement, after White Lion has acquired such shares, White Lion
may resell all, some or none of such shares of Common Stock at any time or from time to time in its discretion and at different prices.</p><div>
</div><p style="text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: center; margin-top: 0; margin-bottom: 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The issuance of our shares
of Common Stock to the selling stockholder pursuant to the ELOC Purchase Agreement will not affect the rights or privileges of our existing
stockholders, except that the economic and voting interests of each of our existing stockholders will be diluted. Although the number
of shares of Common Stock that our existing stockholders own will not decrease, the shares of Common Stock owned by our existing stockholders
will represent a smaller percentage of our total outstanding shares of Common Stock after any such issuance.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Although the ELOC Purchase
Agreement provides that we may sell up to an aggregate of $25.0 million of shares of our Common Stock to White Lion, only 9,166,081 shares
(assuming the shares are sold at a price of $2.73 per share) are being registered for resale under the registration statement that includes
this prospectus. If it becomes necessary for us to issue and sell more shares than are being registered for resale under this prospectus
in order to receive aggregate gross proceeds equal to $25.0 million under the ELOC Purchase Agreement, we must first file with the SEC
one or more additional registration statements to register under the Securities Act the resale by White Lion of any such additional shares
of our Common Stock we wish to sell from time to time under the ELOC Purchase Agreement, which the SEC must declare effective, in each
case, before we may elect to sell any additional shares of our Common Stock to White Lion under the ELOC Purchase Agreement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For illustrative purposes only, the following
table sets forth the number of shares of Common Stock to be issued to White Lion under the ELOC Purchase Agreement registered hereunder
at varying purchase prices:</p><div>
</div><p style="text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Assumed Average<br/>
Purchase Price&#160;<br/>
Per Share</b></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number of Registered<br/>
Shares to be Issued if&#160;<br/>
Full Purchase<sup>(1)</sup></b></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Percentage of<br/>
Outstanding Shares&#160;<br/>
After Giving Effect&#160;<br/>
to the Issuance to&#160;<br/>
White Lion<sup>(2)</sup></b></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Gross Proceeds&#160;<br/>
from the Sale of Shares&#160;<br/>
to White Lion&#160;<br/>
Under the&#160;<br/>
Purchase<br/>
Agreement</b></span></td>
    <td>&#160;</td></tr>
  <tr style="background-color: #CCEEFF">
    <td style="vertical-align: bottom; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="vertical-align: top; width: 20%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.00</span></td>
    <td style="vertical-align: bottom; width: 1%">&#160;</td>
    <td style="vertical-align: bottom; width: 1%">&#160;</td>
    <td style="vertical-align: bottom; width: 1%">&#160;</td>
    <td style="width: 23%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25,000,000</span></td>
    <td style="vertical-align: bottom; width: 1%">&#160;</td>
    <td style="vertical-align: bottom; width: 1%">&#160;</td>
    <td style="vertical-align: bottom; width: 1%">&#160;</td>
    <td style="width: 23%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">41.2</span></td>
    <td style="vertical-align: bottom; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td>
    <td style="vertical-align: bottom; width: 1%">&#160;</td>
    <td style="vertical-align: bottom; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="vertical-align: bottom; width: 23%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25,000,000</span></td>
    <td style="vertical-align: bottom; width: 1%">&#160;</td></tr>
  <tr>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.73</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(3)</sup></span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9,157,509</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.4</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25,000,000</span></td>
    <td style="vertical-align: bottom">&#160;</td></tr>
  <tr style="background-color: #CCEEFF">
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.00</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9,193,579</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.5</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25,000,000</span></td>
    <td style="vertical-align: bottom">&#160;</td></tr>
  <tr>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.00</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,250,000</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.9</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25,000,000</span></td>
    <td style="vertical-align: bottom">&#160;</td></tr>
  <tr style="background-color: #CCEEFF">
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.00</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,000,000</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.3</span></td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
    <td style="vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25,000,000</span></td>
    <td style="vertical-align: bottom">&#160;</td></tr>
  </table><div>

</div><p style="text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notes to table:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(1)</span></td><td style="text-align: justify"><span style="font-size: 10pt">The
                                            purchase prices assume a discount to the market prices of our shares, in accordance with
                                            the ELOC Purchase Agreement.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(2)</span></td><td style="text-align: justify"><span style="font-size: 10pt">The
                                            denominator is based on 35,766,411 shares outstanding as of December 10, 2024, adjusted to include
                                            the number of shares set forth in the adjacent column that we would have sold to White Lion,
                                            assuming the average purchase price in the first column. The numerator is based on the number
                                            of shares issuable pursuant to future sales under the ELOC Purchase Agreement (that are the
                                            subject of this offering) at the corresponding assumed average purchase price set forth in
                                            the first column.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(3)</span></td><td style="text-align: justify"><span style="font-size: 10pt">The ten-day volume weighted average closing price of our Common Stock
on December 9, 2024.</span></td>
</tr></table><div>




</div><p style="text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: center; margin-top: 0; margin-bottom: 0"></p><div>

</div><!-- Field: Page; Sequence: 49; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt">&#160;</span></p><div>

</div><div><a id="via_009"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>USE OF PROCEEDS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We will not receive any
proceeds from the sale of Common Stock by the selling stockholder pursuant to this prospectus. We may receive up to $25.0 million in
aggregate gross proceeds from White Lion under the ELOC Purchase Agreement in connection with sales of the shares of our Common Stock
pursuant to the ELOC Purchase Agreement after the date of this prospectus. However, the actual proceeds from White Lion may be less than
this amount depending on the number of shares of our Common Stock sold and the price at which the shares of our Common Stock are sold.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The selling securityholder
will pay any underwriting fees, discounts, selling commissions, stock transfer taxes, and certain legal expenses incurred by it in disposing
of its shares of Common Stock, and we will bear all other costs, fees, and expenses incurred in effecting the registration of such securities
covered by this prospectus, including, without limitation, all registration and filing fees, Nasdaq listing fees, and fees and expenses
of our counsel and our independent registered public accountants.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="via_010"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>DETERMINATION OF OFFERING
PRICE</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We cannot currently determine
the price or prices at which shares of Common Stock may be sold by the selling securityholder under this prospectus.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>



</div><div><a id="via_011"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>MARKET
INFORMATION FOR COMMON STOCK AND DIVIDEND POLICY</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Market Information</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our Common Stock and Public
Warrants are currently listed on Nasdaq under the symbols &#8220;VEEA&#8221; and &#8220;VEEAW&#8221;, respectively. As of December 11,
2024, there were 231 holders of record of our Common Stock and two holder of record of our Public Warrants. The actual number of holders
of our Common Stock and Warrants is greater than the number of record holders and includes holders of our Common Stock and Warrants whose
shares of Common Stock or Warrants are held in street name by brokers and other nominees.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Dividend Policy</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company has not paid
any cash dividends on its shares of its common stock to date. The payment of cash dividends in the future will be dependent upon our
revenues and earnings, if any, capital requirements and general financial condition. The payment of any dividends will be within the
discretion of the Board.</p><div>

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</div><div><a id="via_013"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="text-transform: uppercase"><b>BUSINESS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Business Overview</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We were originally incorporated
under the name &#8220;Plum Acquisition Corp. I.&#8221; as a blank check company incorporated as a Cayman Islands exempted company and
formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar Business
Combination with one or more businesses. As discussed in this prospectus, we completed the Business Combination with Veea on September
13, 2024 and changed our name to &#8220;Veea Inc.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Veea is a provider of edge
computing and communications devices (i.e., &#8220;<b><i>VeeaHub</i></b>&#8221; devices), applications and services hosted on its edge
Platform-as-a-Service (&#8220;<b><i>ePaaS</i></b>&#8221;). Veea Edge Platform ePaaS is an end-to-end platform that is both locally- and
cloud-managed. VeeaHub products are converged computing and communications (i.e., hyperconverged) indoor and outdoor devices, about the
size of a Wi-Fi Access Point (AP), that provide for networking and computing solutions for AI-assisted applications and solutions at
the edge where people, places, and things connect to the network. Veea&#8217;s ePaaS architecture and business model is similar to Apple&#8217;s
platform architecture and business model for iPhones and iPads but extended to hyperconverged VeeaHub devices offered by Veea.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Veea Edge Platform provides
for highly secure connectivity, computing, and IoT solutions through full stack platform for digital transformation of industries as
well as unserved or underserved communities that lack Internet connectivity and essential applications and services. It further enables
the formation of highly secure, but easily accessible, private clouds and networks across one or multiple user(s) or enterprise location(s)
across the globe. We have redefined and simplified edge computing and connectivity with Veea Edge Platform, easily deployable products
that fully integrate hardware, system software, technologies, and edge applications. We are demonstrating, globally, that the Platform
enables our partners and customers to champion digital transformations in multiple vertical markets.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Through our innovative Veea
Edge Platform, we have created a new product category that brings cloud capabilities close to the user, as an alternative to cloud computing,
with benefits in optimal latency, lower data transport costs, data privacy, security and ownership, Edge AI, &#8220;always-on&#8221;
availability at the edge for mission critical applications, and contextual awareness for people, devices and things connected to the
Internet. Gartner has recognized the innovativeness and capabilities of the platform by naming Veea a Leading Smart Edge Platform in
2023 and Cool Vendor in Edge Computing in 2021. Market Reports World in its research report published in October 2023 named Veea as one
of the top 10 Edge AI solution providers alongside of IBM, Microsoft, Amazon Web Services (&#8220;<b><i>AWS</i></b>&#8221;) and others.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Veea was founded in 2014
by Allen Salmasi, our Chief Executive Officer and a pioneering wireless technology leader. Mr. Salmasi helped to drive industry transformation
through his contributions to the development of CDMA/TDMA-based OmniTRACS, the largest mobile satellite messaging and position reporting
system with integrated IoT solutions during the 1980s and in the 1990s; 2G/3G technology and products at Qualcomm in 1990s; 4G technology
and products at NextWave during the 2000s, and hyper-converged edge computing and communications during the 2010s; and beyond with Veea.
At Veea, Mr. Salmasi has assembled a talented and experienced management and engineering team that includes former senior executives
of leading technology, telecom, SaaS, and wireless companies that possess a deep understanding of wireless technologies, mesh networking
and edge computing.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">Veea has five wholly owned subsidiaries,
VeeaSystems Inc., formerly known as Veea Inc. (&#8220;VeeaSystems US&#8221;) 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.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Our Target Markets</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Digital Equity and Inclusion</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">As noted in the GSMA Mobile
Economy 2023 report, one-third of the world&#8217;s population lacks Internet access due to limited or no access to cost-effective network
infrastructure and services. The Wi-Fi Alliance estimated in their 2021 Global Economic Value of Wi-Fi report, that bridging this &#8220;digital
divide&#8221; would result in global economic value growth on the order of $4.9 trillion by 2025. We are actively involved in planning
and executing deployments in Southeast Asia, West Africa and the Americas, using our technologies that uniquely address this global opportunity.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Our vTBA provides an affordable,
accessible, and comprehensive solution to address for this &#8220;digital divide.&#8221; vTBA enables the virtualization of Wi-Fi network
capabilities across access points, consumers of Wi-Fi services, and connected devices. These network capabilities are &#8220;sliced,&#8221;
meaning that traffic throughput, latency, and priority of service can be tailored to the requirements of the applications for, or the
Service Level Agreements (&#8220;<b><i>SLAs</i></b>&#8221;) with the enterprise and consumer markets. This is achieved by using cloud-based
policy definition and locally based policy enforcement, which minimizes the effort required to onboard customers and automate network
management functions. Unlike mobile network solutions requiring cellular devices, vTBA is a Wi-Fi first solution that connects the widest
range of consumer and IoT endpoints because Wi-Fi is the most prevalent wireless interface and vTBA serves past and current standards
of Wi-Fi devices. vTBA controller provides for a Wi-Fi control channel that permits offering of vTBA-based services on a pre-paid or
post-paid basis with roaming within the coverage of a private network of VeeaHub units located anywhere in the world.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">As another use case, by
establishing a canopy of connectivity globally across remote communities while leveraging the Veea Edge Platform edge computing and its
integration with sensors, we facilitate climate-smart agriculture solutions for smallholder farmers and gather data from remote ecosystems.
This information is used to increase productivity in farms, reduce resource utilization, and increase transparency for carbon capture
business models. We drive increased economic activity for local economies.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Climate Smart Spaces</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Buildings contribute to
approximately 37% of global carbon emissions and 34% of global energy consumption. Improvements to building utility management systems
are critical to reducing global emissions and energy consumption. Studies furnished by the US Department of Energy have shown that as
much as 30% of building energy consumption can be eliminated through more accurate sensing and more effective use of controls. Smart
climate management requires a computational platform that meshes wired and wireless Internet connections from sensors to a central processing
platform.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">Veea is the first company to
develop containerized Niagara that is integrated with the Niagara Framework<sup>&#174;</sup> (developed by Tridium, Inc., a wholly owned
subsidiary of Honeywell International, Inc.), the leading platform for connecting to and managing building systems. Veea Edge can deliver
actionable insight to building managers and homeowners regarding data generated by HVAC, lighting, access control, fire safety, plumbing
and surveillance systems. Building managers and homeowners can use this data to reduce electricity usage and carbon emissions through
continuous monitoring and optimization, building management automation, and analysis of usage patterns and environmental conditions.
Veea enhances the traditional Niagara Framework by capturing and pre-processing operational data locally, before augmenting it with cloud
processing, along with interconnecting wired and wireless sensors. Given the dynamic nature of building configurations, designs, and
materials, flexibility in deploying wireless sensors, connection to the Internet, and local data processing is required.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Converged Private Wireless Networks and Smart Retail</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Wi-Fi and private 4G/5G
networks are converging to provide wider coverage, faster speeds, and connectivity across a broad range of devices and sensors. By integrating
the two technologies, devices can connect seamlessly to the best available network coverage from Veea Edge Platform and private 4G/5G
network. A converged network takes advantage of Wi-Fi&#8217;s ability to handle large amounts of data traffic, at lower network expense
in areas densely populated by people and machines, with 5G&#8217;s reliability and low latency over large distances.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Veea&#8217;s hyper-converged
edge platform uniquely complements this new technology through its vTBA 5G interworking functionality allowing 5G and non-5G endpoints
to be managed from a converged controller. This is unique to the industry and overcomes the need to replace many fully functioning Wi-Fi
or IoT endpoints, especially for industrial and enterprise use cases, and allows legacy wired and wireless endpoints to remain connected
via the Veea Edge Platform.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In many instances, private
5G networking infrastructure is being instantiated in retail environments and the 5G interworking function enabled by vTBA introduces
another innovation from Veea - AdEdge. This Veea-authored application contains prominent features of a modern advertising management
platform including integration into real-time advertising for smart shipping carts as well as selling the ad content against an inventory
of Digital out of Home (&#8220;<b><i>DOOH</i></b>&#8221;) displays in retail locations, transportation centers, smart city deployments,
stadiums, restaurants, etc. This solution capitalizes on the hyper-converged features of the VeeaHub by deploying an advertising media
player and dynamic campaign manager that triggers custom ads based on sensory or visual inputs in a location.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Business Strategy</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our business strategy is
focused on leveraging three key paths to market:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.25in">&#160;</td>
    <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Technology Partnerships
    - complementary technologies that are amplified with Veea technology capabilities.</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.25in">&#160;</td>
    <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution Channels -
    Aligned with our core edge-focused technology franchise, large-scale system integrators working to digitally transform industries,
    distributors and resellers of Niagara framework.</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.25in">&#160;</td>
    <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Network Operators and Managed
    Service Providers - Providing for dedicated private networks end-to-end or monetization of their network assets, with the introduction
    of edge computing, Edge AI and their own customized applications, developed through the Veea developer portal to offer highly differentiated
    services that locks in the current customer base and reduces churn.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our customer-centric approach
yields mutual benefit. Our customer activities generally are the result of three phases:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.25in">&#160;</td>
    <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Core buildout - Deploying
    the core product platform with success-based capital with network operators or government entities that can deliver highly differentiated
    customer value, improvements in productivity, and economic outlook with new digital services facilitated by high quality, cost-competitive
    managed broadband services with value-added services.</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.25in">&#160;</td>
    <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Geographic expansion -
    Expand the geographic footprint of the core buildout location to more of the unserved and underserved communities in the same geographic
    areas resulting in scale economics for core network components and materials that yield margin expansion for both Veea and Veea&#8217;s
    channel partners.</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.25in">&#160;</td>
    <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subscriber density - End-customers
    of the base connectivity services fuel the introduction of a diverse set of adjacent digital services with broadband connections,
    such as Edge AI, tele-health, energy management, public safety solutions, precision agriculture, and content distribution to reinforce
    the customer value proposition for the base connectivity services, which are often provided in a low to no competitive landscape.
    With the network micro-slicing feature of vTBA, there are major opportunities to bring such services to multi-family residential
    housing or multi-dwelling units, commercial buildings, campuses, rental or rural communities, and high density user communities with
    the type of service directly delivered to a plethora of endpoints, such as user devices, cameras, smart locks, sensors, and various
    electromechanical systems, monitored and controlled by Niagara framework, individually and offered on a subscription basis.</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Given the significant increases
in the data transport costs to the cloud as well as data ownership and privacy concerns around cloud-based applications, we believe that
there is pent-up demand for low-latency and cost-effective private and public network solutions and applications at the edge that increase
productivity and generate value for enterprises, people, places, and things connecting to the Internet, which will in turn will help
network operators offering broadband services capture a greater enterprise value for connecting their customers to the internet.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our business model is partially
based on global demands from the Americas, EMEA and APAC regions for a product platform and software services for the generation of new
revenue streams, with lower recurring costs, compared to traditional network infrastructure that lacks automation of service delivery
and entails substantial ongoing operational support and network maintenance costs. We believe we are uniquely positioned in the marketplace,
leveraging our strengths with our business model, including the following:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Comprehensive, full suite
    of hardware and software services with a strategic focus on high-growth segments in emerging markets and underserved areas in mature
    markets for broadband services and edge applications including climate smart energy and sustainability solutions.</span></td></tr>
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</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aligned customers with
    value propositions where Veea and our customers benefit in the creation of new revenue streams.</span></td></tr>
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</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Innovation-driven, a technology-centric
    platform that redefines capabilities of connecting people, places, and things to the internet with greater efficiency with edge applications.</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="text-align: justify; width: 0.25in">&#160;</td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Highly automated capabilities
    for network service providers and enterprises to harness the power of software for improved customer experiences and reduced manual
    labor.</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.25in">&#160;</td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Climate-smart platform
    technology advancements that bring greater productivity to emerging and mature markets, with measured improvements to the environment.</span></td></tr>
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</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Our Technology</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Veea Edge Platform<sup>&#160;</sup>is
comprised of several elements needed to deploy cloud-to-edge solutions driving digital transformation for communities and industries
worldwide. This comprehensive platform is comprised of three main components:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.25in">&#160;</td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">VeeaHub devices - a highly
    integrated convergent secure computing hardware platform, with a Linux server supporting virtualized software environment and patented
    &#8220;Secured Docker&#8221; containers, storage and connectivity for Wi-Fi, IoT, and 4G/5G devices.</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.25in">&#160;</td>
    <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">VeeaWare - an edge operating
    system and companion tools, that manage the convergence of computing and connectivity across a mesh of VeeaHub products.</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.25in">&#160;</td>
    <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">VeeaCloud - A cloud native
    system that underpins the easy deployment of hardware and software at the edge that manages the VeeaHub devices and their capabilities
    and edge applications remotely.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">The Veea technology franchise
also includes Veea-authored applications that run on the VeeaHub products. These applications can be deployed by our channel partners
and customers to compose complete solutions. Some of these applications are open frameworks that integrate into broader ecosystems such
as Honeywell Tridium&#8217;s Niagara, Microsoft&#8217;s Azure IoT, or AWS IoT Greengrass. Other Veea applications simplify the deployment
of enabling technologies to the edge. As an example, our edge AI framework enables the movement of AI model execution from the cloud
to the edge, bringing the benefits of AI closer to the source of the real-time data so actionable insight can be provided to control
applications running at the edge and thereby reducing inference time and amount of data traversing from the edge to the cloud. This innovative
platform provides for seamless integration with AI capabilities by way of the secure, software container environment and tool kits for
software developers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>VeeaHub Smart Connectivity and Computing Hub</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">The basic building block
of the Veea Edge Platform is the VeeaHub, a unique combination of computing, connectivity, storage and security technologies. Every VeeaHub
has a multi-core Linux server running a patented secure form of industry-standard docker containers to enable applications to be deployed
at the user edge. The VeeaHub also has Bluetooth Classic and Low Energy, Zigbee/Thread, LoRaWAN (&#8220;<b><i>LoRa</i></b>&#8221;) gateway
and multiband Wi-Fi APs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p><div>

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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">The device has an advanced
mesh networking capability, which we refer to as &#8220;<b><i>vMesh</i></b>,&#8221; that allows devices at the edge to act together as
a micro-cloud and provides scalable coverage and communications capacity. The mesh provides flexible deployment scaling options enabling
expansion of the edge solution to expand coverage and capacity, add additional sensors or users or add computing and storage as needed.
vMesh is self-organizing and self-healing mesh that automatically discovers and connects to newly authorized devices and redirects traffic
if a node fails for resiliency. There is no dedicated controller for the vMesh, as the control function is incorporated into the middleware.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">VeeaHubs can use a variety
of wired and wireless connections to connect to the Internet, including LTE 4G and 5G. Some VeeaHub models support wired connections
to edge devices using standard RS-232/485 connections, which are useful for smart spaces. Other models include a standard long range,
low power wireless technology, LoRaWAN, which is ideal for outdoor and industrial use cases.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">VeeaHub is available in
three different models - (i) VeeaHub STAX (ii) VeeaHub Pro, which is designed for more demanding enterprise applications, and (iii) VeeaHub
Pro Outdoor, which is environmentally hardened and designed for outdoor and industrial applications.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>VeeaWare Edge Operating System</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">VeeaWare is a portable edge
operating system that runs on the VeeaHub. VeeaWare features Veea&#8217;s secure container environment that extends industry standard
docker containers, to assure applications running at the edge cannot interfere with or hack the system software running on the hardware
platform or other applications running at the edge. VeeaWare Operating System (&#8220;<b><i>vOS</i></b>&#8221;) enables Veea and third-party
partners to deploy multiple applications to the edge.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">VeeaWare incorporates an
abstraction layer that allows applications running on VeeaHub products to connect both IP and non-IP devices to a mesh of VeeaHub nodes.
VeeaWare also incorporates all of the necessary mechanisms to move and store data across the mesh and provide data connections to the
Wide Area Network (&#8220;<b><i>WAN</i></b>&#8221;).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">VeeaWare includes a set
of tools referred to as the VeeaHub Toolkit, which empowers developers to design, test, and publish applications to the VeeaHub products
deployed in the field. These tools allow any developer to use a wide variety of industry-standard software and practices to deploy containers
into the VeeaHub products in a highly secure and predictable manner. A web-based portal dedicated to the developer community provides
necessary documentation to get started and to quickly become proficient in developing and deploying custom applications on the VeeaHub
that serve customers&#8217; specific use cases.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">The process of developing
applications with the VeeaHub Toolkit is similar to the process of developing and publishing Android or Apple iOS applications. Once
a container has been created and tested locally, the developer submits it to a VeeaCloud repository for publication, and after the required
verification is performed, the application becomes available within the VeeaCloud. Applications can be developed by Veea, its channel
partners or the end-users for particular use cases.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">VeeaWare has proven portability
in that the Veea product portfolio incorporates hardware designs with different core computing platforms, connectivity options and other
peripheral interfaces. In the future, we intend to license the VeeaWare edge operating systems to OEM and ODM partners to diversify and
expand the supply chain and open up opportunities in adjacent marketplaces that may require specialized hardware. As an example, certain
industries require explosion-proof designs at the edge.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>VeeaCloud</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">VeeaCloud is the cloud-based
platform that powers the deployment and management of VeeaHub products at the edge, provides management for the networking across the
IT and OT domains, and offers full orchestration of application deployment and observability of the applications running on VeeaHub products.
It incorporates a web-based control center for managing devices and applications at the edge, as well as a companion smartphone app,
for both iOS and Android OS devices, called VeaaHub Manager (&#8220;<b><i>VHM</i></b>&#8221;) for installers, field technicians, and
end users to install and manage VeeaHub products locally.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">VeeaCloud has a rich set
of Applications Programming Interfaces (&#8220;<b><i>APIs</i></b>&#8221;) to integrate into external Business Support Systems/Operations
Support Systems (&#8220;<b><i>BSS/OSS</i></b>&#8221;) or the Manager of services providers and our distribution partners that operate
convergent Network Operations Systems and support user management. The system utilizes a single sign-on system that integrates into leading
user authentication systems. The product features a multi-tiered authentication and permission system to support multi-tenant, multi-level
distribution schemes and can scale elastically to a large number of deployed nodes, users and devices.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">It is a cloud native platform
deployed using modern continuous integration/continuous delivery approaches and is agnostic to public cloud providers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">VeeaCloud is the foundation
for publishing applications developed with the VeeaHub Toolkit.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Veea Edge Applications</i></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Veea has developed software
templates that speed the development of complete containers and other building blocks, a number of which are standalone containers that
can be licensed and resold by third parties. Other than the containerized Niagara Framework application, these include the following:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.25in">&#160;</td>
    <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Software Defined Wide
    Area Networking (&#8220;<b>SDWAN</b>&#8221;) Application</i>. Provides flexible options for connecting nodes in a mesh of VeeaHubs
    to the public network (&#8220;<b><i>Backhaul</i></b>&#8221;) using wired (ethernet, fiber) or wireless (Wi-Fi, 4G/5G) connectivity.</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.25in">&#160;</td>
    <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Global 4G or 5G Subscription
    Service</i>. A range of cellular connectivity solutions fully integrated with VeeaHub products for Veea partners and service providers
    to offer Fixed Wireless Access (&#8220;<b><i>FWA</i></b>&#8221;) broadband services including for IoT applications, simplifying deployment,
    billing and support.</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.25in">&#160;</td>
    <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Last-Mile Solutions
    with vTBA-based Managed Internet and IoT Connectivity Services.</i> Services for multi-dwelling units, housing communities, campuses,
    hospitals, airports, rail stations, and remote and rural communities.</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.25in">&#160;</td>
    <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>IoT Gateway Application.
    </i>VeeaHub incorporates integrated IoT radios for IoT or Industrial IoT (&#8220;<b><i>IIoT</i></b>&#8221;) use cases that require
    the ability to bind IP and Non-IP endpoints with the system. Registers the IoT endpoints (sensors, actuators, etc.) to the device
    abstraction layer enabling routing of messages over vMesh on the edge.</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.25in">&#160;</td>
    <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Veea Property Management
    Engine</i>. Open platform for integrated smart devices using common home wireless technologies such as Wi-Fi, Zigbee/Thread and Bluetooth.
    Designed for consumer-oriented use cases, such as homes, multi dwelling units and small businesses.</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.25in">&#160;</td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Blockchain Framework</i>.
    Helium v2 Certified distributed blockchain model.</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.25in">&#160;</td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Leading IoT platforms</i>.
    Microsoft Azure Edge IoT Certified, AWS Greengrass compliant.</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.25in">&#160;</td>
    <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Edge AI &amp; Visual
    Analytics Frameworks</i>. Distributed solution for execution of AI models from the edge to the cloud.</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.25in">&#160;</td>
    <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Advanced Smart Farming
    and Precision Agriculture with a unique implementation of LoRaWAN Gateway.</i></span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.25in">&#160;</td>
    <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Honeywell Niagara Framework
    Building and Energy Management System (&#8220;<b>BMS/EMS</b>&#8221;) with an advanced Cyber Defense System for commercial real estate,
    datacenters and critical infrastructure.</i></span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Several of the turnkey edge
applications Veea has created have a companion cloud application for centralized control, content management, or interworking capabilities
for cloud-to-cloud connections. These include the following:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.25in">&#160;</td>
    <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>AdEdge Edge Content
    Player and Campaign Management</i>. Full stack advertising and content management platform. AdEdge is an AI-driven contextual and
    location-based ad platform. Supports advertising campaign (frequency, scheduling, product types, etc.) and media deployment across
    TROLLEE Smart Shopping Cart, a fleet of digital out of home displays, or augmented reality/mixed reality devices using edge playback
    and scheduling function, full attribution for billing. Supports ad sale platform using programmatic and non-programmatic techniques
    and open APIs.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><!-- Field: Page; Sequence: 57; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#9679;</i></span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Virtual Trusted Broadband
    Access (&#8220;<b>vTBA</b>&#8221;) Cloud Controller</i>. A core management system for delivery of vTBA enabled services across deployed
    meshes with edge nodes running the container vTBA agent. Allows configuration of access point groups, Trust Domains and service policy
    definitions. Provides northbound interfaces for BSS/OSS integration with the backends of the service providers, property management
    companies, government agencies, and others that provide vTBA based services. API supports integration with 4G/5G core networks for
    seamless interworking of services across different network types for fixed and mobile convergence.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#9679;</i></span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>VeeaConnect Connection
    Manager</i>. Edge-managed voice, data and video service connection manager that maintains user plane traffic between users connected
    to a set of VeeaHub products in a mesh within the mesh and off of the WAN connection.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In combination with partner-developed
edge applications, the Veea technology franchise delivers significant value to the end consumers of services built on the Veea Edge Platform,
including:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Technology-Enabled Benefits of Veea Platform</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.25in">&#160;</td>
    <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Minimizing latency and
    the raw data transport to the Cloud.</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.25in">&#160;</td>
    <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Privacy, security, data
    ownership and context awareness.</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.25in">&#160;</td>
    <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fault tolerance for mission
    critical and other edge applications including customized apps developed through Veea Developer Portal.</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.25in">&#160;</td>
    <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Addressing connectivity
    and networking challenges at the edge.</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.25in">&#160;</td>
    <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Private micro-datacenter
    with wired and wireless coverage.</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.25in">&#160;</td>
    <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fixed line and 4G/5G broadband
    access with value-added services.</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.25in">&#160;</td>
    <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gateway/Edge Device for
    Microsoft Azure IoT and AWS IoT Greengrass apps.</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Distributed Micro-Cloud Computing at the Device
Edge</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.25in">&#160;</td>
    <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">High-performance computation
    with Linux OS running on a quad-core CPU.</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.25in">&#160;</td>
    <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Virtualized software environment
    with Secured Docker containers for applications and service layers with Software Defined Networking (&#8220;<b><i>SDN</i></b>&#8221;)
    and Network Function Visualization (&#8220;<b><i>NFV</i></b>&#8221;).</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.25in">&#160;</td>
    <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Secured Docker containers
    for apps to run in a trusted execution environment with both the containerized apps and communication interfaces secured with digital
    certificates.</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.25in">&#160;</td>
    <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Built-in routing, scaling,
    load balancing &amp; orchestration for the edge environment and services.</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.25in">&#160;</td>
    <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">API and microservice driven
    &gt;&gt; cloud-managed apps.</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Bridging the IT/OT Gap</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.25in">&#160;</td>
    <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Industry leading Containerized
    Niagara combined with modern IT Style remote management tools.</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.25in">&#160;</td>
    <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Secure 4G or 5G WAN connectivity.</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.25in">&#160;</td>
    <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Integration with Private
    5G Network Core Network Orchestrator simplifies the management of edge applications and devices.</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.25in">&#160;</td>
    <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Familiar IT deployment
    patterns with Containerized Niagara, Azure IoT Certification, and AWS IoT Greengrass ease incorporation with cloud-based backend
    services of the enterprise in a variety of use cases.</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.25in">&#160;</td>
    <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Open APIs for Business
    Process Logic integration.</span></td></tr>
  </table><div>
</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="text-align: justify; width: 0.25in">&#160;</td>
    <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Familiar deployment pattern
    for both IT and OT personnel using untrained technicians facilitated by our attention to &#8220;zero-touch&#8221; approaches.</span></td></tr>
  </table><div>
</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><!-- Field: Page; Sequence: 58; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>&#160;</b></p><div>

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</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

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</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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traits of a networking device, IoT gateway, Linux server, storage and security gateway. The Veea Edge Platform has several key differentiating
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

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</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><!-- Field: Page; Sequence: 59; Value: 1 --><div>
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</div><p style="margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We have a significant patent
portfolio of over 117 exclusively owned patents, as summarized in the table below. These patents cover jurisdictions in the United States,
United Kingdom, Europe, South Korea, Japan, and India. All of our current-issued patents are projected to expire between 2036 and 2047.
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Qualcomm Inc. (&#8220;<b><i>Qualcomm</i></b>&#8221;)
has licensed, on a non-exclusive basis, certain intellectual property to us under multiple agreements covering the sales of our products
that incorporate the licensed IP. The royalty fees payable to Qualcomm are generally calculated based on a percentage of net sales in
territories where the licensed IP is protected by a patent. The Qualcomm licenses expire in April 2025 and 2029, respectively, and automatically
renew if we continue to sell products incorporating the licensed IP. We are also a party to a non-exclusive license agreement with Cable
Television Laboratories, Inc. (&#8220;<b><i>CableLabs</i></b>&#8221;) covering the worldwide sales of our vTBA product. The rights granted
under the CableLabs license apply to any fields of use and royalty, and royalty fees payable to CableLabs are calculated based on a percentage
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We also rely upon trade
secrets, know-how, and continuing technological innovation to develop and maintain our competitive position. We seek to protect our proprietary
rights through a variety of methods, including confidentiality agreements and proprietary information agreements with suppliers, employees,
consultants, and others who may have access to proprietary information, under which they are bound to assign to us their inventions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Manufacturing</b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

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heavily upon its ongoing research and development activities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Key focus of the Company&#8217;s
research and development activities include (i) the use of AI to optimize network and applications distribution and performance at the
edge, (ii) support for elastic scaling and dynamic cloud to edge orchestration, (iii) real time radio and mesh tuning, (iv) partial and
full air-gapped deployment between the public cloud and the edge, (v) optimized AI model execution across devices, the Veea Edge Platform
and the cloud and (vi) fully integrated online ordering, fulfillment and activation to support large scale, hierarchical distribution
partners.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Facilities</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We are headquartered in
New York City, New York. We have engineering offices in Iselin, New Jersey; Bath, United Kingdom; and Juvigny, France. We also maintain
sales and marketing offices in Paris, France and Mexico City, Mexico.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Employees</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As of September 30, 2024,
we employed 45 full-time employees. None of our employees are represented by a collective bargaining agreement, nor have we experienced
any work stoppage. We consider our relations with our employees to be satisfactory. Our future success depends on our continuing ability
to attract and retain highly qualified employees and senior management personnel. In addition, we have independent contractors whose
services we are using on an as-needed basis to assist with our sales and marketing activities and engineering activities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Legal Proceedings</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">From time to time, we may
be subject to legal proceedings and claims in the ordinary course of business. We are not presently a party to any legal proceedings
that are expected to have a material adverse impact on our financial position, results of operations or cash flows, nor have we been
to date since inception.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><div><a id="via_014"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MANAGEMENT&#8217;S DISCUSSION
AND ANALYSIS OF FINANCIAL CONDITION<br/>
AND RESULTS OF OPERATIONS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><i>The following discussion
and analysis of the financial condition and results of operations of Veea should be read together with the &#8220;Business&#8221; section
and our unaudited consolidated condensed financial statements for the three and nine months ended September 30, 2024 and 2023, our audited
financial statements as of the years ended December 31, 2023 and 2022, and related notes and other information included elsewhere in
this prospectus. </i></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><i>In addition to our historical
consolidated financial information, this discussion includes forward-looking information regarding our business, results of operations
and cash flows, and contractual obligations and arrangements that involve risks, uncertainties, and assumptions. Our actual results may
differ materially from any future results expressed or implied by such forward-looking statements as a result of various factors, including,
but not limited to, those discussed in the sections of this prospectus entitled &#8220;Cautionary Statement Regarding Forward-Looking
Information&#8221; and &#8220;Risk Factors&#8221; included elsewhere in this prospectus.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><i>Unless the context otherwise
requires, references in this &#8220;Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations&#8221;
to &#8220;Veea,&#8221; &#8220;we&#8221;, &#8220;us&#8221;, &#8220;our&#8221;, and the &#8220;Company&#8221; are intended to refer to
(i) following the Business Combination, the business and operations of Veea Inc. and its consolidated subsidiaries, and (ii) prior to
the Business Combination, Private Veea (the predecessor entity in existence prior to the consummation of the Business Combination) and
its consolidated subsidiaries.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Company Overview</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">The
Company is a provider of edge computing and communications devices (i.e., &#8220;VeeaHub&#8221; devices), applications and services hosted
on its edge Platform-as-a-Service (&#8220;ePaaS&#8221;). Veea Edge Platform ePaaS is an end-to-end platform that is both locally- and
cloud-managed. VeeaHub</span><span style="font-family: Symbol">&#210;</span> <span style="font-family: Times New Roman, Times, Serif">products
are converged computing and communications (i.e., hyperconverged) indoor and outdoor devices, about the size of a Wi-Fi Access Point
(AP), that provide for networking and computing solutions for AI-assisted applications and solutions at the edge where people, places,
and things connect to the network.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Veea Edge Platform provides
for highly secure connectivity, computing, and IoT solutions through full stack platform for digital transformation of industries as
well as unserved or underserved communities that lack Internet connectivity and essential applications and services. It further enables
the formation of highly secure, but easily accessible, private clouds and networks across one or multiple user(s) or enterprise location(s)
across the globe. We have redefined and simplified edge computing and connectivity with Veea Edge Platform, easily deployable products
that fully integrate hardware, system software, technologies, and edge applications. We are demonstrating, globally, that the Platform
enables our partners and customers to champion digital transformations in multiple vertical markets.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">Through our innovative Veea
Edge Platform, we have created a new product category that brings cloud capabilities close to the user, as an alternative to cloud computing,
with benefits in optimal latency, lower data transport costs, data privacy, security and ownership, Edge AI, &#8220;always-on&#8221;
availability at the edge for mission critical applications, and contextual awareness for people, devices and things connected to the
Internet. The Company was recognized in 2023 by Gartner for the innovativeness and capabilities of our Veea Edge Platfom and was named
a Leading Smart Edge Platform in 2023 and a Cool Vendor in Edge Computing in 2021. Veea was named in Market Reports World&#8217;s its
research report published in October 2023 as one of the top 10 Edge AI solution providers alongside of IBM, Microsoft, and Amazon Web
Services (&#8220;AWS&#8221;) among others.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&#160;&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Veea was founded in 2014
by Allen Salmasi, our Chief Executive Officer and a pioneering wireless technology leader. Mr. Salmasi helped to drive industry transformation
through his contributions to the development of CDMA/TDMA-based OmniTRACS, the largest mobile satellite messaging and position reporting
system with integrated IoT solutions during the 1980s and in the 1990s; 2G/3G technology and products at Qualcomm in 1990s; 4G technology
and products at NextWave during the 2000s, and hyper-converged edge computing and communications during the 2010s; and beyond with Veea.
At Veea, Mr. Salmasi has assembled a talented and experienced management and engineering team that includes former senior executives
of leading technology, telecom, SaaS, and wireless companies that possess a deep understanding of wireless technologies, mesh networking
and edge computing.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">Veea
earns revenue primarily from the sale of its VeeaHub</span><span style="font-family: Symbol">&#210;</span> <span style="font-family: Times New Roman, Times, Serif">devices,
licenses and subscriptions. Veea incurred net losses of approximately $33.3 million and $46.6 million for the three and nine months ended
September 30, 2024, respectively; net income and losses of approximately $2.0 million and $9.4 million for the three and nine months
ended September 30, 2023, respectively.Veea generated net revenue of approximately $51,000 and $108,000 for the three and nine months
ended September 30, 2024, respectively, approximately $9,000 and $40,000 for the three and nine months ended September 30, 2023, respectively.
Other than $9.0 million of revenue generated from the license of AdEdge&#8482; in 2023, revenue has been immaterial for all periods presented
and represented revenue earned from paid pilots for our VeeaHub</span><span style="font-family: Symbol">&#210;</span> <span style="font-family: Times New Roman, Times, Serif">devices.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Recent Developments</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Business Combination</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On September 13, 2024, Plum
consummated its previously announced Business Combination with Private Veea, pursuant to that certain Business Combination Agreement,
dated November 27, 2023, between Private Veea, Plum, and Plum Merger Sub (a Delaware corporation and wholly owned subsidiary of Plum).
The consummation of the Business Combination involved (i) Plum de-registering from the Register of Companies in the Cayman Islands by
way of continuation out of the Cayman Islands and into the State of Delaware, migrating to and domesticating as a Delaware corporation,
and (ii) the merger of Plum Merger Sub with and into Private Veea, pursuant to which, at the closing of the transactions contemplated
by the Business Combination Agreement, the separate corporate existence of Plum Merger Sub ceased, with Private Veea as the surviving
corporation becoming a wholly-owned subsidiary of Plum, pursuant to the terms of the Business Combination Agreement and in accordance
with the DGCL.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Following the closing of
the Business Combination, the Company owns 100% of the outstanding common stock of Private Veea and Plum changed its name from &#8220;Plum
Acquisition Corp. I&#8221; to &#8220;Veea Inc.&#8221; and Veea Inc. changed its name to &#8220;VeeaSystems Inc.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Business Combination
was accounted for as a &#8220;reverse recapitalization,&#8221; with no goodwill or other intangible assets recorded, in accordance with
GAAP. A reverse recapitalization did not result in a new basis of accounting, and the financial statements of the combined entity represent
the continuation of the financial statements of Private Veea in many respects.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Under this method of accounting,
Plum was treated as the &#8220;acquired&#8221; company for financial reporting purposes. For accounting purposes, Private Veea was deemed
to be the accounting acquirer in the transaction and, consequently, the transaction was treated as a recapitalization of Private Veea
(i.e., a capital transaction involving the issuance of stock by Plum for the stock of Private Veea). Accordingly, the consolidated assets,
liabilities and results of operations of Private Veea became the historical financial statements of the combined company, and Plum&#8217;s
assets, liabilities and results of operations were consolidated with the Company&#8217;s beginning on the acquisition date. Operations
prior to the Business Combination were presented as those of Private Veea in future reports. The net assets of Private Veea were recognized
at carrying value, with no goodwill or other intangible assets recorded.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Private Placements</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">Simultaneously with the closing
of the Business Combination, the Company and Private Veea issued convertible notes under note purchase agreements (the &#8220;Note Purchase
Agreements&#8221;) with certain accredited investors unaffiliated with Plum and Private Veea (each, an &#8220;Investor&#8221;) for the
sale of unsecured subordinated convertible promissory notes (the &#8220;September 2024 Notes&#8221;) as part of a private placement offering
of up to $15 million in purchase price for such September 2024 Notes in the aggregate (the &#8220;Financing Closing&#8221;). The Company
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, which is to be funded on or prior to November 15, 2024, subsequently extended to December
15, 2024. In addition to a September 2024 Note, each Investor received as a transfer from NLabs immediately prior to the Financing Closing
a number of shares of Private Veea Series A-1 Preferred Stock that upon the Closing became a number of registered shares of Common Stock
equal to such Investors&#8217; loan amount under their respective notes divided by $7.50 (the &#8220;Transferred Shares&#8221;).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">The Company and Private Veea
are co-borrowers under each September 2024 Note (together, the &#8220;Borrowers&#8221;) and are jointly responsible for the obligations
to each Investor thereunder. Each September 2024 Note has a maturity date of 18 months after the Financing Closing but is prepayable
in whole or in part by the Borrowers at any time without penalty. The outstanding obligations under each September 2024 Note accrues
interest at a rate equal to the Secured Overnight Financing Rate plus 2% per annum, adjusted quarterly, but interest is only payable
upon the maturity date of the September 2024 Note 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 Borrowers. The September 2024 Notes and the Note Purchase Agreements do not include
any operational or financial covenants for the 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&#8217; covenants thereunder or for 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 Borrowers will be required to pay for the Investor&#8217;s reasonable out-of-pocket collection
costs.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&#160;&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The outstanding obligations
under each September 2024 Note are convertible in whole or in part into shares of Common Stock (the &#8220;Conversion Shares&#8221;)
at a conversion price of $7.50 per share (subject to equitable adjustment for stock splits, stock dividends and the like with respect
to the Common Stock after the Financing Closing) (the &#8220;Conversion Price&#8221;) at any time after the Financing Closing at the
sole election of the Investor. The outstanding obligations under each September 2024 Note will automatically convert at the Conversion
Price if (i) the Company or its subsidiaries consummate one or more additional financings for equity or equity-linked securities for
at least $20 million in the aggregate or makes one or more significant acquisitions valued in the aggregate (based on the consideration
provided by the Company and its subsidiaries) to be at least $20 million, (ii) the Investors holding a majority of the aggregate outstanding
obligations under the September 2024 Notes expressly agree to convert all obligations under the September 2024 Notes or (iii) the Common
Stock trades with an average daily VWAP of at least $10.00 (subject to equitable adjustment for stock splits, stock dividends and the
like with respect to the Common Stock after the Financing Closing) for ten (10) consecutive trading days. The obligations under each
September 2024 Note will also automatically convert in connection with a Brokerage Transfer, as described below.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">The September 2024 Notes and
the Conversion Shares are subject to a lock-up for a period of 6 months after the Financing Closing (subject to early release for a liquidation,
merger, share exchange or other similar transaction that results in all of the Company&#8217;s stockholders having the right to exchange
their equity holdings in the Company for cash, securities or other property, and subject to customary permitted transfer exceptions).
The Transferred Shares are not be subject to any lock-up restrictions, but for a period of 6 months after the Closing they will be separately
designated by SPAC&#8217;s transfer agent and kept as book entry shares on the transfer agent&#8217;s records and will not be eligible
to be held by Depository Trust Company (&#8220;DTC&#8221;) without the Investor first notifying the Company of its intent to transfer
any such Transferred Shares to a brokerage account and/or to be held by DTC or another nominee (a &#8220;Brokerage Transfer&#8221;).
If the Investor provides such notice or otherwise has any Transferred Shares subject to a Brokerage Transfer within 6 months after the
Closing, a portion of the outstanding obligations under such Investor&#8217;s Note will automatically convert into a number of Conversion
Shares equal to the number of Transferred Shares subject to such Brokerage Transfer, and the lock-up period for such Conversion Shares
will be extended for an additional 6 months to 12 months after the Financing Closing.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Note Purchase Agreements
include customary registration rights.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Equity Line of Credit</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">On November 15, 2024, the Company
and White Lion signed a term sheet providing for the issuance by the Company to White Lion of up to $25 million of shares of the Company&#8217;s
common stock. The Company anticipates closing the transactions contemplated by the term sheet on or about November 20, 2004. At the closing,
the Company and White Lion will enter into a common stock purchase agreement (the &#8220;Common Stock Purchase Agreement&#8221;) and
related registration rights agreement. Pursuant to the Common Stock Purchase Agreement, the Company has the right to sell to White Lion
up to the lesser of (i) 25,000,000 shares of common stock (&#8220;ELOC Shares) and (ii) the Purchase Notice Limit (as defined in the
Common Stock Purchase Agreement), subject to certain limitations and conditions set forth in the Common Stock Purchase Agreement. The
Company expects to utilize proceeds from the Common Stock Purchase Agreement for working capital and other general corporate purposes.
Subject to the terms of the Common Stock Purchase Agreement, the Company will have the right from time to time at its sole discretion
until the 24th month following signing of the Common Stock Purchase Agreement, to direct White Lion to purchase up to a specified maximum
number of shares of common stock as set forth in the Common Stock Purchase Agreement by delivering written notice to White Lion prior
to the commencement of trading on any trading day. The Company will control the timing and amount of any sales of the common stock to
White Lion. Actual sales of shares to White Lion under the Common Stock Purchase Agreement will depend on a variety of factors to be
determined by the Company from time to time, including, among other things, market conditions, and the trading price of the common stock.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company and White Lion executed definitive agreements
for the equity line of credit on December 2, 2024. For more information, see &#8220;<i>Summary - Recent Developments</i>.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Components of Results of Operations</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Revenue, net</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company recognizes revenue
based on the satisfaction of distinct obligations to transfer goods and services to customers. The Company generates revenue from hardware
sales and the sale of licenses and subscriptions. The Company applies a five-step approach as defined in ASC 606, Revenue from Contracts
with Customers, in determining the amount and timing of revenue to be recognized: (1) identify the contract with a customer; (2) identify
the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance
obligations in the contract; and (5) recognize revenue when a corresponding performance obligation is satisfied. Most contracts with
customers are to provide distinct products or services within a single contract. However, if a contract is separated into more than one
performance obligation, the total transaction price is allocated to each performance obligation in an amount based on the estimated relative
standalone selling price.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For licenses of technology,
recognition of revenue is dependent upon whether the Company has delivered rights to the technology, and whether there are future performance
obligations under the contract. Revenue from non-refundable upfront payments is recognized when the license is transferred to the customer
and the Company has no other performance obligations. Revenue for licenses delivered under a subscription model having terms between
one and twelve-months are recognized over-time. Subscription revenue is generated through sales of monthly subscriptions. Customers pay
in advance for the licenses and subscriptions. Revenue is initially deferred and is recognized using the straight-line method over the
term of the applicable subscription period.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Cost of Goods Sold</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Cost of goods sold consists
primarily of the cost of finished goods, components purchased for manufacturing and freight. Cost of goods sold also includes third-party
vendor costs related to cloud hosting fees.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="margin-bottom: 0pt"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 38.25pt; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 38.25pt; text-align: justify">&#160;</p><div>

</div><p style="margin-bottom: 0pt"><span style="font-size: 10pt"><b><i>Operating Expenses</i></b></span></p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.25in">We classify our operating
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</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <tr style="vertical-align: top; text-align: justify">
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</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <tr style="vertical-align: top; text-align: justify">
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</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
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</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
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</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
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</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0 0 0 38.25pt; text-align: justify">&#160;</p><div>

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</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following tables set
forth the results of our operations for the periods presented, as well as the changes between periods. The period-to-period comparison
of financial results is not necessarily indicative of future results.</p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>For the three months ended September 30,
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</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table sets
forth Veea&#8217;s unaudited statements of operations data for the three and nine months ended September 30, 2024 and 2023, respectively.
Veea has prepared the three and nine-month data on a consistent basis with the audited consolidated financial statements as of and for
the years ended December 31, 2023 and 2022 included in the Form S-4/A filed with the SEC on May 13, 2024. In the opinion of Veea&#8217;s
management, the unaudited three- and nine-month financial information reflects all necessary adjustments, consisting only of normal recurring
adjustments, necessary for a fair presentation of this data.</p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

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  <tr style="vertical-align: bottom; ">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>For the nine months ended September 30,
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Revenue, net</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">The Company generated net revenue
of $50,683 and $9,009,254 for the three months ended September 30, 2024 and 2023, respectively. The Company generated net revenue of
$108,264 and $9,040,359 for the nine months ended September 30, 2024 and 2023, respectively. Revenue has been principally earned from
paid pilots for our VeeaHub<sup>&#174;</sup> devices. The decrease was due to $9 million income recognized in connection with the license
of AdEdge&#8482; in 2023.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our focus over the past
several years has been on field testing and refining our product to meet customer needs as well as market developments. As a result of
these efforts, we expect revenue to grow over the next several quarters through the sales of our hardware, licenses and subscriptions.
We are especially focused in four principal market opportunities: 1) Digital Equity and Inclusion, 2) Energy and Sustainability solutions
for Smart Buildings and Climate Smart Agriculture, 3) Convergence of Fixed, Wireless, and 5G Networks, and 4) Smart Retail and Smart
Warehouses.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Cost of Goods Sold</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Cost of goods sold decreased
by approximately $9,310, or 38%, in the three months ended September 30, 2024 compared to the three months ended September 30, 2023.
Cost of goods sold increased by $10,524, or 22%, in the nine months ended September 30, 2024 compared to the nine months ended September
30, 2023. The increase is immaterial as it is related to the costs incurred to generate our revenue earned from paid pilots for our VeeaHub<sup>&#174;
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Product Development Expense</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Product development expense
increased by $170,997, or 92%, in the three months ended September 30, 2024 compared to the three months ended September 30, 2023. Product
development expense increased by $476,327, or 70%, in the nine months ended September 30, 2024 compared to the nine months ended September
30, 2023. The increase in product development expenses was due to increased internal development and additional costs incurred by outside
contractors related to products manufactured during the period.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Sales and Marketing Expense</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Sales and marketing expense
decreased by $57,006, or 41%, in the three months ended September 30, 2024 compared to the three months ended September 30, 2023. Sales
and marketing expense increased by $160,211, or 54%, in the nine months ended September 30, 2024 compared to the nine months ended September
30, 2023. In the third quarter, management had reduced efforts in marketing as the focus was on the Business Combination completion.
The year-to-date increase was due primarily to an increase in customer evaluations and fees paid to third-party marketing firm during
the period.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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expense decreased by $3.2 million, or 62%, in the three months ended September 30, 2024 compared to the three months ended September
30, 2023. General and administrative expense increased by $0.6 million, or 5%, in the nine months ended September 30, 2024 compared to
the nine months ended September 30, 2023. The decrease for the quarter is primarily related to the foreign exchange gain of $1.8 million
for the three months ended, as well as a reclassification of $1.4 million of transaction related expenses out of G&amp;A in the period
the Business Combination occurred. The year-to-date overall increase was primarily due to an increase in net foreign exchange losses,
as well as an increase in professional and consulting fees relating to the Business Combination.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Transaction costs including those incurred
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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Business Combination, holders of certain capital stock of Private Veea immediately prior to the closing will have the contingent right
to receive up to 4.5 million additional shares of the Company&#8217;s common stock if certain trading-price based milestones of the Company&#8217;s
common stock are achieved or a change of control transaction occurs during the ten-year period following the Closing. The initial value
of the contingent earn-out share liability of $53.6 million for the three and nine months ended September 30, 2024 is recorded as a transaction
cost within operating expenses. The fair value of the earn-out liabilities was estimated using Monte Carlo simulation utilizing assumptions
related to the contractual term of the instruments, estimated volatility, the price of the Common Stock and current interest rates. A
significant driver of the value of the earn-out at the close of the Business Combination was our closing stock price on September 13,
2024 which was $12.00. Additionally, the Company incurred approximately $1.4 million of professional fees relating to the Business Combination.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

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and amortization decreased by $529,195, or 72%, in the nine months ended September 30, 2024 compared to the nine months ended September
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Other income, net</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Other income, net relates
to immaterial non-operating transactions incurred during the period. These amounts were immaterial for the three and nine months ended
September 30, 2024 and 2023.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>UK R&amp;D Tax Credit</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The increase is related
to the receipt of an R&amp;D tax credit of $1.2 million received by the Company&#8217;s UK subsidiary.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Loss on initial issuance of convertible
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

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of the convertible note was $1,770,993 for the three and nine months ended September 30, 2024. The Convertible Note Payable was entered
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Change in fair value of derivative liabilities</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

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derivative liabilities comprised of the fair value adjustment to the conversion option, Private Warrants, and earn-out shares at balance
sheet date. The gain on the change in fair value of conversion note option liability was $797,500 for the three and nine months ended
September 30, 2024 was determined using a Black-Scholes option pricing model. The loss of the change in fair value of warrant liabilities
was $220,373 for the three and nine months ended September 30, 2024 was determined based on the trading value of the public warrants.
The loss on the change in fair value of earn out share liability was $24.8 million for the three and nine months ended September 30,
2024 was determined using a Monte Carlo simulation. A significant driver of the value of the earn-out at the close of the Business Combination
was our closing stock price on September 30, 2024 which was $6.50. These derivative instruments were entered into in September 2024 related
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Other expense</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Other expenses relate to
immaterial non-operating expenses incurred during the period. These amounts were immaterial for the three and nine months ended September
30, 2024 and 2023.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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by $1.3 million, or 75%, in the three months ended September 30, 2024 compared to the three months ended September 30, 2023. Interest
expense decreased by $3.1 million, or 69%, in the nine months ended September 30, 2024 compared to the nine months ended September 30,
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Year ended December 31, 2023 compared to
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Revenue, net</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company generated revenue
of $9.1&#160;million and $0.2&#160;million for the years ended December&#160;31, 2023 and 2022, respectively. Other than $9&#160;million
of revenue generated from the license of AdEdge&#8482; in 2023, revenue has been immaterial for all periods presented and represented
revenue earned from paid pilots for our VeeaHub<sup>&#174;</sup> devices.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our focus over the past
several years has been testing and refining our product to meet customer needs as well as market research. As a result of these efforts,
we expect revenue to grow over the next several years through the sales of our hardware, licenses and subscriptions. We will be especially
focused in four principal market opportunities: 1) Digital Equity and Inclusion, 2) Energy and Sustainability solutions for Smart Buildings
and Climate Smart Agriculture, 3) Convergence of Fixed, Wireless, and 5G Networks, and 4) Smart Retail and Smart Warehouses.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Cost of Goods Sold</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Cost of goods sold increased
by $0.2 million, or 64%, in the year ended December 31, 2023 compared to the year ended December 31, 2022. The increase was due to an
increase in our inventory reserves.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Product Development Expense</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Product development expense
decreased by $2.5 million, or 79%, in the year ended December 31, 2023 compared to the year ended December 31, 2022. The decrease was
due to a decrease in product development expenses due in part to (1) the completion of certain development projects with outside contractors
that reached their conclusion and a reduction in ongoing associated costs, (2) a reduction in internal development costs related to products
manufactured during the period and (3) delays in completion by technology partners of their development efforts.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Sales and Marketing Expense</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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decreased by $.2 million, or 44%, in the year ended December 31, 2023 compared to the year ended December 31, 2022. The decrease was
due primarily to a reduction in costs paid to a third-party marketing firm.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>General and Administrative Expense</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">General and administrative
expense decreased by $1.6 million, or 8%, in the year ended December 31, 2023 compared to the year ended December 31, 2022. The decrease
was due to reduced spending as a result of cost containment measures.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Depreciation and Amortization</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Depreciation and amortization
decreased by $1.1 million, or 56%, in the year ended December 31, 2023 compared to the year ended December 31, 2022. The decrease was
due to certain intangibles reaching the end of their useful lives.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Interest income</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Interest income relates
to interest on cash and cash equivalents. These amounts were immaterial for the years ended December 31, 2023 and 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Foreign Currency gain (loss)</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Foreign Currency loss increased
by $3.5 million, or 159%, in the year ended December 31, 2023 compared to the year ended December 31, 2022. The increase was due to a
change in foreign exchange rate related to agreements with our foreign subsidiaries. The Company maintains an intercompany revolving
loan agreement with its UK subsidiary and an intercompany services agreement with its French subsidiary. The advances under the loan
agreement are denominated in US dollars and reflected in local currency on the books and records of the subsidiary. Payments under the
intercompany agreement with the Company&#8217;s French subsidiary are denominated in Euros and reflected in US dollars on the books and
records of the Company and local currency on the books and records of the subsidiary.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Other expense</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Other expenses relate to
immaterial non-operating expenses incurred during the period. These amounts were immaterial for the years ended December&#160;31, 2023
and 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Interest expense</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Interest expense decreased
by $3.3 million, or 38%, in the year ended December 31, 2023 compared to the year ended December 31, 2022. The decrease was related to
the conversion of convertible notes into shares of Series A-1 Preferred Stock at the end of 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Liquidity and Capital Resources</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">To date, we have financed our
operations primarily through private placements of equity securities and debt to. We plan to fund our operations and capital funding
needs through a combination of private and public equity and debt offerings, or a combination thereof. Since our inception, we have incurred
significant operating losses and negative cash flows. As of September 30, 2024 and December 31, 2023, we had an accumulated deficit of
$216.9 million and $170.3 million, respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->62<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As of September 30, 2024
and December 31, 2023, we had cash of $2.8 million and $6.0 million, respectively. As of September 30, 2024, we had $14.15 million outstanding
debt, of which approximately $1.45 million was outstanding under the Note Purchase Agreement and $12.7 million was outstanding under
our working capital facility.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">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&#8217;s activities have been financed through private placements, of equity securities and debt
to related parties.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">At the Closing of the Business
Combination, the Company converted approximately $16 million of related party debt to equity; and received $1.45 million in proceeds
from the issuance of its convertible promissory note with a commitment from an Investor for the remaining unfunded amount of approximately
$13.6 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 proceeds from Plum&#8217;s trust account and received a cash tax refund approximately
$1.2 million in respect to the Company&#8217;s UK subsidiary&#8217;s R&amp;D activities. Taking into account the cash proceeds received
to date, the anticipated funding of the remaining convertible note commitment, the proceeds receivable under the $25 million Equity Line
of Credit with White Lion Capital, LLC and the anticipated return by year end of the Company&#8217;s $5 million downpayment for certain
inventory purchased from iFREE Group Holdings Limited and, the Company expects it will be able to funds its operations over the next
twelve months. The Company may seek additional funding through debt or other equity financing arrangements, implement incremental expense
reduction measures or a combination thereof to continue financing its operations. Although management continues to pursue these plans,
there is no assurance that the Company will be successful in obtaining sufficient funding on terms acceptable to the Company to fund
continuing operations, if at all.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Comparison of the Nine Months Ended September
30, 2024 and 2023</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table shows
Veea&#8217;s cash flows provided by (used in) operating activities, investing activities and financing activities for the stated periods:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(7,150,873</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(12,678,685</td><td style="width: 1%; text-align: left">)</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(108,456</td><td style="text-align: left">)</td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Operating Activities</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Net cash used in operating
activities for the nine months ended September 30, 2024 was $19.8 million compared to $7.2 million for the nine months ended September
30, 2023, an increase of $12.6 million. The increase was primarily due to the $5.0 million deposit made for inventory and a $7.7 million
operating loss.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Investing Activities</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">Net cash used in investing activities
for the nine months ended September 30, 2024 decreased by $108,456 from the nine months ended September 30, 2023. The increase was primarily
due to purchase of additional property, equipment and intangible assets during the period.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Financing Activities</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Net cash provided by financing
activities for the nine months ended September 30, 2024 was $16.5 million compared to $8.2 million for the nine months ended September
30, 2023, an increase of $8.3 million. The increase was primarily due to the receipt of $10.0 million of proceeds from the issuance of
preferred stock prior to the closing of the Business Combination, net of transaction costs, $3.7 million of proceeds from the Company
revolving credit line, $1.45 million proceeds from the issuance of the September 2024 Notes and $1.1 million proceeds from the reverse
recapitalization. In 2023, the Company&#8217;s financing sources included a $5.0 million term loan from an unrelated third party, a $3.0
million convertible note from an unrelated third party and an additional $2.2 million in demand notes from a related party.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Comparison of the Years Ended December
31, 2023 and 2022</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table shows
Veea&#8217;s cash flows provided by (used in) operating activities, investing activities and financing activities for the stated periods:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Year ended<br/> December&#160;31,<br/>
    2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Year ended<br/> December&#160;31,<br/>
    2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Variance</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: justify; text-indent: -10pt; padding-left: 10pt">Operating activities</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: justify">$</td><td style="width: 9%; text-align: right">(12,652,360</td><td style="width: 1%; text-align: justify">)</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: justify">$</td><td style="width: 9%; text-align: right">(22,025,362</td><td style="width: 1%; text-align: justify">)</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: justify">$</td><td style="width: 9%; text-align: right">9,372,732</td><td style="width: 1%; text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Investing activities</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right">(155,054</td><td style="text-align: justify">)</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right">(249,264</td><td style="text-align: justify">)</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right">94,210</td><td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Financing activities</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right">18,573,694</td><td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right">21,525,000</td><td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right">(2,951,306</td><td style="text-align: justify">)</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Operating Activities</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Net cash used in operating
activities for the year ended December&#160;31, 2023 was $12.6&#160;million compared to $22.0&#160;million for the year ended December&#160;31,
2022, an increase of $9.4&#160;million. The increase was primarily due to the license of AdEdge<sup>&#8482;</sup>.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Investing Activities</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Net cash used in investing
activities for the year ended December&#160;31, 2023 decreased by $0.1 million from the year ended December&#160;31, 2022. The decrease
was immaterial and related primarily to the purchase of intangibles.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Financing Activities</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Net cash provided by financing
activities for the year ended December&#160;31, 2023 was $18.6&#160;million compared to $21.5&#160;million for the year ended December&#160;31,
2022, a decrease of $2.9&#160;million. The decrease was due to (1) a repayment of debt and (2) a decrease in the issuance of convertible
notes that was offset by an increase in the issuance of third-party debt.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Off-Balance Sheet Arrangements</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We have not had any over
the past three fiscal years, and we currently do not have, any off-balance sheet arrangements as defined in the rules and regulations
of the SEC. To the extent we have any contingent assets or liabilities, these have been captured and audited within the accompanying
consolidated financial statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Critical Accounting Estimates</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The preparation of financial
statements in conformity with GAAP requires Veea&#8217;s management to make estimates and assumptions that affect the reported amount
of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenue and expenses during
the reported periods. Other than valuation of inventory, Veea does not currently have any critical accounting estimates that could have
a material impact on their financial statements. Veea has other key accounting policies, which involve the use of estimates, judgments
and assumptions that are significant to understanding its results, which are described in Note 3 to Veea&#8217;s consolidated financial
statements as of and for the years ended December 31, 2023 and 2022 included in this Registration Statement beginning at page F-10.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Revenue Recognition</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company recognizes revenue
based on the satisfaction of distinct obligations to transfer goods and services to customers. The Company generates revenue from hardware
sales and the sale of licenses and subscriptions. The Company applies a five-step approach as defined in ASC 606, Revenue from Contracts
with Customers, in determining the amount and timing of revenue to be recognized: (1) identify the contract with a customer; (2) identify
the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance
obligations in the contract; and (5) recognize revenue when a corresponding performance obligation is satisfied. Most contracts with
customers are to provide distinct products or services within a single contract. However, if a contract is separated into more than one
performance obligation, the total transaction price is allocated to each performance obligation in an amount based on the estimated relative
standalone selling price.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For licenses of technology,
recognition of revenue is dependent upon whether the Company has delivered rights to the technology, and whether there are future performance
obligations under the contract. Revenue from non-refundable upfront payments is recognized when the license is transferred to the customer
and the Company has no other performance obligations. Revenue for licenses delivered under a subscription model having terms between
one and twelve-months are recognized over-time. Subscription revenue is generated through sales of monthly subscriptions. Customers pay
in advance for the licenses and subscriptions. Revenue is initially deferred and is recognized using the straight-line method over the
term of the applicable subscription period.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Revenue from hardware sales
is recognized at a point-in-time, which is generally at the point in time when products have been shipped, right to payment has been
obtained and risk of loss has been transferred. Certain of the Company&#8217;s product performance obligations include proprietary operating
system software, which typically is not considered separately identifiable. Therefore, sales of these products and the related software
are considered one performance obligation.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Revenue from all sale types
is recognized at the transaction price, the amount management expects to be entitled to in exchange for transferring goods or providing
services. Transaction price is calculated as selling price net of variable consideration which may include estimates for future returns,
price protection, warranties, and other customer incentive programs based upon the Company&#8217;s expectation and historical experience.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company contracts with
customers under non-cancellable arrangements. While customers, including resellers, may cancel master purchase agreements under certain
circumstances, customers may not cancel or modify purchase orders placed under the terms of such master purchase agreements. Each purchase
order is therefore a contract with the customer, i.e., the purchase of a quantity of any given, single product; further, purchase orders
do not commit the customer to purchase any further volumes over time. Contract modifications do not carry revenue recognition implications
as no revenue is recognized until control over products, or intellectual property, as applicable, has transferred to the customer.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company has service
arrangements where net sales are recognized over time. These arrangements include a variety of post-contract support service offerings,
which are generally recognized over time as the services are provided, including maintenance and support services, and professional services
to help customers maximize their utilization of deployed systems.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">A contract liability for deferred
revenue is recorded when consideration is received or is unconditionally due from a customer prior to transferring control of goods or
services to the customer under the terms of a contract. Deferred revenue balances typically result from advance payments received from
customers for product contracts or from billings in excess of revenue recognized on services arrangements. Deferred revenue balances
were not significant as of September 30, 2024, December 31, 2023 and December 31, 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Inventory Valuation</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company values inventory
at the lower of cost or net realizable value. Cost is computed using standard cost which approximates actual cost on a first-in, first-out
basis. At each reporting period, the Company assesses the value of its inventory and writes down the cost of inventory to its net realizable
value if required, for estimated excess or obsolescence. Factors influencing these adjustments include changes in future demand forecasts,
market conditions, technological changes, product life cycle and development plans, component cost trends, product pricing, physical
deterioration, and quality issues. The write down for excess or obsolescence is charged to the provision for inventory, which is a component
of Cost of goods sold in the Company&#8217;s consolidated statements of operations and comprehensive loss. At the point of the loss recognition,
a new, lower cost basis for that inventory is established, and subsequent changes in facts and circumstances do not result in the restoration
or increase in that newly established cost basis.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Due to the judgmental nature
of inventory valuation, we may from time to time be required to adjust our assumptions as processes change and as we gain better information.
Although we continue to refine the assumptions, described above, on which we base our estimates, we cannot be sure that our estimates
are accurate indicators of future events. Accordingly, future adjustments may result from refining these estimates. Such adjustments
may be significant.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Goodwill</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Goodwill represents the
excess of the aggregate purchase consideration over the fair value of the net assets acquired. Goodwill is reviewed for impairment on
an annual basis, or more frequently if events or changes in circumstances indicate that the carrying amount of goodwill may be impaired.
In conducting its annual impairment test, the Company first reviews qualitative factors to determine whether it is more likely than not
that the fair value of the reporting unit is less than its carrying amount. If factors indicate that the fair value of the reporting
unit is less than its carrying amount, the Company performs a quantitative assessment, and the fair value of the reporting unit is determined
by analyzing the expected present value of future cash flows. If the carrying value of the reporting unit continues to exceed its fair
value, the fair value of the reporting unit&#8217;s goodwill is calculated and an impairment loss equal to the excess is recorded. The
Company&#8217;s goodwill was recorded in connection with an acquisition consummated in June 2018. The Company considers goodwill to have
an indefinite life and is not amortized.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Impairment of Long-Lived Assets</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Long-lived assets with finite
lives consist primarily of property and equipment, operating lease right-of-use assets, and intangible assets which are reviewed for
impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability
of assets to be held and used is measured by a comparison of the carrying amount of an asset to the undiscounted future net cash flows
expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future undiscounted cash flows, an impairment
charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Stock-Based Compensation</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company accounts for
stock-based compensation expense in accordance with ASC 718, <i>Compensation-Stock </i>Compensation (&#8220;ASC 718&#8221;). The Company
measures and recognizes compensation expense for all stock-based awards based on estimated fair values on the date of the grant, recognized
over the requisite service period. For awards that vest solely based on a service condition, the Company recognizes stock-based compensation
expense on a straight-line basis over the requisite service period. The Company accounts for forfeitures as they occur.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Convertible Note Payable</b></p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">When the Company issues
convertible debt, it first evaluates the balance sheet classification of the convertible instrument in its entirety to determine (1)
whether the instrument should be classified as a liability under ASC 480, Distinguishing Liabilities from Equity, and (2) whether the
conversion feature should be accounted for separately from the host instrument. A conversion feature of a convertible debt instrument
would be separated from the convertible instrument and classified as a derivative liability if the conversion feature, were it a standalone
instrument, meets the definition of a &#8220;derivative&#8221; in ASC 815, Derivatives and Hedging. When a conversion feature meets the
definition of an embedded derivative, it would be separated from the host instrument and classified as a derivative liability carried
on the consolidated balance sheet at fair value, with any changes in its fair value recognized currently in the consolidated statements
of operations.</p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Contingent Financing Asset</b></p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company recorded a contingent
financing asset on the condensed consolidated balance sheets for the fair value of the Transferred Shares issued to Investors for the
unfunded portion of the September 2024 Notes.</p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Warrants</b></p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company accounts for
warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant&#8217;s specific terms
and applicable authoritative guidance in FASB Accounting Standards Codification 480, <i>Distinguishing </i>Liabilities from Equity (&#8220;ASC
480&#8221;) and ASC 815, Derivatives and Hedging (&#8220;ASC 815&#8221;). The assessment considers whether the warrants are freestanding
financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all
of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company&#8217;s own ordinary
shares and whether the warrant holders could potentially require &#8220;net cash settlement&#8221; in a circumstance outside of the Company&#8217;s
control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted
at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding.</p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For issued or modified warrants
that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in
capital at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants
are required to be recorded at their initial fair value on the date of issuance, and at their fair value on each balance sheet date thereafter.
Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss in the Company&#8217;s consolidated statements
of operations.&#160;</p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Recent Accounting Pronouncements</b></p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">A discussion of recent accounting
pronouncements applicable to Veea is described in Note 3, Summary of Significant Accounting Policies, which are described in Note 3 to
the unaudited financial statements of Veea as of September 30, 2024 and for the nine months then ended included with this prospectus.</p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Emerging Growth Company Status</b></p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Veea is an emerging growth
company as defined in the JOBS Act. The JOBS Act permits companies with emerging growth company status to take advantage of an extended
transition period to comply with new or revised accounting standards, delaying the adoption of these accounting standards until they
would apply to private companies. Veea has elected to use this extended transition period to enable it to comply with new or revised
accounting standards that have different effective dates for public and private companies until the earlier of the date it (i) is no
longer an emerging growth company or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS
Act. As a result, Veea&#8217;s financial statements may not be comparable to companies that comply with the new or revised accounting
standards as of public company effective dates.</p><div>


</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition, Veea intends
to rely on the other exemptions and reduced reporting requirements provided by the JOBS Act. Subject to certain conditions set forth
in the JOBS Act, if, as an emerging growth company, Veea intends to rely on such exemptions, it is not required to, among other things:
(i) provide an auditor&#8217;s attestation report on our system of internal controls over financial reporting pursuant to Section 404(b)
of the Sarbanes-Oxley Act; (ii) provide all of the compensation disclosure that may be required of non-emerging growth public companies
under the Dodd-Frank Wall Street Reform and Consumer Protection Act; (iii) comply with any requirement that may be adopted by the Public
Company Accounting Oversight Board regarding mandatory audit firm rotation or a supplement to the auditor&#8217;s report providing additional
information about the audit and the financial statements (auditor discussion and analysis); and (iv) disclose certain executive compensation-related
items such as the correlation between executive compensation and performance and comparisons of the Chief Executive Officer&#8217;s compensation
to median employee compensation. Veea will remain an emerging growth company under the JOBS Act until the earliest of (i) the last day
of its first fiscal year following the fifth anniversary of the closing of the Plum Acquisition Initial Public Offering, (ii) the last
date of our fiscal year in which it has total annual gross revenue of at least $1.235 billion, (iii) the date on which it is deemed to
be a &#8220;large accelerated filer&#8221; under the rules of the SEC with at least $700.0 million of outstanding securities held by
non-affiliates or (iv) the date on which it have issued more than $1.0 billion in non-convertible debt securities during the previous
three-years.</p><div>


</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Non-GAAP Financial Measures</b></p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">To supplement our consolidated
financial statements, which are prepared and presented in accordance with GAAP, we use Adjusted EBITDA, as described below, to understand
and evaluate our core operating performance. These non-GAAP financial measures, which may differ from similarly titled measures used
by other companies, is presented to enhance investors&#8217; overall understanding of our financial performance and should not be considered
a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><!-- Field: Page; Sequence: 77; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Adjusted EBITDA</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">The primary financial measure
we use is Adjusted EBITDA. EBITDA is defined as net (loss) income, before interest, taxes, depreciation, and amortization. We define
Adjusted EBITDA as net (loss) income excluding income tax provision, interest expense, net of interest income from related party loans,
depreciation and amortization, stock-based compensation expense and non-core expenses/losses (gains), including transaction-related costs,
litigation-related costs, management fees, change in fair value of warrant liability, change in fair value of earn-out share liabilities
and other expense, which includes asset impairments. Our management uses this measure internally to evaluate the performance of our business
and this measure is one of the primary metrics by which our internal budgets are based. We exclude the above items as some are non-cash
in nature, and others are non-recurring that they may not be representative of normal operating results. This non-GAAP financial measure
adjusts for the impact of items that we do not consider indicative of the operational performance of our business. While we believe that
this non-GAAP financial measure is useful in evaluating our business, this information should be considered as supplemental in nature
and is not meant as a substitute for the related financial information prepared and presented in accordance with GAAP.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">The following table provides
a reconciliation of net loss to adjusted EBITDA to net loss for the periods presented:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="color: #212529">&#160;</td><td style="color: #212529; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="color: #212529; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the Three Months&#160;<br/>
    Ended</td><td style="padding-bottom: 1.5pt; color: #212529; font-weight: bold">&#160;</td><td style="color: #212529; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <br/> Ended</td><td style="padding-bottom: 1.5pt; color: #212529; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
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    2024</td><td style="padding-bottom: 1.5pt; color: #212529; font-weight: bold">&#160;</td><td style="color: #212529; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    2023</td><td style="padding-bottom: 1.5pt; color: #212529; font-weight: bold">&#160;</td><td style="color: #212529; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    2024</td><td style="padding-bottom: 1.5pt; color: #212529; font-weight: bold">&#160;</td><td style="color: #212529; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    2023</td><td style="padding-bottom: 1.5pt; color: #212529; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="color: #212529; font-weight: bold">ADJUSTED EBITDA:</td><td style="color: #212529">&#160;</td>
    <td colspan="2" style="color: #212529">&#160;</td><td style="color: #212529">&#160;</td><td style="color: #212529">&#160;</td>
    <td colspan="2" style="color: #212529">&#160;</td><td style="color: #212529">&#160;</td><td style="color: #212529">&#160;</td>
    <td colspan="2" style="color: #212529">&#160;</td><td style="color: #212529">&#160;</td><td style="color: #212529">&#160;</td>
    <td colspan="2" style="color: #212529">&#160;</td><td style="color: #212529">&#160;</td></tr>
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    <td style="width: 1%; color: #212529; text-align: left">$</td><td style="width: 9%; color: #212529; text-align: right">(33,323,555</td><td style="width: 1%; color: #212529; text-align: left">)</td><td style="width: 1%; color: #212529">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="color: #212529; text-align: left">&#160;</td><td style="color: #212529; text-align: right">&#160;</td><td style="color: #212529; text-align: left">&#160;</td><td style="color: #212529">&#160;</td>
    <td style="color: #212529; text-align: left">&#160;</td><td style="color: #212529; text-align: right">&#160;</td><td style="color: #212529; text-align: left">&#160;</td><td style="color: #212529">&#160;</td>
    <td style="color: #212529; text-align: left">&#160;</td><td style="color: #212529; text-align: right">&#160;</td><td style="color: #212529; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="color: #212529; text-align: left">&#160;</td><td style="color: #212529; text-align: right">(1,251,243</td><td style="color: #212529; text-align: left">)</td><td style="color: #212529">&#160;</td>
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    <td style="color: #212529; text-align: left">&#160;</td><td style="color: #212529; text-align: right">(1,251,243</td><td style="color: #212529; text-align: left">)</td><td style="color: #212529">&#160;</td>
    <td style="color: #212529; text-align: left">&#160;</td><td style="color: #212529; text-align: right">-</td><td style="color: #212529; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="color: #212529; text-align: left">&#160;</td><td style="color: #212529; text-align: right">1,789,617</td><td style="color: #212529; text-align: left">&#160;</td><td style="color: #212529">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="color: #212529; font-weight: bold; text-align: left">&#160;</td><td style="color: #212529; font-weight: bold; text-align: right">(34,055,187</td><td style="color: #212529; font-weight: bold; text-align: left">)</td><td style="color: #212529; font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="color: #212529; text-align: left">&#160;</td><td style="color: #212529; text-align: right">-</td><td style="color: #212529; text-align: left">&#160;</td><td style="color: #212529">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Quantitative and Qualitative Disclosures About
Market Risks</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Foreign Exchange Risk</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The currency of the primary
economic environment in which the operations of the Company and its U.S. subsidiaries are conducted is the United States dollar (&#8220;<b><i>USD</i></b>&#8221;).
Accordingly, the Company and all of its U.S. subsidiaries use USD as their functional currency.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Transaction gains and losses
that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included
in the results of operations as incurred. Foreign currency transaction gain (loss), mainly related to intercompany loans to the UK denominated
in British Pound Sterling and intercompany agreements with our French subsidiary denominated in Euros, are included in other comprehensive
gain (loss).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our financial results could
be affected by changes in foreign currency exchange rates, although foreign exchange risks have not been material to our financial position
or results of operations to date. We prepared a sensitivity analysis to determine the impact of hypothetical changes foreign currency
exchange rates have on our results of operations. The foreign currency rate analysis assumed a movement in the British Pound Sterling
by 10% relative to the U.S. Dollar on our results. Based upon the results of this analysis, a 10% change in the British Pound Sterling
would have resulted in an increase or decrease in our earnings for the year ended December 31, 2023 of approximately $0.1 million. Changes
in the Euro have not been material to our financial position or results of operations to date.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Interest Rate and Debt Risk</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Not applicable</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Properties</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">We are headquartered in New
York City, New York. We have engineering offices in Iselin, New Jersey; Bath, United Kingdom; and Juvigny, France. We also maintain a
sales and marketing office in Paris, France and Mexico City, Mexico.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 78; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->67<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="via_015"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>EXECUTIVE
AND DIRECTOR COMPENSATION</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>This
section discusses the material components of the executive compensation program for Veea&#8217;s executive officers who are named in
the &#8220;2022 Summary Compensation Table&#8221; below. As an &#8220;emerging growth company,&#8221; as such term is defined under the
JOBS Act, Veea is not required to include a Compensation Discussion and Analysis section and has elected to comply with the scaled disclosure
requirements applicable to an emerging growth company. Unless the context otherwise requires, all references in this section to &#8220;Veea,&#8221;
&#8220;we,&#8221; &#8220;our,&#8221; &#8220;us,&#8221; and the &#8220;Company&#8221; refer to Private Veea prior to the consummation
of the Business Combination and to Veea and its subsidiaries after the Business Combination. This discussion may contain forward-looking
statements that are based on Veea&#8217;s current plans, considerations, expectations and determinations regarding future compensation
programs. The actual compensation programs that Veea will adopt may differ materially from the current or the currently planned programs
that are summarized in this discussion.</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Executive
Compensation Summary</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have also included the material elements of compensation awarded to, earned by or paid to other officers of the company that may be named
executive officers of the Business Combination. Together, these officers are referred to as our &#8220;<b><i>named executive officers</i></b>&#8221;
or &#8220;<b><i>NEOs</i></b>.&#8221;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than as set forth in the table and described more fully below, during the fiscal year ended December 31, 2023, Private Veea did not pay
any fees, make any equity awards or non-equity awards, or pay any other compensation to the named executive officers. The compensation
reported in this summary compensation table below is not necessarily indicative of how we will compensate our named executive officers
in the future. In connection with the Business Combination, each of our NEOs will enter into a new employment agreement with the Combined
Company, which agreements may provide for increased base salaries and target annual bonus opportunities. We expect that we will continue
to review, evaluate and modify our compensation framework as a result of becoming a publicly-traded company, and our compensation program
following the consummation of the Business Combination could vary significantly from our historical practices.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Summary
Compensation Table</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: justify">&#160;</td><td style="text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;-</td><td style="text-align: justify">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: justify">&#160;</td><td style="text-align: right">-</td><td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right">-</td><td style="text-align: justify">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: justify">&#160;</td><td style="text-align: right">-</td><td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right">44,237</td><td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right">-</td><td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right">265,487</td><td style="text-align: justify">&#160;</td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Existing
NEO Employment Agreements</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Allen
Salmasi, as founder and Chief Executive Officer of Veea, has largely controlled all significant decisions of Veea since its inception.
Because of this unique role, Mr. Salmasi previously was not a party to an employment agreement or letter agreement with Veea. The Company&#8217;s
chief executive officer has received no salary or equity awards since 2014.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 31, 2019, Private Veea entered into an offer letter with Mr. Tubinis, pursuant to which Mr. Tubinis began serving as Chief Commercial
Officer. The offer letter provides for an indefinite term of employment. Pursuant to the offer letter, Mr. Tubinis was entitled to an
initial annual salary of $210,000.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ms.
Smith does not have a written employment agreement with Veea.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to their respective agreements, each of the NEOs is eligible to participate in a number of Company-sponsored benefit plans, programs
and arrangements.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Outstanding
Equity Awards at Fiscal Year End</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table provides information about the number of outstanding equity awards held by each of our named executive officers as of
December 31, 2023:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Name</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Equity Incentive <br/> Plan Awards:
    <br/> Number of <br/> Unearned <br/> Units That Have <br/> Not Vested</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <br/> Market or <br/> Payout Value of <br/> Unearned <br/> Units That Have <br/> Not Vested</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Allen Salmasi</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right">-</td><td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right">-</td><td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font-style: italic; text-align: justify">Chief Executive Officer</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="width: 76%; text-align: justify">Janice K. Smith</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: justify">&#160;</td><td style="width: 9%; text-align: right">115,423</td><td style="width: 1%; text-align: justify">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: justify">&#160;</td><td style="width: 9%; text-align: right">83,105</td><td style="width: 1%; text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; font-style: italic; text-align: justify">Chief Operating Officer</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Mark Tubinis</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right">71,186</td><td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right">51,254</td><td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; font-style: italic; text-align: justify">Chief Commercial Officer</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: justify">&#160;</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Long
Term Equity Compensation Plans</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">Veea maintains the Veea Inc.
2024 Incentive Award Plan (the &#8220;2024 Incentive Plan&#8221;), which became effective upon the Closing. 4,460,437 shares of Common
Stock have been initially reserved for issuance of awards under the 2024 Incentive Plan (the &#8220;Initial Limit&#8221;). The Initial
Limit is subject to increase over a ten-year period. The 2024 Incentive Plan provides for the grant of stock options, which may be ISOs
or non-statutory stock options (&#8220;NSOs&#8221;), stock appreciation rights (&#8220;SARs&#8221;), restricted shares, restricted stock
units and other stock or cash-based awards that the administrator determines are consistent with the purpose of the 2024 Incentive Plan.
As of September 30, 2024, the Company has 3,568,676 shares available for issuance under the 2024 Incentive Plan.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">Veea also maintains the 2024
Employee Stock Purchase Plan (the &#8220;ESPP&#8221;), which become effective upon the Closing. An aggregate of 1,070,603 shares of Common
Stock have been reserved for issuance under the ESPP, which represents 3% of the aggregate number of shares of the Company&#8217;s common
stock outstanding immediately after the Closing. This amount is subject to increase each year over a ten-year period. The ESPP provides
eligible employees with an opportunity to purchase Common Stock from the Company at a discount through accumulated payroll deductions.
The first purchase period has not begun as of September 30, 2024. Under the terms of the ESPP, the purchase price per share cannot be
less than 85% of the lower of the fair market value per share of the Common Stock on either the offering date or on the purchase date.<b>&#160;</b></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Health
and Welfare Plans</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
NEOs are eligible to participate in the employee benefit plans that we offer to our employees generally, including medical, dental, vision,
life and accidental death and dismemberment, and short- and long-term disability benefits.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Director
Compensation</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">For the fiscal year ended December
31, 2023, Veea did not pay any compensation or make any equity awards to any directors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board reviews director compensation periodically to ensure that director compensation remains competitive such that Veea is able to recruit
and retain qualified directors. Veea intends to adopt a director compensation program that is designed to align compensation with its
business objectives and the creation of shareholder value, while enabling Veea to attract, retain, incentivize, and reward directors
who contribute to the long-term success of the Combined Company.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Executive
Compensation After the Business Combination</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Veea
does not have written employment agreements with its NEOs.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Veea
intends to develop an executive compensation program that is designed to align compensation with Veea&#8217;s business objectives and
the creation of stockholder value, while enabling Veea to attract, retain, incentivize and reward individuals who contribute to the long-term
success of Veea&#8217;s decisions on the executive compensation program are made by the Compensation Committee.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>&#160;</b></span>&#160;</p><div>

</div><div><a id="via_016"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>MANAGEMENT</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
officers and directors are as follows:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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    <td style="border-bottom: Black 1.5pt solid"><b>Position</b></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 34%; text-align: justify">Allen Salmasi</td><td style="width: 1%">&#160;</td>
    <td style="width: 10%; text-align: center">70</td><td style="width: 1%">&#160;</td>
    <td style="width: 54%; text-align: justify">Chief Executive Officer, Chairman of the Board</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify">Janice K. Smith</td><td>&#160;</td>
    <td style="text-align: center">63</td><td>&#160;</td>
    <td style="text-align: justify">Chief Operating Officer and Interim Chief Financial Officer</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Mark Tubinis</td><td>&#160;</td>
    <td style="text-align: center">66</td><td>&#160;</td>
    <td style="text-align: justify">Chief Commercial Officer</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify">Michael Salmasi</td><td>&#160;</td>
    <td style="text-align: center">35</td><td>&#160;</td>
    <td style="text-align: justify">Chief Executive Officer of Veea Solutions Inc.; Director</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Douglas Maine</td><td>&#160;</td>
    <td style="text-align: center">76</td><td>&#160;</td>
    <td>Director</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify">Kanishka Roy</td><td>&#160;</td>
    <td style="text-align: center">49</td><td>&#160;</td>
    <td>Director</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Alan Black</td><td>&#160;</td>
    <td style="text-align: center">64</td><td>&#160;</td>
    <td>Director</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify">Helder Autunes</td><td>&#160;</td>
    <td style="text-align: center">61</td><td>&#160;</td>
    <td>Director</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Gary Cohen</td><td>&#160;</td>
    <td style="text-align: center">68</td><td>&#160;</td>
    <td>Director</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Allen
Salmasi</b> is the Chairman of the Board and CEO at Veea. Prior to co-founding Veea in 2014, Mr. Salmasi was the Chairman, Chief Executive
Officer and President of NextWave Telecom Inc. and, its spin-off, NextWave Wireless Inc. (&#8220;<b><i>NextWave</i></b>&#8221;), a San
Diego-based company that he founded in 1996. In partnership with MCI Communications Corporation, NextWave developed and substantially
implemented the first Mobile Virtual Network Operator (&#8220;<b><i>MVNO</i></b>&#8221;) service in the US. NextWave also acquired substantial
spectrum assets in the US and other countries between 1996 and 2007. NextWave Telecom was acquired by Verizon in 2005 and, its spin-off,
NextWave Wireless was acquired by AT&amp;T in 2013. NextWave, through its wholly owned subsidiaries, also pioneered several products
and technologies that were acquired at various times such as an all IP-based packet-switched wireless broadband network equipment and
devices based on TD-CDMA and OFDMA waveforms (4G/5G) as well as mobile media and streaming software platform that was adopted by Google
for Android devices. During 2000s, its TD-CDMA was deployed in Eastern Europe as a &#8220;wireless Internet&#8221; network by Deutsche
Telekom and in New York metro area, with an upgrade to 4G LTE as a public safety network after 9/11 (&#8220;<b><i>NYCWiN</i></b>&#8221;)
with Northrop Grumman. Beginning 1988, at Qualcomm Incorporated, he served in various positions as the first President of its wireless
business division (QCT), Chief Strategy Officer and a member of the Board of Directors, where he initiated and led the business development
activities for the first digital cellular products, including its chipset and handset developments and production, based on Code Division
Multiple Access (&#8220;<b><i>CDMA</i></b>&#8221;) technology, which became the first global wireless standard as 3G and gave birth to
smartphones. Prior to Qualcomm, from 1983 to 1988, Mr. Salmasi was the Chief Executive Officer and President of Omninet Corporation,
which developed and launched OmniTRACS product and services in 1985. As the first large scale commercial application of spread spectrum
communications incorporating CDMA, OmniTRACS became the world&#8217;s first and largest commercial terrestrial mobile satellite communications
service for two-way messaging, SCADA (IoT) and position reporting service. Omninet entered into a contract with Qualcomm, immediately
after its formation in 1985, to manufacture OmniTRACS and then merged with Qualcomm in 1988. He holds two Bachelor of Science degrees
with honors in Electrical Engineering and Business Management and Economics from Purdue University and two Master of Science degrees
in Electrical Engineering and Applied Mathematics from Purdue University and the University of Southern California, respectively.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Janice
K. Smith</b> is our Chief Operating Officer and Interim Chief Financial Officer. Ms. Smith joined Veea in 2018. From February 2014 to
June 2018, Ms. Smith was Chief Administrative Officer of NLabs Inc., an affiliate of Veea. Prior to joining NLabs, Ms. Smith was SVP,
Chief Risk Officer and Head of Governmental Affairs for Overseas Ship holding Group, Inc., the former largest NYSE-listed crude oil and
petroleum product transportation company, where she was responsible for the enterprise risk management function, establishing and executing
legislative agenda, including management of the firm&#8217;s &#8220;PAC&#8221; and supervising outside lobbyists. Prior to OSG, Ms. Smith
was a corporate partner in the New York office of global law firm Proskauer Rose where her practice focused on mergers and acquisitions,
corporate finance and securities law transactions. Ms. Smith holds a BBA from Iona College, a JD from Fordham Law School and a Business
Certificate from Columbia University.</span></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Mark
Tubinis</b> is our Chief Commercial Officer. Mr.&#160;Tubinis joined Veea in 2020. He is a seasoned technology executive recognized for
building and managing global product and services organizations. He has broad experience in virtualized and cloud-based fixed and mobile
service delivery (voice, video, data and IoT), and has worked in engineering management, product management, business development, and
strategic planning and partnering over his career. He served as SVP of SeaChange International, an OTC-listed supplier of video delivery
software, from October 2016 to January 2019; as the Chairman of the Board of Airfusion, a private AI driven data analytics company, from
2016 to 2020; and as a director of Classco, Inc., a specialist in Calling Line ID technologies, from 1996 to 2019. Since 2022, he has
served as an advisor of zTouch, LLC, a private AI based network optimization and automation company. At Alcatel-Lucent (via acquisition
of WaterCove Networks), Cedar Point Communications, Savant, SeaChange International and now Veea, Mr.&#160;Tubinis enjoys working with
industry thought leaders to deliver innovative, award-winning solutions. Mr.&#160;Tubinis holds an MSEE/Computer Engineering and Communications
from Massachusetts Institute of Technology (MIT) and a BSEE from Boston University.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Michael
Salmasi</b> serves as a member of the Board. Michael Salmasi is a co-founder of Veea Inc. and has served on its board of directors since
its inception. Michael has also served as CEO of Veea Solutions Inc., a subsidiary of Veea Inc., since 2013. In this role, Mr.&#160;Salmasi
plays a leading role in a variety of initiatives and engages with the company&#8217;s business partners to deliver edge computing solutions
to customers in a range of projects, including Smart Retail, Smart Buildings, and Smart Agriculture. Prior to co-founding Veea Inc.,
Mr.&#160;Salmasi worked at UBS Financial Services from 2009 to 2012. Mr.&#160;Salmasi holds a Master of Business Administration from
New York University Stern School of Business.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Douglas
Maine</b> serves as a member of the Board. Mr. Maine joined International Business Machines Corporation (&#8220;<b><i>IBM</i></b>&#8221;)
in 1998 as Chief Financial Officer following a 20-year career with MCI (now part of Verizon) where he was Chief Financial Officer from
1992-1998. He was named General Manager of ibm.com in 2000 and General Manager, Consumer Products Industry in 2003 and retired from IBM
in 2005. Mr. Maine previously served as a director of the following public companies: Acreage Holdings from 2018-2023; Albemarle Corporation
from 2015 to 2020, Orbital-ATK, Inc. from 2006-2017, BroadSoft, Inc. from 2006-2017 and Rockwood Holdings, Inc. from 2005-2015. Maine
is a former two-term member of the Standing Advisory Group of the Public Company Accounting Oversight Board. Mr. Maine holds a BS from
Temple University and an MBA from Hofstra University. Mr. Maine is also a Columbia Business School Executive in Residence.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Kanishka
Roy</b> serves as a member of the Board. Mr. Roy is a technology and finance veteran, with over 20 years of experience as a technology
investment banker, public company executive, and growth investor. From 2014 to 2019, Mr. Roy helped leading Software and Internet companies
with mergers and acquisitions (M&amp;A) and capital markets transactions. Mr. Roy also served as the Global Head of Tech M&amp;A Origination
for Morgan Stanley, where he was responsible for initiating large, industry-transforming mergers, helping clients take a long-term view
of the competitive landscape and implementing winning M&amp;A playbooks to maximize shareholder value. Over his career, Mr. Roy has participated
in over $100 billion of M&amp;A transactions. Most recently, from 2019 to 2020, he was Global CFO at SmartNews, a multi-billion-dollar
private AI company with over 20 million monthly average users, and led the strategic finance and growth of a rapidly growing company
across multiple geographies. Mr. Roy started his career as a software engineer at two software startups, both of which were acquired
by larger public companies, and also worked in executive strategy roles at IBM. Mr.&#160;Roy is also President, Chief Executive Officer,
Secretary, Treasurer, and board member of Plum Acquisition Corp. III, a special purpose acquisition company traded on Nasdaq. Mr. Roy
holds an undergraduate degree in Electrical &amp; Computer Engineering and an MBA from the Tuck School of Business at Dartmouth.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Alan
Black </b>serves as a member of the Board.<b>	</b>Mr. Black founded Surfspray Capital, LLC in 2017 through which he has advised over
a dozen companies including Looker Data Sciences where he served on the Board and was Chair of the Audit Committee (acquired by Google
in 2019); Bill.com Holdings (2019 IPO), HashiCorp (2021 IPO), and private software companies including Intercom, Komodo Health, Mattermost,
Netlify, Nozomi Networks, and others. He brings more than 35 years of experience as an executive leading public and private software
enterprises, including IPO experience as CFO at Zendesk (2014 IPO) and Openwave Systems (1999 IPO). In between those companies, Mr. Black
was President and CEO of Intelliden (acquired by IBM in 2010). Mr. Black currently sits on the boards of Nextiva, Matillion, and Plum
Acquisition Corp. III. He holds a Bachelors of Commerce and a Graduate Diploma in Public Accountancy degrees from McGill University in
Montreal, Canada, and serves on McGill&#8217;s Board of Advisors for the Western United States, co-chairing its Bursary Subcommittee.
Mr. Black is now retired from active membership in the Institute of Chartered Accountants of Ontario (Canada) and Society of Certified
Public Accountants (California), in which professional organizations he was a licensed member for over two decades.</span></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

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</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Helder
Antunes </b>serves as a member of the Board. Mr. Antunes is an entrepreneur, technologist, and executive with over 30 years of experience
in Silicon Valley and around the world. Currently he serves as CEO of Crowdkeep, an Internet of Things (IoT) company specializing in
asset, people, and condition tracking across multiple industries. Mr. Antunes previously served as a Cisco executive for over 20 years,
crucial in leading corporate innovation and in the development of many of Cisco&#8217;s many security products, such as IoS imbedded
security, Cisco Virtual Office (CVO), and Dynamic Multipoint VPN, as well as leading projects like Cisco Connected Car, founding the
OpenFog Consortium, and developing the reference architecture for all things IoT. A renowned expert in data security, Internet of Things
(IoT), fog computing, and disruptive innovation, Mr. Antunes speaks at numerous conferences and symposiums around the world every year
and has presented to the U.S. Congress, and the parliaments of countries like Norway and Portugal on the topics of technology and innovation.
Mr. Antunes has also served as an advisor to the Government of Portugal and the Regional Government of the Azores, counseling on the
topics of stimulating high tech development, fostering investment environments, and promoting science &amp; technology education.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Gary
Cohen</b> serves as a member of the Board. Mr. Cohen is an experienced business leader with a background in global management. Mr. Cohen
currently serves on the Board of Trustees for Northwell Health. Mr. Cohen has previously served on the President&#8217;s Council for
Union College, the Global Advisory Board of Ragon Institute of MGH, MIT and Harvard, the Global Advisory Council of African Leadership
University, US Advisory Council of African Leadership Academy, and Director and Treasurer of Gift of Hope USA. Mr. Cohen has been retired
since 2014. Prior to retirement, Mr. Cohen was employed with IBM Corporation from 1978 to 2014 (with an 18-month gap). During his time
at IBM Corporation, Mr. Cohen served as General Manager, Global Communications Sector, Chairman of IBM Africa, and Executive Leader of
Global Alliances, among other roles. Mr. Cohen led IBM Corporation&#8217;s $12 billion business with telecommunications, energy and utilities,
and media and entertainment clients worldwide, with particular focus in leading the development in Africa. Prior to that Mr. Cohen served
as General Manager of IBM&#8217;s Pervasive Computing (IoT) business unit and before that was Vice President of Strategy. Furthermore,
Mr. Cohen managed critical partnerships with businesses like SAP, Cisco, and Oracle. Mr. Cohen holds an MBA in Finance from New York
University and a Bachelor of Science in Economics and Psychology from Union College. Mr. Cohen is independent as defined under the applicable
Nasdaq rules. Mr. Cohen is qualified to serve on the board because of his long-time global business experience and leadership experiences.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Director
Independence</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nasdaq
listing rules require that a majority of the board of directors of a company listed on Nasdaq be composed of &#8220;independent directors,&#8221;
which is defined generally as a person other than an officer or employee of the company or its subsidiaries or any other individual having
a relationship, which, in the opinion of the company&#8217;s board of directors, would interfere with the director&#8217;s exercise of
independent judgment in carrying out the responsibilities of a director. The Company&#8217;s Board has determined that each of Douglas
Maine, Kanishka Roy, Gary Cohen and Alan Black is an independent director under the Nasdaq listing rules and Rule 10A-3 of the Exchange
Act. In making these determinations, the Board considered the current and prior relationships that each non-employee director had with
Veea and has with the Company and all other facts and circumstances the Board deemed relevant in determining independence, including
the beneficial ownership of our Common Stock by each non-employee director.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Committees
of the Board of Directors</b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
standing committees of Company&#8217;s Board consists of an Audit Committee, a Compensation Committee, and a Nominating and Corporate
Governance Committee. The composition of each committee following the Business Combination is set forth below.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Audit
Committee</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s Audit Committee has been established in accordance with Section 3(a)(58)(A) of the Exchange Act and consists of Douglas
Maine, Gary Cohen and Alan Black, each of whom is an independent director and is &#8220;financially literate&#8221; as defined under
the Nasdaq listing standards. Douglas Maine serves as chair of the Audit Committee. The Company&#8217;s Board has determined that Mr.
Maine qualifies as an &#8220;audit committee financial expert,&#8221; as defined under rules and regulations of the SEC.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Compensation
Committee</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s Compensation Committee consists of Gary Cohen and Douglas Maine, each of whom is an independent director under Nasdaq&#8217;s
listing standards, and Gary Cohen serves as chair of the Compensation Committee.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Nominating
and Corporate Governance Committee</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s Nominating and Corporate Governance Committee consists of Kanishka Roy and Alan Black, each of whom is an independent
director under Nasdaq&#8217;s listing standards, and Kanishka Roy serves as the chair of the Nominating and Corporate Governance Committee.
The Nominating and Corporate Governance Committee is responsible for overseeing the selection of persons to be nominated to serve on
the Board. The Nominating and Corporate Governance Committee considers persons identified by its members, management, shareholders, investment
bankers and others.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
guidelines for selecting nominees, including nominees who will permit the Continuing Company to comply with applicable California and
Nasdaq diversity standards, are specified in the Nominating and Corporate Governance Committee Charter.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Compensation
Committee Interlocks and Insider Participation</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None
of the members of the Company&#8217;s compensation committee has ever been an executive officer or employee of the Company. None of the
Company&#8217;s executive officers currently serve, or have served during the last completed fiscal year, on the compensation committee
or board of directors of any other entity that has one or more executive officers that will serve as a member of the Board or compensation
committee.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Role
of the Board in Risk Oversight/Risk Committee</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Of
the key functions of the Board is informed oversight of the Company&#8217;s risk management process. The Board does not have a standing
risk management committee, but rather administers this oversight function directly through the Board as a whole, as well as through various
standing committees of the Board that address risks inherent in their respective areas of oversight. For example, the Company&#8217;s
audit committee is responsible for overseeing the management of risks associated with the Company&#8217;s financial reporting, operational,
privacy and cybersecurity, competition, legal, regulatory, compliance and reputational matters; and the Company&#8217;s compensation
committee oversees the management of risks associated with our compensation policies and programs.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Oversight
of Cybersecurity Risks</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company faces a number of risks, including cybersecurity risks and those other risks described under the section titled <i>&#8220;Risk
Factors&#8221;</i> included in this prospectus. The audit committee is responsible for overseeing the steps management has taken with
respect to cybersecurity risk exposure. As part of this oversight, the audit committee will receive regular reports from management of
the Company on cybersecurity risk exposure and the actions management has taken to limit, monitor or control such exposures at its regularly
scheduled meetings. Management will work with third party service providers to maintain appropriate controls. We believe this division
of responsibilities is the most effective approach for addressing the Company&#8217;s cybersecurity risks and that the Board leadership
structure supports this approach.</span></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->73<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Limitation
on Liability and Indemnification of Directors and Officers</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Charter contains provisions that limit the liability of the directors and officers for damages to the fullest extent permitted by Delaware
law. Consequently, the directors will not be personally liable to the Company or its stockholders for monetary damages for breach of
fiduciary duty as a director, and the Company&#8217;s officers will not be personally liable to the Company&#8217;s stockholders for
monetary damages for breach of fiduciary duty as an officer, in each case except for any liability for:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                            breach of the director&#8217;s or officer&#8217;s duty of loyalty to the Company or its stockholders;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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                                            act or omission not in good faith or which involves intentional misconduct or a knowing violation
                                            of law;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                            transaction from which the director or officer derived an improper personal benefit; and</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
                                            illegal dividend, stock repurchase or redemption under Section 174 of the DGCL.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Charter requires the Company to indemnify and advance expenses to, to the fullest extent permitted by applicable law, its directors,
officers and agents. The Company plans to maintain a directors&#8217; and officers&#8217; insurance policy pursuant to which the directors
and officers are insured against liability for actions taken in their capacities as directors and officers. Finally, the Charter prohibits
any retroactive changes to the rights or protections or increasing the liability of any director in effect at the time of the alleged
occurrence of any act or omission to act giving rise to liability or indemnification.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the Company has entered into separate indemnification agreements with its directors and officers. These agreements, among other
things, require the Company to indemnify its directors and officers for certain expenses, including attorneys&#8217; fees, judgments,
fines and settlement amounts incurred by a director or officer in any action or proceeding arising out of their services as one of the
Company&#8217;s directors or officers or any other company or enterprise to which the person provides services at the Company&#8217;s
request.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe these provisions in the Charter are necessary to attract and retain qualified persons as directors and officers for the Company.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Corporate
Governance Guidelines and Code of Business Conduct</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board has adopted Corporate Governance Guidelines that address items such as the qualifications and responsibilities of its directors
and director candidates and corporate governance policies and standards applicable. In addition, the Board has adopted a Code of Business
Conduct and Ethics that applies to all of its employees, officers and directors, including its Chief Executive Officer, Chief Financial
Officer and other executive and senior financial officers. The full text of the Company&#8217;s Corporate Governance Guidelines and its
Code of Business Conduct and Ethics are posted on the Corporate Governance portion of the Company&#8217;s website at <i>www.veea.com</i>.
Information contained on or accessible through the Company&#8217;s website is not a part of this prospectus, and the inclusion of the
Company&#8217;s website address in this prospectus is an inactive textual reference only. The Company intends to make any legally required
disclosures regarding amendments to, or waivers of, provisions of its code of ethics on its website rather than by filing a Current Report
on Form 8-K.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>&#160;</b></span></p><div>


</div><!-- Field: Page; Sequence: 85; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->74<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>&#160;</b></span></p><div>

</div><div><a id="via_017"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>SECURITY
OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND<br/>
MANAGEMENT OF THE COMPANY</b></span></p><div>

</div><p style="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">The following table sets forth
information known to the Company regarding beneficial ownership of shares of the Company&#8217;s Common Stock as of December 11, 2024
by:</p><div>

</div><p style="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 6pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">each
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  </table><div>
</div><p style="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 6pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">each
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  </table><div>
</div><p style="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 6pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 6pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beneficial
ownership is determined according to the rules of the SEC, which generally provide that a person has beneficial ownership of a security
if he, she or it possesses sole or shared voting or investment power over that security, including options, warrants and certain other
derivative securities that are currently exercisable or will become exercisable within 60 days.</span></p><div>

</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">The percentage of beneficial
ownership is based on 35,766,411 shares of Common Stock issued and outstanding as of December 10, 2024.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with SEC rules, shares of our Common Stock which may be acquired upon exercise of stock options or warrants which are currently
exercisable or which become exercisable within 60 days of the date of the Closing are deemed beneficially owned by the holders of such
options and warrants and are deemed outstanding for the purpose of computing the percentage of ownership of such person, but are not
treated as outstanding for the purpose of computing the percentage of ownership of any other person.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
otherwise indicated, the business address of each of the entities, directors and executives in this table is 164 E. 83rd Street, New
York, New York, United States. Unless otherwise indicated and subject to community property laws and similar laws, the Company believes
that all parties named in the table below have sole voting and investment power with respect to all shares of Common Stock beneficially
owned by them.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-size: 10pt">*</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; padding-left: 9pt">5% Stockholders</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: justify">NLabs Inc.</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">12,148,921</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Salmasi 2004 Trust</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,808,475</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">7.9</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify">Harmonic Equity Partners (8)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3,640,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">10.2</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">iFree Global Investment Limited (9)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,386,174</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">6.6</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-style: italic; text-align: justify">All directors and executive officers as a group (9 individuals)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">21,012,263</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">64.8</td><td style="text-align: left">%</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less
    than 1%.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
    otherwise noted, the business address of each of the following entities or individuals is 164 E. 83rd Street, New York, New York,
    United States.</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consists
    of 12,148,921 shares held by NLabs Inc., an entity controlled by Mr. Salmasi and members of his immediate family, 2,808,475 shares
    held by Salmasi 2004 Trust, the trustee of which is a member of Mr. Salmasi&#8217;s immediate family, 437,029 shares held directly
    by Mr. Salmasi and 491,059 shares held by Mr. Salmasi&#8217;s spouse.</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes
    options to purchase 70,366 shares of Common Stock.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consists
    of options to purchase 52,518 shares of Common Stock.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes
    options to purchase 14,714 shares of Common Stock.</span></td></tr>
</table><div>

</div><p style="margin-top: 0; margin-bottom: 0"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes
                                            20,000 shares of Common Stock issuable upon conversion of a convertible promissory note issued
                                            at the Closing of the Business Combination.</span></td>
</tr></table><div>



</div><p style="margin-top: 0; margin-bottom: 0"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7)
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes
    (i) 50,000 shares of Common Stock held directly by Mr. Roy, and (ii) 4,507,346 shares of Common Stock and 3,972,891 shares of Common
    Stock issuable upon exercise of Private Warrants held by Plum Partners, LLC. Mr. Roy serves as President and Co-Chief Executive Officer
    of Plum Partners, LLC and exercises voting and dispositive power over the shares held by Plum Partners, LLC. </span></td></tr>

<tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes
                                            1,820,000 shares of Common Stock issuable upon conversion of a convertible promissory note
                                            issued at the Closing of the Business Combination.</span></td>
</tr><tr style="vertical-align: top; text-align: justify">
<td style="text-align: left">(9)</td><td style="text-align: justify">Includes 1,283,327 shares of Common Stock issuable upon exercise
                                     of Private Placement Warrants.</td></tr>
     </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>&#160;</b></p><div>

</div><div><a id="via_018"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CERTAIN
RELATIONSHIPS AND RELATED PARTY TRANSACTIONS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><b>Certain Relationships and Related Person
Transactions of Veea</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><i>Lease Arrangements</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On March 1, 2014, Private
Veea entered into a sublease agreement with NLabs Inc., an affiliate of Private Veea&#8217;s CEO (&#8220;<b><i>NLabs</i></b>&#8221;)
for office space for an initial term of five years. In 2018, Private Veea renewed the sublease for an additional five-year term with
all other terms and conditions of the sublease remaining the same. The renewal term expired February&#160;28, 2024 and was subsequently
extended to December 31, 2024. Rent for the office space is accrued and not paid in cash. The Company recognized rent expense of $61,200
and $61,200 in the three months ended September 30, 2024 and 2023, respectively, and $183,600 and $184,925 in the nine months ended September
30, 2024 and 2023, respectively, all of which is classified as general and administrative expenses in the Company&#8217;s consolidated
statements of operations and comprehensive loss. Accrued and unpaid rent expense included in the Company&#8217;s consolidated balance
sheet was $1,652,400 and $1,468,800, as of September 30, 2024 and December 31, 2023, respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In April 2017, Private Veea
entered into a lease agreement with 83<sup>rd</sup> Street LLC to lease office space for an initial term of two years. In 2018, Private
Veea renewed the lease for an additional five-year term, with all other terms and conditions of the lease remaining the same. The renewal
term expired February 28, 2024 and was subsequently extended to December 31, 2024. Rent for the office space is accrued and not paid
in cash. The sole member of 83<sup>rd</sup> Street is the Salmasi 2004 Trust. The Salmasi 2004 Trust holds approximately 7.9% of Veea&#8217;s
outstanding capital stock. Veea&#8217;s CEO is the grantor of the Salmasi 2004 Trust. Veea recognized rent expense of $72,000 and $72,000
in the three months ended September 30, 2024 and 2023, respectively, and $216,000 and $184,925 in the nine months ended September 30,
2024 and 2023, respectively. Accrued and unpaid rent expense included in the Company&#8217;s consolidated balance sheet was $1,872,000
and $1,656,000, as of September 30, 2024 and December 31, 2023, respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Rent expense for the above
leases is reported as general and administrative expenses in Veea&#8217;s consolidated statements of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><i>Related Party Debt</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In 2021 and 2022, NLabs
made loans to Private Veea evidenced by promissory notes aggregating $9,500,000 (the &#8220;Bridge Notes&#8221;). The Bridge Notes bear
interest on the outstanding principal at a rate of 10% per annum, calculated on the basis of a 365-day year. Principal and accrued interest
are payable on the maturity date of the Notes. The original maturity date of the Bridge Notes was December 31, 2022, which was extended
to December 31, 2023 and has been subsequently extended to September 30, 2024. The Company accounted for the extension as a modification
of the Bridge Notes. The unpaid principal amount and accrued unpaid interest on the Bridge Notes are due and payable upon the date of
the first to occur of: (i) the maturity date and (ii) the consummation of a debt or equity financing transaction with an unrelated third
party. Interest expense for the three months ended September 30, 2024 and 2023 was $195,155 and $237,500, respectively. Interest expense
for the nine months ended September 30, 2024 and 2023 was $670,155 and $762,500, respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In 2022 and 2023, NLabs
made loans to Private Veea evidenced by promissory notes in the aggregate principal amount of $3,098,000 (the &#8220;<b><i>Promissory
Notes</i></b>&#8221; and together with the Bridge Notes, the &#8220;<b><i>Related Party Notes</i></b>&#8221;). The Demand Notes bear
interest on the outstanding principal amount at a rate of 10% per annum, calculated on the basis of a 365-day year. Principal and interest
on the Promissory Notes is repayable upon the earlier of demand and December 31, 2023. The Demand Notes remained outstanding as of December
31, 2023 and subsequently extended to September 30, 2024. Interest expense for the three months ended September 30, 2024 and 2023 was
$63,709 and $78,087, respectively. Interest expense for the nine months ended September 30, 2024 and 2023 was $198,698 and $212,201,
respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">At the Closing, the Related
Party Notes were converted into shares of Common Stock at the Closing at a price of $5.00 per share of Common Stock, which shares were
not considered Existing Veea Shares and were in addition to the shares of Common Stock issued to holders of Existing Veea Shares. See
&#8220;<i>- Note Conversion Agreements</i>,&#8221; below for more information regarding the conversion of the Related Party Notes.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in">In January 2023, Janice Smith,
Veea&#8217;s Chief Operating Officer, made a loan to Private Veea in the aggregate principal amount of $50,000. The loan accrues interest
on the outstanding principal amount at a rate of 10% per annum. Principal and interest on the loans are repayable upon the earlier of
demand and December 31, 2023. The loan was repaid in full in March 16, 2023.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><i>Common Stock Warrants</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">In consideration for the guarantee
by the Company&#8217;s CEO of the Company&#8217;s obligations under the 2021 Revolving Loan Agreement and a previously outstanding loan
agreement with First Republic Bank, the Company issued warrants to purchase an aggregate of 2,430,000&#160;shares of the Company&#8217;s
common stock (the &#8220;Loan Guarantee Warrants&#8221;). The exercise price of the warrants is $.01 per share. The warrants are exercisable
for a period of seven years. The warrants were equity classified and had a fair value of $2,189,014 on the date of grant which is recognized
as deferred cost and amortized to interest expense over the life of the loan agreements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">In December 2021, the Company
issued warrants to purchase 630,000&#160;shares of common stock in connection with the Bridge Notes issued to NLabs (the &#8220;Tranche
1 Bridge Note Warrants&#8221;). The exercise price of the warrants is $.01 per share. The warrants are exercisable for a period of seven
years. The warrants were equity classified and had a relative fair value of $499,416 on the date of grant which was recognized as original
issue discount on the Bridge Notes in the year ended December&#160;31, 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">In 2022, the Company issued
warrants to purchase 320,000&#160;shares of common stock in connection with the Bridge Notes issued to NLabs (the &#8220;Tranche 2 Bridge
Note Warrants&#8221; and collectively with the Loan Guarantee Warrants and the Tranche 1 Bridge Note Warrants, the &#8220;Related Party
Common Stock Warrants&#8221;). The exercise price of the warrants is $.01 per share. The warrants are exercisable for a period of seven
years. The warrants were equity classified and had a fair value of approximately $253,816 on the date of grant which was recognized as
original issue discount on the Bridge Notes in the year ended December&#160;31, 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">At Closing, the Related Party
Common Stock Warrants were exercised in whole, on a net basis, for 3,880,000 shares of Common Stock of Private Veea at a conversion price
of $0.01 per share for an aggregate purchase price of $38,800. A total of 21,798 shares of Common Stock were surrendered in payment of
the purchase price.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><i>CEO Expenses</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">Veea incurred expenses relating
to ordinary course travel expenses of the Company&#8217;s Chief Executive Officer and founder (&#8220;CEO&#8221;) for travel made by
the CEO on behalf of the Company. As of September 30, 2024 and December 31, 2023, the Company had accrued expenses reimbursable to the
CEO in the aggregate amount of $119,075 and $179,075, respectively. During the nine months ended September 30, 2024, the Company paid
the CEO $150,000 in reimbursement of these expenses. The Company records the expenses as accrued expenses in the Company&#8217;s consolidated
balance sheet.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><i>Note Conversion Agreements</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">On September 13, 2024, in connection
with the consummation of the Business Combination, Private Veea, Plum and the holders of certain notes (the &#8220;Noteholders&#8221;)
issued by Private Veea entered into Note Conversion Agreements, pursuant to which each Noteholder agreed that principal and accrued interest
under such notes shall convert into Common Stock at Closing at a per share value of $5.00, and that such shares shall be subject to a
five-month lock-up period. At the Closing, notes having an aggregate of $15,739,846 in principal and accrued interest were converted
into 3,147,970 shares of Common Stock.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Certain
Relationships and Related Person Transactions of Plum</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Founder
Shares</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 13, 2021, the Plum Sponsor paid $25,000, or approximately $0.003 per share, to cover certain offering costs in consideration
for 8,625,000 Class B ordinary shares, par value $0.0001 per share (the &#8220;Founder Shares&#8221;). Up to 1,125,000 Founder Shares
were subject to forfeiture to the extent that the over-allotment option was not exercised in full by the underwriter. On April 14, 2021,
the underwriter partially exercised its over-allotment option buying 1,921,634 Units thus reducing the total number of share subject
to forfeiture to 644,591. On May 2, 2021, the underwriter&#8217;s over-allotment option expired and 644,591 Founder Shares were forfeited
to the Company.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Plum
Sponsor and Plum&#8217;s directors and executive officers agreed not to transfer, assign or sell any of their Founder Shares until earliest
of (A) 180 days after the completion of the initial Business Combination and (B) subsequent to the initial Business Combination, (x)
if the closing price of our Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share splits, share capitalizations,
reorganizations, recapitalizations and the like) for any 20 trading days within any 30 trading-day period commencing at least 150 days
after the initial Business Combination, or (y) the date on which the Company completes a liquidation, merger, share exchange, reorganization
or other similar transaction that results in all of the public shareholders having the right to exchange their Ordinary Shares for cash,
securities or other property (the &#8220;Lock-up&#8221;). Any permitted transferees would be subject to the same restrictions and other
agreements of the Plum Sponsor and the directors and executive officers with respect to any Founder Shares.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Private
Placement Warrants</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Simultaneously
with the closing of the Initial Public Offering, the Plum Sponsor&#160;purchased an aggregate of 6,256,218&#160;Private Placement Warrants
at a price of $1.50 per Private Placement Warrant in a private placement, generating gross proceeds of $9,384,327. No underwriting discounts
or commissions were paid with respect to sale of the Private Placement Warrants. The issuance of the Private Placement Warrants was made
pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended. The proceeds from
the Private Placement Warrants were added to the proceeds from the Initial Public Offering held in the Trust Account.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Private Placement Warrants are identical to the Warrants sold in our Initial Public Offering, except that the Private Placement Warrants
(including the underlying securities) are subject to certain transfer restrictions and the holders thereof are entitled to certain registration
rights, and, if held by the original holder or their permitted assigns, the Warrants (i) may be exercised on a cashless basis and (ii)
are not subject to redemption. If the Private Placement Warrants are held by holders other than the initial purchasers or their permitted
transferees, then the Warrants will be redeemable by Plum and exercisable by the holders on the same basis as the Public Warrants included
in the Units sold in Plum&#8217;s Initial Public Offering.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Related
Party Loans</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 13, 2021, the Plum Sponsor agreed to loan the Company up to $300,000 to cover expenses related to the Initial Public Offering
pursuant to a promissory note (the &#8220;Note&#8221;). This loan was non-interest bearing and payable on the earlier of November 30,
2021, or the completion of the Initial Public Offering. As of December 31, 2022, the Company has no borrowings under the Note. Borrowings
under this note are no longer available.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, in order to finance transaction costs in connection with an intended Business Combination, the Plum Sponsor or an affiliate
of the Plum Sponsor, or certain of Plum&#8217;s officers and directors, and third parties committed to loan Plum funds as may be required
(&#8220;Working Capital Loans&#8221;). If Plum completed a Business Combination, Plum would repay the Working Capital Loans out of the
proceeds of the Trust Account released to it. In the event that a Business Combination did not close, the Company could use a portion
of the working capital held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would
be used to repay the Working Capital Loans. Up to $1,500,000 of the Working Capital Loans were convertible into Private Placement Warrants
of the post Business Combination entity at a price of $1.50 per warrant at the option of the lender. Such warrants would be identical
to the Private Placement Warrants. Except as set forth above, the terms of such Working Capital Loans, if any, have not been determined
and no written agreements exist with respect to such loans.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 17, 2023, Plum issued an unsecured promissory note, dated effective as of March 17, 2023 (the &#8220;March 2023 Note&#8221;), in
the principal amount of up to $1,500,000 to Sponsor, which may be drawn down by Plum from time to time prior to the consummation of Plum&#8217;s
Business Combination. An initial draw in the amount of $480,000 occurred on March 17, 2023. The March 2023 Note did not bear interest,
matured on the date of consummation of the Business Combination and was subject to customary events of default. The March 2023 Note would
be repaid only to the extent that Plum had funds available to it outside of its trust account established in connection with its Initial
Public Offering, and is convertible into Private Placement Warrants of Plum at a price of $1.50 per warrant at the option of the Plum
Sponsor.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July&#160;25, 2023, Plum issued an unsecured promissory note (the &#8220;July 2023 Note&#8221;), in the principal amount of up to $1,090,000,
to Plum Sponsor, which may be drawn down by Plum from time to time prior to the consummation of Plum&#8217;s Business Combination. The
July 2023 Note did not bear interest, matured on the date of consummation of the Business Combination and was subject to customary events
of default. The July 2023 Note would be repaid only to the extent that Plum had funds available to it outside of its trust account established
in connection with its Initial Public Offering and was convertible into Private Placement Warrants of Plum at a price of $1.50 per warrant
at the option of the Plum Sponsor.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 11, 2024 the Company entered into an amendment to the Plum Partners Promissory Note where, upon consummation of a business
combination, the outstanding principal balance in excess of $250,000 were converted into Common Stock of the post-closing entity in an
amount of shares equal to the outstanding principal balance divided by $5.00 per share.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 31, 2022, Plum issued an unsecured promissory note (the &#8220;Dinsdale Note&#8221;) in the principal amount of $500,000 to Mike
Dinsdale. The Dinsdale Note did not bear interest and was repayable in full upon consummation of a Business Combination. Plum could draw
on the Dinsdale Note from time to time, in increments of not less than $50,000, until the earlier of March 18, 2023 or the date on which
Plum consummates a Business Combination. If Plum did not complete a Business Combination, the Dinsdale Note would not be repaid and all
amounts owed under it would be forgiven. Upon the consummation of a Business Combination, the Mr. Dinsdale had the option, but not the
obligation, to convert the principal balance of the Dinsdale Note, in whole or in part, into Private Placement Warrants (as defined in
that certain Warrant Agreement, dated March 18, 2021, by and between Plum and Continental Stock Transfer &amp; Trust Company), at a price
of $1.50 per Private Placement Warrant. The Dinsdale Note was subject to customary events of default, the occurrence of which automatically
trigger the unpaid principal balance of the Dinsdale Note and all other sums payable with regard to the Dinsdale Note becoming immediately
due and payable. The Dinsdale Note was issued pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities
Act of 1933, as amended. On September 11, 2024 the Dinsdale Note was amended to provided that upon consummation of the Business Combination,
the outstanding principal balance would convert into Common Stock of the Company in an amount of shares equal to the outstanding principal
balance divided by $5.00 per share.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 11, 2022, Plum issued an unsecured promissory note (the &#8220;Burns Note&#8221;) in the principal amount of $500,000 to Ursula
Burns. The Burns Note did not bear interest and was repayable in full upon consummation of Plum&#8217;s initial business combination.
Up to fifty percent (50%) of the principal of the Burns Note could be drawn down from time to time at Plum&#8217;s option prior to August
25, 2022 and any or all of the remaining undrawn principal of the Burns Note could be drawn down from time to time at the Company&#8217;s
option after August 25, 2022, in each case in increments of not less than $50,000. If Plum did not complete a Business Combination, the
Burns Note would not be repaid and all amounts owed under it would be forgiven. Upon the consummation of a Business Combination, Ms.
Burns had the option, but not the obligation, to convert the principal balance of the Burns Note, in whole or in part, into Private Placement
Warrants (as defined in that certain Warrant Agreement, dated March 18, 2021, by and between Plum and Continental Stock Transfer &amp;
Trust Company), at a price of $1.50 per Private Placement Warrant. The Burns Note was subject to customary events of default, the occurrence
of which automatically trigger the unpaid principal balance of the Burns Note and all other sums payable with regard to the Burns Note
becoming immediately due and payable. On September 11, 2024 the Burns Note was amended to provided that upon consummation of the Business
Combination, the outstanding principal balance would convert into Common Stock of the Company in an amount of shares equal to the outstanding
principal balance divided by $5.00 per share.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 16, 2023, Plum issued an unsecured promissory note in the total principal amount of up to $250,000 (the &#8220;Roy Note&#8221;)
to Mr. Kanishka Roy, individually and as a member of Plum Sponsor. Mr. Roy funded the initial principal amount of $250,000 on March 16,
2023. The Roy Note did not bear interest and matured upon the consummation of Plum&#8217;s initial business combination with one or more
businesses or entities. In the event Plum did not consummate a business combination, the Roy Note would be repaid upon Plum&#8217;s liquidation
only from amounts remaining outside of Plum&#8217;s trust account, if any. The Roy Note was subject to customary events of default, the
occurrence of which automatically trigger the unpaid principal balance of the Roy Note and all other sums payable with regard to the
Roy Note becoming immediately due and payable. On September 11, 2024 the Roy Note was amended to provided that upon consummation of the
Business Combination, the outstanding principal balance would convert into Common Stock of the Company in an amount of shares equal to
the outstanding principal balance divided by $5.00 per share.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Administrative
Support Agreement</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Plum
entered into certain administrative support agreement, pursuant to which Plum paid the Plum Sponsor or an affiliate of the Plum Sponsor
for office space, secretarial and administrative services provided to members of the management team. In addition, Plum reimbursed the
Plum Sponsor for the reasonable costs of salaries and other services provided to Plum by the employees, consultants and or members of
the Plum Sponsor or its affiliates. For the year ended December&#160;31, 2023, Plum incurred $120,000 in fees for office space, secretarial
and administrative services and $215,094 in fees for reimbursement of costs of salaries. For the year ended December 31, 2022, Plum incurred
$120,000, in fees for office space, secretarial and administrative services, respectively, of which such amounts are included in the
due to related party in the accompanying balance sheets and incurred $549,198 for reimbursement of costs of costs of salaries and other
services. For the period from January 11, 2021, through December 31, 2021, Plum incurred $851,053 in fees for these services, of which
$736,053 was for reimbursement of costs of salaries and other services and $115,000 was for office space, secretarial and administrative
services. Pursuant to its terms, the Administrative Support Agreement terminated upon Closing.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Certain
Relationships and Related Person Transactions of </b></span><b>the Combined Company</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective
upon the consummation of the Business Combination, the board of directors of the Combined Company adopted a written related-party transactions
policy that conforms with the requirements for issuers having securities listed on Nasdaq. Under the policy, the Combined Company&#8217;s
audit committee serves as the approval authority for related party transactions, provided that, if the related party is, or is associated
with, a member of the audit committee, the Combined Company&#8217;s nominating and governance committee will serve as the approval authority
for such transaction. the Combined Company&#8217;s legal department will compile and maintain a master list of related parties, disseminate
the master list to function and department leaders, the Chief Financial Officer and individuals responsible for accounts payable and
accounts receivable, and contracting personnel in the legal department. Any transaction that the Combined Company intends to undertake
with a related party will be submitted to the compliance officer for determination of what approvals are required under the related-party
transactions policy, and the compliance officer will refer to the approval authority any related party transaction he or she determines
should be considered for evaluation by the approval authority consistent with the policy. If the compliance officer becomes aware of
a transaction with a related party that has not been previously approved or previously ratified under the policy that required such approval,
the transaction will be submitted promptly to the approval authority for review.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>


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</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><div><a id="via_019"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SELLING
SECURITYHOLDER</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The selling securityholder
may from time to time offer and sell any or all of the shares of Common Stock set forth below pursuant to this prospectus and any accompanying
prospectus supplement. All the securities offered in this prospectus may be resold for so long as the registration statement, of which
this prospectus forms a part, is available for use. When we refer to the &#8220;selling securityholder&#8221; in this prospectus, we
mean the person listed in the table below, and the pledgees, donees, transferees, assignees, successors, designees, and others who later
come to hold any of the selling securityholder&#8217;s interest in the Common Stock other than through a public sale. The selling securityholder
may currently hold shares of our Common Stock registered pursuant to the registration statement of which this prospectus forms a part.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The below table provides
additional details regarding the selling securityholder. The percentages are based on 35,766,411 shares of Common Stock issued and outstanding
as December 10, 2024.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">We cannot advise you as to
whether the selling securityholder will in fact sell any or all of such shares of Common Stock.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Selling
securityholder information for each additional selling securityholder, if any, will be set forth by prospectus supplement to the extent
required prior to the time of any offer or sale of such selling securityholder&#8217;s securities pursuant to this prospectus. To the
extent permitted by law, a prospectus supplement may add, update, substitute, or change the information contained in this prospectus,
including the identity of each selling securityholder and the number of securities registered on its behalf. A selling securityholder
may sell or otherwise transfer all, some, or none of such securities in this offering. See &#8220;<i>Plan of Distribution</i>.&#8221;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
otherwise indicated, the business address of each of the following entities or individuals is: 164 East 83<sup>rd </sup>Street, New York,
New York.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Securities Beneficially <br/> Owned
    Prior to <br/>
This <br/> Offering</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Securities to be<br/>
 Sold in <br/> This Offering</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Securities Beneficially <br/>
    Owned After <br/> This Offering</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Name of Selling Holders</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares of<br/> Common <br/> Stock</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares of<br/> Common <br/> Stock</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares of<br/> Common <br/> Stock</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">%</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; width: 49%; text-align: left"><span style="font-size: 10pt">White Lion Capital, LLC <sup>(1)</sup></span></td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">0</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 14%; text-align: right">9,193,579</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">-</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">-</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.25in; text-align: left">*</td><td style="text-align: justify">Represents less than 1%.</td>
</tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.25in; text-align: left">(1)</td><td style="text-align: justify">The address of the selling
                                            stockholder is 17631 Ventura Blvd., Suite 1008, Encino, CA 91316.</td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->81<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><div><a id="via_020"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>DESCRIPTION
OF SECURITIES</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
following description summarizes certain important terms of our capital stock, including the provisions included in our Charter, Bylaws,
Certificate of Designation and the Warrant Agreement. This description is not complete and is qualified by reference to the full text
of our Charter, Bylaws, Certificate of Designation and the Warrant Agreement, which are included as exhibits to the registration statement
of which this prospectus is a part, as well as the applicable provisions of the DGCL.</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Authorized
and Outstanding Capital Stock</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Charter authorizes the issuance of 551,000,000&#160;shares of capital stock, consisting of (i) 550,000,000 shares of the Common Stock
and (ii) 1,000,000&#160;shares of the Preferred Stock.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As of December 10,
2024, Veea had 35,766,411 shares of Common Stock issued and outstanding, as well as 6,384,326 Public Warrants, 5,256,218 Private
Placement Warrants and 156,960 Assumed Warrants.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Common
Stock</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Voting
Rights</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holders
of the Common Stock will be entitled to cast one vote per share of the Common Stock. Generally, holders of all classes of the Common
Stock vote together as a single class, and an action is approved by the stockholders if the number of votes cast in favor of the action
exceeds the number of votes cast in opposition to the action, subject to certain exceptions, while directors are elected by a plurality
of the votes cast. Holders of the Common Stock will not be entitled to cumulate their votes in the election of directors.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Dividend
rights</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the rights of the holders of the Preferred Stock and any other provisions of the Charter, as it may be amended from time to time,
holders of the Common Stock will be entitled to receive such dividends and other distributions in cash, stock or property of the Company
when, as and if declared thereon by the Board, in its discretion, from time to time out of assets or funds of the Company legally available
therefor. See &#8220;<i>- Preferred Stock</i>,&#8221; below for more information regarding the dividend rights of the holders of the
Preferred Stock.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Preferred
Stock</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Charter provides that the Board has the authority, without action by the stockholders, to designate and issue shares of preferred stock
in one or more classes or series, and the number of shares constituting any such class or series, and to fix the voting powers, designations,
preferences, limitations, restrictions and relative rights of each class or series of preferred stock, including, without limitation,
dividend rights, dividend rates, conversion rights, exchange rights, voting rights, rights and terms of redemption, dissolution preferences,
and treatment in the case of a merger, business combination transaction, or sale of the Company&#8217;s assets, which rights may be greater
than the rights of the holders of the common stock. There will be no shares of preferred stock outstanding immediately upon consummation
of the Business Combination.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
purpose of authorizing the Board to issue preferred stock and determine the rights and preferences of any classes or series of preferred
stock is to eliminate delays associated with a stockholder vote on specific issuances. The simplified issuance of preferred stock, while
providing flexibility in connection with possible acquisitions, future financings and other corporate purposes, could have the effect
of making it more difficult for a third party to acquire, or could discourage a third party from seeking to acquire, a majority of the
Company&#8217;s outstanding voting stock. Additionally, the issuance of preferred stock may adversely affect the holders of the Common
Stock by restricting dividends on the Common Stock, diluting the voting power of the Common Stock or subordinating the dividend or liquidation
rights of the Common Stock. As a result of these or other factors, the issuance of preferred stock could have an adverse impact on the
market price of the Common Stock.</span></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->82<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Warrants</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Public
Warrants</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">There are currently outstanding
an aggregate of 6,384,326 Public Warrants, which entitle the holders to acquire 6,384,326&#160;shares of the Common Stock.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
whole Public Warrant entitles the registered holder to purchase one share of the Common Stock at a price of $11.50 per share, subject
to adjustment as discussed below, at any time commencing 30 days after the Closing, provided that the Company has an effective registration
statement under the Securities Act covering the Common Stock issuable upon exercise of the Public Warrants and a current prospectus relating
to them is available (or the permits holders to exercise their Public Warrants on a cashless basis under the circumstances specified
in the Warrant Agreement) and such shares are registered, qualified or exempt from registration under the securities, or blue sky, laws
of the state of residence of the holder. Pursuant to the Warrant Agreement, a Public Warrant holder may exercise its Public Warrants
only for a whole number of shares of the Common Stock. This means only a whole Public Warrant may be exercised at a given time by a Public
Warrant holder. The Public Warrants will expire five years after the Closing, at 5:00 p.m., Eastern Time, or earlier upon redemption
or liquidation.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company will not be obligated to deliver any shares pursuant to the exercise of a Public Warrant and will have no obligation to settle
such Public Warrant exercise unless a registration statement under the Securities Act with respect to the shares underlying the Public
Warrants is then effective and a prospectus relating thereto is current, subject to the Company satisfying its obligations described
below with respect to registration. No Public Warrant will be exercisable and the Company will not be obligated to issue a share upon
exercise of a Public Warrant unless the share issuable upon such Public Warrant exercise has been registered, qualified or deemed to
be exempt under the securities laws of the state of residence of the registered holder of the Public Warrants. In the event that the
conditions in the two immediately preceding sentences are not satisfied with respect to a Public Warrant, the holder of such Public Warrant
will not be entitled to exercise such Public Warrant and such Public Warrant may have no value and expire worthless. In no event will
we be required to net cash settle any Public Warrant.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Plum
has registered the shares of the Common Stock issuable upon the exercise of the Public Warrants. Pursuant to the Warrant Agreement, the
Company will be required to maintain a current prospectus relating to the shares issuable upon exercise of the Public Warrants until
the expiration of the Public Warrants in accordance with the provisions of the Warrant Agreement. If a registration statement covering
the shares of the Common Stock issuable upon exercise of the Public Warrants is not effective or the prospectus therein is not current
by the sixtieth (60<sup>th</sup>) business day after the Closing, Public Warrant holders may, until such time as there is an effective
registration statement and during any period when the Company will have failed to maintain an effective registration statement, exercise
Public Warrants on a &#8220;cashless basis&#8221; in accordance with Section 3(a)(9) of the Securities Act or another exemption. Notwithstanding
the above, if the shares of the Common Stock are at the time of any exercise of a Public Warrant not listed on a national securities
exchange such that they satisfy the definition of a &#8220;covered security&#8221; under Section 18(b)(1) of the Securities Act, the
Company may, at its option, require holders of Public Warrants who exercise their Public Warrants to do so on a &#8220;cashless basis&#8221;
in accordance with Section 3(a)(9) of the Securities Act and, in the event it so elects, the Company will not be required to file or
maintain in effect a registration statement, and in the event it does not so elect, the Company will use its commercially reasonable
efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Redemption
of Public Warrants for cash</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Once
the Public Warrants become exercisable, the Company may call the Public Warrants for redemption for cash:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
                                            whole and not in part;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">at
                                            a price of $0.01 per public warrant;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">upon
                                            not less than 30 days&#8217; prior written notice of redemption to each Public Warrant holder;
                                            and</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if,
                                            and only if, the closing price of the Common Stock equals or exceeds $18.00 per share (as
                                            adjusted for share splits, share capitalizations, reorganizations, recapitalizations and
                                            the like) for any 20 trading-days within a 30 trading-day period ending three (3) business
                                            days before we send to the notice of redemption to the Public Warrant holders.</span></td></tr></table><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->83<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
and when the Public Warrants become redeemable by us for cash, the Company may exercise its redemption right even if it is unable to
register or qualify the underlying securities for sale under all applicable state securities laws.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has established the last of the redemption criterion discussed above to prevent a redemption call unless there is at the time
of the call a significant premium to the Public Warrant exercise price. If the foregoing conditions are satisfied and the Company issues
a notice of redemption of the Public Warrants, each Public Warrant holder will be entitled to exercise his, her or its Public Warrant
prior to the scheduled redemption date. However, the price of the Common Stock may fall below the $18.00 redemption trigger price (as
adjusted for stock splits, stock capitalizations, reorganizations, recapitalizations and the like) as well as the $11.50 Public Warrant
exercise price after the redemption notice is issued.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Redemption
procedures and cashless exercise</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we call the Public Warrants for redemption as described above, the Company will have the option to require any holder that wishes to
exercise his, her or its Public Warrant to do so on a &#8220;cashless basis.&#8221; In determining whether to require all holders to
exercise their Public Warrants on a &#8220;cashless basis,&#8221; the Company will consider, among other factors, its cash position,
the number of Public Warrants that are outstanding and the dilutive effect on its shareholders of issuing the maximum number of shares
of the Common Stock issuable upon the exercise of its Public Warrants. If the Company takes advantage of this option, all holders of
Public Warrants would pay the exercise price by surrendering their Public Warrants for that number of shares of the Common Stock equal
to the lesser of (A) the quotient obtained by dividing (x) the product of the number of shares of the Common Stock underlying the Public
Warrants, multiplied by the excess of the &#8220;fair market value&#8221; of the Common Stock over the exercise price of the Public Warrants
by (y) the fair market value and (B) 0.361. The &#8220;fair market value&#8221; will mean the average closing price of a share of the
Common Stock for the ten (10) trading days ending on the third (3) trading day prior to the date on which the notice of redemption is
sent to the holders of Public Warrants. If the Company takes advantage of this option, the notice of redemption will contain the information
necessary to calculate the number of shares of the Common Stock to be received upon exercise of the Public Warrants, including the &#8220;fair
market value&#8221; in such case. Requiring a cashless exercise in this manner will reduce the number of shares to be issued and thereby
lessen the dilutive effect of a warrant redemption. the Company believes this feature is an attractive option if it does not need the
cash from the exercise of the Public Warrants after the Business Combination. If the Company calls the Public Warrants for redemption
and it does not take advantage of this option, the holders of the Private Placement Warrants and their permitted transferees would still
be entitled to exercise their Private Placement Warrants for cash or on a cashless basis using the same formula described above that
other Public Warrant holders would have been required to use had all warrant holders been required to exercise their Warrants on a cashless
basis, as described in more detail below.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
holder of a Public Warrant may notify the Company in writing in the event it elects to be subject to a requirement that such holder will
not have the right to exercise such Public Warrant, to the extent that after giving effect to such exercise, such person (together with
such person&#8217;s affiliates), to the warrant agent&#8217;s actual knowledge, would beneficially own in excess of 4.9% or 9.8% (as
specified by the holder) of the shares of the Common Stock outstanding immediately after giving effect to such exercise.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the number of outstanding shares of the Common Stock is increased by a share capitalization payable in the Common Stock, or by a split-up
of the Common Stock or other similar event, then, on the effective date of such share capitalization, split-up or similar event, the
number of shares of the Common Stock issuable on exercise of each Public Warrant will be increased in proportion to such increase in
the outstanding the Common Stock. A rights offering to holders of the Common Stock entitling holders to purchase the Common Stock at
a price less than the fair market value will be deemed a share capitalization of a number of the Common Stock equal to the product of
(i) the number of shares of the Common Stock actually sold in such rights offering (or issuable under any other equity securities sold
in such rights offering that are convertible into or exercisable for the Common Stock) and (ii) the quotient of (x) the price per share
of the Common Stock paid in such rights offering and (y) the fair market value. For these purposes (i) if the rights offering is for
securities convertible into or exercisable for shares of the Common Stock, in determining the price payable for the Common Stock, there
will be taken into account any consideration received for such rights, as well as any additional amount payable upon exercise or conversion
and (ii) fair market value means the volume weighted average price of shares of the Common Stock as reported during the ten (10) trading
day period ending on the trading day prior to the first date on which the Common Stock trade on the applicable exchange or in the applicable
market, regular way, without the right to receive such rights.</span></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, if we, at any time while the Public Warrants are outstanding and unexpired, pay a dividend or make a distribution in cash,
securities or other assets to the holders of the Common Stock on account of such the Common Stock (or other securities into which the
Public Warrants are convertible), other than (a) as described above or (b) certain ordinary cash dividends, then the Public Warrant exercise
price will be decreased, effective immediately after the effective date of such event, by the amount of cash and/or the fair market value
of any securities or other assets paid on each share of the Common Stock in respect of such event.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the number of outstanding shares of the Common Stock is decreased by a consolidation, combination, reverse share split or reclassification
of common stock or other similar event, then, on the effective date of such consolidation, combination, reverse share split, reclassification
or similar event, the number of shares of common stock issuable on exercise of each Public Warrant will be decreased in proportion to
such decrease in outstanding share of common stock.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Whenever
the number of shares of the Common Stock purchasable upon the exercise of the Public Warrants is adjusted, as described above, the Public
Warrant exercise price will be adjusted by multiplying the warrant exercise price immediately prior to such adjustment by a fraction
(x) the numerator of which will be the number of shares of the Common Stock purchasable upon the exercise of the Public Warrants immediately
prior to such adjustment, and (y) the denominator of which will be the number of shares of the Common Stock so purchasable immediately
thereafter.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
case of any reclassification or reorganization of the outstanding the Common Stock (other than those described above or that solely affects
the par value of such the Common Stock), or in the case of any merger or consolidation of the Company with or into another corporation
(other than a consolidation or merger in which we are the continuing corporation and that does not result in any reclassification or
reorganization of the outstanding the Common Stock), or in the case of any sale or conveyance to another corporation or entity of the
assets or other property of the Company as an entirety or substantially as an entirety in connection with which we are dissolved, the
holders of the Public Warrants will thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions
specified in the Public Warrants and in lieu of the Common Stock immediately theretofore purchasable and receivable upon the exercise
of the rights represented thereby, the kind and amount of common stock or other securities or property (including cash) receivable upon
such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the holder
of the Public Warrants would have received if such holder had exercised their Public Warrants immediately prior to such event. If less
than 70% of the consideration receivable by the holders of common stock in such a transaction is payable in the form of common stock
in the successor entity that is listed for trading on a national securities exchange or is quoted in an established over-the-counter
market, or is to be so listed for trading or quoted immediately following such event, and if the registered holder of the Public Warrant
properly exercises the Public Warrant within thirty (30) days following public disclosure of such transaction, the Public Warrant exercise
price will be reduced as specified in the Warrant Agreement based on the Black-Scholes Warrant Value (as defined in the Warrant Agreement)
of the Public Warrant. The purpose of such exercise price reduction is to provide additional value to holders of the Public Warrants
when an extraordinary transaction occurs during the exercise period of the Public Warrants pursuant to which the holders of the Public
Warrants otherwise do not receive the full potential value of the Public Warrants.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Public Warrants were issued in registered form under a Warrant Agreement between Continental Stock Transfer &amp; Trust Company, as warrant
agent, and Plum. The Warrant Agreement provides that the terms of the Public Warrants may be amended without the consent of any holder
to cure any ambiguity or correct any defective provision, and that all other modifications or amendments will require the vote or written
consent of the holders of at least 50% of the then outstanding Public Warrants, and, solely with respect to any amendment to the terms
of Warrants we may issue in connection with the Business Combination or any other business combination, or Post-IPO Warrants (as defined
in the Warrant Agreement), at least 50% of the then outstanding Post-IPO Warrants. You should review a copy of the Warrant Agreement,
which will be filed as an exhibit to the registration statement of which this prospectus is a part, for a complete description of the
terms and conditions applicable to the Warrants.</span></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Public Warrants may be exercised upon surrender of the Public Warrant certificate on or prior to the expiration date at the offices of
the warrant agent, with the exercise form on the reverse side of the Public Warrant certificate completed and executed as indicated,
accompanied by full payment of the exercise price (or on a cashless basis, if applicable), by certified or official bank check payable
to us, for the number of Public Warrants being exercised. The Public Warrant holders do not have the rights or privileges of holders
of the Common Stock and any voting rights until they exercise their Public Warrants and receive common stock. After the issuance of the
Common Stock upon exercise of the Public Warrants, each holder will be entitled to one vote for each share held of record on all matters
to be voted on by shareholders.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
fractional shares will be issued upon exercise of the Public Warrants. If, upon exercise of the Public Warrants, a holder would be entitled
to receive a fractional interest in a share, the Company will, upon exercise, round down to the nearest whole number the number of shares
of the Common Stock to be issued to the Public Warrant holder.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has agreed that, subject to applicable law, any action, proceeding or claim against the Company arising out of or relating in
any way to the Warrant Agreement will be brought and enforced in the courts of the State of New York or the United States District Court
for the Southern District of New York, and the Company irrevocably submits to such jurisdiction, which jurisdiction will be the exclusive
forum for any such action, proceeding or claim. See &#8220;<i>Risk Factors</i> - <i>The Warrant Agreement designates the courts of the
State of New York or the United States District Court for the Southern District of New York as the sole and exclusive forum for certain
types of actions and proceedings that may be initiated by holders of its Warrants, which could limit the ability of Warrant holders to
obtain a favorable judicial forum for disputes with Plum</i>.&#8221; This provision applies to claims under the Securities Act but does
not apply to claims under the Exchange Act or any claim for which the federal district courts of the United States of America are the
sole and exclusive forum.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Private
Placement Warrants</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Private Placement Warrants (including the Common Stock issuable upon exercise of the Private Placement Warrants) will not be transferable,
assignable or salable until 30 days after the Closing (except, among other limited exceptions, to Plum officers and directors and other
persons or entities affiliated with the Plum Sponsor). The Private Placement Warrants have terms and provisions that are identical to
those of the Public Warrants, as described above.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b><i>Assumed Warrants</i></b></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Duration
and Exercise Price</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">The Assumed Warrants have an
exercise price of $10.19 per share. The Assumed Warrants were immediately exercisable upon issuance and are exercisable for five years
after the date of issuance. The exercise price and number of shares of Common Stock issuable upon exercise are subject to appropriate
adjustment in the event of share dividends, share splits, reorganizations or similar events affecting our shares of Common Stock. Except
for certain exceptions, the exercise price is also subject to adjustment in the event of subsequent equity sales by the Company at a
price less than the then current exercise price of the Assumed Warrants.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Exercisability</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">The Assumed Warrants are exercisable,
at the option of the holder, in whole or in part, by delivering to us a duly executed exercise notice accompanied by payment in full
for the number of shares of Common Stock purchased upon such exercise (except in the case of a cashless exercise as discussed below).</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cashless
Exercise</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">In lieu of making the cash payment
otherwise contemplated to be made to us upon such exercise in payment of the aggregate exercise price, the holder may elect instead to
receive upon such exercise (either in whole or in part) the net number of shares of Common Stock determined according to a formula set
forth in the Assumed Warrants.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Liquidity
Event</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">In the event of any liquidity
event, as described in the Assumed Warrants and generally including any merger with or into another entity, sale of all or substantially
all of our assets, tender offer or exchange offer, or reclassification of our shares of Common Stock, then upon any subsequent exercise
of a Veea Warrant, the holder will have the right to receive as alternative consideration, for each share of Common Stock that would
have been issuable upon such exercise immediately prior to the occurrence of such fundamental transaction, the number of shares of Common
Stock of the successor or acquiring corporation or of our Company, if it is the surviving corporation, and any additional consideration
receivable upon or as a result of such transaction by a holder of the number of shares of Common Stock for which the Assumed Warrants
are exercisable immediately prior to such event.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Transferability</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">The Assumed Warrants may not
be sold, transferred, pledged or hypothecated unless the Company shall have been provided (at the Holder&#8217;s expense) with an opinion
of counsel satisfactory in form and substance to the Company, or other evidence reasonably satisfactory to the Company, that such transfer
is not in violation of the Securities Act, or any applicable state securities laws.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Trading
Market</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">There is no established trading
market for the Assumed Warrants, and we do not expect a market to develop. We do not intend to apply for a listing for the Assumed Warrants
on any securities exchange or other nationally recognized trading system. Without an active trading market, the liquidity of the Assumed
Warrants will be limited.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Rights
as a Shareholder</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">Except as otherwise provided
in the Assumed Warrants or by virtue of the holders&#8217; ownership of shares of Common Stock, the holders of Assumed Warrants do not
have the rights or privileges of holders of our shares of Common Stock, including any voting rights, until such Veea Warrant holders
exercise their warrants.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Quorum;
Voting</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
holders of a majority of the voting power of the capital stock issued and outstanding and entitled to vote there at, present in-person
or represented by proxy, will constitute a quorum at all meetings of the stockholders for the transaction of business except as otherwise
required by law or provided by the Charter. If, however, such quorum will not be present or represented at any meeting of the stockholders,
the chairperson or holders of a majority of the voting power present in person or represented by proxy, will have power to adjourn the
meeting from time to time, without notice other than announcement at the meeting, until a quorum will be present or represented. At such
adjourned meeting at which a quorum will be present or represented, any business may be transacted which might have been transacted at
the meeting as originally noticed. If the adjournment is for more than thirty (30) days, a notice of the adjourned meeting will be given
to each stockholder entitled to vote at such adjourned meeting. If after the adjournment a new record date for determination of stockholders
entitled to vote is fixed for the adjourned meeting, the Board shall fix as the record date for determining stockholders entitled to
notice of such adjourned meeting the same or an earlier date as that fixed for determination of stockholders entitled to vote at the
adjourned meeting, and shall give notice of the adjourned meeting to each stockholder of record as of the record date so fixed for notice
of such adjourned meeting. The stockholders present at a duly called or convened meeting, at which a quorum is present, may continue
to transact business until adjournment, notwithstanding the withdrawal of enough stockholders to leave less than a quorum.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as otherwise provided by statute or by applicable stock exchange rules, or by the Charter or the Bylaws, in all matters other than the
election of directors, the affirmative vote of the majority of the voting power of the shares present in person, by remote communication,
if applicable, or represented by proxy at the meeting and entitled to vote generally on the subject matter will be the act of the stockholders.
Except as otherwise provided by statute, the Charter or the Bylaws, directors will be elected by a plurality of the votes cast by stockholders
present in person, by remote communication, if applicable, or represented by proxy at the meeting.</span></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Registration
Rights</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
the Closing, Plum, the Plum Sponsor and certain other security holders of Veea and certain of their respective affiliates, as applicable,
and the other parties thereto, entered into an Amended and Restated Registration Rights Agreement (the &#8220;<b><i>Registration Rights
Agreement</i></b>&#8221;), pursuant to which, among other things, the Company agreed to register for resale, pursuant to Rule 415 under
the Securities Act of 1933, as amended (the &#8220;<b><i>Securities Act</i></b>&#8221;), certain shares of the Common Stock and other
equity securities of the Company that are held by the parties thereto from time to time, and the Plum Sponsor, such holders and the other
parties thereto were granted certain registration rights, on the terms and subject to the conditions therein.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Plum Sponsor and such holders have been granted certain customary registration rights, demand rights and piggyback rights with respect
to their respective shares of the Common Stock.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exclusive
Forum</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Charter provides that, to the fullest extent permitted by law, unless the Company otherwise consents in writing, the Court of Chancery
shall be the sole and exclusive forum for (a) any derivative action or proceeding brought on behalf of the Company, (b) any action asserting
a claim of breach of a fiduciary duty owed by any director, officer or other employee of the Company to the Company or its stockholders,
(c) any action asserting a claim against the Company, its directors, officers or employees arising pursuant to any provision of the DGCL,
the Charter or the Bylaws, (d) any action to interpret, apply, enforce or determine the validity of any provisions of the Charter or
the Bylaws or (e) any action asserting a claim against the Company, its directors, officers or employees governed by the internal affairs
doctrine. Notwithstanding the foregoing, the federal district courts of the United States shall be the exclusive forum for the resolution
of any action, suit or proceeding asserting a cause of action arising under the Securities Act.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Anti-Takeover
Effects of Provisions of the Charter, the Bylaws and Applicable Law</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
provisions of the Charter, the Bylaws, and laws of the State of Delaware, where the Company is incorporated, may discourage or make more
difficult a takeover attempt that a stockholder might consider in his or her best interest. These provisions may also adversely affect
prevailing market prices for the Common Stock. The Company believes that the benefits of increased protection give the Company the potential
ability to negotiate with the proponent of an unsolicited proposal to acquire or restructure the Company and outweigh the disadvantage
of discouraging those proposals because negotiation of the proposals could result in an improvement of their terms.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Authorized
but Unissued Shares</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware
law does not require stockholder approval for any issuance of authorized shares. However, the listing requirements of Nasdaq, which would
apply if and so long as the Common Stock remains listed on Nasdaq, require stockholder approval of certain issuances equal to or exceeding
20% of the then outstanding voting power or then outstanding number of shares of the Common Stock. Additional shares that may be used
in the future may be issued for a variety of corporate purposes, including future public offerings, to raise additional capital, or to
facilitate acquisitions. The existence of authorized but unissued and unreserved common stock and preferred stock could make more difficult
or discourage an attempt to obtain control of the Company by means of a proxy contest, tender offer, merger, or otherwise.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Terms
of Office of Directors</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Charter and the Bylaws provide that, subject to any rights of holders of preferred stock to elect additional directors under specified
circumstances, directors shall be divided into three classes, designated Class I, Class II and Class III, as nearly equal in number as
possible. Class I directors shall initially serve until the first annual meeting of stockholders following the initial effectiveness
of the Charter (the &#8220;<b><i>Classification Effective Time</i></b>&#8221;); Class II directors shall initially serve until the second
annual meeting of stockholders following the Classification Effective Time; and Class III directors shall initially serve until the third
annual meeting of stockholders following the Classification Effective Time. Commencing with the first annual meeting of stockholders
following the Classification Effective Time, directors of each class the term of which shall then expire shall be elected to hold office
for a three-year term and until the election and qualification of their respective successors in office. The Charter authorizes the Board
to assign members of the Board already in office to Class I, Class II or Class III, with such assignment becoming effective as of the
Classification Effective Time. Any such director shall hold office until the annual meeting at which his or her term expires and until
his or her successor shall be elected and qualified, or until his or her earlier death, resignation, retirement, disqualification or
removal from office.</span></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Requirements
for Advance Notification of Stockholder Meetings, Nominations and Proposals</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Bylaws establish advance notice procedures with respect to stockholder proposals and nomination of candidates for election as directors,
other than nominations made by or at the direction of the Board or a committee of the Board. In order to be &#8220;properly brought&#8221;
before a meeting, a stockholder will have to comply with advance notice requirements and provide the Company with certain information.
Generally, to be timely, a stockholder&#8217;s notice must be received at the Company&#8217;s principal executive offices not less than
90 days nor more than 120 days prior to the first anniversary of the immediately preceding annual meeting of stockholders. The Bylaws
also specify requirements as to the form and content of a stockholder&#8217;s notice. These provisions may also defer, delay, or discourage
a potential acquirer from conducting a solicitation of proxies to elect the acquirer&#8217;s own slate of directors or otherwise attempting
to influence or obtain control of the Company.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Limitations
on Stockholder Action by Written Consent</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Charter provides that, subject to the terms of any series of preferred stock, any action required or permitted to be taken by the stockholders
of the Company must be effected at an annual or special meeting of the stockholders and may not be effected by written consent in lieu
of a meeting.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Amendment
of the Charter and the Combined Company Bylaws</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
DGCL provides generally that the affirmative vote of a majority of the outstanding shares entitled to vote thereon, voting together a
single class, is required to amend a corporation&#8217;s charter, unless the charter requires a greater percentage. The Charter provides
that the number of authorized shares of any of the Common Stock or preferred stock may be increased or decreased (but not below the number
of shares thereof then outstanding) by the affirmative vote of the holders of a majority in voting power of the outstanding stock of
the Company entitled to vote thereon irrespective of the provisions of Section 242(b)(2) of the DGCL.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Charter provides that it may be amended by the Company in the manners provided therein or prescribed by statute. Generally, under the
DGCL, the affirmative vote of the holders of a majority of the voting power of the then-outstanding shares of capital stock of the Company
entitled to vote generally in the election of directors, voting together as a single class, will be required to amend or repeal, or adopt
any provision of the Charter; provided that certain provisions that require a supermajority vote under the Charter. The Charter provides
that that the affirmative vote of the holders of at least two-thirds (66 2/3%) of the voting power of all of the then outstanding shares
of voting stock of the Company is required for amendments of certain provisions of the Charter relating to: (i) classification and election
of our Board, removal of directors from office, and filling vacancies on the Board, (ii) actions taken by the stockholders of the Company,
(iii) exculpation of personal liability of a director of the Company and indemnification of persons serving as directors or officers
of the Company, (iv) forum for certain legal actions, (v) renunciation of certain corporate opportunities, and (vi) amendments to the
Charter and the Bylaws.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Charter also provides that the Board shall have the power to make, repeal, alter, amend and rescind, in whole or in part, the Bylaws
without the assent or vote of the stockholders in any manner not inconsistent with the laws of the State of Delaware or the Charter.
The holders of at least two-thirds (66&#8532;%) of the voting power of the outstanding shares of the Common Stock entitled to vote at
an election of directors, voting together as a single class shall also have the power to alter, amend or repeal, in whole or in part,
any provision of the Bylaws or to adopt any provision inconsistent therewith.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Business
Combinations</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Section 203 of the DGCL, a corporation will not be permitted to engage in a business combination with any interested stockholder for
a period of three (3) years following the time that such interested stockholder became an interested stockholder, unless:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">prior
                                            to such time the board of directors of the corporation approved either the business combination
                                            or the transaction which resulted in the stockholder becoming an interested stockholder;</span></td></tr></table><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">upon
                                            consummation of the transaction which resulted in the stockholder becoming an interested
                                            stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation
                                            outstanding at the time the transaction commenced, excluding for purposes of determining
                                            the voting stock outstanding (but not the outstanding voting stock owned by the interested
                                            stockholder) those shares owned (i) by persons who are directors and also officers and (ii)
                                            employee stock plans in which employee participants do not have the right to determine confidentially
                                            whether shares held subject to the plan will be tendered in a tender or exchange offer; or</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">at
                                            or subsequent to such time the business combination is approved by the board of directors
                                            and authorized at an annual or special meeting of stockholders, and not by written consent,
                                            by the affirmative vote of at least 66&#8532;% of the outstanding voting stock which is
                                            not owned by the interested stockholder.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Generally,
a &#8220;business combination&#8221; includes a merger, asset or stock sale or other transaction resulting in a financial benefit to
the interested stockholder. Subject to certain exceptions, an &#8220;interested stockholder&#8221; is a person who, together with that
person&#8217;s affiliates and associates, owns, or within the previous three (3) years owned, 15% or more of the Company&#8217;s outstanding
voting stock. For purposes of this section only, &#8220;voting stock&#8221; has the meaning given to it in Section 203 of the DGCL.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
the Company has not opted out of Section 203 of the DGCL, it will apply to the Company. As a result, this provision will make it more
difficult for a person who would be an &#8220;interested stockholder&#8221; to effect various business combinations with the Company
for a three (3) year period. This provision may encourage companies interested in acquiring the Company to negotiate in advance with
the Board because the stockholder approval requirement would be avoided if the Board approves either the business combination or the
transaction which results in the stockholder becoming an interested stockholder. These provisions also may have the effect of preventing
changes in the Board and may make it more difficult to accomplish transactions which stockholders may otherwise deem to be in their best
interests.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Cumulative
Voting</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Delaware law, the right to vote cumulatively does not exist unless the charter specifically authorizes cumulative voting. The Charter
does not authorize cumulative voting.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Limitations
on Liability and Indemnification of Officers and Directors</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
DGCL authorizes corporations to limit or eliminate the personal liability of directors of corporations and their stockholders for monetary
damages for breaches of directors&#8217; fiduciary duties, subject to certain exceptions. The Charter includes a provision that eliminates
the personal liability of directors for damages for any breach of fiduciary duty as a director where, in civil proceedings, the person
acted in good faith and in a manner that person reasonably believed to be in or not opposed to the best interests of the Company or,
in criminal proceedings, where the person had no reasonable cause to believe that his or her conduct was unlawful.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Bylaws provide that the Company must indemnify and advance expenses to the Company&#8217;s directors and officers to the fullest extent
authorized by the DGCL. the Company also is expressly authorized to carry directors&#8217; and officers&#8217; liability insurance providing
indemnification for the directors, officers, and certain employees for some liabilities. The Company believes that these indemnification
and advancement provisions and insurance are useful to attract and retain qualified directors and executive officers.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
limitation of liability, advancement and indemnification provisions in the Charter and Bylaws may discourage stockholders from bringing
lawsuit against directors for breach of their fiduciary duty. These provisions also may have the effect of reducing the likelihood of
derivative litigation against directors and officers, even though such an action, if successful, might otherwise benefit the Company
and its stockholders. In addition, your investment may be adversely affected to the extent the Company pays the costs of settlement and
damage awards against directors and officer pursuant to these indemnification provisions.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is currently no pending material litigation or proceeding involving any of the Company&#8217;s directors, officers, or employees for
which indemnification is sought.</span></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dissenters&#8217;
Rights of Appraisal and Payment</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the DGCL, with certain exceptions, the Company&#8217;s stockholders will have appraisal rights in connection with a merger or consolidation
of the Company. Pursuant to the DGCL, stockholders who properly request and perfect appraisal rights in connection with such merger or
consolidation will have the right to receive payment of the fair value of their shares as determined by the Court of Chancery.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Stockholders&#8217;
Derivative Actions</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the DGCL, any of the Company&#8217;s stockholders may bring an action in the Company&#8217;s name to procure a judgment in the Company&#8217;s
favor, also known as a derivative action, provided that the stockholder bringing the action is a holder of the Combined Company&#8217;s
shares at the time of the transaction to which the action relates or such stockholder&#8217;s stock thereafter devolved by operation
of law.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Transfer
Agent and Registrar; Warrant Agent</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Transfer Agent and registrar for our capital stock and the warrant agent for the Warrants is Continental Stock Transfer &amp; Trust Company.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Listing
of Securities</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares
of our Common Stock and Public Warrants are traded on Nasdaq under the symbols &#8220;VEEA&#8221; and &#8220;VEEAW&#8221; respectively.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="via_027"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>SECURITIES
ACT AND CONTRACTUAL RESTRICTIONS ON RESALE OF SECURITIES</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Rule
144</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to Rule 144 under the Securities Act (&#8220;Rule 144&#8221;), a person who has beneficially owned restricted shares of our Common Stock
for at least six months would be entitled to sell their securities, provided that (i) such person is not deemed to have been one of the
Company&#8217;s affiliates at the time of, or at any time during the three months preceding, a sale and (ii) the Company is subject to
the Exchange Act periodic reporting requirements for at least three months before the sale and has filed all required reports under Section
13 or 15(d) of the Exchange Act during the 12 months (or such shorter period as the Company was required to file reports) preceding the
sale.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Persons
who have beneficially owned restricted shares of our Common Stock for at least six months but who are the Company&#8217;s affiliates
at the time of, or at any time during the three months preceding, a sale, would be subject to additional restrictions, by which such
person would be entitled to sell within any three-month period only a number of securities that does not exceed the greater of:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1%
                                            of the total number of shares of common stock or warrants then outstanding, as applicable;
                                            or</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            average weekly reported trading volume of the common stock or warrants, as applicable, during
                                            the four calendar weeks preceding the filing of a notice on Form 144 with respect to the
                                            sale.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales
by the Company&#8217;s affiliates under Rule 144 are also limited by manner of sale provisions and notice requirements and to the availability
of current public information about the Company.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Lock-Up
Agreement</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 13, 2024, in connection with the consummation of the Business Combination, certain directors, officers and shareholders of
Private Veea and the Plum Sponsor and certain shareholders of Plum entered into lock up agreements, pursuant to which they agreed not
to effect any sale or distribution of any Equity Securities of the Company issued pursuant to the Business Combination Agreement during
the 180-day lock-up period, subject to certain exceptions as described in the lock up agreements.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Amendment
to Polar Agreements </i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 11, 2024, in connection with the consummation of the Business Combination, Plum, the Plum Sponsor and Polar Multi-Strategy
Fund (&#8220;Polar&#8221;) entered into an amendment to the Satisfaction Agreement, dated June 20, 2024, between the parties (as amended,
the &#8220;Polar Agreement&#8221;). Pursuant to the Polar Agreement, all obligations of Plum and the Plum Sponsor owed to Polar pursuant
to certain subscription agreements were deemed satisfied upon (i) the transfer from Sponsor to Polar of 50,000 unrestricted shares of
Common Stock, (ii) the transfer from Sponsor to Polar of 1,381,904 shares of Common Stock subject to a lock-up period as described below,
and (iii) the transfer from Sponsor to Polar of 293,302 shares of Common Stock subject to forfeiture if the conditions applicable to
the Earnout Shares are not satisfied during the Earnout Period.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 13, 2024, in connection with the consummation of the Business Combination, Plum and Polar entered into an amendment to the
Polar Lock-Up Agreement, dated June 25, 2024, between the parties (as amended, the &#8220;Polar Lock-Up Agreement&#8221;). Pursuant to
the Polar Lock-Up Agreement, Polar agreed not to effect any sale or distribution of the 1,381,904 shares transferred from the Plum Sponsor
for a four-month period following the Closing, subject to certain exceptions as described in the Polar Lock-Up Agreement.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Cohen
Lock-Up Agreement</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 11, 2024, in connection with the consummation of the Business Combination, Plum and J.V.B. Financial Group, LLC (&#8220;JVB&#8221;),
an affiliate of Cohen &amp; Company Capital Markets, entered into a Lock-Up Agreement (the &#8220;Cohen Lock-Up Agreement&#8221;), pursuant
to which, among other things, JVB agreed not to effect any sale or distribution of 335,000 shares of Common Stock issued to JVB pursuant
to the Business Combination Agreement for a four-month period following the Closing, subject to certain exceptions as described in the
Cohen Lock-Up Agreement.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Closing
Agreement</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 13, 2024, in connection with the consummation of the Business Combination, Plum, Private Veea, the Merger Sub and the Plum
Sponsor entered into a Closing Agreement, pursuant to which, among other things, the parties (i) agreed to waive certain closing conditions
contemplated under the Business Combination Agreement, (ii) agreed that the Company shall assume certain unpaid liabilities of Plum incurred
during certain transactions prior to the consummation of the Business Combination, and (iii) agreed that holders of certain demand, bridge
and promissory notes shall convert the outstanding obligations into&#160;Common Stock&#160;prior to the Closing at a price of $5.00 per
share.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Polar
Satisfaction Agreement</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
previously disclosed, on March&#160;16, 2023, the Plum Sponsor entered into a subscription agreement with Polar Multi-Strategy Master
(&#8220;<b><i>Polar</i></b>&#8221;), which was amended on July&#160;14, 2023, and on July&#160;25, 2023, Plum entered into a second subscription
agreement with Polar and the Plum Sponsor.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 11, 2024, in connection with the consummation of the Business Combination, Plum, the Plum Sponsor and Polar entered into an
amendment to the Satisfaction Agreement, dated June 20, 2024, between the parties (as amended, the &#8220;Polar Agreement&#8221;). Pursuant
to the Polar Agreement, all obligations of Plum and the Plum Sponsor owed to Polar pursuant to certain subscription agreements were deemed
satisfied upon (i) the transfer from Plum Sponsor to Polar of 50,000 unrestricted shares of Common Stock, (ii) the transfer from Plum
Sponsor to Polar of 1,381,904 shares of Common Stock subject to a lock-up period as described below, and (iii) the transfer from Plum
Sponsor to Polar of 293,302 shares of Common Stock subject to forfeiture if the conditions applicable to the Earnout Shares are not satisfied
during the Earnout Period.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 13, 2024, in connection with the consummation of the Business Combination, Plum and Polar entered into an amendment to the
Polar Lock-Up Agreement, dated June 25, 2024, between the parties (as amended, the &#8220;Polar Lock-Up Agreement&#8221;). Pursuant to
the Polar Lock-Up Agreement, Polar agreed not to effect any sale or distribution of the 1,381,904 shares transferred from the Plum Sponsor
for a four-month period following the Closing, subject to certain exceptions as described in the Polar Lock-Up Agreement.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><div><a id="via_021"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PLAN
OF DISTRIBUTION</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The selling securityholder,
which as used herein includes donees, pledgees, transferees, distributees, or other successors-in-interest selling shares of our Common
Stock or interests in our Common Stock received after the date of this prospectus from the selling securityholder as a gift, pledge,
distribution, or other transfer, may, from time to time, sell, transfer, distribute, or otherwise dispose of certain of its shares of
Common Stock or interests in our Common Stock on any stock exchange, market, or trading facility on which shares of our Common Stock,
are traded or in private transactions. These dispositions may be at fixed prices, at prevailing market prices at the time of sale, at
prices related to the prevailing market prices, at varying prices determined at the time of sale, or at negotiated prices.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The selling securityholder
may use any one or more of the following methods when disposing of its securities or interests therein:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">ordinary
                                            brokerage transactions and transactions in which the broker-dealer solicits purchasers;</span></td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">one
                                            or more underwritten offerings;</span></td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">block
                                            trades in which the broker-dealer will attempt to sell the securities as agent, but may position
                                            and resell a portion of the block as principal to facilitate the transaction;</span></td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">purchases
                                            by a broker-dealer as principal and resale by the broker-dealer for its accounts;</span></td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">an
                                            exchange distribution in accordance with the rules of the applicable exchange;</span></td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">privately
                                            negotiated transactions;</span></td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">distributions
                                            to its members, partners, or stockholders;</span></td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">short
                                            sales effected after the date of the registration statement of which this prospectus forms
                                            a part is declared effective by the SEC;</span></td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">through
                                            the writing or settlement of options or other hedging transactions, whether through an options
                                            exchange or otherwise;</span></td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">in
                                            market transactions, including transactions on a national securities exchange or quotations
                                            service or over-the-counter market;</span></td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">directly
                                            to one or more purchasers;</span></td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">through
                                            agents;</span></td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">broker-dealers
                                            who may agree with the selling securityholder to sell a specified number of such securities
                                            at a stipulated price per share or warrant; or</span></td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0"><span style="font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">a
                                            combination of any such methods of sale.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The selling securityholder
may, from time to time, pledge or grant a security interest in some shares of our Common Stock owned by it and, if a selling securityholder
defaults in the performance of its secured obligations, the pledgees or secured parties may offer and sell such securities, from time
to time, under this prospectus, or under an amendment or supplement to this prospectus amending the list of the selling securityholder
to include the pledgee, transferee, or other successors-in-interest as the selling securityholder under this prospectus. The selling
securityholder also may transfer securities in other circumstances, in which case the transferees, pledgees, or other successors-in-interest
will be the selling beneficial owners for purposes of this prospectus.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In connection with the sale
of shares of our Common Stock or interests therein, the selling securityholder may enter into hedging transactions with broker-dealers
or other financial institutions, which may in turn engage in short sales of such securities in the course of hedging the positions they
assume. The selling securityholder may also sell shares of our Common Stock short and deliver these securities to close out its short
positions, or loan or pledge shares of our Common Stock to broker-dealers that in turn may sell these securities. The selling securityholder
may also enter into option or other transactions with broker-dealers or other financial institutions or the creation of one or more derivative
securities that require the delivery to such broker-dealer or other financial institution of shares of our Common Stock offered by this
prospectus, which shares such broker-dealer or other financial institution may resell pursuant to this prospectus (as supplemented or
amended to reflect such transaction).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The aggregate proceeds to
the selling securityholder from the sale of shares of our Common Stock offered by it will be the purchase price of such securities, less
discounts or commissions, if any. The selling securityholder reserves the right to accept and, together with its agents from time to
time, to reject, in whole or in part, any proposed purchase of shares of our Common Stock to be made directly or through agents. We will
not receive any of the proceeds from any offering by the selling securityholder.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The selling securityholder
also may in the future resell a portion of our Common Stock in open-market transactions in reliance upon Rule 144 under the Securities
Act (provided that they meet the criteria and conform to the requirements of that rule), or pursuant to other available exemptions from
the registration requirements of the Securities Act.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The selling securityholder
and any underwriters, broker-dealers, or agents that participate in the sale of shares of our Common Stock or interests therein may be
&#8220;underwriters&#8221; within the meaning of Section 2(11) of the Securities Act. Any discounts, commissions, concessions, or profit
they earn on any resale of such securities may be underwriting discounts and commissions under the Securities Act. If the selling securityholder
is an &#8220;underwriter&#8221; within the meaning of Section 2(11) of the Securities Act, then the selling securityholder will be subject
to the prospectus delivery requirements of the Securities Act. Underwriters and its controlling persons, dealers, and agents may be entitled,
under agreements entered into with us and the selling securityholder, to indemnification against and contribution toward specific civil
liabilities, including liabilities under the Securities Act.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent required, the number of shares of our Common Stock to be sold, the respective purchase prices and public offering prices,
the names of any agent, dealer, or underwriter, and any applicable discounts, commissions, concessions, or other compensation with respect
to a particular offer will be set forth in an accompanying prospectus supplement or, if appropriate, a post-effective amendment to the
registration statement that includes this prospectus.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">To facilitate the offering
of securities offered by the selling securityholder, certain persons participating in the offering may engage in transactions that stabilize,
maintain, or otherwise affect the price of our Common Stock. This may include over-allotments or short sales, which involve the sale
by persons participating in the offering of more shares of Common Stock than were sold to them. In these circumstances, these persons
would cover such over-allotments or short positions by making purchases in the open market or by exercising their over-allotment option,
if any. In addition, these persons may stabilize or maintain the price of our Common Stock by bidding for or purchasing shares of Common
Stock in the open market or by imposing penalty bids, whereby selling concessions allowed to dealers participating in the offering may
be reclaimed if shares of Common Stock sold by them are repurchased in connection with stabilization transactions. The effect of these
transactions may be to stabilize or maintain the market price of our Common Stock at a level above that which might otherwise prevail
in the open market. These transactions may be discontinued at any time.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Under the Registration Rights
Agreement, we have agreed to indemnify the selling securityholder against certain liabilities that they may incur in connection with
the sale of the securities registered hereunder, including liabilities under the Securities Act, and to contribute to payments that the
selling securityholder may be required to make with respect thereto. In addition, we and the selling securityholder may agree to indemnify
any underwriter, broker-dealer, or agent against certain liabilities related to the selling of the securities, including liabilities
arising under the Securities Act.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We have agreed to maintain
the effectiveness of the registration statement of which this prospectus forms a part until all such securities have been sold under
such registration statement or under Rule 144 under the Securities Act or are no longer outstanding, or under other circumstances as
described in the Registration Rights Agreement. We have agreed to pay all expenses in connection with this offering, other than underwriting
fees, discounts, selling commissions, stock transfer taxes, and certain legal expenses. The selling securityholder will pay any underwriting
fees, discounts, selling commissions, stock transfer taxes, and certain legal expenses relating to the offering.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The selling securityholder
may use this prospectus in connection with resales of shares of our Common Stock. This prospectus and any accompanying prospectus supplement
will identify the selling securityholder, the terms of our Common Stock, and any material relationships between us and the selling securityholder.
The selling securityholder may be deemed to be an underwriter under the Securities Act in connection with shares of our Common Stock
it resells and any profits on the sales may be deemed to be underwriting discounts and commissions under the Securities Act. Unless otherwise
set forth in a prospectus supplement, the selling securityholder will receive all the net proceeds from the resale of shares of our Common
Stock.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
selling securityholder that is an entity may elect to make an in-kind distribution of Common Stock to its members, partners, or stockholders
pursuant to the registration statement of which this prospectus forms a part by delivering a prospectus. To the extent that such members,
partners, or stockholders are not affiliates of ours, such members, partners, or stockholders would thereby receive freely tradable shares
of Common Stock pursuant to the distribution through a registration statement.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as set forth above, we are required to pay all fees and expenses incident to the registration of shares of our Common Stock to be offered
and sold pursuant to this prospectus.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>


</div><!-- Field: Page; Sequence: 106; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->95<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><div><a id="via_022"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>MATERIAL
U.S. FEDERAL INCOME TAX CONSIDERATIONS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is a discussion of the material U.S. federal income tax considerations applicable to U.S. Holders and Non-U.S. Holders (each
as defined below) of the ownership and disposition of Common Stock. This discussion only applies to investors that will hold their Common
Stock as capital assets for U.S. federal income tax purposes (generally, property held for investment). This discussion does not discuss
all aspects of U.S. federal income taxation that may be relevant to particular investors in light of their particular circumstances or
status including:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            Plum Sponsor;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">banks,
                                            financial institutions, or financial services entities;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">broker-dealers;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">S
                                            corporations;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">taxpayers
                                            that are subject to the mark-to-market accounting rules;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">tax-exempt
                                            entities;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">governments
                                            or agencies or instrumentalities thereof;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">tax-qualified
                                            retirement plans;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">insurance
                                            companies;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">regulated
                                            investment companies or real estate investment trusts;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">expatriates
                                            or former long-term residents of the United States;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
                                            that will actually or constructively own five percent or more of the Company&#8217;s voting
                                            stock or five percent or more of the total value of all classes of the Company&#8217;s stock
                                            (except as specifically addressed below);</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
                                            that acquire the Company&#8217;s securities pursuant to an exercise of employee share options,
                                            in connection with employee share incentive plans, or otherwise as compensation;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
                                            that hold the Company&#8217;s securities as part of a straddle, constructive sale, hedging,
                                            conversion or other integrated or similar transaction;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
                                            subject to the alternative minimum tax;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
                                            Holders whose functional currency is not the U.S. dollar;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">controlled
                                            foreign corporations and passive foreign investment companies; and</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">accrual
                                            method taxpayers that file applicable financial statements as described in Section 451(b)
                                            of the Code.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
discussion is based on U.S. federal income tax law as in effect on the date hereof. Such law is subject to change, possibly on a retroactive
basis, which may affect the U.S. federal income tax consequences described in this prospectus. There can be no assurance that future
legislation, regulations, administrative rulings, or court decisions will not adversely affect the accuracy of the statements in this
discussion. The Company has not sought, and does not intend to seek, a ruling from the IRS as to any U.S. federal income tax consideration
described in this prospectus. The IRS may disagree with the discussion in this prospectus, and its determination may be upheld by a court.
Furthermore, this discussion does not address any U.S. federal non-income tax laws, such as gift, estate, or Medicare contribution tax
laws, or U.S. state or local or non-U.S. tax laws.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
discussion does not consider the U.S. federal income tax treatment of entities and arrangements treated as partnerships for U.S. federal
income tax purposes that hold Common Stock. If a partnership is a beneficial owner of Common Stock, the U.S. federal income tax treatment
of a partner in such partnership generally will depend on the status of such partner and the activities of such partner and such partnership.
If you are a partnership or a partner in a partnership that holds Common Stock, you are urged to consult your tax advisor regarding the
tax consequences to you of the ownership and disposition of Common Stock.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 107; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->96<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THE
FOLLOWING IS FOR INFORMATIONAL PURPOSES ONLY. EACH PROSPECTIVE INVESTOR IN <span style="text-transform: uppercase">the COMMON STOCK</span>
SHOULD CONSULT ITS TAX ADVISOR WITH RESPECT TO THE PARTICULAR TAX CONSEQUENCES TO SUCH HOLDER OF THE OWNERSHIP AND DISPOSITION OF SHARES
OF COMMON STOCK, INCLUDING THE EFFECTS OF U.S. FEDERAL, STATE, AND LOCAL AND NON-U.S. TAX LAWS.</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.S.
Holders</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
used in this prospectus, a &#8220;U.S. Holder&#8221; is a beneficial owner of Common Stock who or that is, for U.S. federal income tax
purposes:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
                                            individual citizen or resident of the United States;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                            corporation (or other entity that is treated as a corporation for U.S. federal income tax
                                            purposes) that is created or organized (or treated as created or organized) in or under the
                                            laws of the United States or any state thereof or the District of Columbia;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
                                            estate the income of which is subject to U.S. federal income tax regardless of its source;
                                            or</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                            trust if (i) a U.S. court can exercise primary supervision over the administration of such
                                            trust and one or more United States persons (within the meaning of the Code) have the authority
                                            to control all substantial decisions of the trust or (ii) it has a valid election in place
                                            to be treated as a United States person.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following describes U.S. federal income tax considerations to a U.S. Holder relating to the ownership and disposition of shares of Common
Stock.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Distributions
on the Common Stock</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
general, distributions with respect to the Common Stock will be subject to tax as dividends to the extent paid out of the Company&#8217;s
current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Such income will be includible in
the gross income of a U.S. Holder as ordinary income on the day actually or constructively received by such holder.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent that the amount of any distribution exceeds the Company&#8217;s current and accumulated earnings and profits, as determined
under U.S. federal income tax principles, the excess will first be treated as a tax-free return of capital, causing a reduction (but
not below zero) in the adjusted tax basis of a U.S. Holder&#8217;s Common Stock. The amount of any remaining excess will be subject to
tax as capital gain recognized on a sale or exchange as described below under &#8220;<i>U.S. Holders - Sale, Exchange or Other Dispositions
of Shares of Common Stock</i>.&#8221;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-corporate
U.S. Holders will generally be eligible for reduced rates of taxation on any dividend paid out of current and accumulated earnings and
profits, provided that certain holding period and other requirements are satisfied. Corporate U.S. Holders will generally be eligible
for a 50% dividends-received deduction on any dividend paid out of current and accumulated earnings and profits, provided that certain
holding period and other requirements are satisfied.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
dividend that exceeds certain thresholds in relation to a U.S. Holder&#8217;s tax basis in the stock could be characterized as an &#8220;extraordinary
dividend&#8221; (as defined in Section 1059 of the Code). If a corporate U.S. Holder receives an extraordinary dividend, it will generally
be required to reduce (but not below zero) its basis in the shares of stock in respect of which the extraordinary dividend is paid by
the portion of such dividend that is not taxed because of the dividends-received deduction. If the amount of the basis reduction exceeds
the corporate U.S. Holder&#8217;s tax basis in its stock, the excess will be treated as taxable gain. If a non-corporate U.S. Holder
receives an extraordinary dividend, it will be required to treat any loss on the sale of the shares of stock in respect of which such
extraordinary dividend is paid as a long-term capital loss to the extent of the extraordinary dividends received that qualify for the
reduced dividend tax rate described above.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
Holders should consult their own tax advisor regarding the availability of the reduced dividend tax rate or the dividends-received deduction
in light of their particular circumstances.</span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 108; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->97<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Sale,
Exchange or Other Disposition of Shares of Common Stock</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
U.S. Holder generally will recognize capital gain or loss upon a sale, exchange or other taxable disposition of shares of Common Stock.
Any such capital gain or loss generally will be long-term capital gain or loss if the U.S. Holder&#8217;s holding period for the shares
of Common Stock so disposed of exceeds one year. Long-term capital gains recognized by non-corporate U.S. Holders will be eligible to
be taxed at reduced rates. The deductibility of capital losses is subject to limitations.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Generally,
the amount of gain or loss recognized by a U.S. Holder is an amount equal to the difference between (i) the sum of the amount of cash
and the fair market value of any property received in such disposition and (ii) the U.S. Holder&#8217;s adjusted tax basis in its shares
of Common Stock so disposed of. A U.S. Holder&#8217;s adjusted tax basis in its the Company securities generally will equal the U.S.
Holder&#8217;s acquisition cost, subject to certain adjustments.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-U.S.
Holders</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
used in this prospectus, a &#8220;non-U.S. Holder&#8221; is a beneficial owner (other than a partnership or entity or arrangement treated
as a partnership for U.S. federal income tax purposes) of Common Stock who or that is not a U.S. Holder. The following describes U.S.
federal income tax considerations to a non-U.S. Holder relating to the ownership and disposition of shares of Common Stock.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Distributions
on the Common Stock</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
general, distributions with respect to the Common Stock will be subject to tax as dividends to the extent paid out of the Company&#8217;s
current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Such income will be includible in
the gross income of a non-U.S. Holder as ordinary income on the day actually or constructively received by such holder. To the extent
that the amount of any distribution exceeds the Company&#8217;s current and accumulated earnings and profits, as determined under U.S.
federal income tax principles, the excess will first be treated as a tax-free return of capital, causing a reduction (but not below zero)
in the adjusted tax basis of a non-U.S. Holder&#8217;s Common Stock. The amount of any remaining excess will be treated as capital gain
realized on a sale or exchange as described below under &#8220;<i>- Sale, Exchange or Other Disposition of Shares of Common Stock</i>.&#8221;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxable
dividends paid to a non-U.S. Holder of the Common Stock will generally be subject to withholding of U.S. federal income tax at a 30%
rate or lower rate as may be specified by an applicable income tax treaty. However, dividends that are effectively connected with the
conduct of a trade or business by a non-U.S. Holder within the United States (and, if required by an applicable income tax treaty, are
attributable to a U.S. permanent establishment) are not subject to withholding tax, provided certain certification and disclosure requirements
(generally on an IRS Form W-8ECI) are satisfied. Instead, such dividends are subject to U.S. federal income tax on a net income basis
in the same manner as if the non-U.S. Holder were a &#8220;United States person&#8221; as defined under the Code. Any such effectively
connected dividends received by a non-U.S. Holder that is treated as a foreign corporation for U.S. federal income tax purposes may be
subject to an additional &#8220;branch profits tax&#8221; at a 30% rate or such lower rate as may be specified by an applicable income
tax treaty.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
non-U.S. Holder of the Common Stock who wishes to claim the benefits of an applicable income tax treaty will be required to provide IRS
Form W-8BEN or IRS Form W-8BEN-E (or other applicable form) and certify under penalty of perjury that such holder is not a United States
person as defined under the Code and is eligible for income tax treaty benefits. Special certification and other requirements apply to
certain non-U.S. Holders that are pass-through entities rather than corporations or individuals or that hold their interests through
certain intermediaries.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
non-U.S. Holder of Common Stock eligible for a reduced rate of withholding tax pursuant to an income tax treaty may obtain a refund of
any excess amounts withheld by filing an appropriate claim for a refund with the IRS.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Sale,
Exchange or Other Disposition of Shares of Common Stock</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
non-U.S. Holder will generally not be subject to U.S. federal income tax on gain realized on a sale, exchange or other disposition of
shares of Common Stock unless:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">such
                                            non-U.S. Holder is an individual that is considered to have been present in the United States
                                            for 183 days or more in the taxable year of such disposition and certain other requirements
                                            are met, in which case any gain realized will generally be subject to a flat 30% U.S. federal
                                            income tax;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            gain is effectively connected with the conduct of a trade or business of such non-U.S. Holder
                                            in the United States (and if an income tax treaty applies, is attributable to a U.S. permanent
                                            establishment or fixed base maintained by such non-U.S. Holder), in which case such gain
                                            will be subject to U.S. federal income tax, net of certain deductions, at the same graduated
                                            individual or corporate rates applicable to U.S. Holders, and, if the non-U.S. Holder is
                                            a corporation, an additional &#8220;branch profits tax&#8221; (imposed at a rate of 30% or,
                                            if applicable, a lower treaty rate) may also apply; or</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            Company is or has been a &#8220;United States real property holding corporation&#8221; at
                                            any time during the shorter of the five-year period preceding such disposition and such non-U.S.
                                            Holder&#8217;s holding period, and, in the case where a class of stock is regularly traded
                                            on an established securities market, the Non-U.S. Holder has owned, directly or constructively,
                                            more than 5% of such class of stock at any time within the shorter of the five-year period
                                            preceding the disposition or such Non-U.S. Holder&#8217;s holding period for the shares of
                                            such class of stock. There can be no assurance that any class of stock will be treated as
                                            regularly traded on an established securities market for this purpose.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
paragraph (iii) above applies to a non-U.S. Holder, gain recognized by such non-U.S. Holder on the sale, exchange, or other disposition
of shares of Common Stock will be subject to tax at generally applicable U.S. federal income tax rates. In addition, a buyer of such
shares of Common Stock from a non-U.S. Holder may be required to withhold U.S. income tax at a rate of 15% of the amount realized upon
such disposition. The Company will be classified as a &#8220;United States real property holding corporation&#8221; if the fair market
value of its &#8220;United States real property interests&#8221; equals or exceeds 50% of the sum of the fair market value of its worldwide
real property interests and its other assets used or held for use in a trade or business, as determined for U.S. federal income tax purposes.
The Company does not expect it to be classified as a &#8220;U.S. real property holding corporation&#8221; in the foreseeable future.
However, such determination is factual and in nature and subject to change and no assurance can be provided as to whether the Company
will be a U.S. real property holding corporation with respect to a non-U.S. Holder at any future time.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Information
Reporting Requirements and Backup Withholding</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information
returns will be filed with the IRS in connection with payments of dividends on and the proceeds from a sale or other disposition of shares
of Common Stock, and U.S. backup withholding on such payments may be possible. Backup withholding generally will not apply, however,
to a U.S. Holder if the U.S. Holder is a corporation or other exempt recipient or the U.S. Holder provides a correct taxpayer identification
number and certifies that it is not subject to backup withholding. A non-U.S. Holder may have to comply with certification procedures
to establish that it is not a United States person for U.S. federal income tax purposes or otherwise establish an exemption in order
to avoid information reporting and backup withholding requirements or to claim a reduced rate of withholding under an applicable income
tax treaty. Backup withholding is not an additional tax. The amount of any backup withholding from a payment to a holder will be allowed
as a credit against such holder&#8217;s U.S. federal income tax liability and may entitle such holder to a refund, provided that the
required information is furnished by such holder to the IRS in a timely manner.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foreign
Account Tax Compliance Act</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sections
1471 through 1474 of the Code and the Treasury Regulations and administrative guidance promulgated thereunder (&#8220;FATCA&#8221;) generally
impose withholding at a rate of 30% in certain circumstances on dividends in respect of securities (including Common Stock) that are
held by or through certain foreign financial institutions (including investment funds), unless any such institution (i) enters into,
and complies with, an agreement with the IRS to report, on an annual basis, information with respect to interests in, and accounts maintained
by, the institution that are owned by certain U.S. persons and by certain non-U.S. entities that are wholly or partially owned by U.S.
persons and to withhold on certain payments, or (ii) if required under an intergovernmental agreement between the United States and an
applicable foreign country, reports such information to its local tax authority, which will exchange such information with the U.S. authorities.
An intergovernmental agreement between the United States and an applicable foreign country may modify these requirements. Accordingly,
the entity through which Common Stock are held will affect the determination of whether such withholding is required. Similarly, dividends
in respect of Common Stock held by an investor that is a non-financial non-U.S. entity that does not qualify under certain exceptions
will generally be subject to withholding at a rate of 30%, unless such entity either (i) certifies to the applicable withholding agent
that such entity does not have any &#8220;substantial United States owners&#8221; or (ii) provides certain information regarding the
entity&#8217;s &#8220;substantial United States owners,&#8221; which will in turn be provided to the U.S. Department of Treasury.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
investors should consult their tax advisors regarding the possible implications of FATCA on their investment in Common Stock.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->99<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><div><a id="via_023"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>EXPERTS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
financial statements of Plum Acquisition Corp. I as of December 31, 2023 and 2022, for the years ended December&#160;31, 2023, and 2022,
included in this prospectus have been audited by Marcum LLP, independent registered public accounting firm, as set forth in their report
thereon (which contains an explanatory paragraph relating to substantial doubt about the ability of Plum Acquisition Corp. I to continue
as a going concern as described in Note 1 to the financial statements), appearing elsewhere in this prospectus, and are included in reliance
on the report of such firm given upon their authority as experts in accounting and auditing.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
financial statements of Veea Inc. as of December 31, 2023 and 2022 and for the years then ended included in this prospectus have been
so included in reliance upon the report of PKF O&#8217;Connor Davies, LLP, independent registered public accounting firm, upon the authority
of said firm as experts in accounting and auditing.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>&#160;</b></span></p><div>

</div><div><a id="via_024"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>LEGAL
MATTERS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
validity of the securities offered hereby will be passed upon for us by Ellenoff Grossman &amp; Schole LLP.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>&#160;</b></span></p><div>

</div><div><a id="via_025"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>WHERE
YOU CAN FIND MORE INFORMATION</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
file annual, quarterly, and current reports, proxy statements, and other information with the SEC. We have also filed a registration
statement on Form S-1, including exhibits, under the Securities Act with respect to the securities offered by this prospectus. This prospectus
is part of the registration statement, but does not contain all of the information included in the registration statement or the exhibits
filed with the registration statement. For further information about us and the securities offered hereby, we refer you to the registration
statement and the exhibits filed with the registration statement. Statements contained in this prospectus regarding the contents of any
contract or any other document that is filed as an exhibit to the registration statement are not necessarily complete, and each such
statement is qualified in all respects by reference to the full text of such contract or other document filed as an exhibit to the registration
statement.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
SEC filings are available to the public on the internet at a website maintained by the SEC located at <i>http://www.sec.gov</i>. Those
filings are also available to the public on, or accessible through, our website under the heading &#8220;Investor Relations&#8221; at
<i>https://www.veea.com/</i>. Information contained on our website is not a part of this prospectus and the inclusion of our website
address in this prospectus is an inactive textual reference only.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->100<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>&#160;</b></p><div>

</div><div><a id="via_026"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>INDEX
TO FINANCIAL STATEMENTS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>
</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>VEEA
INC.</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Page</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 90%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Audited
    Financial Statements</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 9%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt"><a href="#vee_001"><span style="font-family: Times New Roman, Times, Serif">Report
    of Independent Registered Public Accounting Firm</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-2</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt"><a href="#vee_002"><span style="font-family: Times New Roman, Times, Serif">Consolidated
    Balance Sheets</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-4</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt"><a href="#vee_003"><span style="font-family: Times New Roman, Times, Serif">Consolidated
    Statements of Operations</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-5</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt"><a href="#vee_004"><span style="font-family: Times New Roman, Times, Serif">Consolidated
    Statements of Comprehensive Loss</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-6</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt"><a href="#vee_005"><span style="font-family: Times New Roman, Times, Serif">Consolidated
    Statements of Stockholders&#8217; Equity (Deficit)</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-7</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt"><a href="#vee_006"><span style="font-family: Times New Roman, Times, Serif">Consolidated
    Statements of Cash Flows</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-8</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt"><a href="#vee_007"><span style="font-family: Times New Roman, Times, Serif">Notes
    to Consolidated Financial Statements</span></a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-9</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top; padding-bottom: 1.5pt; text-align: justify; width: 90%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; vertical-align: bottom; text-align: center; width: 9%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Page</b></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top; text-align: justify"><a href="#a_002"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Condensed
    Consolidated Balance Sheets as of September 30, 2024 (Unaudited) and December 31, 2023</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">F-37</td></tr>
  <tr>
    <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top; text-align: justify"><a href="#a_003"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unaudited
    Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">F-38</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top; text-align: justify"><a href="#a_004"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unaudited
    Condensed Consolidated Statements of Comprehensive Loss for the three and nine months ended September 30, 2024 and 2023</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">F-39</td></tr>
  <tr>
    <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top; text-align: justify"><a href="#a_005"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unaudited
    Condensed Consolidated Statements of Changes in Stockholders&#8217; Deficit for the three and nine months ended September 30, 2024
    and&#160;2023</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">F-40</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top; text-align: justify"><a href="#a_006"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unaudited
    Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">F-42</td></tr>
  <tr>
    <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top; text-align: justify"><a href="#a_007"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes
    to Unaudited Condensed Consolidated Financial Statements</span></a></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">F-43</td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PLUM
                                            ACQUISITION CORP. I</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="width: 90%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: center; width: 9%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Page</b></span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><span style="font-style: normal; font-weight: 700; text-transform: none">Audited Financial Statements</span></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center">&#160;</td></tr>
  <tr>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_030">Report
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    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-67</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_031">Consolidated
    Balance Sheets</a></span></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-68</span></td></tr>
  <tr>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_032">Consolidated
    Statements of Operations</a></span></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-69</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_033">Consolidated
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    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-70</span></td></tr>
  <tr>
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    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-71</span></td></tr>
  <tr style="background-color: rgb(204,238,255)">
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    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-72</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 112; Options: NewSection; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>


</div><p style="margin: 0"><span style="font-size: 10pt">&#160;</span></p><div>

</div><p style="margin: 0"><b><img alt="" src="image_001.jpg"/></b></p><div>

</div><p style="margin: 0"><span style="font-size: 10pt"><b>&#160;</b></span></p><div>

</div><div><a id="vee_001"></a></div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Report
of Independent Registered Public Accounting Firm</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>To the Stockholders and the Board of Directors<br/>
of Veea Inc.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Opinion on the Consolidated Financial Statements</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have audited the accompanying
consolidated balance sheets of Veea Inc. and Subsidiaries (the &#8220;Company&#8221;) as of December&#160;31, 2023 and 2022, and the
related consolidated statements of operations, comprehensive loss, stockholder&#8217;s equity (deficit), and cash flows for each of the
two&#160;years in the period ended December&#160;31, 2023, and the related notes (collectively referred to as the &#8220;consolidated
financial statements&#8221;). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial
position of the Company as of December&#160;31, 2023 and 2022, and the results of its operations and its cash flows for each of the two&#160;years
in the period ended December&#160;31, 2023, in conformity with accounting principles generally accepted in the United&#160;States of
America.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Emphasis of Matter&#160;&#8212;&#160;Revenue Concentration</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Approximately 99% of the
Company&#8217;s 2023 revenue is derived from one customer. Our opinion is not modified with respect to this matter.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Basis for Opinion</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">These consolidated financial
statements are the responsibility of the Company&#8217;s management. Our responsibility is to express an opinion on the Company&#8217;s
consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting
Oversight Board (United&#160;States) (&#8220;PCAOB&#8221;) and are required to be independent with respect to the Company in accordance
with the U.S.&#160;federal securities laws and the applicable rules and regulations of and the PCAOB.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We conducted our audits
in accordance with the auditing standards of the PCAOB and in accordance with auditing standards generally accepted in the United&#160;States
of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated
financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were
we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an
understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the
Company&#8217;s internal control over financial reporting. Accordingly, we express no such opinion.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our audits included performing
procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and
performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts
and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that
our audits provide a reasonable basis for our opinion.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><img alt="" src="image_002.jpg"/></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 113; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Critical Audit Matter</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The critical audit matter
communicated below is a matter arising from the current period audit of the consolidated financial statements that were communicated
or required to be communicated to those charged with governance and that: (1)&#160;relate to accounts or disclosures that are material
to the consolidated financial statements and (2)&#160;involved our especially challenging, subjective, or complex judgments. The communication
of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are
not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts
or disclosures to which they relate.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Valuation of Inventory</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As described in Note&#160;4,
to the financial statements, the Company&#8217;s inventory, net at December&#160;31, 2023, was $7.4&#160;million. Inventory consists
primarily of finished goods and is valued at the lower of cost and net realizable value. The Company records a provision for aged, obsolete,
or unsellable inventory, which can involve a high degree of judgment. The Company annually reviews its inventory and identifies factors
which may include future demand, market conditions, technological changes, product life cycle and development plans, component cost trends,
product pricing, physical deterioration and quality issues.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The valuation of inventory
was identified as a critical audit matter because of the significant assumptions management makes with regards to its valuation of inventory
and the increased extent of effort required performing audit procedures to evaluate the reasonableness of management&#8217;s assumptions
and estimates.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The primary procedures we
performed to address this critical audit matter included:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Performed independent
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</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Obtained an understanding
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</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Evaluated the
                                            reasonableness of the significant assumptions by testing inventory costs based on historical
                                            third-party purchases.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Evaluated the
                                            appropriateness of management&#8217;s methodologies used, as well as the significant assumptions
                                            and inputs, in developing their assessment of net realizable value and their estimated reserve
                                            for inventory, by comparing significant assumptions used by management to historical information,
                                            independent calculations, evidence obtained in other areas of the audit, recent selling prices
                                            and costs.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"/><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Tested the mathematical
                                            accuracy of the calculations performed along with assessing the completeness and accuracy
                                            of the information used in the calculations.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ PKF O&#8217;Connor Davies, LLP</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New&#160;York, New&#160;York<br/>
April&#160;2, 2024, except for Note&#160;17, as to which the date is May&#160;8, 2024.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have served as the Company&#8217;s auditor since August&#160;8,
2023.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PCAOB ID No. 127</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">* * * * *</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 114; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><div><a id="vee_002"></a></div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Veea
Inc. and Subsidiaries<br/>
Consolidated Balance Sheets<br/>
As of December&#160;31, 2023 and 2022</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">As of December&#160;31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="font-weight: bold">ASSETS</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
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    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">Property and equipment, net</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SecurityDeposit" scale="0" unitRef="usd" id="ixv-62858">85,595</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 4pt; text-indent: -10pt; padding-left: 30pt">Total assets</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">LIABILITIES&#160;&amp; STOCKHOLDERS&#8217;
    EQUITY (Deficit)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NotesPayableCurrent" scale="0" unitRef="usd" id="ixv-62864">12,598,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">Convertible notes, related party</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-0">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherAccruedLiabilitiesCurrent" scale="0" unitRef="usd" id="ixv-62867">2,272,993</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherAccruedLiabilitiesCurrent" scale="0" unitRef="usd" id="ixv-62868">2,842,902</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">Accounts payable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccountsPayableCurrent" scale="0" unitRef="usd" id="ixv-62869">1,077,898</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccountsPayableCurrent" scale="0" unitRef="usd" id="ixv-62870">4,403,471</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">Accrued expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccruedLiabilitiesCurrent" scale="0" unitRef="usd" id="ixv-62871">4,741,495</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccruedLiabilitiesCurrent" scale="0" unitRef="usd" id="ixv-62872">4,385,398</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">Investor deposits</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DepositLiabilityCurrent" scale="0" unitRef="usd" id="ixv-62873">2,048,776</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-1">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 20pt">Operating lease liablilities&#160;&#8211;&#160;current
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseLiabilityCurrent" scale="0" unitRef="usd" id="ixv-62874">445,850</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseLiabilityCurrent" scale="0" unitRef="usd" id="ixv-62875">861,033</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 30pt">Total current liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesCurrent" scale="0" unitRef="usd" id="ixv-62876">32,185,012</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesCurrent" scale="0" unitRef="usd" id="ixv-62877">45,912,320</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 20pt">Operating lease liabilities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseLiabilityNoncurrent" scale="0" unitRef="usd" id="ixv-62878">119,424</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseLiabilityNoncurrent" scale="0" unitRef="usd" id="ixv-62879">548,439</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 4pt; text-indent: -10pt; padding-left: 30pt">Total liabilities</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Liabilities" scale="0" unitRef="usd" id="ixv-62880">32,304,436</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Liabilities" scale="0" unitRef="usd" id="ixv-62881">46,460,759</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Stockholders&#8217; Equity (Deficit)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">Series&#160;A preferred stock, $<ix:nonFraction contextRef="c5" decimals="5" name="us-gaap:PreferredStockParOrStatedValuePerShare" scale="0" unitRef="usdPershares" id="ixv-62882"><ix:nonFraction contextRef="c6" decimals="5" name="us-gaap:PreferredStockParOrStatedValuePerShare" scale="0" unitRef="usdPershares" id="ixv-62883">.00001</ix:nonFraction></ix:nonFraction> par value, <ix:nonFraction contextRef="c5" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:PreferredStockSharesAuthorized" scale="0" unitRef="shares" id="ixv-62884"><ix:nonFraction contextRef="c5" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:PreferredStockSharesIssued" scale="0" unitRef="shares" id="ixv-62885"><ix:nonFraction contextRef="c5" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:PreferredStockSharesOutstanding" scale="0" unitRef="shares" id="ixv-62886">35,920,813</ix:nonFraction></ix:nonFraction></ix:nonFraction> shares authorized, <ix:nonFraction contextRef="c6" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:PreferredStockSharesAuthorized" scale="0" unitRef="shares" id="ixv-62887"><ix:nonFraction contextRef="c6" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:PreferredStockSharesIssued" scale="0" unitRef="shares" id="ixv-62888"><ix:nonFraction contextRef="c6" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:PreferredStockSharesOutstanding" scale="0" unitRef="shares" id="ixv-62889">35,920,813</ix:nonFraction></ix:nonFraction></ix:nonFraction> shares issued and outstanding at December&#160;31, 2023 and 2022</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PreferredStockValue" scale="0" unitRef="usd" id="ixv-62890">359</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PreferredStockValue" scale="0" unitRef="usd" id="ixv-62891">359</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">Series&#160;A-1 preferred stock, $<ix:nonFraction contextRef="c7" decimals="5" name="us-gaap:PreferredStockParOrStatedValuePerShare" scale="0" unitRef="usdPershares" id="ixv-62892"><ix:nonFraction contextRef="c8" decimals="5" name="us-gaap:PreferredStockParOrStatedValuePerShare" scale="0" unitRef="usdPershares" id="ixv-62893">.00001</ix:nonFraction></ix:nonFraction> par value, <ix:nonFraction contextRef="c7" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:PreferredStockSharesAuthorized" scale="0" unitRef="shares" id="ixv-62894"><ix:nonFraction contextRef="c8" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:PreferredStockSharesAuthorized" scale="0" unitRef="shares" id="ixv-62895">44,228,636</ix:nonFraction></ix:nonFraction> shares authorized, <ix:nonFraction contextRef="c7" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:PreferredStockSharesIssued" scale="0" unitRef="shares" id="ixv-62896"><ix:nonFraction contextRef="c7" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:PreferredStockSharesOutstanding" scale="0" unitRef="shares" id="ixv-62897">40,569,493</ix:nonFraction></ix:nonFraction> and <ix:nonFraction contextRef="c8" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:PreferredStockSharesIssued" scale="0" unitRef="shares" id="ixv-62898"><ix:nonFraction contextRef="c8" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:PreferredStockSharesOutstanding" scale="0" unitRef="shares" id="ixv-62899">35,054,036</ix:nonFraction></ix:nonFraction> shares issued and outstanding at December&#160;31, 2023 and 2022, respectively</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c7" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PreferredStockValue" scale="0" unitRef="usd" id="ixv-62900">405</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">Accumulated deficit</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RetainedEarningsAccumulatedDeficit" scale="0" sign="-" unitRef="usd" id="ixv-62921">170,282,750</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 20pt">Accumulated other comprehensive income
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax" scale="0" sign="-" unitRef="usd" id="ixv-62923">661,354</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 30pt">Equity attributable to Veea, Inc.</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="veea:EquityAttributableToVeeaInc" scale="0" sign="-" unitRef="usd" id="ixv-62925">11,467,130</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 20pt">Noncontrolling interest</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 30pt">Total stockholders&#8217; equity (deficit)</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(<ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" scale="0" sign="-" unitRef="usd" id="ixv-62928">11,467,130</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 4pt; text-indent: -10pt; padding-left: 30pt">Total liabilities and stockholders&#8217;
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    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesAndStockholdersEquity" scale="0" unitRef="usd" id="ixv-62930">20,837,306</ix:nonFraction></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
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  </table><div>



</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><i>&#160;</i></b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><i>The accompanying notes
are an integral part of these financial statements</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 115; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><i>&#160;</i></b></p><div>

</div><div><a id="vee_003"></a></div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Veea
Inc. and Subsidiaries<br/>
Consolidated Statements of Operations<br/>
Years Ended December&#160;31, 2023 and 2022</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Years Ended December&#160;31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Cost of Goods Sold</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Operating Expenses:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 30pt">Sales and marketing</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 30pt">Depreciation and amortization</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; ">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c23" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ForeignCurrencyTransactionGainLossBeforeTax" scale="0" unitRef="usd" id="ixv-62952">1,284,846</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c23" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestExpenseDebt" scale="0" unitRef="usd" id="ixv-62958">5,318,817</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Net loss attributable to non-controlling
    interests</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-36">&#8212;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c24" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLossAttributableToNoncontrollingInterest" scale="0" sign="-" unitRef="usd" id="ixv-62964">32,950</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt">Net loss attributable
    to Veea, Inc.</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(<ix:nonFraction contextRef="c23" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="0" sign="-" unitRef="usd" id="ixv-62965">15,638,589</ix:nonFraction></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(<ix:nonFraction contextRef="c24" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="0" sign="-" unitRef="usd" id="ixv-62966">35,167,089</ix:nonFraction></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Net loss per common share attributable to Veea, Inc. basic and
    diluted</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(<ix:nonFraction contextRef="c23" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EarningsPerShareDiluted" scale="0" sign="-" unitRef="usdPershares" id="ixv-62967"><ix:nonFraction contextRef="c23" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EarningsPerShareBasic" scale="0" sign="-" unitRef="usdPershares" id="ixv-62968">2.16</ix:nonFraction></ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -10pt; padding-left: 10pt">Weighted average shares outstanding basic and diluted</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c23" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" scale="0" unitRef="shares" id="ixv-62971"><ix:nonFraction contextRef="c23" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" scale="0" unitRef="shares" id="ixv-62972">7,235,733</ix:nonFraction></ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  </table><div>



</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><i>&#160;</i></b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><i>The accompanying notes
are an integral part of these financial statements</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 116; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><i>&#160;</i></b></p><div>

</div><div><a id="vee_004"></a></div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Veea
Inc. and Subsidiaries<br/>
Consolidated Statements of Comprehensive Loss<br/>
Years Ended December&#160;31, 2023 and 2022</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Years Ended December&#160;31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left; text-indent: -10pt; padding-left: 10pt">Net loss</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(<ix:nonFraction contextRef="c23" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProfitLoss" scale="0" sign="-" unitRef="usd" id="ixv-62975">15,638,589</ix:nonFraction></td><td style="width: 1%; text-align: left">)</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c24" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLossAttributableToNoncontrollingInterest" scale="0" sign="-" unitRef="usd" id="ixv-62977">32,950</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c23" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax" scale="0" sign="-" unitRef="usd" id="ixv-62980">1,433,388</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table><div>



</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><i>&#160;</i></b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><i>The accompanying notes
are an integral part of these financial statements</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 117; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><i>&#160;</i></b></p><div>

</div><div><a id="vee_005"></a></div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Veea
Inc. and Subsidiaries<br/>
Consolidated Statements of Stockholders&#8217; Equity (Deficit)<br/>
Years Ended December&#160;31, 2023 and 2022</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><i>&#160;</i></b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><i>The accompanying notes
are an integral part of these financial statements</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 118; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><div><a id="vee_006"></a></div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Veea
Inc. and Subsidiaries<br/>
Consolidated Statements of Cash Flows<br/>
Years Ended December&#160;31, 2023 and 2022</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">Gain on forgiveness of Paycheck Protection Program loan</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-531">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c24" decimals="0" format="ixt:num-dot-decimal" name="veea:GainOnForgivenessOfPaycheckProtectionProgramLoan" scale="0" unitRef="usd" id="ixv-63071">1,238,145</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">Unrealized foreign currency transaction(gain) loss</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c23" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ForeignCurrencyTransactionGainLossUnrealized" scale="0" unitRef="usd" id="ixv-63072">1,332,914</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">Provision for inventory obsolescence</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c23" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InventoryWriteDown" scale="0" unitRef="usd" id="ixv-63074">320,335</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">Amortization of operating lease right of use assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c23" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseRightOfUseAssetAmortizationExpense" scale="0" unitRef="usd" id="ixv-63076">793,209</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">Loss on write off of property and equipment</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-532">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c24" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GainLossOnSaleOfPropertyPlantEquipment" scale="0" sign="-" unitRef="usd" id="ixv-63078">15,907</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">Interest expense</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c23" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestExpenseOperating" scale="0" unitRef="usd" id="ixv-63079">979,611</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c24" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestExpenseOperating" scale="0" unitRef="usd" id="ixv-63080">5,583,322</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Changes in operating assets and liabilities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">Accounts receivable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c23" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccountsReceivable" scale="0" unitRef="usd" id="ixv-63081">27,843</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c24" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccountsReceivable" scale="0" unitRef="usd" id="ixv-63082">24,995</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -10pt; padding-left: 20pt">Inventories</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c23" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInInventories" scale="0" unitRef="usd" id="ixv-63083">147,982</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c24" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInInventories" scale="0" unitRef="usd" id="ixv-63084">3,190,047</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">Prepaid and other current assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c23" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" scale="0" unitRef="usd" id="ixv-63085">388,673</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c24" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" scale="0" sign="-" unitRef="usd" id="ixv-63086">1,200,682</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">Security deposit</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c23" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInSecurityDeposits" scale="0" unitRef="usd" id="ixv-63087">12,176</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c24" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInSecurityDeposits" scale="0" unitRef="usd" id="ixv-63088">28,751</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">Accounts payable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c23" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccountsPayable" scale="0" sign="-" unitRef="usd" id="ixv-63089">1,591,487</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c24" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccountsPayable" scale="0" unitRef="usd" id="ixv-63090">2,661,911</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">Accrued expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c23" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccruedLiabilities" scale="0" unitRef="usd" id="ixv-63091">340,525</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c24" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccruedLiabilities" scale="0" unitRef="usd" id="ixv-63092">357,747</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">Accrued interest</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c23" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccruedInterestReceivableNet" scale="0" sign="-" unitRef="usd" id="ixv-63093">1,386,048</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c24" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccruedInterestReceivableNet" scale="0" sign="-" unitRef="usd" id="ixv-63094">1,885,495</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 20pt">Operating lease payments</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c23" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInOperatingLeaseLiability" scale="0" sign="-" unitRef="usd" id="ixv-63095">844,198</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c24" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInOperatingLeaseLiability" scale="0" sign="-" unitRef="usd" id="ixv-63096">785,015</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 30pt">Net cash used in operating activities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c23" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInOperatingActivities" scale="0" sign="-" unitRef="usd" id="ixv-63097">12,652,631</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c24" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInOperatingActivities" scale="0" sign="-" unitRef="usd" id="ixv-63098">22,025,362</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Cash flows from investing activities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">Purchase of property and equipment</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c23" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" scale="0" unitRef="usd" id="ixv-63099">34,966</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c24" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" scale="0" unitRef="usd" id="ixv-63100">30,768</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 20pt">Purchase of intangible assets and trademarks</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c23" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PaymentsToAcquireIntangibleAssets" scale="0" unitRef="usd" id="ixv-63101">120,088</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c24" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PaymentsToAcquireIntangibleAssets" scale="0" unitRef="usd" id="ixv-63102">218,496</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 30pt">Net cash used in investing activities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c23" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInInvestingActivities" scale="0" sign="-" unitRef="usd" id="ixv-63103">155,054</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c24" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInInvestingActivities" scale="0" sign="-" unitRef="usd" id="ixv-63104">249,264</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Cash flows from financing activities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -10pt; padding-left: 20pt">Repayment of debt</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c23" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RepaymentsOfDebt" scale="0" unitRef="usd" id="ixv-63105">10,979,611</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-533">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">Proceeds from issuance of unrelated party convertible notes</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c23" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromConvertibleDebt" scale="0" unitRef="usd" id="ixv-63106">3,000,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c24" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromConvertibleDebt" scale="0" unitRef="usd" id="ixv-63107">12,000,000</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">Proceeds from issuance of convertible bridge notes&#160;&#8211;&#160;related
    party</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-534">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c24" decimals="0" format="ixt:num-dot-decimal" name="veea:ProceedsFromIssuanceOfConvertibleBridgeNotesRelatedParty" scale="0" unitRef="usd" id="ixv-63108">3,200,000</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">Proceeds of term loan</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c23" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromIssuanceOfDebt" scale="0" unitRef="usd" id="ixv-63109">5,000,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">Proceeds from demand notes&#160;&#8211;&#160;related party</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c23" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromRepaymentsOfRelatedPartyDebt" scale="0" unitRef="usd" id="ixv-63110">2,248,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c24" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromRepaymentsOfRelatedPartyDebt" scale="0" unitRef="usd" id="ixv-63111">850,000</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">Proceeds from the exercise of stock options for common stock</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Cash and cash equivalents at beginning
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  <tr style="vertical-align: bottom; ">
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    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" scale="0" unitRef="usd" id="ixv-63125">6,010,075</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" scale="0" unitRef="usd" id="ixv-63126">185,881</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Non-cash activities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">Conversion of principal on convertible notes to preferred stock&#160;&#8211;&#160;Series&#160;A-1</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c23" decimals="0" format="ixt:num-dot-decimal" name="veea:ConversionOfPrincipalOnConvertibleNotesToPreferredStockSeriesA1" scale="0" unitRef="usd" id="ixv-63127">8,993,240</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c24" decimals="0" format="ixt:num-dot-decimal" name="veea:ConversionOfPrincipalOnConvertibleNotesToPreferredStockSeriesA1" scale="0" unitRef="usd" id="ixv-63128">57,676,825</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">Conversion of interest on convertible notes to preferred stock&#160;&#8211;&#160;Series&#160;A-1</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c23" decimals="0" format="ixt:num-dot-decimal" name="veea:ConversionOfInterestOnConvertibleNotesToPreferredStockSeriesA1" scale="0" unitRef="usd" id="ixv-63129">1,955,957</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c24" decimals="0" format="ixt:num-dot-decimal" name="veea:ConversionOfInterestOnConvertibleNotesToPreferredStockSeriesA1" scale="0" unitRef="usd" id="ixv-63130">11,706,247</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">Deferred financing costs incurred pursuant to issuance of equity
    warrants</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-540">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c24" decimals="0" format="ixt:num-dot-decimal" name="veea:DeferredFinancingCostsIncurredPursuantToIssuanceOfEquityWarrants" scale="0" unitRef="usd" id="ixv-63131">253,816</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">Conversion of notes payable to Series&#160;A-2 Preferred Shares</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c23" decimals="0" format="ixt:num-dot-decimal" name="veea:ConversionOfNotesPayableToSeriesA2PreferredShares" scale="0" unitRef="usd" id="ixv-63132">3,076,274</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-541">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">Conversion of vendor payable to Series&#160;A-2 Preferred Shares</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c23" decimals="0" format="ixt:num-dot-decimal" name="veea:ConversionOfVendorPayableToSeriesA2PreferredShares" scale="0" unitRef="usd" id="ixv-63133">1,920,124</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-542">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Supplemental cash flow information</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Taxes paid</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c23" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeTaxesPaid" scale="0" unitRef="usd" id="ixv-63134">13,070</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c24" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeTaxesPaid" scale="0" unitRef="usd" id="ixv-63135">30,403</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Interest paid</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c23" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestPaidNet" scale="0" unitRef="usd" id="ixv-63136">892,336</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c24" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestPaidNet" scale="0" unitRef="usd" id="ixv-63137">353,604</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  </table><div>



</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><i>&#160;</i></b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><i>The accompanying notes
are an integral part of these financial statements</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 119; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><div><a id="vee_007"></a></div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Veea
Inc. and Subsidiaries<br/>
Notes to Consolidated Financial Statements<br/>
Years Ended December&#160;31, 2023 and 2022</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c23" escape="true" name="us-gaap:NatureOfOperations" id="ixv-18251"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>1 &#8212; DESCRIPTION OF BUSINESS</b></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Veea Inc. (together with
subsidiaries collectively, &#8220;Veea&#8221; or the &#8220;Company&#8221;) has developed a Smart platform that is capable of delivering
a wide range of services by intelligently connecting everyone and everything that is IoT-enabled, while making it possible for commercial
and social connections through its platform to offer more contextual, transactional and relevant data. The Company is a highly differentiated
Platform-as-a-Service (PaaS) company with a suite of innovative products and services that can serve many of Smart industries at the
network edge.</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">The Company has three wholly
owned subsidiaries, and located in the United Kingdom (&#8220;U.K.&#8221;)with offices in the United&#160;States (&#8220;U.S.&#8221;)
and Europe.</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On March&#160;24, 2021,
the Company formed VeeaSystems SAS (&#8220;Veea SAS&#8221;), a simplified joint stock company in France. Upon formation, the Company
contributed capital totaling &#8364;<ix:nonFraction contextRef="c245" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromContributedCapital" scale="0" unitRef="eur" id="ixv-63138">875</ix:nonFraction> (approximately $<ix:nonFraction contextRef="c245" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromContributedCapital" scale="0" unitRef="usd" id="ixv-63139">1,100</ix:nonFraction>), which constitutes approximately a <ix:nonFraction contextRef="c246" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipOwnershipInterest" scale="-2" unitRef="pure" id="ixv-63140">17.5</ix:nonFraction>% ownership in Veea SAS.&#160;The
Company&#8217;s Chief Executive Officer (&#8220;CEO&#8221;) contributed capital to constitute an approximately <ix:nonFraction contextRef="c247" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipOwnershipInterest" scale="-2" unitRef="pure" id="ixv-63141">7</ix:nonFraction>% ownership in Veea SAS.&#160;In
addition, the Company&#8217;s CEO is the President of Veea SAS as well as a director. In July&#160;2023, the Company exercised its call
options to acquire an additional <ix:nonFraction contextRef="c248" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipOwnershipInterest" scale="-2" unitRef="pure" id="ixv-63142">24.50</ix:nonFraction>% stake in Veea SAS, bringing its total ownership stake in Veea SAS to <ix:nonFraction contextRef="c249" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipOwnershipInterest" scale="-2" unitRef="pure" id="ixv-63143">42.5</ix:nonFraction>%. The call option was
exercised for a price of &#8364;<ix:nonFraction contextRef="c23" decimals="0" format="ixt:num-dot-decimal" name="veea:CallOptionExercisedPricePerShare" scale="0" unitRef="eurPershares" id="ixv-63144">1</ix:nonFraction> per share. In December, the Company exercised its call options for the remaining <ix:nonFraction contextRef="c250" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipOwnershipInterest" scale="-2" unitRef="pure" id="ixv-63145">57.5</ix:nonFraction>% ownership stake
in Veea SAS.&#160;Veea SAS is accounted for as a Variable Interest Entity and consolidated as further described within Principles of
Consolidation to <i>Note&#160;3 &#8212;&#160;Summary of Significant Accounting Policies.</i></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">On November&#160;28, 2023 the
Company and Plum Acquisition Corp.&#160;I (&#8220;Plum&#8221;) (NASDAQ:&#160;PLMI), a special purpose acquisition company announced the
signing of a definitive business combination agreement (the &#8220;Business Combination Agreement&#8221;) 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 &#8220;Business Combination&#8221;).
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 &#8220;Combined Company&#8221;). The transaction consideration to be issued to securityholders
(including holders of outstanding debt and other convertible securities) proposed Business Combination (the &#8220;Closing&#8221;) will
consist of newly-issued Plum securities determined based on a pre-money equity value for the Company&#8217;s outstanding equity securities
and certain outstanding debt that will be converted into equity at the Closing of approximately $<ix:nonFraction contextRef="c1" decimals="-6" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentConvertibleCarryingAmountOfTheEquityComponent" scale="6" unitRef="usd" id="ixv-63146">194</ix:nonFraction>&#160;million, excluding the proceeds
of the issuance of shares of Series&#160;A-2 Preferred Stock. Following the Closing, holders of the Company capital stock as of immediately
prior to the Closing (excluding holders of the Company&#8217;s Series&#160;A-2 Preferred Stock) will have the contingent right to receive
up to <ix:nonFraction contextRef="c251" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued" scale="6" unitRef="shares" id="ixv-63147">4.5</ix:nonFraction>&#160;million additional shares of Combined Company common stock if certain trading-price based milestones of the Combined Company&#8217;s
common stock are achieved during the ten-year period following the Closing, as set forth in the Business Combination Agreement. Proceeds
from the proposed Business Combination and financing transactions are expected to support the Combined Company in its business plans.</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Current equity holders of
the Company are expected to own a majority of the outstanding capital stock of the Combined Company immediately after the Closing and
the Company will appoint a majority of the members of the board of directors of the Combined Company in accordance with the terms of
the Business Combination Agreement. The parties expect the Business Combination to be consummated during the first half of 2024, following
satisfaction of certain closing conditions set forth in the Business Combination Agreement, including, without limitation, approval by
shareholders of Plum and stockholders of the Company, the effectiveness of a registration statement to be filed by Plum with the Securities
and Exchange Commission in connection with the transaction, the expiration of any HSR Act waiting period and other customary closing
conditions.</p></ix:nonNumeric><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Veea Inc. and Subsidiaries<br/>
Notes to Consolidated Financial Statements<br/>
Years Ended December&#160;31, 2023 and 2022</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c23" escape="true" name="us-gaap:LiquidationBasisOfAccountingTextBlock" id="ixv-18288"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>2 &#8212; LIQUIDITY AND MANAGEMENT&#8217;S PLAN</b></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">During the&#160;years ended
December&#160;31, 2023 and 2022, the Company has incurred net losses of $<ix:nonFraction contextRef="c23" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProfitLoss" scale="0" sign="-" unitRef="usd" id="ixv-63148">15,638,589</ix:nonFraction> and $<ix:nonFraction contextRef="c24" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProfitLoss" scale="0" sign="-" unitRef="usd" id="ixv-63149">35,200,039</ix:nonFraction>, respectively, and had an accumulated
deficit of $<ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RetainedEarningsAccumulatedDeficit" scale="0" sign="-" unitRef="usd" id="ixv-63150">170,282,750</ix:nonFraction> as of December&#160;31, 2023. The Company expects to continue to incur net losses as it continues to grow and
scale its business. Historically, the Company&#8217;s activities have been financed through private placements of equity securities and
debt to related parties. In October&#160;2023, the Company commenced a private placement for the sale of its newly designated Series&#160;A-2
Preferred Stock, par value $<ix:nonFraction contextRef="c9" decimals="5" name="us-gaap:PreferredStockParOrStatedValuePerShare" scale="0" unitRef="usdPershares" id="ixv-63151">.00001</ix:nonFraction> per share (the &#8220;Series A-2 Preferred Stock&#8221;). As of December 31, 2023, the Company has
(1) issued <ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PreferredStockSharesIssued" scale="0" unitRef="shares" id="ixv-63152">12,660,067</ix:nonFraction> shares of Series A-2 Preferred Stock in consideration for approximately $<ix:nonFraction contextRef="c252" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:SaleOfStockConsiderationReceivedOnTransaction" scale="6" unitRef="usd" id="ixv-63153">18.2</ix:nonFraction> million in cash and the conversion
of debt and other outstanding obligations totaling approximately $<ix:nonFraction contextRef="c252" decimals="-6" format="ixt:num-dot-decimal" name="us-gaap:DebtConversionOriginalDebtAmount1" scale="6" unitRef="usd" id="ixv-63154">5</ix:nonFraction> million and (2) received additional subscriptions totaling approximately
$<ix:nonFraction contextRef="c9" decimals="-6" format="ixt:num-dot-decimal" name="veea:AdditionalSubscriptionsReceivableTotal" scale="6" unitRef="usd" id="ixv-63155">2</ix:nonFraction> 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 $<ix:nonFraction contextRef="c252" decimals="0" format="ixt:num-dot-decimal" name="veea:CashProceedsFromSalesOfShares" scale="0" unitRef="usd" id="ixv-63156">10,000,000</ix:nonFraction> in cash proceeds from the sales of shares of Series A-2 Preferred Stock before before the closing of the
Business Combination.&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">In December&#160;2023, the Company
signed an agreement with a placement agent for the issuance of up to $<ix:nonFraction contextRef="c253" decimals="-6" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodValueNewIssues" scale="6" unitRef="usd" id="ixv-63157">125</ix:nonFraction>&#160;million of medium-term notes, face amount of <ix:nonFraction contextRef="c23" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentRedemptionPricePercentage" scale="-2" unitRef="pure" id="ixv-63158">6.5</ix:nonFraction>% medium-term
notes that would mature in August&#160;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 $<ix:nonFraction contextRef="c254" decimals="-6" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromRelatedPartyDebt" scale="6" unitRef="usd" id="ixv-63159">15</ix:nonFraction>&#160;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&#160;months.
If additional funding is required to execute the Company&#8217;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.</p></ix:nonNumeric><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c23" continuedAt="_SignificantAccountingPoliciesTextBlock-c23_cont_1" escape="true" name="us-gaap:SignificantAccountingPoliciesTextBlock" id="ixv-18299"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>3 &#8212; SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<ix:nonNumeric contextRef="c23" continuedAt="_ConsolidationPolicyTextBlock-c23_cont_1" escape="true" name="us-gaap:ConsolidationPolicyTextBlock" id="ixv-18304"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Principles of Consolidation</b></p></ix:nonNumeric>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<ix:continuation id="_ConsolidationPolicyTextBlock-c23_cont_1"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The accompanying consolidated
financial statements include the accounts of the Company and its wholly owned subsidiaries. The Company consolidates a variable interest
entity (&#8220;VIE&#8221;) 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.&#160;All significant intercompany transactions and balances have been eliminated in consolidation.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<ix:nonNumeric contextRef="c23" continuedAt="_BasisOfAccountingPolicyPolicyTextBlock-c23_cont_1" escape="true" name="us-gaap:BasisOfAccountingPolicyPolicyTextBlock" id="ixv-18312"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Basis of Accounting</b></p></ix:nonNumeric>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<ix:continuation id="_BasisOfAccountingPolicyPolicyTextBlock-c23_cont_1"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The accompanying consolidated
financial statements have been prepared on the accrual basis in accordance with accounting principles generally accepted in the United&#160;States
of America (&#8220;GAAP&#8221;).</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<ix:nonNumeric contextRef="c23" continuedAt="_UseOfEstimates-c23_cont_1" escape="true" name="us-gaap:UseOfEstimates" id="ixv-18320"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Use of Estimates</b></p></ix:nonNumeric>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<ix:continuation id="_UseOfEstimates-c23_cont_1"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">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.&#160;The Company believes that these estimates, judgments and assumptions are reasonable under the circumstances.
These estimates, judgments, and assumptions impact the reported amounts of assets, liabilities, revenue, and expenses, and the related
disclosure of contingent assets and liabilities. Actual results could differ from these estimates. Changes in such estimates could affect
amounts reported in future periods. On an ongoing basis, the Company evaluates its estimates and judgments including those related to:
liquidity and going concern, the useful lives and recoverability of property and equipment and definite-lived intangible assets; the
recoverability of goodwill and indefinite-lived intangible assets; the carrying value of accounts receivable, including the determination
of the allowance for credit losses; inventory, including the determination of allowances for estimated excess or obsolescence; the fair
value of warrants; the fair value of acquisition-related contingent consideration arrangements; unrecognized tax benefits; legal contingencies;
the incremental borrowing rate for the Company&#8217;s leases; and the valuation of stock-based compensation, among others.</p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p></ix:continuation></ix:nonNumeric><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 121; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Veea Inc. and Subsidiaries<br/>
Notes to Consolidated Financial Statements<br/>
Years Ended December&#160;31, 2023 and 2022</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>3 &#8212; SUMMARY OF
SIGNIFICANT ACCOUNTING POLICIES</b> (cont.)</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c23_cont_2" id="_SignificantAccountingPoliciesTextBlock-c23_cont_1"><ix:nonNumeric contextRef="c23" continuedAt="veea_EmergingGrowthCompanyPolicyTextBlock-c23_cont_1" escape="true" name="veea:EmergingGrowthCompanyPolicyTextBlock" id="ixv-18356"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Emerging Growth Company Status</b></p></ix:nonNumeric>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<ix:continuation id="veea_EmergingGrowthCompanyPolicyTextBlock-c23_cont_1"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Following the consummation
of the proposed business combination transaction with Plum, the Company is expected to be a publicly traded company and an emerging growth
company (&#8220;EGC&#8221;), as defined in the Jumpstart Our Business Startups Act&#160;of&#160;2012 (the &#8220;JOBS Act&#8221;). Under
the JOBS Act, EGCs can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until those
standards apply to private companies. In anticipation of the closing the business combination transaction with Plum, the Company has
elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates
for public and private companies until the earlier of the date that it (i)&#160;is no longer an EGC or (ii)&#160;affirmatively and irrevocably
opts out of the extended transition period provided in the JOBS Act. As a result, the consolidated financial statements may not be comparable
to the financial statements of companies that comply with the new or revised accounting pronouncements as of dates effective for public
companies. <i>Refer&#160;to Note&#160;1&#160;&#8212;&#160;Description of the Business for further information regarding the proposed
business combination transaction.</i></p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<ix:nonNumeric contextRef="c23" continuedAt="_SegmentReportingPolicyPolicyTextBlock-c23_cont_1" escape="true" name="us-gaap:SegmentReportingPolicyPolicyTextBlock" id="ixv-18365"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Segment Information</b></p></ix:nonNumeric>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<ix:continuation id="_SegmentReportingPolicyPolicyTextBlock-c23_cont_1"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Company operates as
a single operating segment. The chief operating decision maker is the Company&#8217;s Chief Executive Officer, who makes resource allocation
decisions and assesses performance based on financial information presented on a consolidated basis, accompanied by disaggregated revenue
information. Accordingly, the Company has determined that it has a single reportable segment and operating segment.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<ix:nonNumeric contextRef="c23" continuedAt="_FairValueMeasurementPolicyPolicyTextBlock-c23_cont_1" escape="true" name="us-gaap:FairValueMeasurementPolicyPolicyTextBlock" id="ixv-18373"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Fair Value Measurement</b></p></ix:nonNumeric>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<ix:continuation continuedAt="_FairValueMeasurementPolicyPolicyTextBlock-c23_cont_2" id="_FairValueMeasurementPolicyPolicyTextBlock-c23_cont_1"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Fair value is defined as
the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an
orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value maximize the
use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy is based on three levels of inputs, of
which the first two are considered observable and the last is considered unobservable:</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<ix:continuation continuedAt="_FairValueMeasurementPolicyPolicyTextBlock-c23_cont_3" id="_FairValueMeasurementPolicyPolicyTextBlock-c23_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
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    as quoted market prices for identical assets and liabilities in active markets.</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="padding-left: 0.125in"><span style="font-size: 10pt"><i>Level&#160;2</i>&#160;&#8212;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Other inputs, which are observable directly or indirectly, such as
    quoted market prices for similar assets or liabilities in active markets, quoted market prices for identical or similar assets or
    liabilities in markets that are not active, and inputs that are derived principally from or corroborated by observable market data.</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="padding-left: 0.125in"><span style="font-size: 10pt"><i>Level&#160;3</i>&#160;&#8212;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Unobservable inputs for which there is little or no market data and
    require the Company to develop its own assumptions, based on the best information available in the circumstances, about the assumptions
    market participants would use in pricing the assets or liabilities.</span></td></tr>
  </table></ix:continuation>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<ix:continuation continuedAt="_FairValueMeasurementPolicyPolicyTextBlock-c23_cont_4" id="_FairValueMeasurementPolicyPolicyTextBlock-c23_cont_3"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Company issued preferred
stock warrants and common stock warrants classified as equity securities which do not require recurring fair value measurement. <i>See
Note&#160;9 &#8212;&#160;Stock-Based Compensation </i>for the assumptions used in estimating the fair value of such common stock warrants.</p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 122; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Veea Inc. and Subsidiaries<br/>
Notes to Consolidated Financial Statements<br/>
Years Ended December&#160;31, 2023 and 2022</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>3 &#8212; SUMMARY OF
SIGNIFICANT ACCOUNTING POLICIES</b> (cont.)</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c23_cont_3" id="_SignificantAccountingPoliciesTextBlock-c23_cont_2"><ix:continuation continuedAt="_FairValueMeasurementPolicyPolicyTextBlock-c23_cont_5" id="_FairValueMeasurementPolicyPolicyTextBlock-c23_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i><span style="text-decoration:underline">Recurring Fair Value Measurements</span></i></p></ix:continuation>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

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assumptions were used to estimate the fair value of each class of financial assets and liabilities for which it is practicable to estimate
fair value:</p></ix:continuation>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<ix:continuation continuedAt="_FairValueMeasurementPolicyPolicyTextBlock-c23_cont_7" id="_FairValueMeasurementPolicyPolicyTextBlock-c23_cont_6"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Money market funds&#160;&#8212;&#160;The
carrying amount of money market funds approximates fair value and is classified within Level 1 because the fair value is determined through
quoted market prices.</p></ix:continuation>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<ix:continuation id="_FairValueMeasurementPolicyPolicyTextBlock-c23_cont_7"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Company&#8217;s remaining
financial instruments that are measured at fair value on a recurring basis consist primarily of cash, accounts receivable, accounts payable,
accrued expenses, and other current liabilities. The Company believes their carrying values are representative of their fair values due
to their short-term maturities.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

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certain limitations. The Company maintains its cash balances in highly rated financial institutions. At times, cash balances may exceed
federally insurable limits.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

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based on the satisfaction of distinct obligations to transfer goods and services to customers. The Company generates revenue from hardware
sales and the sale of licenses and subscriptions. The Company applies a five-step approach as defined in ASC&#160;606, Revenue from Contracts
with Customers, in determining the amount and timing of revenue to be recognized: (1)&#160;identify the contract with a customer; (2)&#160;identify
the performance obligations in the contract; (3)&#160;determine the transaction price; (4)&#160;allocate the transaction price to the
performance obligations in the contract; and (5)&#160;recognize revenue when a corresponding performance obligation is satisfied. Most
contracts with customers are to provide distinct products or services within a single contract. However, if a contract is separated into
more than one performance obligation, the total transaction price is allocated to each performance obligation in an amount based on the
estimated relative standalone selling price.</p></ix:continuation>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

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of AdEdge<sup>&#8482;</sup>&#160;in 2023, revenue has been immaterial for all periods presented and represented revenue earned from paid
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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

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recognition of revenue is dependent upon whether the Company has delivered rights to the technology, and whether there are future performance
obligations under the contract. Revenue from non-refundable upfront payments is recognized when the license is transferred to the customer
and the Company has no other performance obligations. Revenue for licenses delivered under a subscription model having terms between
one and twelve-months are recognized over-time. Subscription revenue is generated through sales of monthly subscriptions. Customers pay
in advance for the licenses and subscriptions. Revenue is initially deferred and is recognized using the straight-line method over the
term of the applicable subscription period.</p></ix:continuation>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

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is recognized at a point-in-time, which is generally at the point in time when products have been shipped, right to payment has been
obtained and risk of loss has been transferred. Certain of the Company&#8217;s product performance obligations include proprietary operating
system software, which typically is not considered separately identifiable. Therefore, sales of these products and the related software
are considered one performance obligation.</p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Veea Inc. and Subsidiaries<br/>
Notes to Consolidated Financial Statements<br/>
Years Ended December&#160;31, 2023 and 2022</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>3 &#8212; SUMMARY OF
SIGNIFICANT ACCOUNTING POLICIES</b> (cont.)</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

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is recognized at the transaction price, the amount management expects to be entitled to in exchange for transferring goods or providing
services. Transaction price is calculated as selling price net of variable consideration which may include estimates for future returns,
price protection, warranties, and other customer incentive programs based upon the Company&#8217;s expectation and historical experience.</p></ix:continuation>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

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customers under non-cancellable arrangements. While customers, including resellers, may cancel master purchase agreements under certain
circumstances, customers may not cancel or modify purchase orders placed under the terms of such master purchase agreements. Each purchase
order is therefore a contract with the customer, i.e., the purchase of a quantity of any given, single product; further, purchase orders
do not commit the customer to purchase any further volumes over time. Contract modifications do not carry revenue recognition implications
as no revenue is recognized until control over products, or intellectual property, as applicable, has transferred to the customer.</p></ix:continuation>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

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arrangements where net sales are recognized over time. These arrangements include a variety of post-contract support service offerings,
which are generally recognized over time as the services are provided, including maintenance and support services, and professional services
to help customers maximize their utilization of deployed systems.</p></ix:continuation>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

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deferred revenue is recorded when consideration is received or is unconditionally due from a customer prior to transferring control of
goods or services to the customer under the terms of a contract. Deferred revenue balances typically result from advance payments received
from customers for product contracts or from billings in excess of revenue recognized on services arrangements. Deferred revenue balances
were not significant as of December&#160;31, 2023 and December&#160;31, 2022.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p>

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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<ix:continuation continuedAt="_DisaggregationOfRevenueTableTextBlock-c23_cont_2" id="_DisaggregationOfRevenueTableTextBlock-c23_cont_1"><ix:continuation continuedAt="_RevenueFromContractWithCustomerPolicyTextBlock-c23_cont_12" id="_RevenueFromContractWithCustomerPolicyTextBlock-c23_cont_11"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation id="_DisaggregationOfRevenueTableTextBlock-c23_cont_2"><ix:continuation id="_RevenueFromContractWithCustomerPolicyTextBlock-c23_cont_12"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table></ix:continuation></ix:continuation>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<ix:nonNumeric contextRef="c23" continuedAt="veea_WarrantiesPolicyTextBlock-c23_cont_1" escape="true" name="veea:WarrantiesPolicyTextBlock" id="ixv-18665"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Warranties</b></p></ix:nonNumeric>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

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estimated cost of product warranties at the time of recognizing revenue. The Company&#8217;s standard product warranty terms generally
include post-sales support and repairs or replacement of a product at no additional charge for a specified period of time. The Company
actively monitors and evaluates the quality of its component suppliers. The estimated warranty obligation is based on contractual warranty
terms, repair costs, and the Company&#8217;s baseline experience. The Company&#8217;s standard warranty terms are twelve&#160;months.
Warranty expense was not significant for the&#160;years ended December&#160;31, 2023 and December&#160;31, 2022.</p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 124; Value: 1 --><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Veea Inc. and Subsidiaries<br/>
Notes to Consolidated Financial Statements<br/>
Years Ended December&#160;31, 2023 and 2022</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>3 &#8212; SUMMARY OF
SIGNIFICANT ACCOUNTING POLICIES</b> (cont.)</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c23_cont_5" id="_SignificantAccountingPoliciesTextBlock-c23_cont_4"><ix:nonNumeric contextRef="c23" continuedAt="_TradeAndOtherAccountsReceivablePolicy-c23_cont_1" escape="true" name="us-gaap:TradeAndOtherAccountsReceivablePolicy" id="ixv-18701"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Accounts Receivable</b></p></ix:nonNumeric>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<ix:continuation id="_TradeAndOtherAccountsReceivablePolicy-c23_cont_1"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Trade accounts receivable
are recognized and carried at billed amounts less an allowance for credit losses. The Company adopted the Current Expected Credit Losses
(&#8220;CECL&#8221;) guidance effective January&#160;1, 2023. The Company maintains the allowance for estimated losses resulting from
the inability of the Company&#8217;s customers to make required payments. The allowance represents the current estimate of lifetime expected
credit losses over the remaining duration of existing accounts receivable considering current market conditions and supportable forecasts
when appropriate. The estimate is a result of the Company&#8217;s ongoing evaluation of collectability, customer creditworthiness, historical
levels of credit losses, and future expectations. Credit loss expense and allowance for credit losses were not significant as of, and
for the&#160;years ended, December&#160;31, 2023 and December&#160;31, 2022.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<ix:nonNumeric contextRef="c23" continuedAt="_InventoryPolicyTextBlock-c23_cont_1" escape="true" name="us-gaap:InventoryPolicyTextBlock" id="ixv-18709"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Inventory</b></p></ix:nonNumeric>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<ix:continuation id="_InventoryPolicyTextBlock-c23_cont_1"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Company values inventory
at the lower of cost or net realizable value. Cost is computed using standard cost which approximates actual cost on a first-in, first-out
basis. At each reporting period, the Company assesses the value of its inventory and writes down the cost of inventory to its net realizable
value if required, for estimated excess or obsolescence. Factors influencing these adjustments include changes in future demand forecasts,
market conditions, technological changes, product life cycle and development plans, component cost trends, product pricing, physical
deterioration, and quality issues. The write down for excess or obsolescence is charged to the provision for inventory, which is a component
of Cost of Goods Sold in the Company&#8217;s consolidated statements of operations and comprehensive loss. At the point of the loss recognition,
a new, lower cost basis for that inventory is established, and subsequent changes in facts and circumstances do not result in the restoration
or increase in that newly established cost basis.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<ix:nonNumeric contextRef="c23" continuedAt="_CostOfSalesPolicyTextBlock-c23_cont_1" escape="true" name="us-gaap:CostOfSalesPolicyTextBlock" id="ixv-18717"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Cost of Goods Sold</b></p></ix:nonNumeric>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<ix:continuation id="_CostOfSalesPolicyTextBlock-c23_cont_1"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Cost of goods sold consists
primarily of the cost of finished goods, components purchased for manufacturing and freight. Cost of goods sold also includes third-party
vendor costs related to cloud hosting fees.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<ix:nonNumeric contextRef="c23" continuedAt="veea_ShippingAndHandlingPolicyTextBlock-c23_cont_1" escape="true" name="veea:ShippingAndHandlingPolicyTextBlock" id="ixv-18725"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Shipping and Handling</b></p></ix:nonNumeric>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<ix:continuation id="veea_ShippingAndHandlingPolicyTextBlock-c23_cont_1"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Company considers shipping
and handling to customers to represent activities performed in fulfilling the contract with the customer. When shipping is charged to
the customer, the Company nets such charges against actual shipping costs incurred.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<ix:continuation id="_MajorCustomersPolicyPolicyTextBlock-c23_cont_1"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Taxes imposed by governmental
authorities on the Company&#8217;s revenue producing activities, such as sales taxes, are excluded from net sales.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<ix:nonNumeric contextRef="c23" continuedAt="_ResearchAndDevelopmentExpensePolicy-c23_cont_1" escape="true" name="us-gaap:ResearchAndDevelopmentExpensePolicy" id="ixv-18741"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Research and Development</b></p></ix:nonNumeric>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<ix:continuation id="_ResearchAndDevelopmentExpensePolicy-c23_cont_1"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Research and development
(&#8220;R&amp;D&#8221;) costs that do not meet the criteria for capitalization are expensed as incurred. R&amp;D costs primarily consist
of employee compensation, employee benefits, stock-based compensation related to technology developers and product management employees,
as well as fees paid for outside services and materials.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<ix:nonNumeric contextRef="c23" continuedAt="veea_SalesAndMarketingPolicyTextBlock-c23_cont_1" escape="true" name="veea:SalesAndMarketingPolicyTextBlock" id="ixv-18749"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Sales and Marketing</b></p></ix:nonNumeric>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<ix:continuation id="veea_SalesAndMarketingPolicyTextBlock-c23_cont_1"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Sales and marketing costs
consist of compensation and other employee related costs for personnel engage in selling and marketing, and sales support functions.
Selling expenses also include marketing, and the costs associated with customer evaluations. The Company does not incur advertising costs.</p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 125; Value: 1 --><div>
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Veea Inc. and Subsidiaries<br/>
Notes to Consolidated Financial Statements<br/>
Years Ended December&#160;31, 2023 and 2022</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>3 &#8212; SUMMARY OF
SIGNIFICANT ACCOUNTING POLICIES</b> (cont.)</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c23_cont_6" id="_SignificantAccountingPoliciesTextBlock-c23_cont_5"><ix:nonNumeric contextRef="c23" continuedAt="_SellingGeneralAndAdministrativeExpensesPolicyTextBlock-c23_cont_1" escape="true" name="us-gaap:SellingGeneralAndAdministrativeExpensesPolicyTextBlock" id="ixv-18785"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>General and Administrative Expense</b></p></ix:nonNumeric>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<ix:continuation id="_SellingGeneralAndAdministrativeExpensesPolicyTextBlock-c23_cont_1"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">General and administrative
expense consists of compensation expense (including stock-based compensation expense), executive management, finance, legal, tax, and
human resources. General and administrative expense also include transaction costs, expenses associated with facilities, information
technology, external professional services, legal costs and settlement of legal claims and other administrative expenses.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<ix:nonNumeric contextRef="c23" continuedAt="_PropertyPlantAndEquipmentPolicyTextBlock-c23_cont_1" escape="true" name="us-gaap:PropertyPlantAndEquipmentPolicyTextBlock" id="ixv-18793"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Property and Equipment, net</b></p></ix:nonNumeric>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<ix:continuation id="_PropertyPlantAndEquipmentPolicyTextBlock-c23_cont_1"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Property and equipment,
net is stated at cost and depreciated on a straight-line basis of five to seven&#160;years for furniture and fixtures and five&#160;years
for computer equipment. Leasehold improvements are capitalized and amortized over the shorter of their useful lives or remaining lease
term. Repair and maintenance costs are charged to operations in the periods incurred. Upon retirement or sale, costs and related accumulated
depreciation or amortization are removed from the balance sheets and the resulting gain or loss is included in operating expense in the
Company&#8217;s consolidated statements of operations and comprehensive loss.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<ix:nonNumeric contextRef="c23" continuedAt="_GoodwillAndIntangibleAssetsGoodwillPolicy-c23_cont_1" escape="true" name="us-gaap:GoodwillAndIntangibleAssetsGoodwillPolicy" id="ixv-18801"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Goodwill</b></p></ix:nonNumeric>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<ix:continuation id="_GoodwillAndIntangibleAssetsGoodwillPolicy-c23_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">Goodwill represents the excess
of the aggregate purchase consideration over net assets acquired. Goodwill is reviewed for impairment on an annual basis, or more frequently
if events or changes in circumstances indicate that the carrying amount of goodwill may be impaired. In conducting its annual impairment
test, the Company first reviews qualitative factors to determine whether it is more likely than not that the fair value of the reporting
unit is less than its carrying amount. If factors indicate that the fair value of the reporting unit is less than its carrying amount,
the Company performs a quantitative assessment, and the fair value of the reporting unit is determined by analyzing the expected present
value of future cash flows. If the carrying value of the reporting unit continues to exceed its fair value, the fair value of the reporting
unit&#8217;s goodwill is calculated and an impairment loss equal to the excess is recorded. The Company&#8217;s goodwill was recorded
in connection with an acquisition consummated in June&#160;2018. The Company considers goodwill to have an indefinite life and is not
amortized. As of December&#160;31, 2023 and 2022, no events have occurred that would require impairment of goodwill.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<ix:nonNumeric contextRef="c23" continuedAt="_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock-c23_cont_1" escape="true" name="us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock" id="ixv-18809"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Impairment of Long-Lived Assets</b></p></ix:nonNumeric>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

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lives consist primarily of property and equipment, operating lease right-of-use assets, and intangible assets which are reviewed for
impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability
of assets to be held and used is measured by a comparison of the carrying amount of an asset to the undiscounted future net cash flows
expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future undiscounted cash flows, an impairment
charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<ix:nonNumeric contextRef="c23" continuedAt="_ShareBasedCompensationOptionAndIncentivePlansPolicy-c23_cont_1" escape="true" name="us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy" id="ixv-18817"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Stock-Based Compensation</b></p></ix:nonNumeric>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<ix:continuation id="_ShareBasedCompensationOptionAndIncentivePlansPolicy-c23_cont_1"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Company accounts for
stock-based compensation expense in accordance with ASC&#160;718, <i>Compensation-Stock Compensation (&#8220;ASC&#160;718</i>&#8221;).
The Company measures and recognizes compensation expense for all stock-based awards based on estimated fair values on the date of the
grant, recognized over the requisite service period. For awards that vest solely based on a service condition, the Company recognizes
stock-based compensation expense on a straight-line basis over the requisite service period. The Company accounts for forfeitures as
they occur.</p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 126; Value: 1 --><div>
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b>&#160;</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Veea Inc. and Subsidiaries<br/>
Notes to Consolidated Financial Statements<br/>
Years Ended December&#160;31, 2023 and 2022</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>3 &#8212; SUMMARY OF
SIGNIFICANT ACCOUNTING POLICIES</b> (cont.)</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c23_cont_7" id="_SignificantAccountingPoliciesTextBlock-c23_cont_6"><ix:nonNumeric contextRef="c23" continuedAt="_IncomeTaxPolicyTextBlock-c23_cont_1" escape="true" name="us-gaap:IncomeTaxPolicyTextBlock" id="ixv-18855"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Income Taxes</b></p></ix:nonNumeric>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<ix:continuation continuedAt="_IncomeTaxPolicyTextBlock-c23_cont_2" id="_IncomeTaxPolicyTextBlock-c23_cont_1"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Effective June&#160;8, 2018,
the Company converted from an S Corporation to a C Corporation for federal and state income tax purposes. Accordingly, prior to the conversion
to a C corporation, the Company did not record deferred tax assets or liabilities or have any net operating loss carryforwards. The Company
is required to file tax returns in the U.S.&#160;federal jurisdiction and various states and local municipalities. Veea Systems Ltd.
is governed by, and is required to file tax returns under, the Income Tax Law of the U.K. with a statutory income tax rate of <ix:nonFraction contextRef="c255" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" scale="-2" unitRef="pure" id="ixv-63182">19</ix:nonFraction>%. In
2021, the Company established Veea SAS, a French entity with a statutory income tax rate of <ix:nonFraction contextRef="c256" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" scale="-2" unitRef="pure" id="ixv-63183">25</ix:nonFraction>%.</p></ix:continuation>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<ix:continuation id="_IncomeTaxPolicyTextBlock-c23_cont_2"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Significant judgment is
required in determining the Company&#8217;s uncertain tax positions. For any period presented, it is not expected that there will be
a significant change in uncertain tax positions for the&#160;years ended December&#160;31, 2023 and December&#160;31, 2022, respectively.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<ix:nonNumeric contextRef="c23" continuedAt="_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock-c23_cont_1" escape="true" name="us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock" id="ixv-18866"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Foreign Operations and Foreign Currency Translation</b></p></ix:nonNumeric>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<ix:continuation continuedAt="_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock-c23_cont_2" id="_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock-c23_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">The currency of the primary
economic environment in which the operations of the Company and its U.S.&#160;subsidiaries are conducted is the United&#160;States dollar
(&#8220;USD&#8221;). Accordingly, the Company and all of its U.S.&#160;subsidiaries use USD as their functional currency. The results
of the Company&#8217;s non-U.S.&#160;subsidiaries, whose functional currency are the local currencies of the economic environment in
which they operate, are translated into USD in accordance with GAAP.</p></ix:continuation>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<ix:continuation id="_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock-c23_cont_2"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Assets and liabilities are
translated at year-end exchange rates, while revenues and expenses are translated at average exchange rates during the year. Differences
resulting from translation are presented in equity as accumulated other comprehensive loss. Transaction gains and losses that arise from
exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the results of
operations as incurred. Foreign currency transaction gain (loss), mainly related to intercompany transactions, is included in the consolidated
statements of operations. For the&#160;years ended December&#160;31, 2023 and December&#160;31, 2022 such amounts were $<ix:nonFraction contextRef="c23" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax" scale="0" unitRef="usd" id="ixv-63184">1,284,846</ix:nonFraction> and
$(<ix:nonFraction contextRef="c24" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax" scale="0" sign="-" unitRef="usd" id="ixv-63185">2,193,685</ix:nonFraction>), respectively.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<ix:continuation id="_ComprehensiveIncomePolicyPolicyTextBlock-c23_cont_1"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Comprehensive loss consists
of two components, net loss and other comprehensive income (loss), net. Other comprehensive income (loss), net is defined as revenue,
expenses, gains, and losses that under GAAP are recorded as an element of stockholders&#8217; deficit but are excluded from net loss.
The Company&#8217;s other comprehensive loss consists of foreign currency translation adjustments that result from the consolidation
of its foreign subsidiaries and is reported net of tax effects.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<ix:nonNumeric contextRef="c23" continuedAt="_InvestmentPolicyTextBlock-c23_cont_1" escape="true" name="us-gaap:InvestmentPolicyTextBlock" id="ixv-18885"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Investments</b></p></ix:nonNumeric>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<ix:continuation id="_InvestmentPolicyTextBlock-c23_cont_1"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Company holds non-marketable
equity and other investments (&#8220;privately held investments&#8221;) which are included in noncurrent assets in the Company&#8217;s
consolidated balance sheet. The Company monitors these investments for impairments and makes adjustments in carrying values if management
determines that an impairment charge is required based primarily on the financial condition and near-term prospects of these investments.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<ix:nonNumeric contextRef="c23" continuedAt="_ConcentrationRiskCreditRisk-c23_cont_1" escape="true" name="us-gaap:ConcentrationRiskCreditRisk" id="ixv-18893"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Concentration of Risks</b></p></ix:nonNumeric>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<ix:continuation continuedAt="_ConcentrationRiskCreditRisk-c23_cont_2" id="_ConcentrationRiskCreditRisk-c23_cont_1"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Financial instruments that
potentially subject the Company to a significant concentration of credit risk consist primarily of cash and cash equivalents, and accounts
receivable. Cash balances may exceed the Federal Deposit Insurance Corporation (&#8220;FDIC&#8221;) insurance limit of $<ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashFDICInsuredAmount" scale="0" unitRef="usd" id="ixv-63186">250,000</ix:nonFraction>. The
Company has not experienced any losses in such accounts.</p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Veea Inc. and Subsidiaries<br/>
Notes to Consolidated Financial Statements<br/>
Years Ended December&#160;31, 2023 and 2022</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>3 &#8212; SUMMARY OF
SIGNIFICANT ACCOUNTING POLICIES</b> (cont.)</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c23_cont_8" id="_SignificantAccountingPoliciesTextBlock-c23_cont_7"><ix:continuation continuedAt="_ConcentrationRiskCreditRisk-c23_cont_3" id="_ConcentrationRiskCreditRisk-c23_cont_2"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For the year ended December&#160;31,
2023 one customer accounted for <ix:nonFraction contextRef="c257" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:ConcentrationRiskPercentage1" scale="-2" unitRef="pure" id="ixv-63187">99.2</ix:nonFraction>% of the Company&#8217;s revenue. For the year ended December&#160;31, 2022, no customer accounted
for <ix:nonFraction contextRef="c258" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:ConcentrationRiskPercentage1" scale="-2" unitRef="pure" id="ixv-63188">10</ix:nonFraction>% or more of the Company&#8217;s revenue. For the year ended December&#160;31, 2023, one supplier accounted for <ix:nonFraction contextRef="c259" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:ConcentrationRiskPercentage1" scale="-2" unitRef="pure" id="ixv-63189">39.3</ix:nonFraction>% of the Company&#8217;s
total supplier purchases. For the year ended December&#160;31, 2022, two suppliers accounted for <ix:nonFraction contextRef="c260" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:ConcentrationRiskPercentage1" scale="-2" unitRef="pure" id="ixv-63190">37.1</ix:nonFraction>% and <ix:nonFraction contextRef="c261" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:ConcentrationRiskPercentage1" scale="-2" unitRef="pure" id="ixv-63191">35.8</ix:nonFraction>%, respectively, of the
Company&#8217;s total supplier purchases.</p></ix:continuation>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<ix:continuation id="_ConcentrationRiskCreditRisk-c23_cont_3"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As of December&#160;31,
2023, two customers accounted for <ix:nonFraction contextRef="c262" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:ConcentrationRiskPercentage1" scale="-2" unitRef="pure" id="ixv-63192">36.3</ix:nonFraction>% and <ix:nonFraction contextRef="c263" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:ConcentrationRiskPercentage1" scale="-2" unitRef="pure" id="ixv-63193">23.4</ix:nonFraction>% of the Company&#8217;s accounts receivable, and no vendor accounted for 10% or more
of the Company&#8217;s accounts payable balance. As of December&#160;31, 2022, four customers accounted for <ix:nonFraction contextRef="c264" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:ConcentrationRiskPercentage1" scale="-2" unitRef="pure" id="ixv-63194">30.5</ix:nonFraction>%, <ix:nonFraction contextRef="c265" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:ConcentrationRiskPercentage1" scale="-2" unitRef="pure" id="ixv-63195">26.8</ix:nonFraction>%, <ix:nonFraction contextRef="c266" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:ConcentrationRiskPercentage1" scale="-2" unitRef="pure" id="ixv-63196">10.6</ix:nonFraction>% and <ix:nonFraction contextRef="c267" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:ConcentrationRiskPercentage1" scale="-2" unitRef="pure" id="ixv-63197">10.6</ix:nonFraction>%
of the Company&#8217;s accounts receivable, and one vendor accounted for <ix:nonFraction contextRef="c268" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:ConcentrationRiskPercentage1" scale="-2" unitRef="pure" id="ixv-63198">49.5</ix:nonFraction>% of the Company&#8217;s accounts payable balance.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<ix:nonNumeric contextRef="c23" continuedAt="_EarningsPerSharePolicyTextBlock-c23_cont_1" escape="true" name="us-gaap:EarningsPerSharePolicyTextBlock" id="ixv-18936"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Earnings per Share</b></p></ix:nonNumeric>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<ix:continuation id="_EarningsPerSharePolicyTextBlock-c23_cont_1"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Basic net loss per share
is calculated by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding
during the year. Diluted net loss per share is based upon the diluted weighted-average number of shares outstanding during the year.
Diluted net loss per share gives effect to all potentially dilutive common share equivalents, including stock options, and warrants,
to the extent they are dilutive. <i>Refer to Note&#160;13 &#8212;&#160;Earnings Per Share</i>.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<ix:nonNumeric contextRef="c23" continuedAt="veea_WarrantsPolicyTextBlock-c23_cont_1" escape="true" name="veea:WarrantsPolicyTextBlock" id="ixv-18945"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Warrants</b></p></ix:nonNumeric>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<ix:continuation continuedAt="veea_WarrantsPolicyTextBlock-c23_cont_2" id="veea_WarrantsPolicyTextBlock-c23_cont_1"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Company accounts for
warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant&#8217;s specific terms
and applicable authoritative guidance in FASB Accounting Standards Codification 480, Distinguishing Liabilities from Equity (&#8220;ASC&#160;480&#8221;)
and ASC&#160;815, Derivatives and Hedging (&#8220;ASC&#160;815&#8221;). The assessment considers whether the warrants are freestanding
financial instruments pursuant to ASC&#160;480, meet the definition of a liability pursuant to ASC&#160;480, and whether the warrants
meet all of the requirements for equity classification under ASC&#160;815, including whether the warrants are indexed to the Company&#8217;s
own ordinary shares and whether the warrant holders could potentially require &#8220;net cash settlement&#8221; in a circumstance outside
of the Company&#8217;s control, among other conditions for equity classification. This assessment, which requires the use of professional
judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding.</p></ix:continuation>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<ix:continuation id="veea_WarrantsPolicyTextBlock-c23_cont_2"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For issued or modified warrants
that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in
capital at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants
are required to be recorded at their initial fair value on the date of issuance, and at their fair value on each balance sheet date thereafter.
Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss in the Company&#8217;s consolidated statements
of operations.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<ix:nonNumeric contextRef="c23" continuedAt="_PriorPeriodReclassificationAdjustmentDescription-c23_cont_1" escape="true" name="us-gaap:PriorPeriodReclassificationAdjustmentDescription" id="ixv-18956"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Reclassification of Prior Year Presentation</b></p></ix:nonNumeric>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<ix:continuation id="_PriorPeriodReclassificationAdjustmentDescription-c23_cont_1"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Certain prior year amounts
have been reclassified for consistency with the current period presentation. In 2022, amortization of debt issuance costs of approximately
$<ix:nonFraction contextRef="c24" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:OtherDepreciationAndAmortization" scale="6" unitRef="usd" id="ixv-63199">0.8</ix:nonFraction>&#160;million was show in depreciation and amortization. In accordance with ASC&#160;835, Interest Expenses, this has been reclassified
to Interest Expense. These reclassifications had no effect on the reported results of operations.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<ix:nonNumeric contextRef="c23" continuedAt="_NewAccountingPronouncementsPolicyPolicyTextBlock-c23_cont_1" escape="true" name="us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock" id="ixv-18964"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Accounting Pronouncements Recently Adopted</b></p></ix:nonNumeric>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<ix:continuation continuedAt="_NewAccountingPronouncementsPolicyPolicyTextBlock-c23_cont_2" id="_NewAccountingPronouncementsPolicyPolicyTextBlock-c23_cont_1"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In June&#160;2016, the FASB
issued ASU&#160;2016-13, Financial Instruments&#160;&#8212;&#160;Credit Losses (Topic&#160;326): Measurement of Credit Losses on Financial
Instruments, which amends the FASB&#8217;s guidance on the impairment of financial instruments. Topic&#160;326 adds to GAAP an impairment
model (known as the &#8220;current expected credit loss model&#8221;) that is based on expected losses rather than incurred losses. ASU&#160;2016-13
is effective for the Company&#8217;s annual and interim periods beginning after December&#160;15, 2022 with early adoption permitted.
The Company adopted ASU&#160;2016-13 beginning January&#160;1, 2023. The adoption of ASU&#160;2016-13 did not have a material impact
on the Company&#8217;s consolidated financial statements.</p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p></ix:continuation></ix:continuation><div>


</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 128; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b>&#160;</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Veea Inc. and Subsidiaries<br/>
Notes to Consolidated Financial Statements<br/>
Years Ended December&#160;31, 2023 and 2022</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>3 &#8212; SUMMARY OF
SIGNIFICANT ACCOUNTING POLICIES</b> (cont.)</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation id="_SignificantAccountingPoliciesTextBlock-c23_cont_8"><ix:continuation continuedAt="_NewAccountingPronouncementsPolicyPolicyTextBlock-c23_cont_3" id="_NewAccountingPronouncementsPolicyPolicyTextBlock-c23_cont_2"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In October&#160;2021, the
FASB issued ASU&#160;2021-08, &#8220;Business Combinations (Topic&#160;805): Accounting for Contract Assets and Contract Liabilities
from Contracts with Customers,&#8221; which requires entities to apply Topic&#160;606 to recognize and measure contract assets and contract
liabilities in a business combination as if it had originated the contracts. The standard is effective for public companies for fiscal&#160;years,
and interim periods within those fiscal&#160;years, beginning after December&#160;15, 2022. We adopted the ASU on January&#160;1, 2023
and will apply the guidance prospectively for future acquisitions.</p></ix:continuation>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<ix:continuation id="_NewAccountingPronouncementsPolicyPolicyTextBlock-c23_cont_3"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In September&#160;2022,
the FASB issued ASU&#160;2022-04, &#8220;Liabilities&#160;&#8212;&#160;Supplier Finance Programs (Subtopic&#160;405-50): Disclosure of
Supplier Finance Program Obligations,&#8221; which requires entities that use supplier finance programs in connection with the purchase
of goods and services to disclose sufficient information about the program. The amendments do not affect the recognition, measurement
or financial statement presentation of obligations covered by supplier finance programs. The standard is effective for public companies
for fiscal&#160;years, and interim periods within those fiscal&#160;years, beginning after December&#160;15, 2022, except for the amendment
on roll-forward information, which is effective for fiscal&#160;years beginning after December&#160;15, 2023. We adopted the ASU on January&#160;1,
2023.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<ix:nonNumeric contextRef="c23" continuedAt="veea_RecentAccountingPronouncementsNotYetAdoptedPolicyTextBlock-c23_cont_1" escape="true" name="veea:RecentAccountingPronouncementsNotYetAdoptedPolicyTextBlock" id="ixv-19007"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Recent Accounting Pronouncements Not Yet Adopted</b></p></ix:nonNumeric>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<ix:continuation continuedAt="veea_RecentAccountingPronouncementsNotYetAdoptedPolicyTextBlock-c23_cont_2" id="veea_RecentAccountingPronouncementsNotYetAdoptedPolicyTextBlock-c23_cont_1"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In June&#160;2022, the FASB
issued ASU&#160;2022-03, &#8220;Fair Value Measurement (Topic&#160;820): Fair Value Measurement of Equity Securities Subject to Contractual
Sale Restrictions,&#8221; which clarifies that contractual sale restrictions are not considered in measuring fair value of equity securities
and requires additional disclosures for equity securities subject to contractual sale restrictions. The standard is effective for public
companies for fiscal&#160;years beginning after December&#160;15, 2023. Early adoption is permitted. This accounting standard update
is not expected to have a material impact on our consolidated financial statements as the amendments align with our existing policy.</p></ix:continuation>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<ix:continuation continuedAt="veea_RecentAccountingPronouncementsNotYetAdoptedPolicyTextBlock-c23_cont_3" id="veea_RecentAccountingPronouncementsNotYetAdoptedPolicyTextBlock-c23_cont_2"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In November&#160;2023, the
FASB issued ASU&#160;2023-07, &#8220;Segment Reporting (Topic&#160;280): Improvements to Reportable Segment Disclosures,&#8221; which
will add required disclosures of significant expenses for each reportable segment, as well as certain other disclosures to help investors
understand how the chief operating decision maker (&#8220;CODM&#8221;) evaluates segment expenses and operating results. The new standard
will also allow disclosure of multiple measures of segment profitability if those measures are used to allocate resources and assess
performance. The amendments will be effective for public companies for fiscal&#160;years beginning after December&#160;15, 2023, and
interim periods within fiscal&#160;years beginning after December&#160;15, 2024. Early adoption is permitted. We are currently evaluating
the impact of this accounting standard update on our consolidated financial statements.</p></ix:continuation>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<ix:continuation id="veea_RecentAccountingPronouncementsNotYetAdoptedPolicyTextBlock-c23_cont_3"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In December&#160;2023, the
FASB issued ASU&#160;2023-09, &#8220;Income Taxes (Topic&#160;740): Improvements to Income Tax Disclosures,&#8221; which requires disaggregated
information about a reporting entity&#8217;s effective tax rate reconciliation as well as information on income taxes paid. The standard
is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation
decisions. The standard will be effective for public companies for fiscal&#160;years beginning after December&#160;15, 2024. Early adoption
is permitted. We are currently evaluating the impact of this accounting standard update on our consolidated financial statements.</p></ix:continuation></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Veea Inc. and Subsidiaries<br/>
Notes to Consolidated Financial Statements<br/>
Years Ended December&#160;31, 2023 and 2022</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c23" escape="true" name="us-gaap:SupplementalBalanceSheetDisclosuresTextBlock" id="ixv-19042"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>4 &#8212; BALANCE SHEET COMPONENTS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Inventory</b></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><ix:nonNumeric contextRef="c23" continuedAt="_ScheduleOfInventoryCurrentTableTextBlock-c23_cont_1" escape="true" name="us-gaap:ScheduleOfInventoryCurrentTableTextBlock" id="ixv-63200">Inventory consists of the
following:</ix:nonNumeric></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<ix:continuation id="_ScheduleOfInventoryCurrentTableTextBlock-c23_cont_1"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">As of December&#160;31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-indent: -10pt; padding-left: 10pt">Inventory</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InventoryGross" scale="0" unitRef="usd" id="ixv-63201">7,392,919</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InventoryValuationReserves" scale="0" unitRef="usd" id="ixv-63203">1,145,548</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InventoryValuationReserves" scale="0" unitRef="usd" id="ixv-63204">825,213</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Consigned parts</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InventoryRawMaterialsAndSupplies" scale="0" unitRef="usd" id="ixv-63205">1,128,250</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 4pt; text-indent: -10pt; padding-left: 0.25in">Total</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InventoryNet" scale="0" unitRef="usd" id="ixv-63207">7,375,621</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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  </table></ix:continuation>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Property and Equipment, net</b></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><ix:nonNumeric contextRef="c23" continuedAt="_PropertyPlantAndEquipmentTextBlock-c23_cont_1" escape="true" name="us-gaap:PropertyPlantAndEquipmentTextBlock" id="ixv-63209">Property and equipment,
net, consist of the following:</ix:nonNumeric></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<ix:continuation id="_PropertyPlantAndEquipmentTextBlock-c23_cont_1"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">As of December&#160;31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left; text-indent: -10pt; padding-left: 10pt">Furniture and fixtures</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c283" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PropertyPlantAndEquipmentGross" scale="0" unitRef="usd" id="ixv-63210">683,994</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Computer equipment</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c285" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PropertyPlantAndEquipmentGross" scale="0" unitRef="usd" id="ixv-63212">300,526</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c286" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PropertyPlantAndEquipmentGross" scale="0" unitRef="usd" id="ixv-63213">294,536</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Leasehold improvements</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c287" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PropertyPlantAndEquipmentGross" scale="0" unitRef="usd" id="ixv-63214">390,742</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c288" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PropertyPlantAndEquipmentGross" scale="0" unitRef="usd" id="ixv-63215">390,742</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">Total property and equipment gross</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c12" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PropertyPlantAndEquipmentGross" scale="0" unitRef="usd" id="ixv-63216">1,375,262</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c146" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PropertyPlantAndEquipmentGross" scale="0" unitRef="usd" id="ixv-63217">1,350,221</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Less&#160;&#8211;&#160;Accumulated depreciation</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c12" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" scale="0" unitRef="usd" id="ixv-63218">998,595</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c146" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" scale="0" unitRef="usd" id="ixv-63219">772,952</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 4pt; text-indent: -10pt; padding-left: 20pt">Total property and equipment net</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c12" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PropertyPlantAndEquipmentNet" scale="0" unitRef="usd" id="ixv-63220">376,667</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c146" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PropertyPlantAndEquipmentNet" scale="0" unitRef="usd" id="ixv-63221">577,269</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  </table></ix:continuation>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Total depreciation expense
for the&#160;years ended December&#160;31, 2023 and 2022 totaled $<ix:nonFraction contextRef="c23" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Depreciation" scale="0" unitRef="usd" id="ixv-63222">237,537</ix:nonFraction> and $<ix:nonFraction contextRef="c24" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Depreciation" scale="0" unitRef="usd" id="ixv-63223">269,137</ix:nonFraction>, respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Accrued Expenses and Other Current Liabilities</b></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><ix:nonNumeric contextRef="c23" continuedAt="_ScheduleOfAccruedLiabilitiesTableTextBlock-c23_cont_1" escape="true" name="us-gaap:ScheduleOfAccruedLiabilitiesTableTextBlock" id="ixv-63224">Accrued expenses and other
current liabilities consist of the following:</ix:nonNumeric></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<ix:continuation id="_ScheduleOfAccruedLiabilitiesTableTextBlock-c23_cont_1"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left; text-indent: -10pt; padding-left: 10pt">Payroll and payroll related expenses</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c12" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccruedPayrollTaxesCurrent" scale="0" unitRef="usd" id="ixv-63225">503,629</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c146" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccruedPayrollTaxesCurrent" scale="0" unitRef="usd" id="ixv-63226">324,230</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Rent expenses&#160;&#8211;&#160;related party</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c12" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccruedRentCurrent" scale="0" unitRef="usd" id="ixv-63227">3,124,800</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c146" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccruedRentCurrent" scale="0" unitRef="usd" id="ixv-63228">2,592,000</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Consulting expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c12" decimals="0" format="ixt:num-dot-decimal" name="veea:AccruedConsultingExpenses" scale="0" unitRef="usd" id="ixv-63229">268,684</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c146" decimals="0" format="ixt:num-dot-decimal" name="veea:AccruedConsultingExpenses" scale="0" unitRef="usd" id="ixv-63230">356,982</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">CEO expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c12" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherEmployeeRelatedLiabilitiesCurrent" scale="0" unitRef="usd" id="ixv-63231">179,075</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Other accrued expenses and current liabilities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c12" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccruedLiabilitiesAndOtherLiabilities" scale="0" unitRef="usd" id="ixv-63233">665,308</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c146" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccruedLiabilitiesAndOtherLiabilities" scale="0" unitRef="usd" id="ixv-63234">322,611</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 4pt; text-indent: -10pt; padding-left: 20pt">Total accrued expenses and other current
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    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c12" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccountsPayableAndOtherAccruedLiabilitiesCurrent" scale="0" unitRef="usd" id="ixv-63235">4,741,495</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c146" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccountsPayableAndOtherAccruedLiabilitiesCurrent" scale="0" unitRef="usd" id="ixv-63236">4,385,398</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  </table></ix:continuation></ix:nonNumeric><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c23" continuedAt="_GoodwillAndIntangibleAssetsDisclosureTextBlock-c23_cont_1" escape="true" name="us-gaap:GoodwillAndIntangibleAssetsDisclosureTextBlock" id="ixv-19277"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>5 &#8212; GOODWILL AND INTANGIBLE ASSETS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Goodwill</b></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<ix:continuation id="_ScheduleOfGoodwillTextBlock-c23_cont_1"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Veea Inc. and Subsidiaries<br/>
Notes to Consolidated Financial Statements<br/>
Years Ended December&#160;31, 2023 and 2022</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>5 &#8212; GOODWILL AND
INTANGIBLE ASSETS</b> (cont.)</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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  <tr style="vertical-align: bottom">
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  </table></ix:continuation>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Intangible assets primarily
consist of patents, patent applications, and in-process research and development (&#8220;IPR&amp;D&#8221;) and other identifiable intangible
assets. Intangible assets are generally amortized on a straight-line basis over the periods of benefit. The Company&#8217;s patents have
estimated remaining economic useful lives ranging from&#160;<ix:nonNumeric contextRef="c289" format="ixt-sec:duryear" name="us-gaap:FiniteLivedIntangibleAssetsRemainingAmortizationPeriod1" id="ixv-63288">5</ix:nonNumeric>-<ix:nonNumeric contextRef="c290" format="ixt-sec:duryear" name="us-gaap:FiniteLivedIntangibleAssetsRemainingAmortizationPeriod1" id="ixv-63289">15</ix:nonNumeric>&#160;years. Management reviews intangible assets for impairment when
events and circumstances warrant. During the year ended December&#160;31, 2023, no events have occurred that required impairment of intangible
assets.</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Intangible asset amortization
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<ix:continuation id="_ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock-c23_cont_1"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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    <td colspan="2">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 88%; text-align: left; text-indent: -10pt; padding-left: 10pt">2024</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear" scale="0" unitRef="usd" id="ixv-63293">52,549</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">2025</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths" scale="0" unitRef="usd" id="ixv-63294">52,549</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">2026</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo" scale="0" unitRef="usd" id="ixv-63295">52,549</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table></ix:continuation></ix:continuation><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c23" continuedAt="_DebtDisclosureTextBlock-c23_cont_1" escape="true" name="us-gaap:DebtDisclosureTextBlock" id="ixv-19761"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>6 &#8212;&#160;DEBT</b></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><ix:nonNumeric contextRef="c23" continuedAt="_ScheduleOfDebtTableTextBlock-c23_cont_1" escape="true" name="us-gaap:ScheduleOfDebtTableTextBlock" id="ixv-63300">Total outstanding debt of
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<ix:continuation id="_ScheduleOfDebtTableTextBlock-c23_cont_1"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation></ix:nonNumeric><div>



</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Veea Inc. and Subsidiaries<br/>
Notes to Consolidated Financial Statements<br/>
Years Ended December&#160;31, 2023 and 2022</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>6 &#8212;&#160;DEBT</b>
(cont.)</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><ix:continuation id="_DebtDisclosureTextBlock-c23_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Revolving Loan Facility</b></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In June&#160;2021, the Company
entered into a revolving loan agreement with First Republic Bank (the &#8220;Bank&#8221;) providing up to $<ix:nonFraction contextRef="c326" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity" scale="0" unitRef="usd" id="ixv-63320">14,000,000</ix:nonFraction> of advances (the
&#8220;2021 Revolving Loan Agreement&#8221;). The advances accrue interest at a variable rate based on an index rate established by reference
to the average 12-month trailing <span style="-sec-ix-hidden: hidden-fact-599">one</span>-year US treasuries plus a spread of <ix:nonFraction contextRef="c328" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:LineOfCreditFacilityInterestRateDuringPeriod" scale="-2" unitRef="pure" id="ixv-63321">1.80</ix:nonFraction>% per annum and a minimum floor rate of <ix:nonFraction contextRef="c329" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:LineOfCreditFacilityInterestRateDuringPeriod" scale="-2" unitRef="pure" id="ixv-63322">1.5</ix:nonFraction>% per annum.
The Company was not required to provide collateral for the advances or comply with any covenants. The advances were secured by a lien
on certain personal assets of the CEO.</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Company issued common
stock warrants to NLabs in consideration for the CEO&#8217;s guaranteeing the advances. <i>Refer to Note&#160;10 &#8212;&#160;Related
Party Transactions, Common Stock Warrants. </i>The 2021 Revolving Loan Agreement provided for an initial maturity date of May&#160;15,
2022 with one (1)&#160;one-year extension to May&#160;15, 2023. The Company requested an extension of the maturity date to May&#160;15,
2024. While the Company remains in discussions with the Bank, the extension was not formalized prior to the maturity date and the Company
is in default under the 2021 Revolving Loan Agreement. The Company has received no notices of default from the Bank, nor has the Bank
commenced enforcement actions. In December&#160;2023, the Company repaid $<ix:nonFraction contextRef="c330" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RepaymentsOfLinesOfCredit" scale="0" unitRef="usd" id="ixv-63323">5,000,000</ix:nonFraction> of the principal balance of the outstanding advances.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Term Note</b></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In March&#160;2023, the
Company entered into a $<ix:nonFraction contextRef="c331" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromLinesOfCredit" scale="0" unitRef="usd" id="ixv-63324">5,000,000</ix:nonFraction> term loan agreement with an unrelated third party lender. The loan agreement was secured by a lien
on the Company&#8217;s assets and guaranteed by the Company&#8217;s CEO.&#160;The full amount of the loan was drawn at closing. The original
maturity date of the loan was August&#160;31, 2023 and was subsequently extended to October&#160;31, 2023. The Company initially issued
warrants to the lender to purchase <ix:nonFraction contextRef="c23" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesOther" scale="0" unitRef="shares" id="ixv-63325">3,300,000</ix:nonFraction> shares of the Company&#8217;s Series&#160;A-1 Preferred Stock (the &#8220;Initial Warrants&#8221;).
The exercise price of the Initial Warrants is $<ix:nonFraction contextRef="c332" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" scale="0" unitRef="usdPershares" id="ixv-63326">2.00</ix:nonFraction> per share. The term of Initial Warrant covering <ix:nonFraction contextRef="c332" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights" scale="0" unitRef="shares" id="ixv-63327">2,500,000</ix:nonFraction> of the <ix:nonFraction contextRef="c333" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights" scale="0" unitRef="shares" id="ixv-63328">3,300,000</ix:nonFraction> shares
expires upon repayment of the loan (the &#8220;Repayment Warrant&#8221;). The term of the remaining Initial Warrants covering <ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights" scale="0" unitRef="shares" id="ixv-63329">800,000</ix:nonFraction>
shares is <span style="-sec-ix-hidden: hidden-fact-600">five</span>&#160;years. Prior to original maturity of the term loan agreement, the maturity date was extended to October&#160;31,
2023. Upon extension of the maturity date, the Company issued warrants to purchase <ix:nonFraction contextRef="c334" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" scale="0" unitRef="shares" id="ixv-63330">400,000</ix:nonFraction> shares of Series&#160;A-1 Preferred Stock
(the &#8220;Extension Warrants&#8221;). The exercise price of the Extension Warrants is $<ix:nonFraction contextRef="c1" decimals="2" name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" scale="0" unitRef="usdPershares" id="ixv-63331">.01</ix:nonFraction> per share and the warrant term is <span style="-sec-ix-hidden: hidden-fact-601">five</span>&#160;years.
The Company repaid the outstanding principal and accrued interest on the secured term loan on November&#160;10, 2023, in the amount of
$<ix:nonFraction contextRef="c335" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SecuredDebt" scale="0" unitRef="usd" id="ixv-63332">3,064,897</ix:nonFraction>. In connection with the repayment, the lender&#8217;s liens were released and the Repayment Warrant expired.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Convertible Notes</b></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In July&#160;2023, the Company
issued a $<ix:nonFraction contextRef="c336" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ConvertibleNotesPayable" scale="0" unitRef="usd" id="ixv-63333">3,000,000</ix:nonFraction> convertible note to iFREE Group (HK) Limited (&#8220;iFree&#8221;). The interest rate on the note is <ix:nonFraction contextRef="c336" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:InvestmentInterestRate" scale="-2" unitRef="pure" id="ixv-63334">8</ix:nonFraction>%. The note
(&#8220;iFree Note&#8221;) matures September&#160;30, 2024. The note is (i)&#160;optionally convertible at any time at the holder&#8217;s
election and (ii)&#160;automatically converts upon the closing of a qualified financing, defined to be the receipt by the Company of
at least $<ix:nonFraction contextRef="c337" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DebtConversionConvertedInstrumentAmount1" scale="0" unitRef="usd" id="ixv-63335">15,000,000</ix:nonFraction> proceeds (including debt conversion) from the issuance of equity or equity-related securities. Upon the Company&#8217;s
receipt of $<ix:nonFraction contextRef="c338" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromIssuanceOfDebt" scale="0" unitRef="usd" id="ixv-63336">12,000,000</ix:nonFraction> proceeds from the issuance and sale of shares of its Series&#160;A-2 Preferred Stock private placement, a qualified
financing under the iFree Note occurred and the note automatically converted into shares of Series&#160;A-2 Preferred Stock of the Company.
The aggregate amount of principal and interest equaled $<ix:nonFraction contextRef="c339" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentFaceAmount" scale="0" unitRef="usd" id="ixv-63337">3,076,274</ix:nonFraction> and converted into <ix:nonFraction contextRef="c340" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ConversionOfStockAmountConverted1" scale="0" unitRef="usd" id="ixv-63338">1,681,024</ix:nonFraction> shares of Series&#160;A-2 Preferred Stock.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c23" continuedAt="_InvestmentTextBlock-c23_cont_1" escape="true" name="us-gaap:InvestmentTextBlock" id="ixv-19961"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>7 &#8212;&#160;INVESTMENTS</b></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Company accounts for
its private company investments without readily determinable fair values under the cost method. These investments, for which the Company
is not able to exercise significant influence over any one individual investee, is measured and accounted for using an alternative measurement
basis of a) the security&#8217;s carrying value at cost, b) less any impairment and c) plus or minus any qualifying observable price
changes.</p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 132; Value: 1 --><div>
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b>&#160;</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Veea Inc. and Subsidiaries<br/>
Notes to Consolidated Financial Statements<br/>
Years Ended December&#160;31, 2023 and 2022</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>7 &#8212;&#160;INVESTMENTS
</b>(cont.)</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><ix:continuation id="_InvestmentTextBlock-c23_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Observable price changes
or impairments recognized on the Company&#8217;s private company investments would be classified as a Level 3 financial instrument within
the fair value hierarchy based on the nature of the fair value inputs. Any adjustments to the carrying values are recognized in other
income expense, net in the Company&#8217;s consolidated statements of operations and comprehensive loss. As of December&#160;31, 2023,
the Company performed the qualitative assessment for impairment of its investments. Based on this qualitative assessment, impairment
indicators were present for one of its investments therefore the company performed an analysis to estimate its fair value and recognized
an impairment loss of $<ix:nonFraction contextRef="c23" decimals="0" format="ixt:num-dot-decimal" name="veea:ImpairmentOfInvestment" scale="0" unitRef="usd" id="ixv-63339">174,000</ix:nonFraction> due to a change in the fair value. As of December&#160;31, 2023 and 2022, the carrying value of the Company&#8217;s
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c23" continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c23_cont_1" escape="true" name="us-gaap:StockholdersEquityNoteDisclosureTextBlock" id="ixv-20002"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>8 &#8212;&#160;STOCKHOLDERS&#8217; EQUITY</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Authorized and Outstanding Capital Stock</b></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In October&#160;2023, the
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Stock, par value $<ix:nonFraction contextRef="c9" decimals="5" name="us-gaap:PreferredStockParOrStatedValuePerShare" scale="0" unitRef="usdPershares" id="ixv-63342">.00001</ix:nonFraction> per share (the &#8220;Series&#160;A-2 Preferred Stock&#8221;). The Series&#160;A-2 Preferred Stock ranks pari
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such date.</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><ix:nonNumeric contextRef="c23" continuedAt="_ScheduleOfStockholdersEquityTableTextBlock-c23_cont_1" escape="true" name="us-gaap:ScheduleOfStockholdersEquityTableTextBlock" id="ixv-63347">As of December&#160;31,
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<ix:continuation continuedAt="_ScheduleOfStockholdersEquityTableTextBlock-c23_cont_2" id="_ScheduleOfStockholdersEquityTableTextBlock-c23_cont_1"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  </table></ix:continuation>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation id="_ScheduleOfStockholdersEquityTableTextBlock-c23_cont_2"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Common Stock</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-603">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
  </table></ix:continuation>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Dividends</b></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The holders of the Company&#8217;s
common stock and preferred stock are entitled to receive dividends when and as declared by the Company&#8217;s Board of Directors. No
dividends were declared or paid in the&#160;years ended December&#160;31, 2023 and December&#160;31, 2022.</p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 133; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Veea Inc. and Subsidiaries<br/>
Notes to Consolidated Financial Statements<br/>
Years Ended December&#160;31, 2023 and 2022</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>8 &#8212;&#160;STOCKHOLDERS&#8217;
EQUITY</b> (cont.)</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c23_cont_2" id="_StockholdersEquityNoteDisclosureTextBlock-c23_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Preferred Stock</b></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">The Company&#8217;s Fourth Amended
and Restated Certificate of Incorporation has designated three series of preferred stock: the Series&#160;A Preferred Stock, par value
$<ix:nonFraction contextRef="c71" decimals="5" name="us-gaap:PreferredStockParOrStatedValuePerShare" scale="0" unitRef="usdPershares" id="ixv-63374">.00001</ix:nonFraction> per share (the &#8220;Series&#160;A Preferred Stock&#8221;), the Series&#160;A-1 Preferred Stock, par value $<ix:nonFraction contextRef="c7" decimals="5" name="us-gaap:PreferredStockParOrStatedValuePerShare" scale="0" unitRef="usdPershares" id="ixv-63375">.00001</ix:nonFraction> per share
(the &#8220;Series&#160;A-1 Preferred Stock&#8221;), and the Series&#160;A-2 Preferred Stock, par value $<ix:nonFraction contextRef="c69" decimals="5" name="us-gaap:PreferredStockParOrStatedValuePerShare" scale="0" unitRef="usdPershares" id="ixv-63376">.00001</ix:nonFraction> per share (the &#8220;Series&#160;A-2
Preferred Stock&#8221; collectively, with the the Series&#160;A-1 Preferred Stock, the &#8220;Preferred Stock&#8221;).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i><span style="text-decoration:underline">Voting</span></i></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Preferred Stock is entitled
to cast the number of votes equal to the number of whole shares of Common Stock into which the shares of Preferred Stock are convertible
as of the record date for determining stockholders entitled to vote.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i><span style="text-decoration:underline">Election of Directors</span></i></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The holders of record of
shares of Series&#160;A-2 Preferred Stock have no right to elect directors. The holders of record of shares of Series&#160;A-1 Preferred
Stock, exclusively and as a separate class, are entitled to elect one director of the Company. The holders of record of shares of Series&#160;A
Preferred Stock, exclusively and as a separate class, are entitled to elect two directors of the Corporation. The holders of record of
shares of Common Stock, exclusively and as a separate class, shall be entitled to elect two directors of the Corporation.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i><span style="text-decoration:underline">Optional Conversion</span></i></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each share of Preferred
Stock is convertible, at the option of the holder thereof, at any time into shares of Common Stock on a 1:1 basis.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i><span style="text-decoration:underline">Mandatory Conversion</span></i></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Upon either (a)&#160;the
closing of the sale of shares of the Company&#8217;s common stock to the public at a price equal to two hundred percent (<ix:nonFraction contextRef="c23" decimals="2" format="ixt:num-dot-decimal" name="veea:PercentageOfCommonStock" scale="-2" unitRef="pure" id="ixv-63377">200</ix:nonFraction>%) of the
issuance price of the Company&#8217;s Series&#160;A-1 Preferred Stock (subject to appropriate adjustment in the event of any stock dividend,
stock split, combination or other similar recapitalization), in a firm-commitment underwritten public offering pursuant to an effective
registration statement under the Securities Act&#160;of&#160;1933, as amended, that results in the Company receiving at least $<ix:nonFraction contextRef="c1" decimals="-6" format="ixt:num-dot-decimal" name="veea:GrossProceedsNetOfUnderwritingDiscountAndCommissions" scale="6" unitRef="usd" id="ixv-63378">25</ix:nonFraction>&#160;million
of gross proceeds, net of the underwriting discount and commissions, to the Company and in connection with such offering the Company&#8217;s
common stock is listed for trading on a nationally-recognized exchange or another exchange or marketplace approved the Company&#8217;s
board of directors or (b)&#160;the date and time, or the occurrence of an event, specified by vote or written consent of 66 2/3% of the
outstanding Preferred Stock (voting or acting as a single class), then (i)&#160;all outstanding shares of Preferred Stock shall automatically
be converted into shares of Common Stock, at the then effective conversion rate applicable of the Preferred Stock and (ii)&#160;the redeemed
shares may not be reissued by the Company.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i><span style="text-decoration:underline">Liquidation, Dissolution and Winding Up</span></i></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">The Series&#160;A-2&#160;Preferred
Stock and the Series&#160;A-1&#160;Preferred Stock are entitled to receive their respective liquidation preference, on a pro rata basis,
from the proceeds of a liquidation, dissolution or winding up before payment of available proceeds on the Series&#160;A Preferred Stock,
up to $<ix:nonFraction contextRef="c352" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:PreferredStockParOrStatedValuePerShare" scale="0" unitRef="usdPershares" id="ixv-63379">1.83</ix:nonFraction> per share for the Series&#160;A-2Preferred Stock and up to $<ix:nonFraction contextRef="c353" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:PreferredStockParOrStatedValuePerShare" scale="0" unitRef="usdPershares" id="ixv-63380">2.00</ix:nonFraction> per share for the Series&#160;A-1&#160;Preferred Stock (subject,
in each case, to appropriate adjustment in the event of a stock split, stock dividend, combination, reclassification, or similar event).
After payment to the holders of the Series&#160;A-2&#160;Preferred Stock and the holders of the Series&#160;A-1 Preferred Stock, the
Series&#160;A Preferred Stock is entitled to receive its liquidation preference from the proceeds of a liquidation, dissolution or winding
up before payment of available proceeds on the Series&#160;A Preferred Stock up to $1.54 per share (subject to appropriate adjustment
in the event of a stock split, stock dividend, combination, reclassification, or similar event). Thereafter, the Preferred Stock participates
pro rata with the Common Stock in the remaining proceeds.</p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Veea Inc. and Subsidiaries<br/>
Notes to Consolidated Financial Statements<br/>
Years Ended December&#160;31, 2023 and 2022</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>8 &#8212;&#160;STOCKHOLDERS&#8217;
EQUITY</b> (cont.)</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c23_cont_3" id="_StockholdersEquityNoteDisclosureTextBlock-c23_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i><span style="text-decoration:underline">Deemed Liquidation</span></i></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">The Series&#160;A-2 Preferred
Stock and the Series&#160;A-1 Preferred Stock are entitled to receive their respective liquidation preference, on a <i>pro rata </i>basis,
from the proceeds of (1)&#160;a merger or consolidation that results in a change of control of the Company, (2)&#160;a sale or other
disposition of the assets of the Company and its subsidiaries (taken as a whole) or (3)&#160;a sale or other disposition of one or more
subsidiaries of the Company representing substantially all of the assets of the Company and its subsidiaries, taken as a whole (each
such transaction being, a &#8220;Deemed Liquidation&#8221;) before payment to the Series&#160;A Preferred Stock, up to $<ix:nonFraction contextRef="c354" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:PreferredStockParOrStatedValuePerShare" scale="0" unitRef="usdPershares" id="ixv-63381">1.83</ix:nonFraction> per share
for the Series&#160;A-2 Preferred Stock and up to $<ix:nonFraction contextRef="c355" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:PreferredStockParOrStatedValuePerShare" scale="0" unitRef="usdPershares" id="ixv-63382">2.00</ix:nonFraction> per share for the Series&#160;A-1 Preferred Stock (subject, in each case, to
appropriate adjustment stock split, stock dividend, combination, reclassification, or similar event). Thereafter, the Series&#160;A Preferred
Stock is entitled to receive its liquidation preference from the Deemed Liquidation before payment to the Common Stock up to $<ix:nonFraction contextRef="c72" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:CommonStockParOrStatedValuePerShare" scale="0" unitRef="usdPershares" id="ixv-63383">1.54</ix:nonFraction> per
share (subject to appropriate adjustment in the event of a stock split, stock dividend, combination, reclassification, or similar event).
After payment to the Preferred Stock, the remaining proceeds of the Deemed Liquidation are payable to the Common Stock on a <i>pro rata
</i>basis.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i><span style="text-decoration:underline">Redemption</span></i></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Preferred Stock is not
mandatorily redeemable <span style="text-decoration:underline">except</span> in the event of a Deemed Liquidation that does not result in a dissolution of the Company. The redemption
features are contingent upon the occurrence of certain events which are under the control of the Company, therefore the Preferred Stock
is classified as permanent equity on the consolidated balance sheet.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i><span style="text-decoration:underline">Protective Provisions</span></i></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">The affirmative consent of at
least 66 2/3% of the outstanding Preferred Stock consenting or voting (as the case may be) together as a single class on an as converted
basis is required: (i)&#160;to liquidate, dissolve or wind-up the business and affairs of the Company, or consolidation or a Deemed Liquidation
Event, or consent to any of the foregoing; (ii)&#160;amend, alter or repeal any provision of the Certificate of Incorporation or Bylaws
in a manner that adversely affects the powers, preferences or special rights of the Preferred Stock; (iii)&#160;create, or authorize
the creation of, issue or obligate itself to issue shares of, any additional class or series of capital stock (or any security convertible
or exercisable or exchangeable for any class or series of capital stock) unless the same ranks junior to or <i>pari passu </i>with the
Preferred Stock with respect to the distribution of assets on the liquidation, dissolution or winding up of the Company, the payment
of dividends, rights of redemption and voting rights, or increase the authorized number of shares of any series of Preferred Stock or
increase the authorized number of shares of any additional class or series of capital stock unless the same ranks junior to or <i>pari
passu </i>with the Preferred Stock with respect to the distribution of assets on the liquidation, dissolution or winding up of the Company,
the payment of dividends, rights of redemption and voting rights, or reclassify, alter or amend any existing class or series of capital
stock that is junior to, or <i>pari passu </i>with, the Preferred Stock; or (iv)&#160;purchase or redeem (or permit any subsidiary to
purchase or redeem) or pay or declare any dividend or make any distribution on, any shares of capital stock of the Company other than
(i)&#160;redemptions of or dividends or distributions on the Preferred Stock as expressly authorized in the Certificate of Incorporation,
(ii)&#160;repurchases of stock from former employees, officers, directors, consultants or other persons who performed services for the
Company or any subsidiary pursuant to written agreements giving the Company the right to repurchase such security in connection with
the cessation of such employment or service at the lower of the original purchase price or the then-current fair market value thereof
or (iv)&#160;as approved by the board of directors of the Company.</p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b>&#160;</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Veea Inc. and Subsidiaries<br/>
Notes to Consolidated Financial Statements<br/>
Years Ended December&#160;31, 2023 and 2022</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>8 &#8212;&#160;STOCKHOLDERS&#8217;
EQUITY</b> (cont.)</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><ix:continuation id="_StockholdersEquityNoteDisclosureTextBlock-c23_cont_3"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Holders of the Company&#8217;s
Preferred Stock are parties to a stockholders&#8217; agreement that contains customary provisions relating to the right of certain stockholders
to delegate members to the board of directors of the Company, restrictions on transfer, rights of first refusal on equity issuance by
the Company and &#8220;drag-along rights&#8221; granted to the Company.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c23" continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c23_cont_1" escape="true" name="us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" id="ixv-20363"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>9 &#8212;&#160;STOCK-BASED COMPENSATION</b></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Company maintains <ix:nonFraction contextRef="c23" decimals="0" format="ixt-sec:numwordsen" name="veea:NumberOfEquityIncentivePlans" scale="0" unitRef="pure" id="ixv-63384">two</ix:nonFraction>
equity incentive plans under which employees, nonemployee directors and consultants of the Company, its affiliates and/or subsidiaries
may be offered the opportunity to acquire shares of the Company&#8217;s common stock.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i><span style="text-decoration:underline">2014 Equity Incentive Plan</span></i></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On September&#160;1, 2014,
the Company&#8217;s Board of Directors adopted the Max<sup>2</sup> Inc. Equity Incentive Plan (&#8220;2014&#160;Plan&#8221;). Upon adoption
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Company had no stock
compensation expense related to the 2014 Plan stock options for the&#160;years ended December&#160;31, 2023 and 2022. The Company had
no unrecognized expense related to unvested options outstanding as of December&#160;31, 2023.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i><span style="text-decoration:underline">Veea Inc. 2018 Equity Incentive Plan</span></i></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On September&#160;6, 2018,
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 136; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Veea Inc. and Subsidiaries<br/>
Notes to Consolidated Financial Statements<br/>
Years Ended December&#160;31, 2023 and 2022</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>9 &#8212;&#160;STOCK-BASED
COMPENSATION</b> (cont.)</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><ix:continuation continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c23_cont_2" id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c23_cont_1"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><ix:continuation continuedAt="_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock-c23_cont_3" id="_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock-c23_cont_2">The table below summarizes
the activities of the 2018 Plan during the&#160;years ended December&#160;31, 2023 and 2022:</ix:continuation></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The aggregate intrinsic
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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The fair value of each stock
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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Stock compensation expense
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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<ix:continuation id="_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock-c369_cont_1"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>


</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Veea Inc. and Subsidiaries<br/>
Notes to Consolidated Financial Statements<br/>
Years Ended December&#160;31, 2023 and 2022</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>9 &#8212;&#160;STOCK-BASED
COMPENSATION</b> (cont.)</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><ix:continuation id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c23_cont_2"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The fair value of each stock
option granted is estimated using the Black-Scholes option-pricing model using the single-option award approach. The following assumptions
are used in the Black-Scholes option-pricing model:</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><i>&#160;</i></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><i>Risk-Free Interest Rate&#160;</i>&#8212;&#160;The
risk-free interest rate is based on the implied yield available on the date of grant on U.S.&#160;Treasury zero-coupon securities issued
with a term that is equal to the option&#8217;s expected term at the grant date.</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><i>&#160;</i></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><i>Expected Volatility&#160;</i>&#8212;&#160;The
Company estimates the volatility for option grants by evaluating the average historical volatility of a peer group of companies for the
period immediately preceding the option grant for a term that is approximately equal to the option&#8217;s expected term.</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><i>&#160;</i></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><i>Expected Term&#160;</i>&#8212;&#160;The
expected term represents the period over which options granted are expected to be outstanding using the simplified method, as the Company&#8217;s
historical share option exercise experience does not provide a reasonable basis upon which to estimate the expected term. The simplified
method deems the term to be the average of the time-to-vesting and contractual life of the stock-based awards.</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><i>&#160;</i></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><i>Dividend Yield&#160;</i>&#8212;&#160;The
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Warrants</i></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<ix:continuation id="_ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock-c23_cont_1"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -10pt; padding-left: 10pt">Exercised</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -10pt; padding-left: 10pt">Exercised</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt">Outstanding, December&#160;31, 2023</td><td style="padding-bottom: 4pt">&#160;</td>
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  </table></ix:continuation>



<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Company estimated the
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<ix:continuation id="_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock-c387_cont_1"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Expected dividend yield</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Risk-free interest rate</td><td>&#160;</td>
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  </table></ix:continuation></ix:continuation><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Veea Inc. and Subsidiaries<br/>
Notes to Consolidated Financial Statements<br/>
Years Ended December&#160;31, 2023 and 2022</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c23" continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c23_cont_1" escape="true" name="us-gaap:RelatedPartyTransactionsDisclosureTextBlock" id="ixv-21265"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>10&#160;&#8212;&#160;RELATED PARTY TRANSACTIONS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Lease Arrangements</b></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On March&#160;1, 2014, the
Company entered into a sublease agreement with NLabs Inc., an affiliate of the CEO and that holds approximately <ix:nonFraction contextRef="c393" decimals="3" format="ixt:num-dot-decimal" name="veea:PercentageOfOutstandingCapitalStock" scale="-2" unitRef="pure" id="ixv-63491">38.5</ix:nonFraction>% of the Company&#8217;s
outstanding capital stock (&#8220;NLabs&#8221;) for office space for an initial term of <ix:nonNumeric contextRef="c394" format="ixt-sec:durwordsen" name="us-gaap:LesseeOperatingLeaseRemainingLeaseTerm" id="ixv-63492">5&#160;years</ix:nonNumeric>. In 2018, the Company renewed the
sublease for an additional <ix:nonNumeric contextRef="c395" format="ixt-sec:duryear" name="us-gaap:LesseeOperatingLeaseRenewalTerm" id="ixv-63493">5</ix:nonNumeric>-year term with all other terms and conditions of the sublease remaining the same. The renewal term expires
February&#160;28, 2024.</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The expiration date of the
Lease Agreement was extended to June 30, 2024. Refer to Note&#160;17 &#8212;&#160;Subsequent Events. The Company accrues rent for the
office space. The Company recognized rent expense of $<ix:nonFraction contextRef="c396" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LeaseAndRentalExpense" scale="0" unitRef="usd" id="ixv-63494"><ix:nonFraction contextRef="c397" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LeaseAndRentalExpense" scale="0" unitRef="usd" id="ixv-63495">237,025</ix:nonFraction></ix:nonFraction> in each of the&#160;years ended December&#160;31, 2023 and 2022, all of
which is classified as general and administrative expenses in the Company&#8217;s consolidated statements of operations and comprehensive
loss. Accrued and unpaid rent expense included in the Company&#8217;s consolidated balance sheet was $<ix:nonFraction contextRef="c398" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccruedRentCurrentAndNoncurrent" scale="0" unitRef="usd" id="ixv-63496">1,468,800</ix:nonFraction> and $<ix:nonFraction contextRef="c399" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccruedRentCurrentAndNoncurrent" scale="0" unitRef="usd" id="ixv-63497">1,224,000</ix:nonFraction>, as of
December&#160;31, 2023 and 2022, respectively.</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In April&#160;2017 the Company
entered into a lease agreement with 83<sup>rd</sup> Street LLC to lease office space for an initial term of <ix:nonNumeric contextRef="c400" format="ixt-sec:durwordsen" name="us-gaap:LesseeOperatingLeaseRemainingLeaseTerm" id="ixv-63498">2&#160;years</ix:nonNumeric>. In 2018, the
Company renewed the lease for an additional <ix:nonNumeric contextRef="c400" format="ixt-sec:duryear" name="us-gaap:LesseeOperatingLeaseRenewalTerm" id="ixv-63499">5</ix:nonNumeric>-year term, with all other terms and conditions of the lease remaining the same. The renewal
term expires February&#160;28, 2024. The expiration date of Lease Agreement was extended to June 30, 2024. <i>Refer to Note&#160;17 &#8212;&#160;Subsequent
Events. </i>The sole member of 83<sup>rd</sup> Street is the Salmasi 2004 Trust (the &#8220;Trust&#8221;). As of December&#160;31, 2023,
the Trust holds approximately <ix:nonFraction contextRef="c23" decimals="2" format="ixt:num-dot-decimal" name="veea:PercentageOfOutstandingCapitalStock" scale="-2" unitRef="pure" id="ixv-63500">15</ix:nonFraction>% of the Company&#8217;s outstanding capital stock. The Company&#8217;s CEO is the grantor of the Trust.
The Company accrues rent for the office space. The Company recognized rent expense of $<ix:nonFraction contextRef="c23" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LeaseAndRentalExpense" scale="0" unitRef="usd" id="ixv-63501"><ix:nonFraction contextRef="c24" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LeaseAndRentalExpense" scale="0" unitRef="usd" id="ixv-63502">246,567</ix:nonFraction></ix:nonFraction> in each of the&#160;years ended December&#160;31,
2023 and 2022, all of which is classified as general and administrative expenses in the Company&#8217;s consolidated statements of operations
and comprehensive loss. Accrued and unpaid rent expense included in the Company&#8217;s consolidated balance sheet was $<ix:nonFraction contextRef="c401" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccruedRentCurrentAndNoncurrent" scale="0" unitRef="usd" id="ixv-63503">1,656,000</ix:nonFraction> and
$<ix:nonFraction contextRef="c402" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccruedRentCurrentAndNoncurrent" scale="0" unitRef="usd" id="ixv-63504">1,368,000</ix:nonFraction>, as of December&#160;31, 2023 and 2022, respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Convertible Notes, related party</b></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In February&#160;2023, convertible
notes issued to Korea Information and Communications Co., Ltd. (&#8220;KICC&#8221;) totaling $<ix:nonFraction contextRef="c403" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" scale="0" unitRef="usd" id="ixv-63505">10,949,199</ix:nonFraction>, which included interest accrued
and compounded through December&#160;31, 2022, converted into <ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ConvertiblePreferredStockSharesIssuedUponConversion" scale="0" unitRef="shares" id="ixv-63506">5,474,599</ix:nonFraction> shares of Series&#160;A-1 Preferred Stock. The convertible notes
were issued to KICC under convertible note purchase agreement entered into in 2019 with other holders, including NLabs, and in exchange
for deposits made by KICC under certain agreements between KICC and the Company covering the purchase by KICC of VeeaHub<sup>&#174;</sup>
units. The convertible notes issued to the other holders under the 2019 purchase agreement previously converted into shares of Series&#160;A-1
Preferred Stock on December&#160;21, 2022.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><ix:nonNumeric contextRef="c23" continuedAt="_ScheduleOfRelatedPartyTransactionsTableTextBlock-c23_cont_1" escape="true" name="us-gaap:ScheduleOfRelatedPartyTransactionsTableTextBlock" id="ixv-21291"><b>Other Related Party Debt</b></ix:nonNumeric></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<ix:continuation id="_ScheduleOfRelatedPartyTransactionsTableTextBlock-c23_cont_1"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December&#160;31, 2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Principal</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Accrued<br/> Interest</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 28%; text-align: left; text-indent: -10pt; padding-left: 10pt">NLabs Bridge Notes</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c419" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentFaceAmount" scale="0" unitRef="usd" id="ixv-63507">9,500,000</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c420" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RepaymentsOfRelatedPartyDebt" scale="0" unitRef="usd" id="ixv-63509">11,457,863</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">NLabs Promissory Note</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 4pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentFaceAmount" scale="0" unitRef="usd" id="ixv-63519">12,598,000</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In 2021 and 2022, NLabs
made loans to the Company evidenced by promissory notes aggregating $<ix:nonFraction contextRef="c404" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromRelatedPartyDebt" scale="0" unitRef="usd" id="ixv-63525"><ix:nonFraction contextRef="c405" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromRelatedPartyDebt" scale="0" unitRef="usd" id="ixv-63526">9,500,000</ix:nonFraction></ix:nonFraction> (the &#8220;Bridge Notes&#8221;). The Bridge Notes bear
interest on the outstanding principal at a rate of <ix:nonFraction contextRef="c406" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:RelatedPartyTransactionRate" scale="-2" unitRef="pure" id="ixv-63527"><ix:nonFraction contextRef="c24" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:RelatedPartyTransactionRate" scale="-2" unitRef="pure" id="ixv-63528">10</ix:nonFraction></ix:nonFraction>% per annum, calculated on the basis of a 365-day year. Principal and accrued interest
are payable on the maturity date of the Notes. The original maturity date of the Bridge Notes was December&#160;31, 2022, which was extended
to December&#160;31, 2023. The maturity date of the Bridge Notes was extended to June 30, 2024. <i>Refer to Note&#160;17 &#8212;&#160;Subsequent
Events. </i>The Company accounted for the extension as a modification of the Bridge Notes. The unpaid principal amount and accrued unpaid
interest on the Bridge Notes are due and payable upon the date of the first to occur of: (i)&#160;the maturity date and (ii)&#160;the
consummation of a debt or equity financing transaction with an unrelated third party. Interest expense for the&#160;years ended December&#160;31,
2023 and 2022 was $<ix:nonFraction contextRef="c407" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestExpenseDebt" scale="0" unitRef="usd" id="ixv-63529">1,000,000</ix:nonFraction> and $<ix:nonFraction contextRef="c408" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestExpenseDebt" scale="0" unitRef="usd" id="ixv-63530">843,690</ix:nonFraction>, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Veea Inc. and Subsidiaries<br/>
Notes to Consolidated Financial Statements<br/>
Years Ended December&#160;31, 2023 and 2022</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>10&#160;&#8212;&#160;RELATED
PARTY TRANSACTIONS</b> (cont.)</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation id="_RelatedPartyTransactionsDisclosureTextBlock-c23_cont_1"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In 2022 and 2023, NLabs
made loans to the Company evidenced by promissory notes in the aggregate principal amount of $<ix:nonFraction contextRef="c409" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromRelatedPartyDebt" scale="0" unitRef="usd" id="ixv-63531"><ix:nonFraction contextRef="c410" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromRelatedPartyDebt" scale="0" unitRef="usd" id="ixv-63532">3,098,000</ix:nonFraction></ix:nonFraction> (the &#8220;Promissory Notes&#8221;).
The Demand Notes bear interest on the outstanding principal amount at a rate of <ix:nonFraction contextRef="c24" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:RelatedPartyTransactionRate" scale="-2" unitRef="pure" id="ixv-63533"><ix:nonFraction contextRef="c23" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:RelatedPartyTransactionRate" scale="-2" unitRef="pure" id="ixv-63534">10</ix:nonFraction></ix:nonFraction>% per annum, calculated on the basis of a 365-day year.
Principal and interest on the Promissory Notes is repayable upon the earlier of demand and December&#160;31, 2023. The Demand Notes remained
outstanding as of December&#160;31, 2023. The maturity date of the Demand Notes was extended to June 30, 2024 <i>Refer&#160;to Note&#160;17
&#8212;&#160;Subsequent Events. </i>Interest expense for the&#160;years ended December&#160;31, 2023 and December&#160;31, 2022 was $<ix:nonFraction contextRef="c411" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestExpenseDebt" scale="0" unitRef="usd" id="ixv-63535">290,288</ix:nonFraction>
and $<ix:nonFraction contextRef="c412" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestExpenseDebt" scale="0" unitRef="usd" id="ixv-63536">5,356</ix:nonFraction>, respectively.</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under the terms of the Business
Combination Agreement with Plum, at closing the Bridge Notes and Demand Notes will be converted into newly-issued Plum securities at
a price of $<ix:nonFraction contextRef="c1" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:SaleOfStockPricePerShare" scale="0" unitRef="usdPershares" id="ixv-63537">10.00</ix:nonFraction> per share. Shares issued upon conversion of the Bridge Notes and the Demand Notes are not included as part of the consideration
issued to holders of Company&#8217;s capital stock.</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In January&#160;2023, the
Company&#8217;s Chief Operating Officer made a loan to the Company in the aggregate principal amount of $<ix:nonFraction contextRef="c413" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromRelatedPartyDebt" scale="0" unitRef="usd" id="ixv-63538">50,000</ix:nonFraction>. The loan accrues interest
on the outstanding principal amount at a rate of <ix:nonFraction contextRef="c413" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:RelatedPartyTransactionRate" scale="-2" unitRef="pure" id="ixv-63539">10</ix:nonFraction>% per annum. Principal and interest on the loans are repayable upon the earlier of
demand and December&#160;31, 2023. The Company repaid the outstanding principal amount of the loan on March&#160;16, 2023 in the amount
of $<ix:nonFraction contextRef="c414" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentRepaidPrincipal" scale="0" unitRef="usd" id="ixv-63540">50,000</ix:nonFraction>.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Common Stock Warrants</b></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In consideration for the
guarantee by the Company&#8217;s CEO of the Company&#8217;s obligations under the 2021 Revolving Loan Agreement and a previously outstanding
loan agreement with First Republic Bank, the Company issued warrants to purchase an aggregate of <ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ClassOfWarrantOrRightOutstanding" scale="0" unitRef="shares" id="ixv-63541">2,430,000</ix:nonFraction> shares of the Company&#8217;s
common stock. The exercise price of the warrants is $<ix:nonFraction contextRef="c1" decimals="2" name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" scale="0" unitRef="usdPershares" id="ixv-63542">.01</ix:nonFraction> per share. The warrants are exercisable for a period of seven&#160;years. The
warrants were equity classified and had a fair value of $<ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AssetsFairValueDisclosure" scale="0" unitRef="usd" id="ixv-63543">2,189,014</ix:nonFraction> on the date of grant which is recognized as deferred cost and amortized
to interest expense over the life of the loan agreements.</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In December&#160;2021, the
Company issued warrants to purchase <ix:nonFraction contextRef="c44" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ClassOfWarrantOrRightOutstanding" scale="0" unitRef="shares" id="ixv-63544">630,000</ix:nonFraction> shares of common stock in connection with the Bridge Notes issued to NLabs. The exercise
price of the warrants is $<ix:nonFraction contextRef="c44" decimals="2" name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" scale="0" unitRef="usdPershares" id="ixv-63545">.01</ix:nonFraction> per share. The warrants are exercisable for a period of seven&#160;years. The warrants were equity classified
and had a relative fair value of $<ix:nonFraction contextRef="c44" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AssetsFairValueDisclosure" scale="0" unitRef="usd" id="ixv-63546">499,416</ix:nonFraction> on the date of grant which was recognized as original issue discount on the Bridge Notes in
the year ended December&#160;31, 2021.</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In 2022, the Company issued
warrants to purchase <ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ClassOfWarrantOrRightOutstanding" scale="0" unitRef="shares" id="ixv-63547">320,000</ix:nonFraction> shares of common stock in connection with the Bridge Notes issued to NLabs. The exercise price of the warrants
is $<ix:nonFraction contextRef="c2" decimals="2" name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" scale="0" unitRef="usdPershares" id="ixv-63548">.01</ix:nonFraction> per share. The warrants are exercisable for a period of seven&#160;years. The warrants were equity classified and had a fair
value of approximately $<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AssetsFairValueDisclosure" scale="0" unitRef="usd" id="ixv-63549">253,816</ix:nonFraction> on the date of grant which was recognized as original issue discount on the Bridge Notes in the year
ended December&#160;31, 2022.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>CEO Expenses</b></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Company incurred expenses
relating to ordinary course travel expenses of the Company&#8217;s Chief Executive Officer and founder (&#8220;CEO&#8221;) for travel
made by the CEO on behalf of the Company. As of December&#160;31, 2023 and 2022, the Company had accrued expenses reimbursable to the
CEO in the aggregate amount of $<ix:nonFraction contextRef="c415" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentAnnualPrincipalPayment" scale="0" unitRef="usd" id="ixv-63550">179,075</ix:nonFraction> and $<ix:nonFraction contextRef="c416" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentAnnualPrincipalPayment" scale="0" unitRef="usd" id="ixv-63551">789,575</ix:nonFraction>, respectively. During 2023, the Company paid the CEO $<ix:nonFraction contextRef="c417" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CostsAndExpensesRelatedParty" scale="0" unitRef="usd" id="ixv-63552">795,000</ix:nonFraction> in reimbursement of
these expenses. The Company records the expenses as accrued expenses in the Company&#8217;s consolidated balance sheet. In January&#160;2024,
the Company reimbursed the CEO for his previously incurred travel expenses in an amount equal to $<ix:nonFraction contextRef="c418" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:TravelAndEntertainmentExpense" scale="0" unitRef="usd" id="ixv-63553">150,000</ix:nonFraction>.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Veea Inc. and Subsidiaries<br/>
Notes to Consolidated Financial Statements<br/>
Years Ended December&#160;31, 2023 and 2022</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c23" continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c23_cont_1" escape="true" name="us-gaap:CommitmentsAndContingenciesDisclosureTextBlock" id="ixv-21482"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>11&#160;&#8212;&#160;COMMITMENTS
AND CONTINGENCIES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Purchase Commitments with Contract Manufacturers and Suppliers</b></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As of December&#160;31,
2023, the Company had no unconditional purchase obligations for the purchase of goods or services from suppliers and contract manufacturers.
Unconditional purchase obligations are obligations that are enforceable and legally binding on the Company and specify all significant
terms, including quantities to be purchased, fixed, minimum or variable price provisions and the approximate timing of the transaction.
Unconditional purchase obligations exclude agreements that are cancellable without penalty.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Leases</b></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Company leases office
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These leases expire at various dates through <ix:nonNumeric contextRef="c0" format="ixt-sec:duryear" name="veea:LeaseExpirationDate" id="ixv-63554">2025</ix:nonNumeric>. Under the terms of the various lease agreements, the Company may bear certain costs
such as maintenance, insurance and taxes. Lease agreements may provide for increasing rental payments at fixed intervals. The Company&#8217;s
CEO has guaranteed the obligations under the office space leased in New Jersey. The Company also leases offices in the United Kingdom
and France, under short-term arrangements of twelve&#160;months or less.</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Veea Inc. and Subsidiaries<br/>
Notes to Consolidated Financial Statements<br/>
Years Ended December&#160;31, 2023 and 2022</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>11&#160;&#8212;&#160;COMMITMENTS
AND CONTINGENCIES</b> (cont.)</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c23_cont_2" id="_CommitmentsAndContingenciesDisclosureTextBlock-c23_cont_1"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Operating lease liabilities
are based on the net present value of the remaining lease payments over the remaining lease term. In determining the net present value
of its lease payments, the Company used an estimated incremental borrowing rate that is applicable to the Company based on the information
available at the later of the lease commencement date, lease modification date, or the date of adoption of ASC&#160;842. <ix:nonNumeric contextRef="c23" continuedAt="_LesseeOperatingLeaseLiabilityMaturityTableTextBlock-c23_cont_1" escape="true" name="us-gaap:LesseeOperatingLeaseLiabilityMaturityTableTextBlock" id="ixv-63587">As of December&#160;31,
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table></ix:continuation>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Warranties</b></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Company accrues the
estimated cost of product warranties at the time of recognizing revenue. The Company&#8217;s standard product warranty terms generally
include post-sales support and repairs or replacement of a product at no additional charge for a specified period of time. The Company
engages in product quality programs and processes, including actively monitoring and evaluating the quality of its component suppliers.
The estimated warranty obligation is based on contractual warranty terms, repair costs, current period product shipments and product
failure rates. Warranty terms are generally limited to twelve&#160;months.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Indemnifications</b></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In the normal course of
business, the Company has indemnification obligations to other parties, including customers, lessors, and parties to other transactions
with us, with respect to certain matters. The Company has agreed to indemnify against losses arising from a breach of representations
or covenants or out of intellectual property infringement or other claims made against certain parties. These agreements may limit the
time or circumstances within which an indemnification claim can be made and the amount of the claim.</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">It is not possible to determine
the maximum potential amount for claims made under the indemnification obligations due to uncertainties in the litigation process, coordination
with and contributions by other parties and the defendants in these types of cases, and the unique facts and circumstances involved in
each particular case and agreement. To date, the Company has made no indemnity payments. In addition, the Company has entered into indemnification
agreements with its officers and directors, and its Amended and Restated Bylaws contain similar indemnification obligations to its agents.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Litigation</b></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In November&#160;2020 the
Company engaged an independent contractor basis (&#8220;Contractor&#8221;) to provide legal services to the Company. The Company subsequently
terminated the Contractor in early 2021. In April&#160;2021, the Contractor commenced a legal action against the Company alleging discrimination
and retaliation as a result of the Contractor&#8217;s disability and/or perceived disability. The Contractor sought three&#160;years
of contract payments in the amount of $<ix:nonFraction contextRef="c429" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ConstructionContractCostProgressPaymentOffset" scale="0" unitRef="usd" id="ixv-63610">600,000</ix:nonFraction>. The Company timely submitted a claim under its Employment Practices Liability insurance.
In&#160;accordance with the terms of the Company&#8217;s policy, the insurance carrier assumed defense of the litigation. Due to the
early stage of the litigation, as well as uncertainties in the litigation due to the proceeding being stayed in 2021, the Company could
not estimate the outcome as of December&#160;31, 2021. In July&#160;2023, the litigation was submitted to mediation and ultimately confidentially
settled. The Company&#8217;s portion of the settlement amount totaled the amount of the recorded reserve and settlement amounts in excess
of the Company&#8217;s deductible were paid by the Company&#8217;s insurance carrier.</p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 142; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Veea Inc. and Subsidiaries<br/>
Notes to Consolidated Financial Statements<br/>
Years Ended December&#160;31, 2023 and 2022</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>11&#160;&#8212;&#160;COMMITMENTS
AND CONTINGENCIES</b> (cont.)</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><ix:continuation id="_CommitmentsAndContingenciesDisclosureTextBlock-c23_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Other Commitments</b></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In connection with the Business
Combination transaction, Veea agreed to pay certain legal expenses contingent upon the closing of the Business Combination. As of December&#160;31,
2023, the amount of the deferred fees totaled approximately $<ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:FinancingReceivableDeferredIncome" scale="0" unitRef="usd" id="ixv-63611">104,000</ix:nonFraction>.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c23" escape="true" name="us-gaap:FairValueDisclosuresTextBlock" id="ixv-22076"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>12&#160;&#8212;&#160;FAIR VALUE MEASUREMENTS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Money Market Funds</b></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Money Market Funds are
classified within Level 1 as these securities are traded on an active public market. As of December&#160;31, 2023, the Company held approximately
$<ix:nonFraction contextRef="c436" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:MoneyMarketFundsAtCarryingValue" scale="0" unitRef="usd" id="ixv-63612">120,000</ix:nonFraction> in money market funds. The Company held <span style="-sec-ix-hidden: hidden-fact-650">no</span> money market funds at December&#160;31, 2022.</p></ix:nonNumeric><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c23" escape="true" name="us-gaap:EarningsPerShareTextBlock" id="ixv-22090"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>13&#160;&#8212;&#160;EARNINGS PER SHARE</b></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

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and dilutive net loss per share attributable to common stockholders for the&#160;years ended December&#160;31, 2023 and December&#160;31,
2022 are as follows:</ix:nonNumeric></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<ix:continuation id="_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock-c23_cont_1"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>Numerator:</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<ix:continuation id="_ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock-c23_cont_1"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 4pt; text-indent: -10pt; padding-left: 30pt">Total</td><td style="padding-bottom: 4pt">&#160;</td>
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  </table></ix:continuation></ix:nonNumeric><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 143; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Veea Inc. and Subsidiaries<br/>
Notes to Consolidated Financial Statements<br/>
Years Ended December&#160;31, 2023 and 2022</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c23" escape="true" name="us-gaap:SegmentReportingDisclosureTextBlock" id="ixv-22314"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>14&#160;&#8212;&#160;SEGMENTATION</b></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As described in Note&#160;3,
the Company operates as one reportable segment&#160;&#8212;&#160;sale of smart computing hubs and related subscriptions and licenses.</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><ix:nonNumeric contextRef="c23" continuedAt="_RevenueFromExternalCustomersByGeographicAreasTableTextBlock-c23_cont_1" escape="true" name="us-gaap:RevenueFromExternalCustomersByGeographicAreasTableTextBlock" id="ixv-63640">The following table summarizes
revenues by geographic area and as a percentage of revenue:</ix:nonNumeric></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<ix:continuation id="_RevenueFromExternalCustomersByGeographicAreasTableTextBlock-c23_cont_1"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table></ix:continuation>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Major Customers</b></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For the year ended December&#160;31,
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Long-lived Assets</b></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The majority of the Company&#8217;s
assets as of December&#160;31, 2023 and 2022 were attributable to its U.S.&#160;operations. The Company&#8217;s long-lived assets are
based on the physical location of the assets.</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><ix:nonNumeric contextRef="c23" continuedAt="_ScheduleOfRevenuesFromExternalCustomersAndLongLivedAssetsByGeographicalAreasTableTextBlock-c23_cont_1" escape="true" name="us-gaap:ScheduleOfRevenuesFromExternalCustomersAndLongLivedAssetsByGeographicalAreasTableTextBlock" id="ixv-63661">The following table presents
the Company&#8217;s long-lived assets, which consist of property and equipment, net, operating lease right-of-use assets and intangible
assets information for geographic areas:</ix:nonNumeric></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<ix:continuation id="_ScheduleOfRevenuesFromExternalCustomersAndLongLivedAssetsByGeographicalAreasTableTextBlock-c23_cont_1"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>Long-Lived Assets</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
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    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left; text-indent: -10pt; padding-left: 30pt">ROU Asset</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-656">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 30pt">Intangible Assets, net</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c465" decimals="0" format="ixt:num-dot-decimal" name="veea:Long-LivedAssetGross" scale="0" unitRef="usd" id="ixv-63670">2,430,143</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -10pt; padding-left: 10pt">Rest of World</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 20pt">Intangible Assets, net</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-657">&#8212;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c467" decimals="0" format="ixt:num-dot-decimal" name="veea:Long-LivedAssetGross" scale="0" unitRef="usd" id="ixv-63675">550,358</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 4pt; text-indent: -10pt; padding-left: 20pt">Total long-lived assets</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NoncurrentAssets" scale="0" unitRef="usd" id="ixv-63676">6,347,633</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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  </table></ix:continuation></ix:nonNumeric><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><i>&#160;</i></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><i>Refer to Note&#160;3
&#8212;&#160;Summary of Significant Accounting Policies&#160;&#8212;&#160;Revenue Recognition for additional revenue information for
geographic areas</i>.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 144; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Veea Inc. and Subsidiaries<br/>
Notes to Consolidated Financial Statements<br/>
Years Ended December&#160;31, 2023 and 2022</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c23" continuedAt="_IncomeTaxDisclosureTextBlock-c23_cont_1" escape="true" name="us-gaap:IncomeTaxDisclosureTextBlock" id="ixv-22630"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>15&#160;&#8212;&#160;INCOME TAXES</b></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><ix:nonNumeric contextRef="c23" continuedAt="_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock-c23_cont_1" escape="true" name="us-gaap:ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock" id="ixv-63678">Net loss for the&#160;years
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<ix:continuation id="_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock-c23_cont_1"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><ix:nonNumeric contextRef="c23" continuedAt="_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock-c23_cont_1" escape="true" name="us-gaap:ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock" id="ixv-63685">Provision for income taxes
for the&#160;years ended December&#160;31, 2023 and 2022, consisted of the following:</ix:nonNumeric></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<ix:continuation id="_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock-c23_cont_1"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c23" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CurrentForeignTaxExpenseBenefit" scale="0" unitRef="usd" id="ixv-63688">67,356</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c24" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CurrentIncomeTaxExpenseBenefit" scale="0" unitRef="usd" id="ixv-63691">20,261</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -10pt; padding-left: 10pt">Federal</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-660">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-661">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-662">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-663">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-664">&#8212;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-665">&#8212;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 20pt">Total deferred tax provision</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-666">&#8212;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-667">&#8212;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 4pt; text-indent: -10pt; padding-left: 20pt">Total provision for income taxes</td><td style="padding-bottom: 4pt">&#160;</td>
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    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c24" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncomeTaxExpenseBenefit" scale="0" unitRef="usd" id="ixv-63693">20,261</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  </table></ix:continuation>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><ix:nonNumeric contextRef="c23" continuedAt="_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock-c23_cont_1" escape="true" name="us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock" id="ixv-63694">Deferred tax assets (liabilities)
consist of the following:</ix:nonNumeric></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<ix:continuation id="_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock-c23_cont_1"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Years ended December&#160;31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>Deferred tax assets</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left; text-indent: -10pt; padding-left: 20pt">Stock options issued for services</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost" scale="0" unitRef="usd" id="ixv-63695">135,604</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-668">&#8212;</div></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">Net Operating Loss Carryforwards</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredTaxAssetsOperatingLossCarryforwards" scale="0" unitRef="usd" id="ixv-63696">27,783,834</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredTaxAssetsOperatingLossCarryforwards" scale="0" unitRef="usd" id="ixv-63697">23,213,473</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">Section 174 Expenditures</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="veea:DeferredTaxAssetsExpenditures" scale="0" unitRef="usd" id="ixv-63698">1,243,418</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="veea:DeferredTaxAssetsExpenditures" scale="0" unitRef="usd" id="ixv-63699">604,219</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">R&amp;D Tax Credits</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredTaxAssetsInProcessResearchAndDevelopment" scale="0" unitRef="usd" id="ixv-63700">6,406,470</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredTaxAssetsInProcessResearchAndDevelopment" scale="0" unitRef="usd" id="ixv-63701">2,244,842</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 20pt">Other</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredTaxAssetsOther" scale="0" unitRef="usd" id="ixv-63702">469,896</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredTaxAssetsOther" scale="0" unitRef="usd" id="ixv-63703">94,384</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 30pt">Total gross deferred tax assets</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredTaxAssetsGross" scale="0" unitRef="usd" id="ixv-63704">36,039,222</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredTaxAssetsGross" scale="0" unitRef="usd" id="ixv-63705">26,156,918</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Less Valuation Allowance</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredTaxAssetsValuationAllowance" scale="0" unitRef="usd" id="ixv-63706">35,566,934</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredTaxAssetsValuationAllowance" scale="0" unitRef="usd" id="ixv-63707">26,156,918</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Net deferred tax assets</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="veea:DeferredTaxRightOfUseAsset" scale="0" unitRef="usd" id="ixv-63710">113,698</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-671">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 30pt">Total gross deferred tax liabilities</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt">Net deferred tax liabilities</td><td style="padding-bottom: 4pt">&#160;</td>
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation></ix:nonNumeric><div>


</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 145; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Veea Inc. and Subsidiaries<br/>
Notes to Consolidated Financial Statements<br/>
Years Ended December&#160;31, 2023 and 2022</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>15&#160;&#8212;&#160;INCOME
TAXES</b> (cont.)</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><ix:continuation id="_IncomeTaxDisclosureTextBlock-c23_cont_1"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><ix:nonNumeric contextRef="c23" continuedAt="_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock-c23_cont_1" escape="true" name="us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock" id="ixv-63714">The reconciliation of federal
statutory income tax rate to our effective income tax rate is as follows:</ix:nonNumeric></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<ix:continuation id="_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock-c23_cont_1"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c23" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:EffectiveIncomeTaxRateReconciliationOtherAdjustments" scale="-2" sign="-" unitRef="pure" id="ixv-63717">0.21</ix:nonFraction></td><td style="text-align: left">)%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c24" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:EffectiveIncomeTaxRateReconciliationOtherAdjustments" scale="-2" sign="-" unitRef="pure" id="ixv-63718">0.95</ix:nonFraction></td><td style="text-align: left">)%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -10pt; padding-left: 10pt">Foreign</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c23" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential" scale="-2" unitRef="pure" id="ixv-63719">7.80</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-677">&#8212;</div></td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">State Taxes</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c23" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes" scale="-2" unitRef="pure" id="ixv-63720">24.10</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Return to Provision</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c23" decimals="4" format="ixt:num-dot-decimal" name="veea:EffectiveIncomeTaxRateReconciliationTaxReturnToProvision" scale="-2" unitRef="pure" id="ixv-63722">0.09</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-678">&#8212;</div></td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -10pt; padding-left: 10pt">Other</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c23" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent" scale="-2" unitRef="pure" id="ixv-63723">6.79</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c24" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent" scale="-2" sign="-" unitRef="pure" id="ixv-63724">1.86</ix:nonFraction></td><td style="text-align: left">)%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Change in valuation allowance</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c23" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance" scale="-2" sign="-" unitRef="pure" id="ixv-63725">60.27</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)%</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c24" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance" scale="-2" sign="-" unitRef="pure" id="ixv-63726">18.15</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt">Total tax benefit</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-679">&#8212;</div></td><td style="padding-bottom: 4pt; text-align: left">%</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-680">&#8212;</div></td><td style="padding-bottom: 4pt; text-align: left">%</td></tr>
  </table></ix:continuation>


<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As of December&#160;31,
2023, the Company had federal net operating loss carryforwards of approximately $<ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredTaxAssetsOperatingLossCarryforwardsDomestic" scale="0" unitRef="usd" id="ixv-63727">101,966,000</ix:nonFraction> which will be carried forward indefinitely.
In addition, the Company has state net operating loss carryforwards of approximately $<ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal" scale="0" unitRef="usd" id="ixv-63728">10,749,000</ix:nonFraction> with varying expiration dates as determined
by each state.</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As of December&#160;31,
2023, The Company had foreign net operating loss carryforwards of approximately $<ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredTaxAssetsOperatingLossCarryforwardsForeign" scale="0" unitRef="usd" id="ixv-63729">22,182,000</ix:nonFraction> and $<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredTaxAssetsOperatingLossCarryforwardsForeign" scale="0" unitRef="usd" id="ixv-63730">16,200,000</ix:nonFraction> as of December&#160;31, 2023
and 2022, respectively, which have no expiration.</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As of December&#160;31,
2023, Company had federal R&amp;D credit carryforwards of approximately $<ix:nonFraction contextRef="c468" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredTaxAssetsTaxCreditCarryforwards" scale="0" unitRef="usd" id="ixv-63731">3,207,000</ix:nonFraction> which will begin to expire in 2038 for federal tax
purposes.</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">At December&#160;31, 2023
the Company had state R&amp;D credit carryforwards of approximately $<ix:nonFraction contextRef="c469" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredTaxAssetsTaxCreditCarryforwards" scale="0" unitRef="usd" id="ixv-63732">5,124,000</ix:nonFraction> for state tax purposes which will not expire.</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">IRC Section&#160;382 imposes
limitations on the use of net operating loss carryovers when the stock ownership of <ix:nonFraction contextRef="c470" decimals="2" format="ixt-sec:numwordsen" name="us-gaap:EquityMethodInvestmentOwnershipPercentage" scale="-2" unitRef="pure" id="ixv-63733">one</ix:nonFraction> or more <ix:nonFraction contextRef="c471" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EquityMethodInvestmentOwnershipPercentage" scale="-2" unitRef="pure" id="ixv-63734">5</ix:nonFraction>% shareholders (shareholders owning
<ix:nonFraction contextRef="c472" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EquityMethodInvestmentOwnershipPercentage" scale="-2" unitRef="pure" id="ixv-63735">5</ix:nonFraction>% or more of the Company&#8217;s outstanding capital stock) has increased on a cumulative basis by more than 50 percentage points. As
of December&#160;31, 2023, the Company has not completed IRC Section&#160;382 analysis. An IRC Section&#160;382 limitation calculation
will be performed prior to the usage of tax attributes.</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Company&#8217;s effective
tax rate could also fluctuate due to changes in the valuation of its deferred tax assets or liabilities, or by changes in tax laws, regulations,
and accounting principles.</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Company has evaluated
both positive and negative evidence and determined that all of its deferred tax assets for the UK&#160;&amp; French subsidiaries will
not be realized within foreseeable future. As a result, the valuation allowance sets against both subsidiaries deferred tax assets.</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Beginning January&#160;1,
2022, the Tax Cuts and Jobs Act (the &#8220;Tax Act&#8221;) eliminated the option to deduct research and development expenditures in
the current year and requires taxpayers to capitalize such expenses pursuant to Internal Revenue Code (&#8220;IRC&#8221;) Section&#160;174.
The capitalized expenses are amortized over a five-year period for domestic expenses. As a result of this provision of the Tax Act, deferred
tax assets related to capitalized research expenses increased by $<ix:nonFraction contextRef="c23" decimals="0" format="ixt:num-dot-decimal" name="veea:DeferredTaxAssetsRelatedToCapitalizedResearchExpensesIncreased" scale="0" unitRef="usd" id="ixv-63736">663,935</ix:nonFraction> in 2023, partially offset by amortization on research expenses.</p></ix:continuation><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 146; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Veea Inc. and Subsidiaries<br/>
Notes to Consolidated Financial Statements<br/>
Years Ended December&#160;31, 2023 and 2022</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c23" escape="true" name="us-gaap:DefinedBenefitPlanTextBlock" id="ixv-23203"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>16&#160;&#8212;&#160;EMPLOYEE 401(k)&#160;PLAN</b></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Company sponsors a 401(k)&#160;plan
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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As allowed under Section&#160;401(k)&#160;of
the Internal Revenue Code, the Plan provides for tax-deferred salary contributions and after-tax contributions for eligible employees.
The Plan provides for tax-deferred salary contributions and after-tax contributions for eligible employees. Employee contributions are
limited to a maximum annual amount as set periodically by the Internal Revenue Code. The Company matches pretax and Roth employee contributions
up to <ix:nonFraction contextRef="c23" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:DefinedContributionPlanEmployerMatchingContributionPercentOfMatch" scale="-2" unitRef="pure" id="ixv-63737">4</ix:nonFraction>% of eligible earnings that are contributed by employees. All matching contributions vest immediately. The Company&#8217;s matching
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Company evaluated subsequent
events from December&#160;31, 2023, the date of these financial statements, through May 8, 2024, the date on which the financial statements
were issued (the &#8220;Issuance Date&#8221;), for events requiring recording or disclosure in the financial statements as of and for
the year ended December&#160;31, 2023. The Company concluded that no events have occurred that would require recognition or disclosure
in the financial statements, except as described below.</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On January 15, 2024, the
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TROLLEE&#8482; smart retail carts (the &#8220;Units&#8221;), for a purchase price per unit not to exceed $<ix:nonFraction contextRef="c480" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SaleOfStockPricePerShare" scale="0" unitRef="usdPershares" id="ixv-63741">800</ix:nonFraction>. The Company paid iFree
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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On February 1, 2024, the
Company extended the maturity date of the outstanding Bridge Notes held by NLabs until March 31, 2024; and on March 29, 2024, the maturity
date was subsequently extended to June 30, 2024. All other terms of the Bridge Notes remain the same.</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On February 1, 2024, the
Company extended the maturity date of the outstanding Demand Notes held by affiliates of the Company until March 31, 2024; and on March
29, 2024, the maturity date was subsequently extended to June 30, 2024. All other terms of the Demand Notes remain the same.</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On February 14, 2024, the
expiration date of the sublease with NLabs covering a portion of the Company&#8217;s New York corporate office was extended to March
31, 2024; and on March 29, 2024, the expiration date was subsequently extended to June 30, 2024. All other terms of the sublease remain
the same, including rent and additional rent.</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On February 14, 2024, the
expiration date of the lease agreement with 83<sup>rd</sup> Street LLC covering a portion of the Company&#8217;s New York corporate office
was extended to March 31, 2024; and on March 29, 2024, the expiration date was subsequently extended to June 30, 2024. All other terms
of the sublease remain the same, including rent and additional rent.</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Through May 8, 2024, the
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</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><div><a id="a_002"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>VEEA
INC. AND SUBSIDIARIES</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONDENSED
CONSOLIDATED BALANCE SHEETS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11.25pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap">&#160;</td><td style="white-space: nowrap; font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
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    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2024</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
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    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: justify">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: justify">&#160;</td></tr>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: justify">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify; text-indent: -9pt; padding-left: 0.25in">Investor deposits</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-9">&#8212;</div></td><td style="text-align: justify">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: justify">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-10">&#8212;</div></td><td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="border-bottom: Black 1.5pt solid; text-align: justify">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c11" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseLiabilityCurrent" scale="0" unitRef="usd" id="ixv-63782">211,345</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: justify">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -9pt; padding-left: 9pt">&#160;</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: justify">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-11">&#8212;</div></td><td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: justify">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-12">&#8212;</div></td><td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; text-indent: -9pt; padding-left: 9pt">Warrant liabilities</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c11" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:WarrantsAndRightsOutstanding" scale="0" unitRef="usd" id="ixv-63788">1,261,492</ix:nonFraction></td><td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-13">&#8212;</div></td><td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify; text-indent: -9pt; padding-left: 9pt">Contingent earn-out share liability (Note 4)</td><td>&#160;</td>
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    <td style="text-align: justify">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-14">&#8212;</div></td><td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: justify">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-15">&#8212;</div></td><td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Operating lease liabilities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: justify">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-16">&#8212;</div></td><td style="padding-bottom: 1.5pt; text-align: justify">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: justify">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c12" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseLiabilityNoncurrent" scale="0" unitRef="usd" id="ixv-63791">119,424</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: justify; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">TOTAL LIABILITIES</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: justify">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c11" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Liabilities" scale="0" unitRef="usd" id="ixv-63792">53,000,335</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: justify">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c12" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Liabilities" scale="0" unitRef="usd" id="ixv-63793">32,304,436</ix:nonFraction></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -9pt; padding-left: 9pt">&#160;</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: justify; text-indent: -9pt; padding-left: 9pt">STOCKHOLDERS&#8217; EQUITY</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: justify">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-17">&#8212;</div></td><td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-18">&#8212;</div></td><td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Common Stock, $<ix:nonFraction contextRef="c11" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:CommonStockParOrStatedValuePerShare" scale="0" unitRef="usdPershares" id="ixv-63798"><ix:nonFraction contextRef="c12" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:CommonStockParOrStatedValuePerShare" scale="0" unitRef="usdPershares" id="ixv-63799">0.0001</ix:nonFraction></ix:nonFraction> par value, <ix:nonFraction contextRef="c11" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesAuthorized" scale="0" unitRef="shares" id="ixv-63800"><ix:nonFraction contextRef="c12" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesAuthorized" scale="0" unitRef="shares" id="ixv-63801">500,000,000</ix:nonFraction></ix:nonFraction> shares authorized, <ix:nonFraction contextRef="c11" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesIssued" scale="0" unitRef="shares" id="ixv-63802"><ix:nonFraction contextRef="c11" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesOutstanding" scale="0" unitRef="shares" id="ixv-63803">35,686,757</ix:nonFraction></ix:nonFraction> and <ix:nonFraction contextRef="c12" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesIssued" scale="0" unitRef="shares" id="ixv-63804"><ix:nonFraction contextRef="c12" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesOutstanding" scale="0" unitRef="shares" id="ixv-63805">19,635,912</ix:nonFraction></ix:nonFraction> shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify; text-indent: -9pt; padding-left: 9pt">Additional&#160;paid-in&#160;capital</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c11" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AdditionalPaidInCapital" scale="0" unitRef="usd" id="ixv-63808">210,665,277</ix:nonFraction></td><td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c12" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AdditionalPaidInCapital" scale="0" unitRef="usd" id="ixv-63809">159,475,010</ix:nonFraction></td><td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11.25pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>


</div><!-- Field: Page; Sequence: 148; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><div><a id="a_003"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>VEEA
INC. AND SUBSIDIARIES</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Unaudited)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

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    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: justify">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: justify">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>


</div><!-- Field: Page; Sequence: 149; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 19pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><div><a id="a_004"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>VEEA
INC. AND SUBSIDIARIES</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONDENSED
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Unaudited)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 19pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <td style="text-align: justify">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: justify">&#160;</td><td>&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 19pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11.25pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>


</div><!-- Field: Page; Sequence: 150; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><div><a id="a_005"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>VEEA
INC. AND SUBSIDIARIES</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONDENSED
CONSOLIDATED STATEMENTS OF STOCKHOLDERS&#8217; EQUITY (DEFICIT)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Unaudited)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="font: 8pt Times New Roman, Times, Serif; width: 0.3%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="font: 8pt Times New Roman, Times, Serif; width: 4%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="font: 8pt Times New Roman, Times, Serif; width: 0.3%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif; width: 0.3%"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
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    <td style="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c83" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodValueAcquisitions" scale="0" unitRef="usd" id="ixv-63930">1,964</ix:nonFraction></span></td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
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    <td style="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
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  <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; font: bold 8pt Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Balance,
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    <td style="font: 8pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: hidden-fact-176; font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="font: 8pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: hidden-fact-177; font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="font: 8pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: hidden-fact-178; font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="font: 8pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: hidden-fact-179; font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="font: 8pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
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  <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; ">
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    <td style="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-hidden: hidden-fact-273; font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-hidden: hidden-fact-274; font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-hidden: hidden-fact-275; font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-hidden: hidden-fact-276; font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-hidden: hidden-fact-277; font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-hidden: hidden-fact-278; font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-hidden: hidden-fact-279; font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-hidden: hidden-fact-280; font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c118" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:SharesOutstanding" scale="0" unitRef="shares" id="ixv-63975">21,357,113</ix:nonFraction></span></td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c118" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" scale="0" unitRef="usd" id="ixv-63976">2,136</ix:nonFraction></span></td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
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    <td style="font: 8pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: hidden-fact-295; font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="font: 8pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
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  <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-367; font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
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  <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; ">
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    <td style="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-370; font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
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    <td style="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-372; font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-373; font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-374; font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-375; font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-376; font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c135" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:SharesOutstanding" scale="0" unitRef="shares" id="ixv-64024">35,686,757</ix:nonFraction></span></td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11.25pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11.25pt; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 151; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11.25pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2023</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding: 0pt; text-align: left; text-indent: 0pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><b>&#160;</b></span></td><td style="text-align: center; padding: 0pt; text-indent: 0pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><b>&#160;</b></span></td>
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    A-2<br/>
    Preferred Stock</b></span></td><td style="text-align: center; padding: 0pt; text-indent: 0pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><b>&#160;</b></span></td><td style="text-align: center; padding: 0pt; text-indent: 0pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><b>&#160;</b></span></td>
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    A-1 <br/>
    Preferred Stock</b></span></td><td style="text-align: center; padding: 0pt; text-indent: 0pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><b>&#160;</b></span></td><td style="text-align: center; padding: 0pt; text-indent: 0pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><b>&#160;</b></span></td>
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    Veea Common Stock</b></span></td><td style="text-align: center; padding: 0pt; text-indent: 0pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><b>&#160;</b></span></td><td style="text-align: center; padding: 0pt; text-indent: 0pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><b>&#160;</b></span></td>
    <td colspan="6" style="vertical-align: bottom; padding: 0pt; border-bottom: Black 1.5pt solid; text-align: center; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><b>Common
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    Paid-in-</b></span></td><td style="text-align: center; padding: 0pt; text-indent: 0pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><b>&#160;</b></span></td><td style="text-align: center; padding: 0pt; text-indent: 0pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><b>&#160;</b></span></td>
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    Other<br/>
    Comprehensive</b></span></td><td style="text-align: center; padding: 0pt; text-indent: 0pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><b>&#160;</b></span></td><td style="text-align: center; padding: 0pt; text-indent: 0pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><b>&#160;</b></span></td>
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    Stockholders&#8217;</b></span></td><td style="text-align: center; padding: 0pt; text-indent: 0pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><b>&#160;</b></span></td></tr>
  <tr style="vertical-align: bottom">
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    <td colspan="2" style="vertical-align: bottom; padding: 0pt; text-align: center; border-bottom: Black 1.5pt solid; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><b>Amount</b></span></td><td style="text-align: center; padding: 0pt; text-indent: 0pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><b>&#160;</b></span></td><td style="text-align: center; padding: 0pt; text-indent: 0pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><b>&#160;</b></span></td>
    <td colspan="2" style="vertical-align: bottom; padding: 0pt; text-align: center; border-bottom: Black 1.5pt solid; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><b>Shares</b></span></td><td style="text-align: center; padding: 0pt; text-indent: 0pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><b>&#160;</b></span></td><td style="text-align: center; padding: 0pt; text-indent: 0pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><b>&#160;</b></span></td>
    <td colspan="2" style="vertical-align: bottom; padding: 0pt; text-align: center; border-bottom: Black 1.5pt solid; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><b>Amount</b></span></td><td style="text-align: center; padding: 0pt; text-indent: 0pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><b>&#160;</b></span></td><td style="text-align: center; padding: 0pt; text-indent: 0pt; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><b>&#160;</b></span></td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-387; font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Issuance
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-444; font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-445; font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c190" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition" scale="0" unitRef="usd" id="ixv-64079">133,640</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-447; font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-448; font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-449; font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-450; font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Net
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    <td style="border-bottom: Black 1.5pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-453; font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-454; font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-456; font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(<ix:nonFraction contextRef="c190" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="0" sign="-" unitRef="usd" id="ixv-64083">7,070,774</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Balance,
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-460; font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-461; font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-462; font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-463; font-family: Times New Roman, Times, Serif; font-size: 8pt">-</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
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  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>


</div><!-- Field: Page; Sequence: 152; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><div><a id="a_006"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>VEEA
INC. AND SUBSIDIARIES</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Unaudited)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>



</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="text-align: center; font-weight: bold; border-bottom: Black 1.5pt solid">Nine Months ended<br/> September 30,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-align: justify">Change in fair value of convertible note option liability</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:FairValueOptionChangesInFairValueGainLoss1" scale="0" unitRef="usd" id="ixv-64111">607,067</ix:nonFraction></td><td style="text-align: justify">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: justify">Change in fair value of warrant liabilities</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:FairValueAdjustmentOfWarrants" scale="0" unitRef="usd" id="ixv-64112">220,373</ix:nonFraction></td><td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-545">-</div></td><td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-align: justify">Earn-out liability initial loss</td><td>&#160;</td>
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    <td style="text-align: justify">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: justify">Change in fair value of earn out share liabilities</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:EquityFairValueAdjustment" scale="0" unitRef="usd" id="ixv-64114">24,750,000</ix:nonFraction></td><td style="text-align: justify">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-align: justify">Interest income on investment</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GainLossOnInvestments" scale="0" unitRef="usd" id="ixv-64115">768</ix:nonFraction></td><td style="text-align: justify">)</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-547">-</div></td><td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: justify">Stock based compensation</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensation" scale="0" unitRef="usd" id="ixv-64116">394,234</ix:nonFraction></td><td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c27" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensation" scale="0" unitRef="usd" id="ixv-64117">404,761</ix:nonFraction></td><td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-align: justify">Interest expense on convertible notes converted</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="veea:InterestExpenseOnConvertiblesNotesConverted" scale="0" unitRef="usd" id="ixv-64118">868,853</ix:nonFraction></td><td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-548">-</div></td><td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: justify">Unrealized foreign currency transaction(gain) loss</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ForeignCurrencyTransactionGainLossUnrealized" scale="0" unitRef="usd" id="ixv-64119">1,686,348</ix:nonFraction></td><td style="text-align: justify">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-align: justify">Amortization of operating lease right of use assets</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseRightOfUseAssetAmortizationExpense" scale="0" unitRef="usd" id="ixv-64121">340,496</ix:nonFraction></td><td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c27" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseRightOfUseAssetAmortizationExpense" scale="0" unitRef="usd" id="ixv-64122">589,617</ix:nonFraction></td><td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Changes in operating assets and liabilities:</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in">Receivables</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccountsReceivable" scale="0" unitRef="usd" id="ixv-64123">31,736</ix:nonFraction></td><td style="text-align: justify">)</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c27" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccountsReceivable" scale="0" unitRef="usd" id="ixv-64124">23,651</ix:nonFraction></td><td style="text-align: justify">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in">Inventories</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInInventories" scale="0" unitRef="usd" id="ixv-64125">602,235</ix:nonFraction></td><td style="text-align: justify">)</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c27" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInInventories" scale="0" sign="-" unitRef="usd" id="ixv-64126">49,595</ix:nonFraction></td><td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-align: justify">Prepaid and other current assets</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" scale="0" unitRef="usd" id="ixv-64127">5,034,546</ix:nonFraction></td><td style="text-align: justify">)</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c27" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" scale="0" unitRef="usd" id="ixv-64128">129,265</ix:nonFraction></td><td style="text-align: justify">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: justify">Security deposit</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-549">-</div></td><td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c27" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInSecurityDeposits" scale="0" unitRef="usd" id="ixv-64129">8,842</ix:nonFraction></td><td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-align: justify">Accounts payable</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccountsPayable" scale="0" unitRef="usd" id="ixv-64130">793,161</ix:nonFraction></td><td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c27" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccountsPayable" scale="0" sign="-" unitRef="usd" id="ixv-64131">1,732,713</ix:nonFraction></td><td style="text-align: justify">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: justify">Accrued expenses</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccruedLiabilities" scale="0" unitRef="usd" id="ixv-64132">1,618,881</ix:nonFraction></td><td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c27" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccruedLiabilities" scale="0" unitRef="usd" id="ixv-64133">269,973</ix:nonFraction></td><td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-align: justify">Accrued interest</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-550">-</div></td><td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c27" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccruedInterestReceivableNet" scale="0" sign="-" unitRef="usd" id="ixv-64134">1,048,928</ix:nonFraction></td><td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: justify">Operating lease payments</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: justify">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInOperatingLeaseLiability" scale="0" sign="-" unitRef="usd" id="ixv-64135">353,929</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: justify">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: justify">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c27" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInOperatingLeaseLiability" scale="0" sign="-" unitRef="usd" id="ixv-64136">627,503</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: justify">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.25in; text-align: justify">Net cash used in operating activities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: justify">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInOperatingActivities" scale="0" sign="-" unitRef="usd" id="ixv-64137">19,829,558</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: justify">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: justify">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c27" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInOperatingActivities" scale="0" sign="-" unitRef="usd" id="ixv-64138">7,150,873</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: justify">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: justify">Cash flows from investing activities</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-align: justify">Purchase of property and equipment</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" scale="0" unitRef="usd" id="ixv-64139">33,439</ix:nonFraction></td><td style="text-align: justify">)</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c27" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" scale="0" unitRef="usd" id="ixv-64140">15,651</ix:nonFraction></td><td style="text-align: justify">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: justify">Purchase of intangible assets and trademarks</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: justify">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PaymentsToAcquireIntangibleAssets" scale="0" unitRef="usd" id="ixv-64141">174,258</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: justify">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: justify">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c27" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PaymentsToAcquireIntangibleAssets" scale="0" unitRef="usd" id="ixv-64142">83,590</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: justify">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.25in; text-align: justify">Net cash used in investing activities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: justify">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInInvestingActivities" scale="0" sign="-" unitRef="usd" id="ixv-64143">207,697</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: justify">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: justify">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c27" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInInvestingActivities" scale="0" sign="-" unitRef="usd" id="ixv-64144">99,241</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: justify">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: justify">Cash flows from financing activities</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-align: justify">Proceeds from issuance of third-party convertible notes</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: justify">Payment of notes - related party</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-align: justify">Proceeds from the exercise of stock options for common stock</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: justify">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-558">-</div></td><td style="padding-bottom: 1.5pt; text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-align: justify">Net cash provided by financing activities</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: justify">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c27" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInFinancingActivities" scale="0" unitRef="usd" id="ixv-64158">8,227,615</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: justify">Effect of exchange rate changes on cash</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: justify">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c27" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" scale="0" unitRef="usd" id="ixv-64160">1,224</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: justify">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: justify">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: justify">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify">Net increase (decrease) in cash and cash equivalents</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: justify">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" scale="0" sign="-" unitRef="usd" id="ixv-64161">3,207,105</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: justify">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: justify">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c27" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" scale="0" unitRef="usd" id="ixv-64162">978,725</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify">Cash and cash equivalents at beginning of year</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" scale="0" unitRef="usd" id="ixv-64163">6,010,075</ix:nonFraction></td><td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" scale="0" unitRef="usd" id="ixv-64164">185,881</ix:nonFraction></td><td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: justify">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: justify">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: justify">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify">Cash and cash equivalents at end of year</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: justify">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c11" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" scale="0" unitRef="usd" id="ixv-64165">2,802,970</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: justify">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: justify">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c243" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" scale="0" unitRef="usd" id="ixv-64166">1,164,606</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: justify">Non-cash activities</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: justify">Initial measurement of debt discount on the convertible note</td><td>&#160;</td>
    <td style="text-align: justify">$</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="veea:InitialMeasurementOfDebtDiscountOnTheConvertibleNote" scale="0" unitRef="usd" id="ixv-64167">1,450,000</ix:nonFraction></td><td style="text-align: justify">)</td><td>&#160;</td>
    <td style="text-align: justify">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-559">-</div></td><td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-align: justify">Conversion of related party notes to Common Stock</td><td>&#160;</td>
    <td style="text-align: justify">$</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssued1" scale="0" unitRef="usd" id="ixv-64168">2,205,497</ix:nonFraction></td><td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: justify">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-560">-</div></td><td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: justify">Initial measurement of the convertible note option liability</td><td>&#160;</td>
    <td style="text-align: justify">$</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="veea:InitialMeasurementOfTheConvertibleNoteOptionLiability" scale="0" unitRef="usd" id="ixv-64169">1,450,000</ix:nonFraction></td><td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: justify">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-561">-</div></td><td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-align: justify">Conversion of principal on related party notes to Common Stock</td><td>&#160;</td>
    <td style="text-align: justify">$</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="veea:ConversionOfPrincipalOnConvertibleNotesToCommonStock" scale="0" unitRef="usd" id="ixv-64170">12,598,000</ix:nonFraction></td><td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: justify">$</td><td style="text-align: right"><ix:nonFraction contextRef="c27" decimals="0" format="ixt:num-dot-decimal" name="veea:ConversionOfPrincipalOnConvertibleNotesToCommonStock" scale="0" unitRef="usd" id="ixv-64171">9,069,516</ix:nonFraction></td><td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: justify">Conversion of interest on replated notes to Common Stock</td><td>&#160;</td>
    <td style="text-align: justify">$</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="veea:ConversionOfInterestOnReplatedNotesToCommonStock" scale="0" unitRef="usd" id="ixv-64172">3,141,846</ix:nonFraction></td><td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: justify">$</td><td style="text-align: right"><ix:nonFraction contextRef="c27" decimals="0" format="ixt:num-dot-decimal" name="veea:ConversionOfInterestOnReplatedNotesToCommonStock" scale="0" unitRef="usd" id="ixv-64173">1,879,686</ix:nonFraction></td><td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-align: justify">Legacy Warrants issued with term note payable</td><td>&#160;</td>
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    <td style="text-align: justify">$</td><td style="text-align: right"><ix:nonFraction contextRef="c27" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NotesIssued1" scale="0" unitRef="usd" id="ixv-64174">1,682,750</ix:nonFraction></td><td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: justify">Issuance of Common Stock related to convertible note payable</td><td>&#160;</td>
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    <td style="text-align: justify">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-563">-</div></td><td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-align: justify">Conversion of vendor payable to Common Stock</td><td>&#160;</td>
    <td style="text-align: justify">$</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="veea:ConversionOfVendorPayableToCommonStock" scale="0" unitRef="usd" id="ixv-64176">3,422,028</ix:nonFraction></td><td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: justify">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-564">-</div></td><td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: justify">Supplemental cash flow information</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p><div>

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</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><div><a id="a_007"></a></div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Veea
Inc. and Subsidiaries</b></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Notes to the Condensed
Consolidated Financial Statements </b></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>For the Three and Nine
Months Ended September 30, 2024 and 2023</b></p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:NatureOfOperations" id="ixv-31339"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">1 <span style="font-size: 10pt">- DESCRIPTION
OF BUSINESS</span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
Company is a provider of edge computing and communications devices (i.e., &#8220;VeeaHub</span><span style="font-family: Symbol">&#210;</span><span style="font-family: Times New Roman, Times, Serif">&#8221;
devices), applications and services hosted on its edge Platform-as-a-Service (&#8220;ePaaS&#8221;). Veea Edge Platform ePaaS is an end-to-end
platform that is both locally- and cloud-managed. VeeaHub</span><span style="font-family: Symbol">&#210;</span> <span style="font-family: Times New Roman, Times, Serif">products
are converged computing and communications (i.e., hyperconverged) indoor and outdoor devices, about the size of a Wi-Fi Access Point
(AP), that provide for networking and computing solutions for AI-assisted applications and solutions at the edge where people, places,
and things connect to the network.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Veea
Edge Platform</span><span style="font-family: Symbol">&#212;</span> <span style="font-family: Times New Roman, Times, Serif">provides
for highly secure connectivity, computing, and IoT solutions through full stack platform for digital transformation of industries as
well as unserved or underserved communities that lack Internet connectivity and essential applications and services. It further enables
the formation of highly secure, but easily accessible, private clouds and networks across one or multiple user(s) or enterprise location(s)
across the globe. We have redefined and simplified edge computing and connectivity with Veea Edge Platform</span><span style="font-family: Symbol">&#212;</span><span style="font-family: Times New Roman, Times, Serif">,
easily deployable products that fully integrate hardware, system software, technologies, and edge applications. We are demonstrating,
globally, that the Veea Edge Platform</span><span style="font-family: Symbol">&#212; </span><span style="font-family: Times New Roman, Times, Serif">enables
our partners and customers to champion digital transformations in multiple vertical markets.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">Through our innovative Veea Edge Platform,
we have created a new product category that brings cloud capabilities close to the user, as an alternative to cloud computing, with benefits
in optimal latency, lower data transport costs, data privacy, security and ownership, Edge AI, &#8220;always-on&#8221; availability at
the edge for mission critical applications, and contextual awareness for people, devices and things connected to the Internet. The Company
was recognized in 2023 by Gartner as a Leading Smart Edge Platform for the innovativeness and capabilities of our Veea Edge Platform
and a Cool Vendor in Edge Computing in 2021. Veea was named in Market Reports World&#8217;s in its research report published in October
2023 as one of the top 10 Edge AI solution providers alongside of IBM, Microsoft, Amazon Web Services among others.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On
September 13, 2024 Plum Acquisition Corp. I. (&#8220;Plum&#8221;), a special purpose acquisition company, Veea Inc., a Delaware corporation
(&#8220;Legacy Veea&#8221;) consummated its previously announced Business Combination, pursuant to that certain Business Combination
Agreement, dated November 27, 2023 (as amended on June 13, 2024 and September 13, 2024, the &#8220;Business Combination Agreement&#8221;),
between Plum, Legacy Veea, and Plum Merger Sub, a Delaware corporation) (&#8220;Plum Merger Sub&#8221;). In connection with the consummation
of the Business Combination (the &#8220;Closing&#8221;) (i) Plum de-registered from the Register of Companies in the Cayman Islands by
way of continuation out of the Cayman Islands and into the State of Delaware, migrating to and domesticating as a Delaware corporation
(the &#8220;Domestication&#8221;), and (ii) the merger (the &#8220;Merger&#8221;) of Plum Merger Sub with and into Legacy Veea was completed
and the separate corporate existence of Plum Merger Sub ceased, with Legacy Veea as the surviving corporation becoming a wholly owned
subsidiary of Plum. Following the Closing Plum changed its name from &#8220;Plum Acquisition Corp. I&#8221; to &#8220;Veea Inc.&#8221;
(hereinafter &#8220;Veea&#8221; or &#8220;the Company&#8221; and Legacy Veea changed its name from &#8220;Veea Inc.&#8221; to &#8220;VeeaSystems
Inc.&#8221; <i>See Note 4 &#8220;Recapitalization&#8221; for more information.</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The
Company has five wholly owned subsidiaries, VeeaSystems Inc., formerly known as Veea Inc. (&#8220;VeeaSystems US&#8221;) 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 (&#8220;U.S.&#8221;) and Europe.</p></ix:nonNumeric><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_LiquidationBasisOfAccountingTextBlock-c0_cont_1" escape="true" name="us-gaap:LiquidationBasisOfAccountingTextBlock" id="ixv-31369"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">2 <span style="font-size: 10pt">&#8211;
LIQUIDITY AND MANAGEMENT&#8217;S PLAN</span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">During the nine months ended September
30, 2024 and 2023, the Company has incurred net losses of $<ix:nonFraction contextRef="c0" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:ProfitLoss" scale="6" sign="-" unitRef="usd" id="ixv-64179">46.6</ix:nonFraction> million and $<ix:nonFraction contextRef="c27" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:ProfitLoss" scale="6" sign="-" unitRef="usd" id="ixv-64180">9.4</ix:nonFraction> million, respectively, and had an accumulated deficit
of $<ix:nonFraction contextRef="c11" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:RetainedEarningsAccumulatedDeficit" scale="6" sign="-" unitRef="usd" id="ixv-64181">216.9</ix:nonFraction> 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&#8217;s activities have been financed through private placements of equity securities and debt to
related parties.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify">&#160;</p></ix:nonNumeric><div>


</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify"></p><div>

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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify">&#160;</p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Veea Inc. and Subsidiaries</b></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Notes to the Condensed
Consolidated Financial Statements </b></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>For the Three and Nine
Months Ended September 30, 2024 and 2023</b></p><div>


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and received $<ix:nonFraction contextRef="c486" decimals="-4" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromConvertibleDebt" scale="6" unitRef="usd" id="ixv-64183">1.45</ix:nonFraction> million in proceeds from the issuance of its convertible promissory note with a commitment from a convertible note
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account and received a cash tax refund of approximately $<ix:nonFraction contextRef="c0" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromIncomeTaxRefunds" scale="6" unitRef="usd" id="ixv-64186">1.2</ix:nonFraction> million in respect to the Company&#8217;s UK subsidiary&#8217;s R&amp;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 $<ix:nonFraction contextRef="c487" decimals="-6" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromLinesOfCredit" scale="6" unitRef="usd" id="ixv-64187">25</ix:nonFraction> million Equity Line of Credit and the anticipated return
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expects it will be able to funds its operations over the next twelve months. The Company may seek additional funding through debt or
other equity financing arrangements, implement incremental expense reduction measures or a combination thereof to continue financing
its operations. Although management continues to pursue these plans, there is no assurance that the Company will be successful in obtaining
sufficient funding on terms acceptable to the Company to fund continuing operations, if at all. See <i>Note 17 &#8220;Subsequent Events&#8221;
</i>for further information regarding the Equity Line of Credit.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company&#8217;s condensed consolidated
financial statements have been prepared assuming the Company will continue as a going concern, which contemplates, among other things,
the realization of assets and satisfaction of liabilities in the normal course of business. The condensed consolidated financial statements
do not include adjustments to reflect the possible future effects on the recoverability and classification of recorded assets or the
amounts of liabilities that might be necessary should the Company be unable to continue as a going concern.&#160;</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_1" escape="true" name="us-gaap:SignificantAccountingPoliciesTextBlock" id="ixv-31408"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">3 <span style="font-size: 10pt">- SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES</span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<ix:nonNumeric contextRef="c0" continuedAt="_ConsolidationPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:ConsolidationPolicyTextBlock" id="ixv-31413"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Principles of Consolidation</p></ix:nonNumeric>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><ix:continuation continuedAt="_ConsolidationPolicyTextBlock-c0_cont_2" id="_ConsolidationPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The
                                            accompanying unaudited condensed consolidated financial statements have been prepared in
                                            accordance with accounting principles generally accepted in the United States of America
                                            (&#8220;GAAP&#8221;) and the rules and regulations of the U.S. Securities and Exchange Commission
                                            (the &#8220;SEC&#8221;) for interim financial information. Accordingly, certain information
                                            and footnote disclosures normally included in consolidated financial statements in accordance
                                            with GAAP have been omitted. In the opinion of management, all adjustments considered necessary
                                            for a fair presentation have been included.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_ConsolidationPolicyTextBlock-c0_cont_3" id="_ConsolidationPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">All significant intercompany
balances and transactions have been eliminated in consolidation.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<ix:continuation id="_ConsolidationPolicyTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The condensed consolidated balance
sheet at December 31, 2023 has been derived from the audited consolidated financial statements at that date, but does not include all
disclosures, including notes, required by GAAP for complete financial statements. The unaudited interim condensed consolidated financial
statements should be read in conjunction with the consolidated financial statements and accompanying footnotes included in the Company&#8217;s
Annual Report on Form S-1 for its year ended December 31, 2023.</p></ix:continuation><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="_BasisOfAccountingPolicyPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:BasisOfAccountingPolicyPolicyTextBlock" id="ixv-31425"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Basis of Accounting</p></ix:nonNumeric>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><ix:continuation id="_BasisOfAccountingPolicyPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The
accompanying condensed consolidated financial statements have been prepared on the accrual basis in accordance with accounting principles
generally accepted under GAAP.</p></ix:continuation><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="_UseOfEstimates-c0_cont_1" escape="true" name="us-gaap:UseOfEstimates" id="ixv-31431"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Use of Estimates</p></ix:nonNumeric>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<ix:continuation id="_UseOfEstimates-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Management of the Company is required
to make certain estimates, judgments, and assumptions during the preparation of its condensed consolidated financial statements in accordance
with GAAP. The Company believes that these estimates, judgments and assumptions are reasonable under the circumstances. These estimates,
judgments, and assumptions impact the reported amounts of assets, liabilities, revenue, and expenses, and the related disclosure of contingent
assets and liabilities. Actual results could differ from these estimates. Changes in such estimates could affect amounts reported in
future periods. On an ongoing basis, the Company evaluates its estimates and judgments including those related to: liquidity and going
concern, the useful lives and recoverability of property and equipment and definite-lived intangible assets; the recoverability of goodwill
and indefinite-lived intangible assets; the carrying value of accounts receivable, including the determination of the allowance for credit
losses; inventory, including the determination of allowances for estimated excess or obsolescence; the fair value of warrants; the fair
value of acquisition- related contingent consideration arrangements; unrecognized tax benefits; legal contingencies; the incremental
borrowing rate for the Company&#8217;s leases; and the valuation of stock-based compensation, among others.</p></ix:continuation>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37pt; text-align: justify">&#160;&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<ix:continuation id="_PriorPeriodReclassificationAdjustmentDescription-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Certain amounts from prior period
financial statements have been reclassified to align with the presentation used in the current condensed consolidated financial statements
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<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37pt; text-align: justify">&#160;</p>

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<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

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company, as defined in the JOBS Act. Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards
issued subsequent to the enactment of the JOBS Act, until such time as those standards apply to private companies. The Company has elected
to use this extended transition period for complying with new or revised accounting standards that have different effective dates for
public and private companies until the earlier of the date that it (i)&#160;is no longer an emerging growth company or (ii)&#160;affirmatively
and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, these financial statements may not
be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p></ix:continuation></ix:nonNumeric><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Veea Inc. and Subsidiaries</b></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Notes to the Condensed
Consolidated Financial Statements </b></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>For the Three and Nine
Months Ended September 30, 2024 and 2023</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<ix:continuation id="_SegmentReportingPolicyPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company operates as a single operating
segment. The chief operating decision maker is the Company&#8217;s Chief Executive Officer, who makes resource allocation decisions and
assesses performance based on financial information presented on a consolidated basis, accompanied by disaggregated revenue information.
Accordingly, the Company has determined that it has a single reportable segment and operating segment.</p></ix:continuation>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction
between market participants on the measurement date. Valuation techniques used to measure fair value maximize the use of observable inputs
and minimize the use of unobservable inputs. The fair value hierarchy is based on three levels of inputs, of which the first two are
considered observable and the last is considered unobservable:</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 109pt; text-align: justify; text-indent: -0.75in"><i>&#160;</i></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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                                            assets or liabilities in active markets, quoted market prices for identical or similar assets
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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                                            inputs for which there is little or no market data and require the Company to develop its
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 109pt; text-align: justify">&#160;</p>

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Company issued preferred stock warrants and common stock warrants classified as equity securities which do not require recurring fair
value measurement. <i>Refer to Note 9 &#8211; Incentive Plans </i>for the assumptions used in estimating the fair value of such common
stock warrants<i>.</i></span></p></ix:continuation>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation continuedAt="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_7" id="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i><span style="text-decoration:underline">Recurring Fair Value Measurements</span></i></p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

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value of the warrants is classified within Level 2 because the fair value is determined through quoted market prices, which are valued
using the closing market price of the public warrants as the private placement warrants have terms and provisions that are identical
to those of the public warrants.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

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through an option pricing model.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_13" id="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Earn-Out - The initial measurement
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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instruments that are measured at fair value on a recurring basis consist primarily of cash, accounts receivable, accounts payable, accrued
expenses, and other current liabilities. The Company believes their carrying values are representative of their fair values due to their
short-term maturities.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37pt; text-align: justify">&#160;</p>

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net assets should be accounted for as a business combination or an asset acquisition by first applying a screen test to determine whether
substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable
assets. If so, the transaction is accounted for as an asset acquisition. If not, the Company applies its judgement to determine whether
the acquired net assets meets the definition of a business by considering if the set includes an acquired input, process, and the ability
to create outputs.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37pt; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37pt; text-align: justify">&#160;</p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Veea Inc. and Subsidiaries</b></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Notes to the Condensed
Consolidated Financial Statements </b></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>For the Three and Nine
Months Ended September 30, 2024 and 2023</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37pt; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_3" id="_SignificantAccountingPoliciesTextBlock-c0_cont_2"><ix:continuation continuedAt="_BusinessCombinationsPolicy-c0_cont_3" id="_BusinessCombinationsPolicy-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company accounts for business
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transferred including the fair value of any non-controlling interest recognized, less the net recognized amount of the identifiable assets
acquired and liabilities assumed, all measured at their fair value as of the acquisition date. Transaction costs, other than those associated
with the issuance of debt or equity securities, that the Company incurs in connection with a business combination are expensed as incurred.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37pt; text-align: justify">&#160;</p>

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Earn-out liabilities) is measured at fair value at the acquisition date. For contingent consideration that do not meet all the criteria
for equity classification, such contingent consideration are required to be recorded at their initial fair value at the acquisition date,
and on each balance sheet date thereafter. Changes in the estimated fair value of liability-classified contingent consideration are recognized
on the consolidated statements of operations in the period of change.</p></ix:continuation>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37pt; text-align: justify">&#160;</p>

<ix:continuation id="_BusinessCombinationsPolicy-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">When the initial accounting for a
business combination has not been finalized by the end of the reporting period in which the transaction occurs, the Company reports provisional
amounts. Provisional amounts are adjusted during the measurement period, which does not exceed one year from the acquisition date. These
adjustments, or recognition of additional assets or liabilities, reflect new information obtained about facts and circumstances that
existed at the acquisition date that, if known, would have affected the amounts recognized at that date.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="_CashAndCashEquivalentsPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:CashAndCashEquivalentsPolicyTextBlock" id="ixv-31588"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Cash and Cash Equivalents</p></ix:nonNumeric>

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European banks. Cash balances held in the U.S. are insured by the Federal Deposit Insurance Corporation subject to certain limitations.
The Company maintains its cash balances in highly rated financial institutions. At times, cash balances may exceed federally insurable
limits.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="_CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy-c0_cont_1" escape="true" name="us-gaap:CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy" id="ixv-31594"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Restricted Cash</p></ix:nonNumeric>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

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<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.95pt; text-align: justify">&#160;</p>

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on the satisfaction of distinct obligations to transfer goods and services to customers. The Company generates revenue from hardware
sales and the sale of licenses and subscriptions. The Company applies a five-step approach as defined in ASC 606, Revenue from Contracts
with Customers, in determining the amount and timing of revenue to be recognized: (1) identify the contract with a customer; (2) identify
the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance
obligations in the contract; and (5) recognize revenue when a corresponding performance obligation is satisfied. Most contracts with
customers are to provide distinct products or services within a single contract. However, if a contract is separated into more than one
performance obligation, the total transaction price is allocated to each performance obligation in an amount based on the estimated relative
standalone selling price.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.95pt; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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under the contract. Revenue from non-refundable upfront payments is recognized when the license is transferred to the customer and the
Company has no other performance obligations. Revenue for licenses delivered under a subscription model having terms between one and
twelve-months are recognized over-time. Subscription revenue is generated through sales of monthly subscriptions. Customers pay in advance
for the licenses and subscriptions. Revenue is initially deferred and is recognized using the straight-line method over the term of the
applicable subscription period.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.95pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 157; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Veea Inc. and Subsidiaries</b></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Notes to the Condensed
Consolidated Financial Statements </b></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>For the Three and Nine
Months Ended September 30, 2024 and 2023</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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at a point-in-time, which is generally at the point in time when products have been shipped, right to payment has been obtained and risk
of loss has been transferred. Certain of the Company&#8217;s product performance obligations include proprietary operating system software,
which typically is not considered separately identifiable. Therefore, sales of these products and the related software are considered
one performance obligation.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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at the transaction price, the amount management expects to be entitled to in exchange for transferring goods or providing services. Transaction
price is calculated as selling price net of variable consideration which may include estimates for future returns, price protection,
warranties, and other customer incentive programs based upon the Company&#8217;s expectation and historical experience.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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under non-cancellable arrangements. While customers, including resellers, may cancel master purchase agreements under certain circumstances,
customers may not cancel or modify purchase orders placed under the terms of such master purchase agreements. Each purchase order is
therefore a contract with the customer, i.e., the purchase of a quantity of any given, single product; further, purchase orders do not
commit the customer to purchase any further volumes over time. Contract modifications do not carry revenue recognition implications as
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generally recognized over time as the services are provided, including maintenance and support services, and professional services to
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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revenue is recorded when consideration is received or is unconditionally due from a customer prior to transferring control of goods or
services to the customer under the terms of a contract. Deferred revenue balances typically result from advance payments received from
customers for product contracts or from billings in excess of revenue recognized on services arrangements. Deferred revenue balances
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<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37pt; text-align: justify">&#160;</p>

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terms generally include post-sales support and repairs or replacement of a product at no additional charge for a specified period of
time. The Company actively monitors and evaluates the quality of its component suppliers. The estimated warranty obligation is based
on contractual warranty terms, repair costs, and the Company&#8217;s baseline experience. The Company&#8217;s standard warranty terms
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<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37pt; text-align: justify">&#160;</p>

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guidance effective January 1, 2023. The Company maintains the allowance for estimated losses resulting from the inability of the Company&#8217;s
customers to make required payments. The allowance represents the current estimate of lifetime expected credit losses over the remaining
duration of existing accounts receivable considering current market conditions and supportable forecasts when appropriate. The estimate
is a result of the Company&#8217;s ongoing evaluation of collectability, customer creditworthiness, historical levels of credit losses,
and future expectations. Credit loss expense and allowance for credit losses were not significant as of September 30, 2024 and December
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</div><div>
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</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37pt; text-align: justify">&#160;</p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Veea Inc. and Subsidiaries</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>Notes to the Condensed
Consolidated Financial Statements </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>For the Three and Nine
Months Ended September 30, 2024 and 2023</b></p><div>


</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37pt; text-align: justify">&#160;</p><div>

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At each reporting period, the Company assesses the value of its inventory and writes down the cost of inventory to its net realizable
value if required, for estimated excess or obsolescence. Factors influencing these adjustments include changes in future demand forecasts,
market conditions, technological changes, product life cycle and development plans, component cost trends, product pricing, physical
deterioration, and quality issues. The write down for excess or obsolescence is charged to the provision for inventory, which is a component
of Cost of Goods Sold in the Company&#8217;s consolidated statements of operations and comprehensive loss. At the point of the loss recognition,
a new, lower cost basis for that inventory is established, and subsequent changes in facts and circumstances do not result in the restoration
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<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37pt; text-align: justify">&#160;</p>

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costs related to cloud hosting fees.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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handling to customers to represent activities performed in fulfilling the contract with the customer. When shipping is charged to the
customer, the Company nets such charges against actual shipping costs incurred.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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costs that do not meet the criteria for capitalization are expensed as incurred. R&amp;D costs primarily consist of employee compensation,
employee benefits, stock-based compensation related to technology developers and product management employees, as well as fees paid for
outside services and materials.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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of compensation and other employee related costs for personnel engage in selling and marketing, and sales support functions. Selling
expenses also include marketing, and the costs associated with customer evaluations. The Company does not incur advertising costs.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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and administrative expense consists of compensation expense (including stock-based compensation expense), executive management, finance,
legal, tax, and human resources. General and administrative expense also include transaction costs, expenses associated with facilities,
information technology, external professional services, legal costs and settlement of legal claims, unrealized foreign currency transaction
gain/loss and other administrative expenses.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation></ix:continuation><div>


</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Veea Inc. and Subsidiaries</b></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Notes to the Condensed
Consolidated Financial Statements </b></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>For the Three and Nine
Months Ended September 30, 2024 and 2023</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_6" id="_SignificantAccountingPoliciesTextBlock-c0_cont_5"><ix:nonNumeric contextRef="c0" continuedAt="_PropertyPlantAndEquipmentPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:PropertyPlantAndEquipmentPolicyTextBlock" id="ixv-31759"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Property and Equipment, net</p></ix:nonNumeric>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<ix:continuation id="_PropertyPlantAndEquipmentPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Property and equipment, net is stated
at cost and depreciated on a straight-line basis of five to seven years for furniture and fixtures and five years for computer equipment.
Leasehold improvements are capitalized and amortized over the shorter of their useful lives or remaining lease term. Repair and maintenance
costs are charged to operations in the periods incurred. Upon retirement or sale, costs and related accumulated depreciation or amortization
are removed from the balance sheets and the resulting gain or loss is included in operating expense in the Company&#8217;s consolidated
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<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.95pt; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="_GoodwillAndIntangibleAssetsGoodwillPolicy-c0_cont_1" escape="true" name="us-gaap:GoodwillAndIntangibleAssetsGoodwillPolicy" id="ixv-31765"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Goodwill</p></ix:nonNumeric>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

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the aggregate purchase consideration over the fair value of the net assets acquired. Goodwill is reviewed for impairment on an annual
basis, or more frequently if events or changes in circumstances indicate that the carrying amount of goodwill may be impaired. In conducting
its annual impairment test, the Company first reviews qualitative factors to determine whether it is more likely than not that the fair
value of the reporting unit is less than its carrying amount. If factors indicate that the fair value of the reporting unit is less than
its carrying amount, the Company performs a quantitative assessment, and the fair value of the reporting unit is determined by analyzing
the expected present value of future cash flows. If the carrying value of the reporting unit continues to exceed its fair value, the
fair value of the reporting unit&#8217;s goodwill is calculated and an impairment loss equal to the excess is recorded. The Company&#8217;s
goodwill was recorded in connection with an acquisition consummated in June 2018. The Company considers goodwill to have an indefinite
life and is not amortized. As of September 30, 2024 and December 31, 2023, no events have occurred that would require impairment of goodwill.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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consist primarily of property and equipment, operating lease right-of-use assets, and intangible assets which are reviewed for impairment
whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets
to be held and used is measured by a comparison of the carrying amount of an asset to the undiscounted future net cash flows expected
to be generated by the asset. If the carrying amount of an asset exceeds its estimated future undiscounted cash flows, an impairment
charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset.</p></ix:continuation>

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compensation expense in accordance with ASC 718, <i>Compensation-Stock Compensation (&#8220;ASC 718</i>&#8221;). The Company measures
and recognizes compensation expense for all stock-based awards based on estimated fair values on the date of the grant, recognized over
the requisite service period. For awards that vest solely based on a service condition, the Company recognizes stock-based compensation
expense on a straight-line basis over the requisite service period. The Company accounts for forfeitures as they occur.</p></ix:continuation>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.95pt; text-align: justify">&#160;</p>

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converted from an S Corporation to a C Corporation for federal and state income tax purposes. Accordingly, prior to the conversion to
a C corporation, the Company did not record deferred tax assets or liabilities or have any net operating loss carryforwards. The Company
is required to file tax returns in the U.S. federal jurisdiction and various states and local municipalities. Veea Systems Ltd. is governed
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judgment is required in determining the Company&#8217;s uncertain tax positions. It is not expected that there will be a significant
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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Accordingly, the Company and all of its U.S. subsidiaries use USD as their functional currency. The results of the Company&#8217;s non-U.S.
subsidiaries, whose functional currency are the local currencies of the economic environment in which they operate, are translated into
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 160; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Veea Inc. and Subsidiaries</b></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Notes to the Condensed
Consolidated Financial Statements </b></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>For the Three and Nine
Months Ended September 30, 2024 and 2023</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_7" id="_SignificantAccountingPoliciesTextBlock-c0_cont_6"><ix:continuation id="_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Assets
and liabilities are translated at year-end exchange rates, while revenues and expenses are translated at average exchange rates during
the year. Differences resulting from translation are presented in equity as accumulated other comprehensive loss. Transaction gains and
losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included
in the results of operations as incurred. Foreign currency transaction (gain) loss, mainly related to intercompany transactions, is included
in the consolidated statements of operations. For the three months ended September 30, 2024 and September 30, 2023 transactions (gain)
loss were $(<ix:nonFraction contextRef="c25" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ForeignCurrencyTransactionGainLossAfterTax" scale="0" sign="-" unitRef="usd" id="ixv-64196">1,831,743</ix:nonFraction>) and $<ix:nonFraction contextRef="c26" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ForeignCurrencyTransactionGainLossAfterTax" scale="0" unitRef="usd" id="ixv-64197">926,965</ix:nonFraction>, respectively. For the nine months ended September 30, 2024 and September 30, 2023 such amounts were
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components, net loss and other comprehensive income (loss), net. Other comprehensive income (loss), net is defined as revenue, expenses,
gains, and losses that under GAAP are recorded as an element of stockholders&#8217; deficit but are excluded from net loss. The Company&#8217;s
other comprehensive loss consists of foreign currency translation adjustments that result from the consolidation of its foreign subsidiaries
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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balance sheet. The Company monitors these investments for impairments and makes adjustments in carrying values if management determines
that an impairment charge is required based primarily on the financial condition and near-term prospects of these investments.</p></ix:continuation>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37pt; text-align: justify">&#160;</p>

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by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during
the year. Diluted net loss per share is based upon the diluted weighted-average number of shares outstanding during the year. Diluted
net loss per share gives effect to all potentially dilutive common share equivalents, including stock options, and warrants, to the extent
they are dilutive. <i>Refer to Note 14 &#8211; Earnings Per Share</i>.</p></ix:continuation>

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debt, it first evaluates the balance sheet classification of the convertible instrument in its entirety to determine (1) whether the
instrument should be classified as a liability under&#160;ASC 480,&#160;Distinguishing Liabilities from Equity, and (2) whether the conversion
feature should be accounted for separately from the host instrument. A conversion feature of a convertible debt instrument would be separated
from the convertible instrument and classified as a derivative liability if the conversion feature, were it a standalone instrument,
meets the definition of a &#8220;derivative&#8221; in&#160;ASC 815,&#160;Derivatives and Hedging. When a conversion feature meets the
definition of an embedded derivative, it would be separated from the host instrument and classified as a derivative liability carried
on the consolidated balance sheet at fair value, with any changes in its fair value recognized currently in the consolidated statements
of operations. <i>See Note 7 &#8220;Debt&#8221; for further information.</i></p></ix:continuation>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37pt; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="veea_ContingentFinancingAssetPolicyTextBlock-c0_cont_1" escape="true" name="veea:ContingentFinancingAssetPolicyTextBlock" id="ixv-31863"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Contingent Financing Asset</p></ix:nonNumeric>

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Company recorded a contingent financing asset on the condensed consolidated balance sheets for the fair value of the Transferred Shares
issued to Investors for the unfunded portion of the Convertible Notes Payable. <i>See Note 7 &#8220;Debt&#8221; for further information.</i></span></p></ix:continuation>

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as either equity-classified or liability-classified instruments based on an assessment of the warrant&#8217;s specific terms and applicable
authoritative guidance in FASB Accounting Standards Codification 480, Distinguishing Liabilities from Equity (&#8220;ASC 480&#8221;)
and ASC 815, Derivatives and Hedging (&#8220;ASC 815&#8221;). The assessment considers whether the warrants are freestanding financial
instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements
for equity classification under ASC 815, including whether the warrants are indexed to the Company&#8217;s own ordinary shares and whether
the warrant holders could potentially require &#8220;net cash settlement&#8221; in a circumstance outside of the Company&#8217;s control,
among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the
time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37pt; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.7pt; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.7pt; text-align: justify">&#160;</p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Veea Inc. and Subsidiaries</b></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Notes to the Condensed
Consolidated Financial Statements </b></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>For the Three and Nine
Months Ended September 30, 2024 and 2023</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.7pt; text-align: justify">&#160;</p><div>

</div><ix:continuation id="_SignificantAccountingPoliciesTextBlock-c0_cont_7"><ix:continuation continuedAt="veea_WarrantsPolicyTextBlock-c0_cont_3" id="veea_WarrantsPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">For issued or modified warrants that
meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital
at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are
required to be recorded at their initial fair value on the date of issuance, and at their fair value on each balance sheet date thereafter.
Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss in the Company&#8217;s consolidated statements
of operations.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.7pt; text-align: justify">&#160;</p>

<ix:continuation id="veea_WarrantsPolicyTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company accounts for the Public
and Private warrants in accordance with guidance contained in ASC 815-40. Such guidance provides that because the Public warrants meet
the criteria for equity treatment. Such guidance provides that because the Private warrants do not meet the criteria for equity treatment
thereunder, each warrant must be recorded as a liability <i>See Note 10 &#8220;Warrants&#8221; for further information.</i></p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.7pt; text-align: justify"><b><i>&#160;</i></b></p>

<ix:nonNumeric contextRef="c0" continuedAt="_NewAccountingPronouncementsPolicyPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock" id="ixv-31913"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Accounting Pronouncements Recently
Adopted</p></ix:nonNumeric>

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2016-13, Financial Instruments &#8211; Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which amends
the FASB&#8217;s guidance on the impairment of financial instruments. Topic 326 adds to GAAP an impairment model (known as the &#8220;current
expected credit loss model&#8221;) that is based on expected losses rather than incurred losses. ASU 2016-13 is effective for the Company&#8217;s
annual and interim periods beginning after December 15, 2022 with early adoption permitted. The Company adopted ASU 2016-13 beginning
January 1, 2023. The adoption of ASU 2016-13 did not have a material impact on the Company&#8217;s condensed consolidated financial statements.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation continuedAt="_NewAccountingPronouncementsPolicyPolicyTextBlock-c0_cont_3" id="_NewAccountingPronouncementsPolicyPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In October 2021, the FASB issued ASU
2021-08, &#8220;Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers,&#8221;
which requires entities to apply Topic 606 to recognize and measure contract assets and contract liabilities in a business combination
as if it had originated the contracts. The standard is effective for public companies for fiscal years, and interim periods within those
fiscal years, beginning after December 15, 2022. We adopted the ASU on January 1, 2023 and will apply the guidance prospectively for
future acquisitions.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.95pt; text-align: justify">&#160;</p>

<ix:continuation id="_NewAccountingPronouncementsPolicyPolicyTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">In
September 2022, the FASB issued ASU 2022-04, &#8220;Liabilities&#8212;Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier
Finance Program Obligations,&#8221; which requires entities that use supplier finance programs in connection with the purchase of goods
and services to disclose sufficient information about the program. The amendments do not affect the recognition, measurement or financial
statement presentation of obligations covered by supplier finance programs. The standard is effective for public companies for fiscal
years, and interim periods within those fiscal years, beginning after December 15, 2022, except for the amendment on roll-forward information,
which is effective for fiscal years beginning after December 15, 2023. We adopted the ASU on January 1, 2023, and the adoption did not
have a material impact on the Company&#8217;s condensed consolidated financial statements.</span></p></ix:continuation>


<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.95pt; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="veea_RecentAccountingPronouncementsNotYetAdoptedPolicyTextBlock-c0_cont_1" escape="true" name="veea:RecentAccountingPronouncementsNotYetAdoptedPolicyTextBlock" id="ixv-31926"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Recent Accounting Pronouncements
Not Yet Adopted</p></ix:nonNumeric>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.95pt; text-align: justify">&#160;</p>

<ix:continuation continuedAt="veea_RecentAccountingPronouncementsNotYetAdoptedPolicyTextBlock-c0_cont_2" id="veea_RecentAccountingPronouncementsNotYetAdoptedPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In December 2023, the FASB issued
ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU requires that an entity disclose specific categories
in the effective tax rate reconciliation as well as reconciling items that meet a quantitative threshold. Further, the ASU requires additional
disclosures on income tax expense and taxes paid, net of refunds received, by jurisdiction. The new standard is effective for annual
periods beginning after December 15, 2024 on a prospective basis with the option to apply it retrospectively. Early adoption is permitted.
The adoption of this guidance will result in the Company being required to include enhanced income tax related disclosures. The Company
is currently evaluating the impact this standard will have on its condensed consolidated financial statements.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.95pt; text-align: justify">&#160;</p>

<ix:continuation id="veea_RecentAccountingPronouncementsNotYetAdoptedPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In November 2023, the FASB issued
ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU includes amendments that expand
the existing reportable segment disclosure requirements and requires disclosure of (i) significant expense categories and amounts by
reportable segment as well as the segment&#8217;s profit or loss measure(s) that are regularly provided to the chief operating decision
maker (the &#8220;CODM&#8221;) to allocate resources and assess performance; (ii) how the CODM uses each reported segment profit or loss
measure to allocate resources and assess performance; (iii) the nature of other segment balances contributing to reported segment profit
or loss that are not captured within segment revenues or expenses; and (iv) the title and position of the individual or name of the group
or committee identified as the CODM. This guidance requires retrospective application to all prior periods presented in the financial
statements and is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after
December 15, 2024. Early adoption is permitted. The adoption of this guidance will result in the Company being required to include enhanced
disclosures relating to its reportable segments. The Company is currently evaluating the impact this standard will have on its condensed
consolidated financial statements.</p></ix:continuation></ix:continuation><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="veea_ReverseRecapitalizationTextBlock-c0_cont_1" escape="true" name="veea:ReverseRecapitalizationTextBlock" id="ixv-31937"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">4 &#8211; REVERSE
RECAPITALIZATION</p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.95pt; text-align: justify"><span style="font-weight: normal">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-weight: normal">As
discussed in Note 1, &#8220;Organization and Business Operations&#8221;, the Business Combination was consummated on September 13, 2024,
which, for accounting purposes, was treated as the equivalent of Legacy Veea issuing stock for the net assets of Plum, accompanied by
an equity recapitalization of Legacy Veea. Under this method of accounting, Plum was treated as the acquired company for financial accounting
and reporting purposes under GAAP. This determination was primarily based on the assumption that:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">Legacy
                                            Veea&#8217;s current shareholders will hold a majority of the voting power of New Plum (&#8220;New
                                            Plum&#8221;) post Business Combination</span></td></tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-align: justify; text-indent: -0.25in">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-align: justify; text-indent: -0.25in"></p><div>

</div><!-- Field: Page; Sequence: 162; Value: 1 --><div>
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Veea
Inc. and Subsidiaries</b></span></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes
to the Condensed Consolidated Financial Statements </b></span></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For
the Three and Nine Months Ended September 30, 2024 and 2023</b></span></p><div>


</div><p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal">&#160;</span></p><div>

</div><ix:continuation continuedAt="veea_ReverseRecapitalizationTextBlock-c0_cont_2" id="veea_ReverseRecapitalizationTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal">effective
                                            upon the Business Combination, the post-combination Board will consist of seven (7) directors,
                                            including five (5) directors designated by Legacy Veea, one (1) director designated by Plum
                                            and one (1) director mutually agreed upon by Plum and Legacy Veea;</span></td></tr></table>

<p style="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-weight: normal">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">Legacy
                                            Veea&#8217;s operations will substantially comprise the ongoing operations of New Plum; and</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-weight: normal">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">Legacy
                                            Veea&#8217;s senior management will comprise the senior management of New Plum.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.95pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt; font-weight: normal">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-weight: normal">Another
determining factor was that Plum does not meet the definition of a &#8220;business&#8221; pursuant to ASC 805-10-55, Business Combinations
(&#8220;ASC 805&#8221;), and thus, for accounting purposes, the Business Combination will be accounted for as a reverse recapitalization,
within the scope of ASC 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&#8217;s identifiable net assets acquired represents
compensation for the service of a stock exchange listing for its shares and is expensed as incurred.</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 7pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Transaction Proceeds</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-size: 7pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Upon closing of the Business Combination,
the Company received net proceeds of $<ix:nonFraction contextRef="c0" decimals="-5" format="ixt:num-dot-decimal" name="veea:NetProceedsOfBusinessCombination" scale="6" unitRef="usd" id="ixv-64201">1.1</ix:nonFraction> million from the Business Combination, offset by total transaction costs of $<ix:nonFraction contextRef="c493" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:BusinessAcquisitionCostOfAcquiredEntityTransactionCosts" scale="6" unitRef="usd" id="ixv-64202">5.3</ix:nonFraction> million. <ix:nonNumeric contextRef="c0" continuedAt="_BusinessCombinationSeparatelyRecognizedTransactionsTableTextBlock-c0_cont_1" escape="true" name="us-gaap:BusinessCombinationSeparatelyRecognizedTransactionsTableTextBlock" id="ixv-64203">The
following table reconciles the elements of the Business Combination to the condensed consolidated statements of cash flows and the condensed
consolidated statement of changes in stockholders&#8217; equity for the period ended September 30, 2024:</ix:nonNumeric></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-size: 7pt">&#160;</span></p>

<ix:continuation id="_BusinessCombinationSeparatelyRecognizedTransactionsTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 88%; text-align: justify">Cash-trust and cash, net of redemptions</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: justify">$</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c11" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents" scale="0" unitRef="usd" id="ixv-64204">6,448,862</ix:nonFraction></td><td style="width: 1%; text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify; padding-bottom: 1.5pt">Less: transaction costs and professional fees, paid</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: justify">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c11" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:BusinessAcquisitionCostOfAcquiredEntityTransactionCosts" scale="0" unitRef="usd" id="ixv-64205">5,345,222</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: justify">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Net proceeds from the Business Combination</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c11" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:BusinessCombinationAssetsAndLiabilitiesArisingFromContingenciesAmountRecognized" scale="0" sign="-" unitRef="usd" id="ixv-64206">1,103,640</ix:nonFraction></td><td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify">Less: private placement warrant liabilities</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c11" decimals="0" format="ixt:num-dot-decimal" name="veea:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsLessPrivatePlacementWarrantLiabilities" scale="0" unitRef="usd" id="ixv-64207">1,041,119</ix:nonFraction></td><td style="text-align: justify">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Less: related party notes</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c11" decimals="0" format="ixt:num-dot-decimal" name="veea:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsRelatedPartyNotes" scale="0" unitRef="usd" id="ixv-64208">2,205,497</ix:nonFraction></td><td style="text-align: justify">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify">Less: accrued expenses</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c11" decimals="0" format="ixt:num-dot-decimal" name="veea:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsAccruedExpenses" scale="0" unitRef="usd" id="ixv-64209">3,079,281</ix:nonFraction></td><td style="text-align: justify">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Less: deferred payables</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c11" decimals="0" format="ixt:num-dot-decimal" name="veea:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsDeferredTransactionCostsRecordedAsALiability" scale="0" unitRef="usd" id="ixv-64210">1,749,723</ix:nonFraction></td><td style="text-align: justify">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 4pt; text-align: justify">Add: prepaid expenses</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: justify">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c11" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsPrepaidExpenseAndOtherAssets" scale="0" unitRef="usd" id="ixv-64211">70,382</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 4pt">Reverse recapitalization, net</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: justify">&#160;</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(<ix:nonFraction contextRef="c11" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet" scale="0" sign="-" unitRef="usd" id="ixv-64212">6,901,598</ix:nonFraction></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: justify">)</td></tr>
  </table></ix:continuation>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-size: 7pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><ix:nonNumeric contextRef="c0" continuedAt="_ScheduleOfCommonStockOutstandingRollForwardTableTextBlock-c0_cont_1" escape="true" name="us-gaap:ScheduleOfCommonStockOutstandingRollForwardTableTextBlock" id="ixv-64213">The number of shares of Common Stock
issued immediately following the consummation of the Business Combination were:</ix:nonNumeric></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center"><span style="font-size: 7pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center"></p>

<ix:continuation id="_ScheduleOfCommonStockOutstandingRollForwardTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 88%; text-align: justify">Plum Class A common stock, outstanding prior to the Business Combination</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: justify">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c497" decimals="INF" format="ixt:num-dot-decimal" name="veea:IssuanceOfPlumClassACommonStockOutstandingPriorToTheBusinessCombination" scale="0" unitRef="shares" id="ixv-64214">3,255,593</ix:nonFraction></td><td style="width: 1%; text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify; padding-bottom: 1.5pt">Less: Redemption of Plum Class A common stock</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: justify">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c498" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:SharesSubjectToMandatoryRedemptionSettlementTermsNumberOfShares" scale="0" unitRef="shares" id="ixv-64215">2,652,516</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: justify">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Class A common stock of Plum</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c499" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesAcquisitions" scale="0" unitRef="shares" id="ixv-64216">603,077</ix:nonFraction></td><td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify; padding-bottom: 1.5pt">Plum Class A common stock, outstanding prior the Business Combination</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: justify">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c497" decimals="INF" format="ixt:num-dot-decimal" name="veea:IssuanceOfPlumClassACommonStockOutstandingPriorTheBusinessCombination" scale="0" unitRef="shares" id="ixv-64217">6,102,562</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold">Business Combination shares</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c497" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued" scale="0" unitRef="shares" id="ixv-64218">6,705,639</ix:nonFraction></td><td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>Veea Shares</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c497" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesAcquisitions" scale="0" unitRef="shares" id="ixv-64219">22,133,643</ix:nonFraction></td><td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Issuance of new financing shares</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c497" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" scale="0" unitRef="shares" id="ixv-64220">2,000,000</ix:nonFraction></td><td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify">Conversion of debt for Common Stock</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c500" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:ConversionOfStockSharesIssued1" scale="0" unitRef="shares" id="ixv-64221">3,147,970</ix:nonFraction></td><td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Conversion of Sponsor Notes for Common Stock</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c501" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:ConversionOfStockSharesIssued1" scale="0" unitRef="shares" id="ixv-64222">817,453</ix:nonFraction></td><td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify; padding-bottom: 1.5pt">Common Stock issued for services</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: justify">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c497" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesIssuedForServices" scale="0" unitRef="shares" id="ixv-64223">857,052</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: justify; padding-bottom: 4pt">Common Stock immediately after the Business Combination</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: justify">&#160;</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c502" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued" scale="0" unitRef="shares" id="ixv-64224">35,661,757</ix:nonFraction></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: justify">&#160;</td></tr>
  </table></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center"><span style="font-size: 7pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><ix:nonNumeric contextRef="c0" continuedAt="_ScheduleOfStockByClassTextBlock-c0_cont_1" escape="true" name="us-gaap:ScheduleOfStockByClassTextBlock" id="ixv-64225">The number of Veea shares was determined
as follows:</ix:nonNumeric></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-size: 7pt">&#160;</span></p>

<ix:continuation id="_ScheduleOfStockByClassTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Legacy <br/> Veea<br/> Shares</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Veea<br/> Shares&#160;after<br/> conversion<br/>
    ratio</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: justify">Legacy Veea Series A-2 Preferred Stock</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: justify">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c503" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesAcquisitions" scale="0" unitRef="shares" id="ixv-64226">19,670,118</ix:nonFraction></td><td style="width: 1%; text-align: justify">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: justify">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c504" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesAcquisitions" scale="0" unitRef="shares" id="ixv-64227">4,799,511</ix:nonFraction></td><td style="width: 1%; text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify">Legacy Veea Series A-1 Preferred Stock</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c505" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesAcquisitions" scale="0" unitRef="shares" id="ixv-64228">41,179,790</ix:nonFraction></td><td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c506" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesAcquisitions" scale="0" unitRef="shares" id="ixv-64229">8,078,761</ix:nonFraction></td><td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Legacy Veea Series A Preferred Stock</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c507" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesAcquisitions" scale="0" unitRef="shares" id="ixv-64230">35,920,813</ix:nonFraction></td><td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c508" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesAcquisitions" scale="0" unitRef="shares" id="ixv-64231">7,047,041</ix:nonFraction></td><td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify">Legacy Veea Common Stock</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c509" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesAcquisitions" scale="0" unitRef="shares" id="ixv-64232">7,398,303</ix:nonFraction></td><td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c510" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesAcquisitions" scale="0" unitRef="shares" id="ixv-64233">1,451,419</ix:nonFraction></td><td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 1.5pt">Legacy Veea Common Stock Warrants</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: justify">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c511" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesAcquisitions" scale="0" unitRef="shares" id="ixv-64234">3,858,202</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: justify">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: justify">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c512" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesAcquisitions" scale="0" unitRef="shares" id="ixv-64235">756,912</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 4pt">Total</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: justify">&#160;</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c513" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesAcquisitions" scale="0" unitRef="shares" id="ixv-64236">108,027,226</ix:nonFraction></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-size: 7pt"><i>&#160;</i></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Public
                                            and private placement warrants</i></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-size: 7pt">&#160;</span></p>

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Plum&#8217;s initial public offering (the &#8220;Private Placement Warrants&#8221;) remained outstanding and became warrants for the
Company.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><i>&#160;</i></p></ix:continuation><div>


</div><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center"></p><div>

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</div><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Veea Inc. and Subsidiaries</b></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Notes to the Condensed
Consolidated Financial Statements </b></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>For the Three and Nine
Months Ended September 30, 2024 and 2023</b></p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><i>&#160;</i></p><div>

</div><ix:continuation id="veea_ReverseRecapitalizationTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Earnout Share Liability</i></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Following the closing of the Business
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up to <ix:nonFraction contextRef="c496" decimals="-5" format="ixt:num-dot-decimal" name="veea:EarnOutSharesLiability" scale="6" unitRef="usd" id="ixv-64240">4.5</ix:nonFraction> million additional shares of the Company&#8217;s Common Stock if certain trading-price based milestones of the Company&#8217;s
common stock are achieved or a change of control transaction occurs during the ten-year period following the Closing.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Under accounting principles, the Company&#8217;s
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financial statements and the initial value of the Earn-out Share Lability is recorded as a transaction cost within operating expense
in the Company&#8217;s financial statements.&#160; For each subsequent reporting period, changes in the fair value of the Earn-Out Share
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Veea Transaction related expenses</i></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><ix:nonNumeric contextRef="c0" continuedAt="_ScheduleOfOtherNonoperatingIncomeExpenseTableTextBlock-c0_cont_1" escape="true" name="us-gaap:ScheduleOfOtherNonoperatingIncomeExpenseTableTextBlock" id="ixv-64241">The below table represents the amount
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<ix:continuation id="_ScheduleOfOtherNonoperatingIncomeExpenseTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_SupplementalBalanceSheetDisclosuresTextBlock-c0_cont_1" escape="true" name="us-gaap:SupplementalBalanceSheetDisclosuresTextBlock" id="ixv-32320"><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">5 &#8211; BALANCE SHEET COMPONENTS</p>



<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.95pt; text-align: justify">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Inventory</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><ix:nonNumeric contextRef="c0" continuedAt="_ScheduleOfInventoryCurrentTableTextBlock-c0_cont_1" escape="true" name="us-gaap:ScheduleOfInventoryCurrentTableTextBlock" id="ixv-64246">Inventory consists of the following:</ix:nonNumeric></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&#160;</p>

<ix:continuation id="_ScheduleOfInventoryCurrentTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December&#160;31,<br/>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: justify">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c11" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InventoryRawMaterialsAndSupplies" scale="0" unitRef="usd" id="ixv-64251">977,597</ix:nonFraction></td><td style="text-align: justify">&#160;</td><td>&#160;</td>
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Prepaid and other current assets</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&#160;</p>

<ix:continuation id="_ScheduleOfOtherCurrentAssetsTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    2024</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: justify">$</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c11" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PrepaidExpenseCurrentAndNoncurrent" scale="0" unitRef="usd" id="ixv-64256">258,178</ix:nonFraction></td><td style="width: 1%; text-align: justify">&#160;</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: justify">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-681">&#8212;</div></td><td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: justify">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c11" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DepositsAssetsCurrent" scale="0" unitRef="usd" id="ixv-64259">336,643</ix:nonFraction></td><td style="text-align: justify">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37pt; text-align: justify"><span style="font-weight: normal">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">On
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the Company on or before June 30, 2024. iFree granted the Company a security interest in the Units until delivery to the Company. The
units were not delivered by June 30, 2024. On September 11, 2024 the Company and iFree signed an agreement providing for the return of
the Company&#8217;s downpayment by November 15, 2024, which is being extended to year end December 31, 2024. Upon the return of the Company&#8217;s
downpayment the Purchase Agreement will terminate.</span></p>


<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.95pt; text-align: justify">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Property and Equipment, net</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.95pt">&#160;</p>

<ix:continuation id="_PropertyPlantAndEquipmentTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; ">
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Total depreciation expense for the
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.95pt">&#160;</p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Veea Inc. and Subsidiaries</b></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Notes to the Condensed
Consolidated Financial Statements </b></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>For the Three and Nine
Months Ended September 30, 2024 and 2023</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.95pt">&#160;</p><div>

</div><ix:continuation id="_SupplementalBalanceSheetDisclosuresTextBlock-c0_cont_1"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Accrued Expenses and Other Current
Liabilities</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.95pt">&#160;</p>

<ix:continuation id="_ScheduleOfAccruedLiabilitiesTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: justify">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c11" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherEmployeeRelatedLiabilitiesCurrent" scale="0" unitRef="usd" id="ixv-64293">119,075</ix:nonFraction></td><td style="text-align: justify">&#160;</td><td>&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Goodwill</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.95pt">&#160;</p>

<ix:continuation continuedAt="_ScheduleOfGoodwillTextBlock-c0_cont_2" id="_ScheduleOfGoodwillTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table></ix:continuation>


<p style="margin: 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.95pt; text-align: center">&#160;</p>

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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 165; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->54<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Veea Inc. and Subsidiaries</b></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Notes to the Condensed
Consolidated Financial Statements </b></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>For the Three and Nine
Months Ended September 30, 2024 and 2023</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><ix:continuation id="_GoodwillAndIntangibleAssetsDisclosureTextBlock-c0_cont_1"><ix:continuation id="_ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Intangible assets primarily consist
of patents, patent applications, and in-process research and development (&#8220;IPR&amp;D&#8221;) and other identifiable intangible
assets. Intangible assets are generally amortized on a straight-line basis over the periods of benefit. The Company&#8217;s patents have
estimated remaining economic useful lives ranging from <ix:nonNumeric contextRef="c523" format="ixt-sec:duryear" name="us-gaap:FiniteLivedIntangibleAssetsRemainingAmortizationPeriod1" id="ixv-64359">5</ix:nonNumeric>-<ix:nonNumeric contextRef="c524" format="ixt-sec:duryear" name="us-gaap:FiniteLivedIntangibleAssetsRemainingAmortizationPeriod1" id="ixv-64360">15</ix:nonNumeric> years. Management reviews intangible assets for impairment when events and
circumstances warrant. During the nine months ended September 30, 2024 and 2023, no events have occurred that required additional impairment
of intangible assets.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Intangible asset amortization expense,
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Intangible asset amortization expense,
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37pt; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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  <tr style="vertical-align: bottom; ">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DebtDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:DebtDisclosureTextBlock" id="ixv-33234"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b>7 - DEBT</b></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.95pt; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_ScheduleOfDebtTableTextBlock-c0_cont_2" id="_ScheduleOfDebtTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation id="_ScheduleOfDebtTableTextBlock-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: justify">$</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c568" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentCarryingAmount" scale="0" unitRef="usd" id="ixv-64382">9,000,000</ix:nonFraction></td><td style="width: 1%; text-align: justify">&#160;</td><td style="width: 1%">&#160;</td>
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    <td style="width: 1%; text-align: justify">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-708">&#8212;</div></td><td style="width: 1%; text-align: justify">&#160;</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="border-bottom: Black 1.5pt solid; text-align: justify">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-709">&#8212;</div></td><td style="padding-bottom: 1.5pt; text-align: justify">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: justify">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c569" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestPayableCurrentAndNoncurrent" scale="0" unitRef="usd" id="ixv-64385">2,272,993</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: justify">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: justify">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c569" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LongTermDebt" scale="0" unitRef="usd" id="ixv-64386">14,870,993</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 8.1pt">Total</td><td>&#160;</td>
    <td style="text-align: justify">$</td><td style="text-align: right"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentCarryingAmount" scale="0" unitRef="usd" id="ixv-64387">21,598,000</ix:nonFraction></td><td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: justify">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-710">&#8212;</div></td><td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: justify">$</td><td style="text-align: right"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestPayableCurrentAndNoncurrent" scale="0" unitRef="usd" id="ixv-64388">2,272,993</ix:nonFraction></td><td style="text-align: justify">&#160;</td><td>&#160;</td>
    <td style="text-align: justify">$</td><td style="text-align: right"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LongTermDebt" scale="0" unitRef="usd" id="ixv-64389">23,870,993</ix:nonFraction></td><td style="text-align: justify">&#160;</td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p></ix:continuation></ix:nonNumeric><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Veea Inc. and Subsidiaries</b></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Notes to the Condensed
Consolidated Financial Statements </b></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>For the Three and Nine
Months Ended September 30, 2024 and 2023</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><ix:continuation continuedAt="_DebtDisclosureTextBlock-c0_cont_2" id="_DebtDisclosureTextBlock-c0_cont_1"><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Revolving Loan Facility</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">In
June 2021, the Company entered into a revolving loan agreement with First Republic Bank (&#8220;First Republic&#8221;), which was subsequently
acquired by JPMorgan Chase, (the &#8220;Bank&#8221;) providing up to $<ix:nonFraction contextRef="c326" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LineOfCreditFacilityCurrentBorrowingCapacity" scale="0" unitRef="usd" id="ixv-64390">14,000,000</ix:nonFraction> of advances (the &#8220;2021 Revolving Loan Agreement&#8221;).
The advances accrue interest at a variable rate based on an index rate established by reference to the average 12-month trailing <span style="-sec-ix-hidden: hidden-fact-711">one</span>-year
US treasuries plus a spread of <ix:nonFraction contextRef="c328" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:LineOfCreditFacilityInterestRateDuringPeriod" scale="-2" unitRef="pure" id="ixv-64391">1.80</ix:nonFraction>% per annum and a minimum floor rate of <ix:nonFraction contextRef="c329" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:LineOfCreditFacilityInterestRateDuringPeriod" scale="-2" unitRef="pure" id="ixv-64392">1.5</ix:nonFraction>% per annum. The Company was not required to provide collateral
for the advances or comply with any covenants. The advances were secured by a lien on certain personal assets of the CEO. In consideration
for the security provided by the CEO, the Company issued common stock warrants to NLabs a significant shareholder of the Company (&#8220;NLabs&#8221;)
in consideration for the CEO&#8217;s guaranteeing the advances. <i>Refer to Note 11 &#8211; Related Party Transactions, Common Stock
Warrants.</i></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The original maturity date of the
2021 Revolving Loan Agreement was <ix:nonNumeric contextRef="c557" format="ixt:date-monthname-day-year-en" name="us-gaap:DebtInstrumentMaturityDate" id="ixv-64393">May 15, 2022</ix:nonNumeric>, which has been mutually extended to May 15, 2025. In December 2023, the Company repaid
$<ix:nonFraction contextRef="c330" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RepaymentsOfLinesOfCredit" scale="0" unitRef="usd" id="ixv-64394">5,000,000</ix:nonFraction> of the principal balance of the outstanding advances. During 2024, the Company drew $<ix:nonFraction contextRef="c557" decimals="-5" format="ixt:num-dot-decimal" name="veea:DebtInstrumentDrawingsAmount" scale="6" unitRef="usd" id="ixv-64395">3.7</ix:nonFraction> million on the revolving loan. Following
consummation of the Business Combination, the Company and the Bank began discussions regarding transfer of the loan to the Bank&#8217;s
commercial loan portfolio from the First Republic transferred loan portfolio. During the interim, the remaining undrawn amount of $<ix:nonFraction contextRef="c557" decimals="-5" format="ixt:num-dot-decimal" name="veea:DebtInstrumentUndrawnAmount" scale="6" unitRef="usd" id="ixv-64396">2.3</ix:nonFraction>
million may not be borrowed by the Company until transfer.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -0.25in; text-indent: 0.5in"><b>Convertible Note Payable</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">On and around September 12, 2024, the
Company, Legacy Veea, and NLabs Inc. entered into note purchase agreements (the &#8220;Note Purchase Agreements&#8221;) with certain
accredited investors unaffiliated with Plum and Legacy Veea (each, an &#8220;Investor&#8221;) for the sale of unsecured subordinated
convertible promissory notes (the &#8220;September 2024 Notes&#8221;) as part of a private placement offering of up to $<ix:nonFraction contextRef="c558" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RepaymentsOfNotesPayable" scale="0" unitRef="usd" id="ixv-64397">15</ix:nonFraction> million in
purchase price for such September 2024 Notes in the aggregate. The sale of the September 2024 Notes (the &#8220;Financing Closing&#8221;)
occurred simultaneously with the Closing of the Business Combinationat the Financing Closing and a commitment from an Investor, of which
the Company received $<ix:nonFraction contextRef="c559" decimals="-6" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromNotesPayable" scale="6" unitRef="usd" id="ixv-64398">3</ix:nonFraction> million to date. In addition to a September 2024 Note, each Investor received as a transfer from NLabs immediately
prior to the Financing Closing a number of shares of Legacy Veea&#8217;s Series A-1 Preferred Stock that upon the Closing became a number
of registered shares of Common Stock equal to such Investors&#8217; loan amount under their respective notes divided by $<ix:nonFraction contextRef="c560" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:SaleOfStockPricePerShare" scale="0" unitRef="usdPershares" id="ixv-64399">7.50</ix:nonFraction> (the &#8220;Transferred
Shares&#8221;). As of September 30, 2024, <ix:nonFraction contextRef="c11" decimals="0" format="ixt:num-dot-decimal" name="veea:DebtInstrumentTransferredShares" scale="0" unitRef="shares" id="ixv-64400">2,000,000</ix:nonFraction> Transfer Shares were delivered to Investors. These Transfer Shares were recorded
at fair value at the date of transfer of approximately $<ix:nonFraction contextRef="c0" decimals="-5" format="ixt:num-dot-decimal" name="veea:TransferSharesIssuedValue" scale="6" unitRef="usd" id="ixv-64401">21.6</ix:nonFraction> million and represent a substantial discount on the September 2024 Notes.
As the Company has received $<ix:nonFraction contextRef="c561" decimals="-4" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromNotesPayable" scale="6" unitRef="usd" id="ixv-64402">1.45</ix:nonFraction> million of the total expected $<ix:nonFraction contextRef="c562" decimals="-6" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromNotesPayable" scale="6" unitRef="usd" id="ixv-64403">15</ix:nonFraction> million proceeds, a proportional amount ($<ix:nonFraction contextRef="c563" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentUnamortizedDiscountPremiumNet" scale="6" unitRef="usd" id="ixv-64404">19.5</ix:nonFraction> million) of the substantial
discount has been deferred and recorded as a deferred financing asset until the remaining debt proceeds are received.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company and Private Veea are co-borrowers
under each September 2024 Note (together, the &#8220;Borrowers&#8221;) and are jointly responsible for the obligations to each Investor
thereunder. Each September 2024 Note has a maturity date of <ix:nonNumeric contextRef="c562" format="ixt-sec:duryear" name="us-gaap:DebtInstrumentTerm" id="ixv-64405">18</ix:nonNumeric> months after the Financing Closing but is prepayable in whole or in part
by the Borrowers at any time without penalty. The outstanding obligations under each September 2024 Note accrues interest at a rate equal
to the Secured Overnight Financing Rate plus <ix:nonFraction contextRef="c564" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentInterestRateStatedPercentage" scale="-2" unitRef="pure" id="ixv-64406">2</ix:nonFraction>% per annum, adjusted quarterly, but interest is only payable upon the maturity date of
the September 2024 Note 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 Borrowers. The September 2024 Notes and the Note Purchase Agreements do not include any operational or financial
covenants for the 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&#8217; covenants thereunder or for 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 Borrowers will be required to pay for the Investor&#8217;s reasonable out-of-pocket collection costs.&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">The outstanding obligations under each
September 2024 Note are convertible in whole or in part into shares of Common Stock (the &#8220;Conversion Shares&#8221;) at a conversion
price of $<ix:nonFraction contextRef="c563" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentConvertibleConversionPrice1" scale="0" unitRef="usdPershares" id="ixv-64407">7.50</ix:nonFraction> per share (subject to equitable adjustment and the like with respect to the Common Stock after the Financing Closing)
(the &#8220;Conversion Price&#8221;) at any time after the Financing Closing at the sole election of the Investor. The outstanding obligations
under each September 2024 Note will automatically convert at the Conversion Price if (i) the Company or its subsidiaries consummate one
or more additional financings for equity or equity-linked securities for at least $<ix:nonFraction contextRef="c0" decimals="-6" format="ixt:num-dot-decimal" name="veea:EquityLinkedSecuritiesValue" scale="6" unitRef="usd" id="ixv-64408">20</ix:nonFraction> million in the aggregate or makes one or more significant
acquisitions valued in the aggregate (based on the consideration provided by the Company and its subsidiaries) to be at least $<ix:nonFraction contextRef="c0" decimals="-6" format="ixt:num-dot-decimal" name="us-gaap:BusinessCombinationConsiderationTransferred1" scale="6" unitRef="usd" id="ixv-64409">20</ix:nonFraction> million,
(ii) the Investors holding a majority of the aggregate outstanding obligations under the September 2024 Notes expressly agree to convert
all obligations under the September 2024 Notes or (iii) the Common Stock trades with an average daily VWAP of at least $<ix:nonFraction contextRef="c565" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:SharesIssuedPricePerShare" scale="0" unitRef="usdPershares" id="ixv-64410">10.00</ix:nonFraction> (subject
to equitable adjustment and the like with respect to the Common Stock after the Financing Closing) for <ix:nonNumeric contextRef="c0" continuedAt="veea_DebtInstrumentThresholdTradingDays-c0_cont_1" format="ixt-sec:durwordsen" name="veea:DebtInstrumentThresholdTradingDays" id="ixv-64411">ten</ix:nonNumeric> (10) consecutive trading<ix:continuation id="veea_DebtInstrumentThresholdTradingDays-c0_cont_1"> days</ix:continuation>.
The obligations under each September 2024 Note will also automatically convert in connection with a Brokerage Transfer, as described
below.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Veea Inc. and Subsidiaries</b></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Notes to the Condensed
Consolidated Financial Statements </b></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>For the Three and Nine
Months Ended September 30, 2024 and 2023</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p><div>

</div><ix:continuation id="_DebtDisclosureTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The September 2024 Notes and the Conversion
Shares are subject to a lock-up for a period of 6 months after the Financing Closing (subject to early release for a liquidation, merger,
share exchange or other similar transaction that results in all of the Company&#8217;s stockholders having the right to exchange their
equity holdings in the Company for cash, securities or other property, and subject to customary permitted transfer exceptions). The Transferred
Shares are not be subject to any lock-up restrictions, but for a period of 6 months after the Closing they will be separately designated
by SPAC&#8217;s transfer agent and kept as book entry shares on the transfer agent&#8217;s records and will not be eligible to be held
by DTC without the Investor first notifying the Company of its intent to transfer any such Transferred Shares to a brokerage account
and/or to be held by DTC or another nominee (a &#8220;Brokerage Transfer&#8221;). If the Investor provides such notice or otherwise has
any Transferred Shares subject to a Brokerage Transfer within 6 months after the Closing, a portion of the outstanding obligations under
such Investor&#8217;s Note will automatically convert into a number of Conversion Shares equal to the number of Transferred Shares subject
to such Brokerage Transfer, and the lock-up period for such Conversion Shares will be extended for an additional 6 months to 12 months
after the Financing Closing.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company reviewed the conversion
feature granted in the notes under ASC 815 and concluded that the conversion price was based on a variable (enterprise value) that was
not an input to the fair value of a &#8220;fixed-for-fixed&#8221; option as defined under FASB&#160;ASC Topic No. 815&#160;&#8211; 40
and is therefore considered a conversion option liability that should be bifurcated from the debt host. As the fair value of the conversion
option liability exceeded the net proceeds received, in accordance with ASC 470-20, the Company recorded the conversion option liability
at fair value with the excess of the fair value over the net proceeds received recognized as a loss in earnings. <i>See Note 13 &#8220;Fair
Value Measurements&#8221; for further information</i>.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:InvestmentTextBlock" id="ixv-33470"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">8 &#8211; INVESTMENTS</p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company accounts for its private
company investments without readily determinable fair values under the cost method. These investments, for which the Company is not able
to exercise significant influence over any one individual investee, is measured and accounted for using an alternative measurement basis
of a) the security&#8217;s carrying value at cost, b) less any impairment and c) plus or minus any qualifying observable price changes.
Observable price changes or impairments recognized on the Company&#8217;s private company investments would be classified as a Level
3 financial instrument within the fair value hierarchy based on the nature of the fair value inputs. Any adjustments to the carrying
values are recognized in other income, net in the Company&#8217;s consolidated statements of operations and comprehensive loss. As of
December 31, 2023, the Company performed the qualitative assessment for impairment of its investments. Based on this qualitative assessment,
impairment indicators were present for one of its investments therefore the company performed an analysis to estimate its fair value
and recognized an impairment loss of $<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherAssetImpairmentCharges" scale="0" unitRef="usd" id="ixv-64413">174,000</ix:nonFraction> due to a change in the fair value. As of September 30, 2024 and December 31, 2023, the
carrying value of the Company&#8217;s private company investments, including impairment, for the periods ended was $<ix:nonFraction contextRef="c11" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Investments" scale="0" unitRef="usd" id="ixv-64414">452,642</ix:nonFraction> and $<ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Investments" scale="0" unitRef="usd" id="ixv-64415">451,874</ix:nonFraction>,
respectively, and was classified as Investments on the Company&#8217;s consolidated balance sheet as these investments did not have a
stated contractual maturity date.</p></ix:nonNumeric><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_1" escape="true" name="us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" id="ixv-33478"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">9 &#8211; STOCK INCENTIVE
PLANS</p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">In September 2014, the Company&#8217;s
Board of Directors adopted the Max2 Inc. Equity Incentive Plan (&#8220;2014 Plan&#8221;). Upon adoption of the 2014 Plan, the aggregate
number of shares of Common Stock reserved for awards under the Plan were&#160;<ix:nonFraction contextRef="c570" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockCapitalSharesReservedForFutureIssuance" scale="0" unitRef="shares" id="ixv-64416">1,250,000</ix:nonFraction>.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">In September 2018, the Company&#8217;s
Board of Directors adopted the Veea Inc. 2018 Equity Incentive Plan (&#8220;2018 Plan&#8221;). Upon adoption of the 2018 Plan&#160;<ix:nonFraction contextRef="c571" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockCapitalSharesReservedForFutureIssuance" scale="0" unitRef="shares" id="ixv-64417">4,900,000</ix:nonFraction>&#160;shares
of the Company&#8217;s common stock were reserved for the issuance of incentive awards. In January 2021, the 2018 Plan was amended to
increase the total number of authorized shares reserved for issuance to&#160;<ix:nonFraction contextRef="c572" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockCapitalSharesReservedForFutureIssuance" scale="0" unitRef="shares" id="ixv-64418">12,492,910</ix:nonFraction>.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">On June 4, 2024, the stockholders of the
Company approved the Veea Inc. 2024 Incentive Award Plan (the &#8220;2024 Incentive Plan&#8221;), which became effective upon the Closing.
The Company initially reserved&#160;<ix:nonFraction contextRef="c573" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockCapitalSharesReservedForFutureIssuance" scale="0" unitRef="shares" id="ixv-64419">4,460,437</ix:nonFraction>&#160;shares of Common Stock for the issuance of awards under the 2024 Incentive Plan (&#8220;Initial
Limit&#8221;). The Initial Limit represents&#160;10% of the aggregate number of shares of the Company&#8217;s common stock outstanding
immediately after the Closing plus the number of shares of common stock issuable under the 2014 Plan and the 2016 Plan and is subject
to increase each year over a ten-year period.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">The 2024 Incentive Plan provides for the
grant of stock options, which may be ISOs or non-statutory stock options (&#8220;NSOs&#8221;), stock appreciation rights (&#8220;SARs&#8221;),
restricted shares, restricted stock units and other stock or cash-based awards that the Administrator determines are consistent with
the purpose of the 2024 Incentive Plan. As of September 30, 2024, the Company has&#160;<ix:nonFraction contextRef="c11" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonUnitIssuanceValue" scale="0" unitRef="usd" id="ixv-64420">3,568,676</ix:nonFraction>&#160;awards remaining for issuance.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">On June 4, 2024, the stockholders of the
Company approved Veea Inc. 2024 Employee Stock Purchase Plan (the &#8220;ESPP&#8221;), which become effective upon the Closing. An aggregate
of&#160;<ix:nonFraction contextRef="c574" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquityOtherShares" scale="0" unitRef="shares" id="ixv-64421">1,070,603</ix:nonFraction> shares of the Company&#8217;s Common Stock has been reserved for issuance or transfer pursuant to rights granted under
the ESPP (&#8220;Aggregate Number&#8221;). The Aggregate Number represents&#160;<ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="veea:AggregatePercentage" scale="-2" unitRef="pure" id="ixv-64422">3</ix:nonFraction>% of the aggregate number of shares of the Company&#8217;s
common stock outstanding immediately after the Closing and is subject to increase each year over a ten-year period. The ESPP provides
eligible employees with an opportunity to purchase common stock from the Company at a discount through accumulated payroll deductions.
The ESPP will be implemented through a series of offerings of purchase rights to eligible employees. Under the ESPP, the Company&#8217;s
Board of Directors may specify offerings but generally provides for a duration of 12 months. The first purchase period has not begun
as of September 30, 2024. The purchase price will be specified pursuant to the offering, but cannot, under the terms of the ESPP, be
less than&#160;85% of the lower of the fair market value per share of the Company&#8217;s common stock on either the offering date or
on the purchase date.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">The aggregate intrinsic value is the
fair market value on the reporting date less the exercise price for each option.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Veea Inc. and Subsidiaries</b></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Notes to the Condensed
Consolidated Financial Statements </b></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>For the Three and Nine
Months Ended September 30, 2024 and 2023</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;&#160;</p><div>

</div><ix:continuation id="_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The fair value of each stock option
award is estimated on the date of the grant using the Black-Scholes option-pricing model. For options granted during the nine months
ended September 30, 2024 and 2023, respectively, the weighted average estimated fair value using the Black-Scholes option pricing model
was $<ix:nonFraction contextRef="c575" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" scale="0" unitRef="usdPershares" id="ixv-64423">1.49</ix:nonFraction> and $<ix:nonFraction contextRef="c576" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" scale="0" unitRef="usdPershares" id="ixv-64424">0.46</ix:nonFraction> per option, respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Stock compensation expense related
to the 2018 Plan common stock options for the three months ended September 30, 2024 and 2023 was $<ix:nonFraction contextRef="c577" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AllocatedShareBasedCompensationExpense" scale="0" unitRef="usd" id="ixv-64425">59,385</ix:nonFraction> and $<ix:nonFraction contextRef="c578" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AllocatedShareBasedCompensationExpense" scale="0" unitRef="usd" id="ixv-64426">76,431</ix:nonFraction>, respectively and
for the nine months ended September 30, 2024 and 2023 was $<ix:nonFraction contextRef="c579" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AllocatedShareBasedCompensationExpense" scale="0" unitRef="usd" id="ixv-64427">394,234</ix:nonFraction> and $<ix:nonFraction contextRef="c580" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AllocatedShareBasedCompensationExpense" scale="0" unitRef="usd" id="ixv-64428">404,761</ix:nonFraction> respectively, which is included in general and administrative
in the Company&#8217;s consolidated statements of operations and comprehensive loss. Total unrecognized expense related to unvested options
outstanding as of September 30, 2024 was $<ix:nonFraction contextRef="c11" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" scale="0" unitRef="usd" id="ixv-64429">218,324</ix:nonFraction> which will be recognized over a weighted average period of <ix:nonNumeric contextRef="c0" format="ixt-sec:duryear" name="us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1" id="ixv-64430">1.70</ix:nonNumeric> years.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The fair value of each stock option
granted is estimated using the Black-Scholes option-pricing model using the single-option award approach.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The following assumptions are used
in the Black-Scholes option-pricing model:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Risk-Free Interest Rate</i> - The
risk-free interest rate is based on the implied yield available on the date of grant on U.S. Treasury zero-coupon securities issued with
a term that is equal to the option&#8217;s expected term at the grant date.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Expected Volatility</i> - The Company
estimates the volatility for option grants by evaluating the average historical volatility of a peer group of companies for the period
immediately preceding the option grant for a term that is approximately equal to the option&#8217;s expected term.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Expected Term</i> - The expected
term represents the period over which options granted are expected to be outstanding using the simplified method, as the Company&#8217;s
historical share option exercise experience does not provide a reasonable basis upon which to estimate the expected term. The simplified
method deems the term to be the average of the time-to-vesting and contractual life of the stock-based awards.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>Dividend Yield</i> - The Company
has not declared or paid dividends to date and does not anticipate declaring dividends. As such, the dividend yield has been estimated
to be <ix:nonFraction contextRef="c579" decimals="2" format="ixt:fixed-zero" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" scale="-2" unitRef="pure" id="ixv-64431">zero</ix:nonFraction>.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-indent: 0in"><span style="font-weight: normal">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="veea_WarrantsDisclosureTextBlock-c0_cont_1" escape="true" name="veea:WarrantsDisclosureTextBlock" id="ixv-33542"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">10 &#8211; WARRANTS</p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0pt 0pt 0.25in">As part of Plum&#8217;s initial
public offering (&#8220;IPO&#8221;), Plum issued warrants to third-party investors where each whole warrant entitles the holder to purchase
<ix:nonFraction contextRef="c581" decimals="0" format="ixt-sec:numwordsen" name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight" scale="0" unitRef="shares" id="ixv-64432">one</ix:nonFraction> share of the Company&#8217;s common stock at an exercise price of $<ix:nonFraction contextRef="c494" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" scale="0" unitRef="usdPershares" id="ixv-64433">11.50</ix:nonFraction> per share (the &#8220;Public Warrants&#8221;). Simultaneously
with the closing of the IPO, Plum completed the private sale of warrants (the &#8220;Private Placement Warrants&#8221; and together with
the Public Warrants, the &#8220;Warrants&#8221;) where each Private Placement Warrant allows the holder to purchase <ix:nonFraction contextRef="c11" decimals="0" format="ixt-sec:numwordsen" name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight" scale="0" unitRef="shares" id="ixv-64434">one</ix:nonFraction> share of the
Company&#8217;s common stock at $<ix:nonFraction contextRef="c11" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" scale="0" unitRef="usdPershares" id="ixv-64435">11.50</ix:nonFraction> per share. At September 30, 2024, there are <ix:nonFraction contextRef="c494" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ClassOfWarrantOrRightOutstanding" scale="0" unitRef="shares" id="ixv-64436">6,384,326</ix:nonFraction> Public Warrants and <ix:nonFraction contextRef="c495" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ClassOfWarrantOrRightOutstanding" scale="0" unitRef="shares" id="ixv-64437">6,256,218</ix:nonFraction> Private Placement
Warrants outstanding.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in">&#160;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">The Public Warrants become exercisable
at $<ix:nonFraction contextRef="c494" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" scale="0" unitRef="usdPershares" id="ixv-64438">11.50</ix:nonFraction> per share, subject to adjustment, at any time commencing <ix:nonNumeric contextRef="c0" format="ixt-sec:durwordsen" name="veea:NumberDaysAfterTheInitialBusinessCombinationDeterminingWarrantsExercisable" id="ixv-64439">30&#160;days</ix:nonNumeric> after ; provided that the Company has an effective registration
statement under the Securities Act covering the shares of Common Stock issuable upon exercise of the Public Warrants and a current prospectus
relating to them is available (or the Company permits holders to exercise their warrants on a cashless basis under the circumstances
specified in the warrant agreement) and such shares are registered, qualified or exempt from registration under the securities, or blue
sky, laws of the state of residence of the holder. The warrants will expire <span style="-sec-ix-hidden: hidden-fact-712">five</span>&#160;years after the completion of the Business Combination
or earlier upon redemption or liquidation.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The Company has agreed that as soon
as practicable, but in no event later than twenty business&#160;days after the closing of the Business Combination, it will use commercially
reasonable efforts to file with the SEC a registration statement for the registration, under the Securities Act, of the shares of Common
Stock issuable upon exercise of the warrants, and the Company will use its commercially reasonable efforts to cause the same to become
effective within <ix:nonNumeric contextRef="c582" format="ixt-sec:durday" name="veea:NumberOfDaysAfterTheClosingOfTheInitialBusinessCombinationForRegistrationStatementToBeEffective" id="ixv-64440">60</ix:nonNumeric> business&#160;days after the closing of the Business Combination, and to maintain the effectiveness of such registration
statement and a current prospectus relating to those shares of Common Stock until the warrants expire or are redeemed, as specified in
the warrant agreement, provided that if the shares of Common Stock are at the time of any exercise of a warrant not listed on a national
securities exchange such that they satisfy the definition of a &#8220;covered security&#8221; under Section&#160;18(b)(1)&#160;of the
Securities Act, the Company may, at its option, require holders of the Public Warrants who exercise their warrants to do so on a &#8220;cashless
basis&#8221; in accordance with Section&#160;3(a)(9)&#160;of the Securities Act and, in the event the Company so elects, it will not
be required to file or maintain in effect a registration statement, but the Company will use its commercially reasonably efforts to register
or qualify the shares under applicable blue sky laws to the extent an exemption is not available. If a registration statement covering
the shares of Common Stock issuable upon exercise of the warrants is not effective by the 60th day after the closing of the Business
Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company
will have failed to maintain an effective registration statement, exercise warrants on a &#8220;cashless basis&#8221; in accordance with
Section&#160;3(a)(9)&#160;of the Securities Act or another exemption, but the Company will use its commercially reasonably efforts to
register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. In such event, each holder
would pay the exercise price by surrendering the warrants for that number of shares of Common Stock equal to the lesser of <ix:nonNumeric contextRef="c582" name="us-gaap:ClassOfWarrantOrRightReasonForIssuingToNonemployees" id="ixv-64441">(A)&#160;the
quotient obtained by dividing (x)&#160;the product of the number of shares of Common Stock underlying the warrants, multiplied by the
excess of the &#8220;fair market value&#8221; (as defined below) less the exercise price of the warrants by (y)&#160;the fair market
value and (B)&#160;0.361. The &#8220;fair market value&#8221; as used in this paragraph shall mean the volume weighted average price
of the shares of Common Stock for the 10 trading&#160;days ending on the trading day prior to the date on which the notice of exercise
is received by the warrant agent.</ix:nonNumeric></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">In no event will the Company be
required to net cash settle any warrant. In the event that a registration statement is not effective for the exercised warrants, the
purchaser of a unit containing such warrant will have paid the full purchase price for the unit solely for the shares of Common Stock
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>Veea Inc. and Subsidiaries</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>Notes to the Condensed
Consolidated Financial Statements </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>For the Three and Nine
Months Ended September 30, 2024 and 2023</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><ix:continuation id="veea_WarrantsDisclosureTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><b>Redemption of Warrants When the
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">Once the Warrants become exercisable,
the Company may redeem the outstanding Warrants (except with respect to the Private Placement Warrants):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.5in; text-align: justify">&#160;</td> <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in whole and not in part;</span></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">&#160;</td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">at a price of $<ix:nonFraction contextRef="c584" decimals="2" format="ixt:num-dot-decimal" name="veea:RedemptionPricePerWarrant" scale="0" unitRef="usdPershares" id="ixv-64443">0.01</ix:nonFraction> per warrant;</span></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">&#160;</td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">upon not less than <ix:nonNumeric contextRef="c584" format="ixt-sec:duryear" name="veea:PeriodForNoticeOfRedemption" id="ixv-64444">30</ix:nonNumeric>&#160;days&#8217; prior written notice of redemption to each warrant holder; and</span></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">&#160;</td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if, and only if, the last reported sale price of our Common Stock equals or exceeds $<ix:nonFraction contextRef="c585" decimals="2" format="ixt:num-dot-decimal" name="veea:MinimumThresholdPriceOfCommonStockSpecifiedToSendNoticeOfRedemptionToTheWarrantHolders" scale="0" unitRef="usdPershares" id="ixv-64445">18.00</ix:nonFraction> per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant) for any <ix:nonNumeric contextRef="c584" format="ixt-sec:durday" name="veea:NumberOfTradingDaysDeterminingWarrantRedemption" id="ixv-64446">20</ix:nonNumeric> trading&#160;days within a <ix:nonNumeric contextRef="c586" format="ixt-sec:durday" name="veea:NumberOfConsecutiveTradingDaysDeterminingWarrantRedemption" id="ixv-64447">30</ix:nonNumeric>-trading day period ending three trading&#160;days before the Company sends the notice of redemption to the warrant holders.</span></td></tr> </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><b>Redemption of Warrants When the
Price per Share of Common Stock Equals or Exceeds $<ix:nonFraction contextRef="c587" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" scale="0" unitRef="usdPershares" id="ixv-64448">10.00</ix:nonFraction></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">Once the Warrants become exercisable,
the Company may redeem the outstanding Warrants:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.5in; text-align: justify">&#160;</td> <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in whole and not in part;</span></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">&#160;</td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">at $<ix:nonFraction contextRef="c588" decimals="2" format="ixt:num-dot-decimal" name="veea:RedemptionPricePerWarrant" scale="0" unitRef="usdPershares" id="ixv-64449">0.10</ix:nonFraction> per warrant upon a minimum of <ix:nonNumeric contextRef="c588" format="ixt-sec:duryear" name="veea:PeriodForNoticeOfRedemption" id="ixv-64450">30</ix:nonNumeric>&#160;days&#8217; prior written notice of redemption provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares, based on the redemption date and the &#8220;fair market value&#8221; (as defined above) of our Common Stock;</span></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">&#160;</td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if, and only if, the closing price of our Common Stock equals or exceeds $<ix:nonFraction contextRef="c588" decimals="2" format="ixt:num-dot-decimal" name="veea:MinimumThresholdPriceOfCommonStockSpecifiedToSendNoticeOfRedemptionToTheWarrantHolders" scale="0" unitRef="usdPershares" id="ixv-64451">10.00</ix:nonFraction> per public share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant) for any <ix:nonNumeric contextRef="c588" format="ixt-sec:durday" name="veea:NumberOfTradingDaysDeterminingWarrantRedemption" id="ixv-64452">20</ix:nonNumeric> trading&#160;days within the <ix:nonNumeric contextRef="c588" format="ixt-sec:durday" name="veea:NumberOfConsecutiveTradingDaysDeterminingWarrantRedemption" id="ixv-64453">30</ix:nonNumeric>-trading day period ending three trading&#160;days before the Company sends the notice of redemption to the warrant holders; and</span></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td> <td style="text-align: justify">&#160;</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">&#160;</td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if the closing price of our Common Stock for any 20 trading&#160;days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders is less than $<ix:nonFraction contextRef="c589" decimals="2" format="ixt:num-dot-decimal" name="veea:PriceThresholdOfNewlyIssuedStockToCauseAdjustmentOfExerciseWarrantPrice" scale="0" unitRef="usdPershares" id="ixv-64454">18.00</ix:nonFraction> per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant), the Private Placement Warrants must also be concurrently called for redemption on the same terms as the outstanding Public Warrants, as described above.</span></td></tr> </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The Private Placement Warrants were
initially issued in the same form as the Public Warrants with the exception that the Private Warrants: (i) would not be redeemable by
the Company and (ii) may be exercised for cash or on a cashless baseless so long as they are held by the initial purchasers or their
permitted transferees, the Private Warrants will be redeemable by the Company and exercisable by the holders on the same basis as the
Public Warrants.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">The Public Warrants were initially
classified as a derivative liability instrument. Upon the closing of the Business Combination, the Public Warrants in accordance with
the guidance contained in ASC 815 are no longer precluded from equity classification. Equity-classified contracts are initially measured
at fair value (or allocated value). Subsequent changes in fair value are not recognized as long as the contracts continue to be classified
in equity.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">The Company continues to recognize the
Private Placement Warrants as liabilities at fair value as of the Closing Date, with an offsetting entry to additional paid-in capital
and adjusts the carrying value of the instruments to fair value through other income (expense) on the condensed consolidated statement
of operations at each reporting period until they are exercised. As of September 30, 2024, the Private Placement Warrants are presented
within warrants sheet.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify"><i>Legacy Veea Warrants </i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">Upon the closing of the Business
Combination the Company&#8217;s equity-classified Common stock warrants were recasted and fully exercised.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in">Upon the closing of the Business Combination the Company&#8217;s
equity-classified Preferred stock warrants were recasted and adjusted for the anti-dilutive shares leaving the Company with <ix:nonFraction contextRef="c590" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SharesIssued" scale="0" unitRef="shares" id="ixv-64455">79,654</ix:nonFraction> shares
in the money. The Public Warrants were initially classified as a derivative liability instrument</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.25in; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Veea Inc. and Subsidiaries</b></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Notes to the Condensed
Consolidated Financial Statements </b></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>For the Three and Nine
Months Ended September 30, 2024 and 2023</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:RelatedPartyTransactionsDisclosureTextBlock" id="ixv-33704"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">11 &#8211; RELATED
PARTY TRANSACTIONS</p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Lease Arrangements</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">On March 1, 2014, the Company entered
into a sublease agreement with NLabs Inc., an affiliate of the CEO and that holds approximately <ix:nonFraction contextRef="c591" decimals="3" format="ixt:num-dot-decimal" name="veea:OutstandingCapitalStockPercentage" scale="-2" unitRef="pure" id="ixv-64456">38.5</ix:nonFraction>% of the Company&#8217;s outstanding
capital stock (&#8220;NLabs&#8221;) for office space for an initial term of <ix:nonNumeric contextRef="c591" format="ixt-sec:duryear" name="us-gaap:LesseeOperatingLeaseTermOfContract" id="ixv-64457">5</ix:nonNumeric> years. In 2018, the Company renewed the sublease for an
additional <ix:nonNumeric contextRef="c592" format="ixt-sec:duryear" name="us-gaap:LesseeOperatingLeaseRenewalTerm" id="ixv-64458">5</ix:nonNumeric>-year term with all other terms and conditions of the sublease remaining the same. The renewal term extended to December
31, 2024.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">In February 2024, the Lease Agreement
was extended. The Company accrues rent for the office space. The Company recognized rent expense of $<ix:nonFraction contextRef="c25" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredRevenueRevenueRecognized1" scale="0" unitRef="usd" id="ixv-64459">61,200</ix:nonFraction>&#160;and $<ix:nonFraction contextRef="c26" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredRevenueRevenueRecognized1" scale="0" unitRef="usd" id="ixv-64460">61,200</ix:nonFraction>&#160;in
the three months ended September 30, 2024 and 2023, respectively, and $<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredRevenueRevenueRecognized1" scale="0" unitRef="usd" id="ixv-64461">183,600</ix:nonFraction>&#160;and $<ix:nonFraction contextRef="c27" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredRevenueRevenueRecognized1" scale="0" unitRef="usd" id="ixv-64462">184,925</ix:nonFraction>&#160;in the nine months ended September
30, 2024 and 2023, respectively, all of which is classified as general and administrative expenses in the Company&#8217;s consolidated
statements of operations and comprehensive loss. Accrued and unpaid rent expense included in the Company&#8217;s consolidated balance
sheet was $<ix:nonFraction contextRef="c11" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccruedRentNoncurrent" scale="0" unitRef="usd" id="ixv-64463">1,652,400</ix:nonFraction>&#160;and $<ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccruedRentNoncurrent" scale="0" unitRef="usd" id="ixv-64464">1,468,800</ix:nonFraction>, as of September 30, 2024 and December 31, 2023, respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.95pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">In April 2017 the Company entered into
a lease agreement with 83<sup>rd</sup> Street LLC to lease office space for an initial term of <ix:nonNumeric contextRef="c400" format="ixt-sec:duryear" name="us-gaap:LesseeOperatingLeaseTermOfContract" id="ixv-64465">2</ix:nonNumeric> years. In 2018, the Company renewed
the lease for an additional <ix:nonNumeric contextRef="c395" format="ixt-sec:duryear" name="us-gaap:LesseeOperatingLeaseRenewalTerm" id="ixv-64466">5</ix:nonNumeric>-year term, with all other terms and conditions of the lease remaining the same. The renewal term expires
February 28, 2024 and was subsequently extended to December 31, 2024. The sole member of 83rd Street is the Salmasi 2004 Trust (the &#8220;Trust&#8221;).
As of December 31, 2023, the Trust holds approximately <ix:nonFraction contextRef="c1" decimals="2" format="ixt:num-dot-decimal" name="veea:OutstandingCapitalStockPercentage" scale="-2" unitRef="pure" id="ixv-64467">15</ix:nonFraction>% of the Company&#8217;s outstanding capital stock. The Company&#8217;s CEO
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Related Party Debt</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.95pt; text-align: justify">&#160;</p>

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are payable on the maturity date of the Notes. The original maturity date of the Bridge Notes was December 31, 2022, which was extended
to December 31, 2023 and has been subsequently extended to September 30, 2024. The Company accounted for the extension as a modification
of the Bridge Notes. The unpaid principal amount and accrued unpaid interest on the Bridge Notes are due and payable upon the date of
the first to occur of: (i) the maturity date and (ii) the consummation of a debt or equity financing transaction with an unrelated third
party. Interest expense for the three months ended September 30, 2024 and 2023 was $<ix:nonFraction contextRef="c595" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestExpense" scale="0" unitRef="usd" id="ixv-64472">195,155</ix:nonFraction>&#160;and $<ix:nonFraction contextRef="c596" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestExpense" scale="0" unitRef="usd" id="ixv-64473">237,500</ix:nonFraction>, respectively. Interest
expense for the nine months ended September 30, 2024 and 2023 was $<ix:nonFraction contextRef="c597" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestExpense" scale="0" unitRef="usd" id="ixv-64474">670,155</ix:nonFraction>&#160;and $<ix:nonFraction contextRef="c598" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestExpense" scale="0" unitRef="usd" id="ixv-64475">762,500</ix:nonFraction>, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Veea Inc. and Subsidiaries</b></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Notes to the Condensed
Consolidated Financial Statements </b></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>For the Three and Nine
Months Ended September 30, 2024 and 2023</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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with the Bridge Notes, the &#8220;Related Party Notes&#8221;). The Demand Notes bear interest on the outstanding principal amount at
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to September 30, 2024. Interest expense for the three months ended September 30, 2024 and 2023 was $</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.95pt; text-align: justify; text-indent: -0.05pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">At the Closing, the Related Party
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considered Existing Veea Shares and were in addition to the shares of Common Stock issued to holders of Existing Veea Shares. <i>See
Note 4 &#8220;Recapitalization&#8221; for further information regarding the conversion of the Related Party Notes.</i></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.95pt; text-align: justify">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">CEO Expenses</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company incurred expenses relating
to ordinary course travel expenses of the Company&#8217;s Chief Executive Officer and founder (&#8220;CEO&#8221;) for travel made by
the CEO on behalf of the Company. As of September 30, 2024 and December 31, 2023, the Company had accrued expenses reimbursable to the
CEO in the aggregate amount of $<ix:nonFraction contextRef="c600" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentAnnualPrincipalPayment" scale="0" unitRef="usd" id="ixv-64480">119,075</ix:nonFraction> and $<ix:nonFraction contextRef="c415" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentAnnualPrincipalPayment" scale="0" unitRef="usd" id="ixv-64481">179,075</ix:nonFraction>, respectively. During the nine months ended June 30, 2024, the Company paid the
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balance sheet.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.95pt; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:CommitmentsAndContingenciesDisclosureTextBlock" id="ixv-33758"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">12 &#8211; COMMITMENTS
AND CONTINGENCIES</p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Purchase Commitments with Contract
Manufacturers and Suppliers</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As of June 30, 2024, the Company had
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purchase obligations are obligations that are enforceable and legally binding on the Company and specify all significant terms, including
quantities to be purchased, fixed, minimum or variable price provisions and the approximate timing of the transaction. Unconditional
purchase obligations exclude agreements that are cancellable without penalty.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Leases</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company leases office space in
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.95pt; text-align: justify">&#160;</p>

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    <td style="text-align: justify">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: justify">&#160;</td></tr>
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    <td style="text-align: justify">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: justify">&#160;</td></tr>
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</div><!-- Field: Page; Sequence: 172; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Veea Inc. and Subsidiaries</b></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Notes to the Condensed
Consolidated Financial Statements </b></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>For the Three and Nine
Months Ended September 30, 2024 and 2023</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Warranties</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company accrues the estimated
cost of product warranties at the time of recognizing revenue. The Company&#8217;s standard product warranty terms generally include
post-sales support and repairs or replacement of a product at no additional charge for a specified period of time. The Company engages
in product quality programs and processes, including actively monitoring and evaluating the quality of its component suppliers. The estimated
warranty obligation is based on contractual warranty terms, repair costs, current period product shipments and product failure rates.
Warranty terms are generally limited to twelve months.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37pt"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><b>Indemnifications</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In the normal course of business,
the Company has indemnification obligations to other parties, including customers, lessors, and parties to other transactions with us,
with respect to certain matters. The Company has agreed to indemnify against losses arising from a breach of representations or covenants
or out of intellectual property infringement or other claims made against certain parties. These agreements may limit the time or circumstances
within which an indemnification claim can be made and the amount of the claim.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">It is not possible to determine the
maximum potential amount for claims made under the indemnification obligations due to uncertainties in the litigation process, coordination
with and contributions by other parties and the defendants in these types of cases, and the unique facts and circumstances involved in
each particular case and agreement. To date, the Company has made no indemnity payments. In addition, the Company has entered into indemnification
agreements with its officers and directors, and its Amended and Restated Bylaws contain similar indemnification obligations to its agents.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37pt"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37pt"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37pt">&#160;</p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Veea Inc. and Subsidiaries</b></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Notes to the Condensed
Consolidated Financial Statements </b></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>For the Three and Nine
Months Ended September 30, 2024 and 2023</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 37pt"><b>&#160;</b></p><div>

</div><ix:continuation id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><b>Litigation</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In the normal course of business,
the Company may become involved in various lawsuits and legal proceedings. While the ultimate results of these matters cannot be predicted
with certainty, management does not expect them to have a material adverse effect on the financial position or results of operations
of the Company.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Other Commitments</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">In connection with the Business Combination
transaction, Veea agreed to pay certain legal expenses contingent upon the closing of the Business Combination. As of September 30, 2024,
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</div><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-indent: 0in">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_FairValueDisclosuresTextBlock-c0_cont_1" escape="true" name="us-gaap:FairValueDisclosuresTextBlock" id="ixv-34365"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">13 &#8211; FAIR VALUE
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>Recurring Fair Value Measurements</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.7pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company&#8217;s initial value
of the warrant liability was based on a valuation model utilizing management judgment and pricing inputs from observable and unobservable
markets with less volume and transaction frequency than active markets and classified as level 3. The subsequent measurement of the Private
Warrants is classified as Level&#160;2 because these warrants are economically equivalent to the Public warrants, based on the terms
of the Private Warrant agreement, and as such their value is principally derived by the value of the Public Warrants. Significant deviations
from these estimates and inputs could result in a material change in fair value. For the three and nine months ended September 30, 2024,
there were no transfers amongst level 1, 2, and 3 values during the period.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.7pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The conversion feature of the Convertible
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.7pt; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.7pt; text-align: justify">&#160;</p>

<ix:continuation id="_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: justify">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: justify">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.7pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -0.25in; text-align: justify; text-indent: 0.5in"><i>Convertible
Note Option liability</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company established the initial
fair value for the Convertible Note Option liability as of September 13, 2024, which was the date the Convertible Note was executed.
On September 30, 2024, the fair value was remeasured using an option pricing model. The option pricing model was used to value the Convertible
Note Option Liability for the initial periods and subsequent measurement periods.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Convertible Note Option liability
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock-c0_cont_2" id="_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 174; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Veea Inc. and Subsidiaries</b></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Notes to the Condensed
Consolidated Financial Statements </b></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>For the Three and Nine
Months Ended September 30, 2024 and 2023</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation id="_FairValueDisclosuresTextBlock-c0_cont_1"><ix:nonNumeric contextRef="c0" continuedAt="_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock-c0_cont_1" escape="true" name="us-gaap:FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock" id="ixv-34622"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; ">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.25in"><i>Earn-out Share
Liability</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">Following the closing of the Business
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common stock are achieved or a change of control transaction occurs during the ten-year period following the Closing. The Company&#8217;s
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within operating expenses for the three and nine months ended September 30, 2024. The fair value of the Earn-out Share Liabilities was
estimated using Monte Carlo simulation utilizing assumptions related to the contractual term of the instruments, estimated volatility,
the and current interest rates. A significant driver of the value of the Earn-out Share Liabilities at the close of the Business Combination
was our closing stock price on September 13, 2024 which was $<ix:nonFraction contextRef="c613" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:SaleOfStockPricePerShare" scale="0" unitRef="usdPershares" id="ixv-64562">12.00</ix:nonFraction>.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_EarningsPerShareTextBlock-c0_cont_1" escape="true" name="us-gaap:EarningsPerShareTextBlock" id="ixv-34755"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">14 &#8211; EARNINGS
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.95pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><ix:nonNumeric contextRef="c0" continuedAt="_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock-c0_cont_1" escape="true" name="us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" id="ixv-64576">The computation of basic and dilutive
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 36.95pt; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock-c0_cont_2" id="_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <td style="text-align: justify">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Veea Inc. and Subsidiaries</b></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Notes to the Condensed
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</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>For the Three and Nine
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As described in Note 3, the Company
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<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41.1pt; text-align: justify">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Major Customers</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41.1pt"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><b>Long-lived Assets</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41.1pt">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41.1pt">&#160;</p>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->65<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Veea Inc. and Subsidiaries</b></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Notes to the Condensed
Consolidated Financial Statements </b></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>For the Three and Nine
Months Ended September 30, 2024 and 2023</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:DefinedBenefitPlanTextBlock" id="ixv-35232"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">16 &#8211; EMPLOYEE
401(k) PLAN</p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 32.05pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company sponsors a 401(k) plan
(the &#8220;Plan&#8221;) to provide retirement benefits for its employees.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">As allowed under Section 401(k) of
the Internal Revenue Code, the Plan provides for tax-deferred salary contributions and after-tax contributions for eligible employees.
The Plan provides for tax-deferred salary contributions and after-tax contributions for eligible employees. Employee contributions are
limited to a maximum annual amount as set periodically by the Internal Revenue Code. The Company matches pretax and Roth employee contributions
up to <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:DefinedContributionPlanEmployerMatchingContributionPercentOfMatch" scale="-2" unitRef="pure" id="ixv-64621">4</ix:nonFraction>% of eligible earnings that are contributed by employees. All matching contributions vest immediately. The Company&#8217;s matching
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:SubsequentEventsTextBlock" id="ixv-35241"><p style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">17 &#8211; SUBSEQUENT
EVENTS</p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 31.35pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">The Company evaluated subsequent events
from September 30, 2024, the date of these financial statements, through financial statements were issued (the &#8220;Issuance Date&#8221;),
for events requiring recording or disclosure in the financial statements as of and for the nine months ended September 30, 2024. The
Company concluded that no events have occurred that would require recognition or disclosure in the financial statements, except as described
below.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="text-decoration:underline">Equity Line of Credit</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">On November 15, 2024, the Company and
White Lion Capital, LLC (&#8220;White Lion&#8221;) signed a term sheet providing for the issuance by the Company to White Lion of up
to $<ix:nonFraction contextRef="c643" decimals="-6" format="ixt:num-dot-decimal" name="us-gaap:LineOfCreditFacilityMaximumAmountOutstandingDuringPeriod" scale="6" unitRef="usd" id="ixv-64624">25</ix:nonFraction>&#160;million of shares of the Company&#8217;s common stock. The Company anticipates closing the transactions contemplated by the
term sheet on or about November 20, 2024. At the closing, the Company and White Lion will enter into a common stock purchase agreement
(the &#8220;Common Stock Purchase Agreement&#8221;) and related registration rights agreement (the &#8220;White Lion Registration Rights
Agreement&#8221;). Pursuant to the Common Stock Purchase Agreement, the Company, has the right to sell to White Lion up to the lesser
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Stock Purchase Agreement), subject to certain limitations and conditions set forth in the Common Stock Purchase Agreement. As of the
Issuance Date, the Company has not filed a Registration Statement on Form S-1 registering the resale of the ELOC Shares. The Company
expects to utilize proceeds from the Common Stock Purchase Agreement for working capital and other general corporate purposes. Subject
to the terms of the Common Stock Purchase Agreement, the Company will have the right from time to time at its sole discretion until the
24th month following signing of the Common Stock Purchase Agreement, to direct White Lion to purchase up to a specified maximum number
of shares of common stock as set forth in the Common Stock Purchase Agreement by delivering written notice to White Lion prior to the
commencement of trading on any trading day. The Company will control the timing and amount of any sales of the common stock to White
Lion. Actual sales of shares to White Lion under the Common Stock Purchase Agreement will depend on a variety of factors to be determined
by the Company from time to time, including, among other things, market conditions, and the trading price of the common stock.</p></ix:nonNumeric><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 31.35pt; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 31.35pt; text-align: justify"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->66<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 31.35pt; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-size: 10pt">&#160;</span></p><div>

</div><div><a id="a_030"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the Stockholders and Board of Directors of</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Plum
Acquisition Corp. I</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Opinion
on the Financial Statements</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have audited the accompanying balance sheets of Plum Acquisition Corp. I (the &#8220;Company&#8221;) as of December 31, 2023 and 2022,
the related statements of operations, changes in shareholders&#8217; deficit and cash flows for the years ended December 31, 2023 and
2022, and the related notes (collectively referred to as the &#8220;financial statements&#8221;). In our opinion, the financial statements
present fairly, in all material respects, the financial position of the Company as of December 31, 2023 and 2022, and the results of
its operations and its cash flows for the years ended December 31, 2023 and 2022, in conformity with accounting principles generally
accepted in the United States of America.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Explanatory
Paragraph &#8211; Going Concern</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As more fully described
in Note 1 to the financial statements, the Company&#8217;s business plan is dependent upon the consummation of a business combination
and it lacks the financial resources it needs to sustain operations for a reasonable period of time, which is considered to be one year
from the issuance date of the financial statements. Further, if the Company does not complete a business combination by June 18, 2024
or obtain approval for an extension of this deadline, it will be required to cease all operations except for the purpose of liquidating.
These conditions raise substantial doubt about the Company&#8217;s ability to continue as a going concern. Management&#8217;s plans in
regard to these matters are also described in Note 1. The financial statements do not include any adjustments that might result from
the outcome of this uncertainty.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Basis
for Opinion</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
financial statements are the responsibility of the Company&#8217;s management. Our responsibility is to express an opinion on the Company&#8217;s
financial statements based on our audit<b>s</b>. We are a public accounting firm registered with the Public Company Accounting Oversight
Board (United States) (&#8220;PCAOB&#8221;) and are required to be independent with respect to the Company in accordance with the U.S.
federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
conducted our audit<b>s</b> in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit<b>s
</b>to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or
fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting.
As part of our audit<b>s</b> we are required to obtain an understanding of internal control over financial reporting but not for the
purpose of expressing an opinion on the effectiveness of the Company&#8217;s internal control over financial reporting. Accordingly,
we express no such opinion.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
audit<b>s</b> included performing procedures to assess the risks of material misstatement of the financial statements, whether due to
error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the financial statements. Our audit<b>s</b> also included evaluating the accounting principles
used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe
that our audit<b>s</b> provide a reasonable basis for our opinion.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
Marcum <span style="font-variant: small-caps">llp</span></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marcum
<span style="font-variant: small-caps">llp</span></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have served as the Company&#8217;s auditor since 2021.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: small-caps">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
York, NY<br/>
March 1, 2024</span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><div><a id="a_031"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PLUM
ACQUISITION CORP. I</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-size: 10pt"><b>BALANCE
SHEETS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December&#160;31,</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December&#160;31,</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASSETS</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span style="font-family: Times New Roman, Times, Serif"><ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PrepaidExpenseCurrent" scale="0" unitRef="usd" id="ixv-64628">50,853</ix:nonFraction></span></span></td><td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PrepaidExpenseCurrent" scale="0" unitRef="usd" id="ixv-64629">43,631</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: justify; text-indent: -8.1pt; padding-left: 24.3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    current assets</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AssetsCurrent" scale="0" unitRef="usd" id="ixv-64630">145,556</ix:nonFraction></span></td><td style="font-weight: bold; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AssetsCurrent" scale="0" unitRef="usd" id="ixv-64631">130,032</ix:nonFraction></span></td><td style="font-weight: bold; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -8.1pt; padding-left: 16.2pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; text-indent: -8.1pt; padding-left: 8.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investments&#160;held
    in Trust Account</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AssetsHeldInTrustNoncurrent" scale="0" unitRef="usd" id="ixv-64632">35,555,976</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AssetsHeldInTrustNoncurrent" scale="0" unitRef="usd" id="ixv-64633">323,911,642</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: justify; padding-bottom: 4pt; text-indent: -8.1pt; padding-left: 8.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TOTAL
    ASSETS</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Assets" scale="0" unitRef="usd" id="ixv-64634">35,701,532</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Assets" scale="0" unitRef="usd" id="ixv-64635">324,041,674</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -8.1pt; padding-left: 16.2pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: justify; text-indent: -8.1pt; padding-left: 8.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LIABILITIES,
    REDEEMABLE ORDINARY SHARES AND SHAREHOLDERS&#8217; DEFICIT</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; text-indent: -8.1pt; padding-left: 16.2pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts
    payable and accrued expenses</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent" scale="0" unitRef="usd" id="ixv-64636">4,587,330</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent" scale="0" unitRef="usd" id="ixv-64637">2,640,756</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify; text-indent: -8.1pt; padding-left: 16.2pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c17" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherLiabilitiesCurrent" scale="0" unitRef="usd" id="ixv-64638">331,291</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c18" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherLiabilitiesCurrent" scale="0" unitRef="usd" id="ixv-64639">235,000</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; text-indent: -8.1pt; padding-left: 16.2pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Convertible
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c17" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ConvertibleNotesPayableCurrent" scale="0" unitRef="usd" id="ixv-64640">1,000,000</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c18" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ConvertibleNotesPayableCurrent" scale="0" unitRef="usd" id="ixv-64641">1,000,000</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c17" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherNotesPayableCurrent" scale="0" unitRef="usd" id="ixv-64642">250,000</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-23; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-weight: bold; text-align: justify; padding-bottom: 1.5pt; text-indent: -8.1pt; padding-left: 8.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TOTAL
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -8.1pt; padding-left: 16.2pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: justify; text-indent: -8.1pt; padding-left: 8.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">COMMITMENTS
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -8.1pt; padding-left: 16.2pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font-weight: bold; text-align: justify; text-indent: -8.1pt; padding-left: 8.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHAREHOLDERS&#8217;
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-27; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; ">
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    deficit</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font-weight: bold; text-align: justify; padding-bottom: 1.5pt; text-indent: -8.1pt; padding-left: 8.1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TOTAL
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  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
accompanying notes are an integral part of these financial statements.</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 179; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->68<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><div><a id="a_032"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PLUM
ACQUISITION CORP. I</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>STATEMENTS
OF OPERATIONS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
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    Ended<br/> December&#160;31,</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
    the Year<br/>
    Ended<br/> December&#160;31,</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: justify; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Formation
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    <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c28" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CostsAndExpenses" scale="0" unitRef="usd" id="ixv-64686">3,098,285</ix:nonFraction></span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 1%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c29" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CostsAndExpenses" scale="0" unitRef="usd" id="ixv-64687">4,074,437</ix:nonFraction></span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font-weight: bold; text-align: justify; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loss
    from operations</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c28" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingIncomeLoss" scale="0" sign="-" unitRef="usd" id="ixv-64688">3,098,285</ix:nonFraction></span></td><td style="font-weight: bold; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c29" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingIncomeLoss" scale="0" sign="-" unitRef="usd" id="ixv-64689">4,074,437</ix:nonFraction></span></td><td style="font-weight: bold; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
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    <td style="text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font-weight: bold; text-align: justify; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Change
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c28" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:FairValueAdjustmentOfWarrants" scale="0" unitRef="usd" id="ixv-64690">1,264,054</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-54; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuance
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-55; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reduction
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c28" decimals="0" format="ixt:num-dot-decimal" name="veea:ReductionOfDeferredUnderwriterFeePayable" scale="0" unitRef="usd" id="ixv-64694">328,474</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-56; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c28" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestExpenseOther" scale="0" unitRef="usd" id="ixv-64695">759,768</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Termination
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-58; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c29" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GainLossOnContractTermination" scale="0" unitRef="usd" id="ixv-64696">1,000,000</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
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    <td style="border-bottom: Black 1.5pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c28" decimals="0" format="ixt:num-dot-decimal" name="veea:InterestIncomeTrustAccount" scale="0" sign="-" unitRef="usd" id="ixv-64697">4,758,906</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: justify; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    other (expense) income, net</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c28" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NonoperatingIncomeExpense" scale="0" unitRef="usd" id="ixv-64699">3,063,558</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c29" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NonoperatingIncomeExpense" scale="0" unitRef="usd" id="ixv-64700">14,652,562</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: justify; padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify; padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted
    average shares outstanding, Class&#160;A ordinary shares subject to possible redemption</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="border-bottom: Black 4pt double; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c31" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" scale="0" unitRef="shares" id="ixv-64704">31,921,634</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: justify; padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt"><span style="-sec-ix-hidden: hidden-fact-59; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: hidden-fact-60">Basic and diluted net (loss) income per ordinary share, Class&#160;A ordinary shares subject to possible redemption</span></span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c30" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EarningsPerShareBasic" scale="0" unitRef="usdPershares" id="ixv-64705">0.00</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c31" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EarningsPerShareBasic" scale="0" unitRef="usdPershares" id="ixv-64706">0.27</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted
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    <td style="border-bottom: Black 4pt double; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-hidden: hidden-fact-61; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="padding-bottom: 2.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c32" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EarningsPerShareBasic" scale="0" unitRef="usdPershares" id="ixv-64708">0.00</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-hidden: hidden-fact-62; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: hidden-fact-63">&#8212;</span></span></td><td style="padding-bottom: 2.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0px"><span style="font-size: 10pt; font-weight: normal"><i>The
accompanying notes are an integral part of these financial statements.</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><!-- Field: Page; Sequence: 180; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->69<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="a_033"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PLUM
ACQUISITION CORP. I</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>STATEMENTS
OF CHANGES IN SHAREHOLDERS&#8217; DEFICIT</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE YEAR ENDED DECEMBER 31, 2023 AND 2022</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    ordinary&#160;shares</span></td><td style="padding-bottom: 0pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    ordinary&#160;shares</span></td><td style="padding-bottom: 0pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="padding-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="width: 26%; font-weight: bold; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Balance
    as of December&#160;31, 2021</span></td><td style="width: 0.5%; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 0.5%; font-weight: bold; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 9%; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: hidden-fact-501; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="width: 0.5%; font-weight: bold; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 0.5%; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="width: 0.5%; font-weight: bold; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 9%; font-weight: bold; text-align: right"><span style="-sec-ix-hidden: hidden-fact-503; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="width: 0.5%; font-weight: bold; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 0.5%; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Remeasurement
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-504; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-505; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-506; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c226" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:TemporaryEquityAccretionToRedemptionValueAdjustment" scale="0" sign="-" unitRef="usd" id="ixv-64717">4,695,302</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c227" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:TemporaryEquityAccretionToRedemptionValueAdjustment" scale="0" sign="-" unitRef="usd" id="ixv-64718">4,695,302</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
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    <td style="font-weight: bold; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="-sec-ix-hidden: hidden-fact-512; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="font-weight: bold; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font-weight: bold; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c232" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" scale="0" sign="-" unitRef="usd" id="ixv-64724">15,297,513</ix:nonFraction></span></td><td style="font-weight: bold; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-513; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-514; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-515; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c237" decimals="0" format="ixt:num-dot-decimal" name="veea:AdjustmentsToAdditionalPaidInCapitalReductionOfDeferredUnderwriterFee" scale="0" unitRef="usd" id="ixv-64726">10,844,098</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conversion
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c233" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ConversionOfStockAmountConverted1" scale="0" unitRef="usd" id="ixv-64728">799</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c234" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:ConversionOfStockSharesConverted1" scale="0" sign="-" unitRef="shares" id="ixv-64729">7,980,409</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c234" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ConversionOfStockAmountConverted1" scale="0" sign="-" unitRef="usd" id="ixv-64730">799</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-516; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-517; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-518; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Remeasurement
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-519; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-520; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-521; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c237" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:TemporaryEquityAccretionToRedemptionValueAdjustment" scale="0" sign="-" unitRef="usd" id="ixv-64732">5,898,905</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuance
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-522; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
accompanying notes are an integral part of these financial statements.</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 181; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->70<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><div><a id="a_034"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PLUM
ACQUISITION CORP. I</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>STATEMENTS
OF CASH FLOWS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="padding-bottom: 1.5pt; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
    the Year<br/> Ended<br/> December&#160;31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="padding-bottom: 1.5pt; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
    the Year<br/> Ended<br/> December&#160;31,</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash Flows from Operating
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    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="text-align: justify; text-indent: -9pt; padding-left: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c28" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInDueToRelatedParties" scale="0" unitRef="usd" id="ixv-64754">96,291</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-indent: -9pt; padding-left: 63pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: justify; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="text-align: justify; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Extension
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-569; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
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  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: justify; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
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    <td style="border-bottom: Black 1.5pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-571; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -9pt; padding-left: 63pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuance
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  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
accompanying notes are an integral part of these financial statements.</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><!-- Field: Page; Sequence: 182; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->71<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="a_035"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PLUM
ACQUISITION CORP. I</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>DECEMBER
31, 2023 AND 2022</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c28" continuedAt="_NatureOfOperations-c28_cont_1" escape="true" name="us-gaap:NatureOfOperations" id="ixv-37992"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE&#160;1&#160;&#8212;
ORGANIZATION AND BUSINESS OPERATIONS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Plum
Acquisition Corp. I (the &#8220;Company&#8221; or &#8220;Plum&#8221;) was incorporated as a Cayman Islands exempted company on January&#160;11,
2021. The Company was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, recapitalization,
reorganization or similar business combination with <ix:nonFraction contextRef="c28" decimals="0" format="ixt-sec:numwordsen" name="veea:ConditionForFutureBusinessCombinationNumberOfBusinessesMinimum" scale="0" unitRef="pure" id="ixv-64778">one</ix:nonFraction> or more businesses or entities (the &#8220;Business Combination&#8221;). The
Company will not be limited to a particular industry or geographic region in its identification and acquisition of a target company.
The Company is an emerging growth company and, as such, the Company is subject to all of the risks associated with emerging growth companies.
As previously reported, on November 27, 2023 The Company executed a Business Combination Agreement with Veea Inc. The Company and Veea
are working toward closing their Business Combination.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, the Company had not commenced any operations. All activity for the period from January&#160;11, 2021 (inception)
through December 31, 2023 relates to the Company&#8217;s formation and the initial public offering (&#8220;IPO&#8221;), which is described
below, and subsequent to the Initial Public Offering, identifying a target company for a business combination. The Company believes it
will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company
will generate non-operating income in the form of interest income on investments in the Company&#8217;s Trust account and will recognize
changes in the fair value of the warrant liabilities as other income (expense).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s Sponsor is Plum Partners, LLC, a Delaware limited liability company (the &#8220;Sponsor&#8221;). The registration statement
for the Company&#8217;s IPO was declared effective on March&#160;15, 2021 (the &#8220;Effective Date&#8221;). On March&#160;18, 2021,
the Company consummated the initial public offering (the &#8220;Public Offering&#8221; or &#8220;IPO&#8221;) of <ix:nonFraction contextRef="c645" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" scale="0" unitRef="shares" id="ixv-64779">30,000,000</ix:nonFraction> units (the
&#8220;Units), at $<ix:nonFraction contextRef="c646" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:SharesIssuedPricePerShare" scale="0" unitRef="usdPershares" id="ixv-64780">10.00</ix:nonFraction> per Unit, generating gross proceeds of $<ix:nonFraction contextRef="c645" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromIssuanceInitialPublicOffering" scale="0" unitRef="usd" id="ixv-64781">300,000,000</ix:nonFraction>, which is discussed in Note&#160;3.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Simultaneously
with the closing of the IPO, the Company consummated the sale of <ix:nonFraction contextRef="c647" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights" scale="0" unitRef="shares" id="ixv-64782">6,000,000</ix:nonFraction> warrants (the &#8220;Private Placement Warrants&#8221;), at
a price of $<ix:nonFraction contextRef="c647" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" scale="0" unitRef="usdPershares" id="ixv-64783">1.50</ix:nonFraction> per Private Placement Warrant, which is discussed in Note&#160;4. Each warrant entitles the holder to purchase <ix:nonFraction contextRef="c19" decimals="0" format="ixt-sec:numwordsen" name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight" scale="0" unitRef="shares" id="ixv-64784">one</ix:nonFraction> Class&#160;A
ordinary share at a price of $<ix:nonFraction contextRef="c19" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" scale="0" unitRef="usdPershares" id="ixv-64785">11.50</ix:nonFraction> per share, generating gross proceeds of $<ix:nonFraction contextRef="c648" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromIssuanceOfPrivatePlacement" scale="0" unitRef="usd" id="ixv-64786">9,000,000</ix:nonFraction>, which is described in Note&#160;4.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company granted the underwriter a <ix:nonNumeric contextRef="c649" format="ixt-sec:durday" name="veea:OverAllotmentsOptionVestingPeriod" id="ixv-64787">45</ix:nonNumeric>-day option from March&#160;18, 2021 to purchase up to an additional <ix:nonFraction contextRef="c649" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" scale="0" unitRef="shares" id="ixv-64788">4,500,000</ix:nonFraction>&#160;Units to cover
over-allotments, if any, at the IPO price less the underwriting discounts and commissions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
underwriter&#160;partially exercised the over-allotment option on April&#160;14, 2021 and purchased <ix:nonFraction contextRef="c650" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" scale="0" unitRef="shares" id="ixv-64789">1,921,634</ix:nonFraction> Units at $<ix:nonFraction contextRef="c651" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:SharesIssuedPricePerShare" scale="0" unitRef="usdPershares" id="ixv-64790">10.00</ix:nonFraction> per Unit.
Simultaneously with the issuance and sale of the Units on April&#160;14, 2021, the Company consummated the private placement with the
Sponsor for an aggregate of <ix:nonFraction contextRef="c652" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights" scale="0" unitRef="shares" id="ixv-64791">256,218</ix:nonFraction> warrants to purchase Class&#160;A Ordinary Shares for $<ix:nonFraction contextRef="c652" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" scale="0" unitRef="usdPershares" id="ixv-64792">1.50</ix:nonFraction> per warrant generating total proceeds
of $<ix:nonFraction contextRef="c653" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromIssuanceOfPrivatePlacement" scale="0" unitRef="usd" id="ixv-64793">384,327</ix:nonFraction>. On April&#160;14, 2021, $<ix:nonFraction contextRef="c650" decimals="0" format="ixt:num-dot-decimal" name="veea:UnderwritingDiscount" scale="0" unitRef="usd" id="ixv-64794">19,216,340</ix:nonFraction>, net of the underwriter discount, was deposited in the Company&#8217;s Trust account.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
total of $<ix:nonFraction contextRef="c28" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PaymentsToAcquireMarketableSecurities" scale="0" unitRef="usd" id="ixv-64795">19,216,340</ix:nonFraction> was placed in a U.S.-based trust account maintained by Continental Stock Transfer&#160;&amp; Trust Company, acting&#160;as
trustee. Transaction costs of the IPO and the exercise of the over-allotment option amounted to $<ix:nonFraction contextRef="c28" decimals="0" format="ixt:num-dot-decimal" name="veea:TransactionCosts" scale="0" unitRef="usd" id="ixv-64796">18,336,269</ix:nonFraction> consisting of $<ix:nonFraction contextRef="c28" decimals="0" format="ixt:num-dot-decimal" name="veea:SaleOfStockUnderwritingFees" scale="0" unitRef="usd" id="ixv-64797">6,384,327</ix:nonFraction>
of underwriting discount, $<ix:nonFraction contextRef="c654" decimals="0" format="ixt:num-dot-decimal" name="veea:DeferredUnderwritingDiscount" scale="0" unitRef="usd" id="ixv-64798">11,172,572</ix:nonFraction> of deferred underwriting discount, and $<ix:nonFraction contextRef="c28" decimals="0" format="ixt:num-dot-decimal" name="veea:SaleOfStockOtherOfferingCosts" scale="0" unitRef="usd" id="ixv-64799">779,370</ix:nonFraction> of other offering costs. Of the transaction costs,
$<ix:nonFraction contextRef="c28" decimals="0" format="ixt:num-dot-decimal" name="veea:StockIssuanceCosts" scale="0" unitRef="usd" id="ixv-64800">538,777</ix:nonFraction> is included in transaction costs on consolidated the statements of operations and $<ix:nonFraction contextRef="c28" decimals="0" format="ixt:num-dot-decimal" name="veea:TransactionCostsForSaleOfStock" scale="0" unitRef="usd" id="ixv-64801">17,797,492</ix:nonFraction> is included in consolidated statements
of changes in shareholders&#8217; deficit.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following
the closing of the Public Offering on March&#160;18, 2021 and the partial exercise of the underwriter&#8217;s over-allotment option,
$<ix:nonFraction contextRef="c655" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromIssuanceOrSaleOfEquity" scale="0" unitRef="usd" id="ixv-64802">319,216,340</ix:nonFraction> (approximately $<ix:nonFraction contextRef="c656" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:SharesIssuedPricePerShare" scale="0" unitRef="usdPershares" id="ixv-64803">10.00</ix:nonFraction> per Unit) from the net proceeds of the sale of the Units in the Public Offering, including the proceeds
from the sale of the Private Placement Warrants, was deposited in a trust account (&#8220;Trust Account&#8221;) located in the United
States at Goldman Sachs, with Continental Stock Transfer&#160;&amp; Trust Company acting as trustee, and was invested in money market
funds meeting certain conditions under Rule&#160;2a-7 under the Investment Company Act which invests only in direct U.S. government treasury
obligations. Except with respect to interest earned on the funds held in the Trust Account that may be released to the Company to pay
its taxes, if any, the proceeds from the IPO and the sale of the Private Placement Warrants will not be released from the Trust Account
(1)&#160;to the Company, until the completion of our initial Business Combination, or (2)&#160;to the Public Shareholders, until the
earliest of (i)&#160;the completion of the initial Business Combination, and then only in connection with those Class&#160;A ordinary
shares that such shareholders properly elected to redeem, subject to the limitations described herein, (ii)&#160;the redemption of any
public shares properly tendered in connection with a shareholder vote to amend the Company&#8217;s amended and restated memorandum and
articles of association (A)&#160;to modify the substance or timing of the Company&#8217;s obligation to provide holders of its Class&#160;A
ordinary shares the right to have their shares redeemed in connection with the initial Business Combination or to redeem <ix:nonFraction contextRef="c657" decimals="2" format="ixt:num-dot-decimal" name="veea:PublicShareRedeemablePercentage" scale="-2" unitRef="pure" id="ixv-64804">100</ix:nonFraction>% of the
public shares if the Company does not complete its initial Business Combination within the combination period or (B)&#160;with respect
to any other provision relating to the rights of holders of the Class&#160;A ordinary shares, and (iii)&#160;the redemption of the public
shares if the Company has not consummated its Business Combination within the Combination Period, subject to applicable law. Public Shareholders
who redeem their Class&#160;A ordinary shares in connection with a shareholder vote described in clause (ii)&#160;in the preceding sentence
shall not be entitled to funds from the Trust Account upon the subsequent completion of an initial Business Combination or liquidation
if the Company has not consummated an initial Business Combination within the Combination Period, with respect to such Class&#160;A ordinary
shares so redeemed. The proceeds deposited in the Trust Account could become subject to the claims of the Company&#8217;s creditors,
if any, which could have priority over the claims of the Public Shareholders (as defined below).</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p></ix:nonNumeric><div>

</div><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_NatureOfOperations-c28_cont_2" id="_NatureOfOperations-c28_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company will provide shareholders (the &#8220;Public Shareholders&#8221;) of its Class&#160;A ordinary shares, par value $<ix:nonFraction contextRef="c658" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:SaleOfStockPricePerShare" scale="0" unitRef="usdPershares" id="ixv-64805">0.0001</ix:nonFraction>, sold
in the IPO (the &#8220;Public Shares&#8221;), with the opportunity to redeem all or a portion of their Public Shares upon the completion
of a Business Combination either (i)&#160;in connection with a shareholder meeting called to approve the Business Combination or (ii)&#160;without
a shareholder vote by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a Business Combination
or conduct a tender offer will be made by the Company, solely in its discretion. The Public Shareholders will be entitled to redeem all
or a portion of their Public Shares upon the completion of the initial Business Combination at a per-share price, payable in cash, equal
to the aggregate amount then on deposit in the Trust Account calculated as of two business&#160;days prior to the consummation of the
initial Business Combination, including interest earned on the funds held in the Trust Account and not previously released to the Company
to pay the Company&#8217;s taxes, if any, divided by the number of then-outstanding Public Shares, subject to certain limitations. The
amount in the Trust Account is initially anticipated to be $<ix:nonFraction contextRef="c659" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:SharesIssuedPricePerShare" scale="0" unitRef="usdPershares" id="ixv-64806">10.00</ix:nonFraction> per Public Share.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
Public Shares have been classified as temporary equity upon the completion of the IPO in accordance with the Financial Accounting Standards
Board&#8217;s (&#8220;FASB&#8221;) Accounting Standards Codification (&#8220;ASC&#8221;) Topic 480 &#8220;Distinguishing Liabilities
from Equity.&#8221; In such case, the Company will proceed with a Business Combination if the Company receives&#160;the approval of an
ordinary resolution.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company will have until June 18, 2024, to complete an initial Business Combination. However, if the Company is unable to complete a Business
Combination within the Combination Period, the Company will (i)&#160;cease all operations except for the purpose of winding up, (ii)&#160;as
promptly as reasonably possible but not more than <span style="-sec-ix-hidden: hidden-fact-741">ten</span> business&#160;days thereafter, redeem the public shares, at a per-share price,
payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the
Trust Account and not previously released to the Company to pay its taxes, if any (less up to $<ix:nonFraction contextRef="c660" decimals="0" format="ixt:num-dot-decimal" name="veea:InterestToPayDissolutionExpenses" scale="0" unitRef="usd" id="ixv-64807">100,000</ix:nonFraction> of interest to pay dissolution
expenses), divided by the number of the then-outstanding public shares, which redemption will completely extinguish Public Shareholders&#8217;
rights as shareholders (including the right to receive further liquidating distributions, if any), and (iii)&#160;as promptly as reasonably
possible following such redemption, subject to the approval of the Company&#8217;s remaining shareholders and its board of directors,
liquidate and dissolve, subject in the case of clauses (ii)&#160;and (iii), to the Company&#8217;s obligations under Cayman Islands law
to provide for claims of creditors and the requirements of other applicable law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Extraordinary
General Meeting and Redemption of Shares</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March&#160;15, 2023, Plum held an Extraordinary General Meeting of its Shareholders (1)&#160;to amend Plum&#8217;s amended and restated
memorandum and articles of association (the &#8220;Articles&#8221;) to extend the date (the &#8220;Termination Date&#8221;) by which
Plum has to consummate a business combination (the &#8220;Articles Extension&#8221;) from March&#160;18, 2023 (the &#8220;Original Termination
Date&#8221;) to June&#160;18, 2023 (the &#8220;Articles Extension Date&#8221;) and to allow Plum, without another shareholder vote, to
elect to extend the Termination Date to consummate a business combination on a&#160;monthly basis for up to nine times by an additional
one&#160;month each time after the Articles Extension Date, by resolution of Plum&#8217;s board of directors if requested by the Sponsor,
and upon five&#160;days&#8217; advance notice prior to the applicable Termination Date, until March&#160;18, 2024, or a total of up to
twelve&#160;months after the Articles Extension Date, unless the closing of Plum&#8217;s initial business combination shall have occurred
prior to such date (the &#8220;Extension Amendment Proposal&#8221;) and (2)&#160;to amend the Articles to eliminate from the Articles
the limitation that Plum may not redeem Class&#160;A ordinary shares to the extent that such redemption would result in Plum having net
tangible assets (as determined in accordance with Rule&#160;3a 51-1(g)(1)of the Securities Exchange Act of 1934, as amended) of less
than $<ix:nonFraction contextRef="c28" decimals="0" format="ixt:num-dot-decimal" name="veea:MinimumNetTangibleAssetsUponConsummationOfBusinessCombination" scale="0" unitRef="usd" id="ixv-64808">5,000,001</ix:nonFraction> (the &#8220;Redemption Limitation&#8221;) in order to allow Plum to redeem Public Shares irrespective of whether such
redemption would exceed the Redemption Limitation (the &#8220;Redemption Limitation Amendment Proposal&#8221;). The shareholders of Plum
approved the Extension Amendment Proposal and the Redemption Limitation Amendment Proposal at the Shareholder Meeting and on March&#160;15,
2023, Plum filed the amendment to the Articles with the Registrar of Companies of the Cayman Islands.</span></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the vote to approve the Extension Amendment Proposal, the holders of <ix:nonFraction contextRef="c661" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesStockOptionsExercised" scale="0" unitRef="shares" id="ixv-64809">26,693,416</ix:nonFraction> Class&#160;A ordinary shares properly
exercised their right to redeem their shares for cash at a redemption price of $<ix:nonFraction contextRef="c662" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:TemporaryEquityRedemptionPricePerShare" scale="0" unitRef="usdPershares" id="ixv-64810">10.23</ix:nonFraction> per share, for an aggregate Redemption amount of
$<ix:nonFraction contextRef="c15" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:TemporaryEquityAggregateAmountOfRedemptionRequirement" scale="0" unitRef="usd" id="ixv-64811">273,112,311.62</ix:nonFraction>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor, officers and directors have agreed to (i)&#160;waive their redemption rights with respect to their Founder Shares, (ii)&#160;waive
their redemption rights with respect to their Founder Shares and public shares in connection with a shareholder vote to approve an amendment
to the Company&#8217;s amended and restated memorandum and articles of association (A)&#160;that would modify the substance or timing
of the Company&#8217;s obligation to provide holders of the Class&#160;A ordinary shares the right to have their shares redeemed in connection
with the initial Business Combination or to redeem <ix:nonFraction contextRef="c663" decimals="INF" format="ixt:num-dot-decimal" name="veea:PublicShareRedeemablePercentage" scale="-2" unitRef="pure" id="ixv-64812">100</ix:nonFraction>% of its public shares if the Company does not complete our initial Business Combination
within the Combination Period or (B)&#160;with respect to any other provision relating to the rights of holders of the Class&#160;A ordinary
shares, (iii)&#160;waive their rights to liquidating distributions from the Trust Account with respect to any Founder Shares they hold
if the Company fails to consummate an initial Business Combination within the Combination Period (although they will be entitled to liquidating
distributions from the Trust Account with respect to any public shares they hold if the Company fails to complete its initial Business
Combination within the prescribed time frame) and (iv)&#160;vote their Founder Shares and public shares in favor of our initial Business
Combination.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation id="_NatureOfOperations-c28_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 13, 2023, Plum held an Extraordinary General Meeting of its Shareholders (&#8220;September Shareholder Meeting&#8221;) (1)
to amend the Articles to extend Articles Extension Termination Date from the Articles Extension Date to December 18, 2023 (the &#8220;Second
Articles Extension Date&#8221;) and to allow the Company, without another shareholder vote, to elect to extend the Termination Date to
consummate a business combination on a monthly basis for up to six times by an additional one month each time after the Second Articles
Extension Date, by resolution of the Company&#8217;s board of directors if requested by the Sponsor, and upon five days&#8217; advance
notice prior to the applicable Termination Date, until June 18, 2024, or a total of up to nine months after the Termination Date, unless
the closing of the Company&#8217;s initial business combination shall have occurred prior to such date (the &#8220;Second Extension Amendment
Proposal&#8221;) and (2) to authorize a reduction in the funds held in the Trust Account to an amount equal to $<ix:nonFraction contextRef="c664" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:CommonStockHeldInTrust" scale="0" unitRef="usd" id="ixv-64813">20,000,000.00</ix:nonFraction> (the &#8220;Trust
Reduction&#8221;), which amount will be used to compulsorily redeem up to <ix:nonFraction contextRef="c665" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockRedeemedOrCalledDuringPeriodShares" scale="0" unitRef="shares" id="ixv-64814">3,228,218</ix:nonFraction> Public Shares at a per-share price, payable in cash,
equal to the aggregate amount then on deposit in the Trust Account as of two business days prior to the redemption date, including interest
(which interest shall be net of taxes payable), divided by the number of then-outstanding public shares (&#8220;Trust Reduction Proposal&#8221;).
The shareholders of the Company approved the Second Extension Amendment Proposal and the Trust Reduction Proposal at the Shareholder
Meeting and on September 13, 2023, the Company filed the amendment to the Articles with the Registrar of Companies of the Cayman Islands.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the vote to approve the Second Extension Amendment Proposal, (i) the Sponsor, as the sole holder of Class B Ordinary
Shares, voluntarily elected to convert all Class B Ordinary Shares to Class A Ordinary Shares on a one-for-one basis in accordance with
the Memorandum and Articles of Association (the &#8220;Class B Conversion&#8221;) and (ii) the holders of <ix:nonFraction contextRef="c28" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockRedeemedOrCalledDuringPeriodShares" scale="0" unitRef="shares" id="ixv-64815">1,972,625</ix:nonFraction> Class A ordinary
shares properly exercised their right to redeem their shares for cash at a redemption price of $<ix:nonFraction contextRef="c32" decimals="2" format="ixt:num-dot-decimal" name="veea:RedemptionPricePerShare" scale="0" unitRef="usdPershares" id="ixv-64816">10.72</ix:nonFraction> per share, for an aggregate redemption
amount of $<ix:nonFraction contextRef="c19" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:TemporaryEquityAggregateAmountOfRedemptionRequirement" scale="0" unitRef="usd" id="ixv-64817">21,142,260.78</ix:nonFraction> (the &#8220;Redemption&#8221;). Upon completion of the Class B Conversion and the Redemption,&#160;<ix:nonFraction contextRef="c19" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesIssued" scale="0" unitRef="shares" id="ixv-64818">7,980,409</ix:nonFraction>&#160;shares
of Class A common stock, excluding <ix:nonFraction contextRef="c19" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:TemporaryEquitySharesOutstanding" scale="0" unitRef="shares" id="ixv-64819">3,255,593</ix:nonFraction> shares of Class A Ordinary Shares subject to possible redemption, and no shares of Class
B common stock remain issued and outstanding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
approved by its stockholders at the extraordinary general meeting (the &#8220;EGM&#8221;), the Company filed an Amended and Restated
Memorandum and Articles of Association (the &#8220;A&amp;R Charter&#8221;) on October 25, 2023, which (i) extended the date by which
the Company has to consummate a business combination to December 18, 2023 and (ii) allowed the Company, without another shareholder vote,
to elect to extend the Termination Date (as defined in the Proxy Statement) to consummate a business combination on a monthly basis for
up to six times by an additional one month each time after December 18, 2023 (or such shorter period as necessary to comply with applicable
listing requirements), by resolution of the Company&#8217;s board of directors, if requested by Plum Partners, LLC, and upon five days
advance notice prior to the applicable termination date, until June 18, 2024, or a total of up to nine months after September 18, 2023,
unless the closing of a business combination shall have occurred prior thereto.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
aggregate of <ix:nonFraction contextRef="c32" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockRedeemedOrCalledDuringPeriodShares" scale="0" unitRef="shares" id="ixv-64820">1,972,625</ix:nonFraction> Class A ordinary shares of the Company were tendered for redemption in connection with the shareholders&#8217;
vote at the EGM.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Liquidity,
Capital Resources, and Going Concern</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s liquidity needs up to March&#160;18, 2021 had been satisfied through a capital contribution from the Sponsor of $<ix:nonFraction contextRef="c666" decimals="0" format="ixt:num-dot-decimal" name="veea:OfferingCost" scale="0" unitRef="usd" id="ixv-64821">25,000</ix:nonFraction>&#160;(see
Note&#160;5) for the Founder Shares. In addition, in order to finance transaction costs in connection with a Business Combination, the
Company&#8217;s Sponsor or an affiliate of the Sponsor or certain of the Company&#8217;s officers and directors, and third parties have
committed to provide the Company Working Capital Loans (see Note&#160;5). As of December 31, 2023 and 2022, the Company had $<ix:nonFraction contextRef="c28" decimals="0" format="ixt:num-dot-decimal" name="veea:WorkingCapitalLoans" scale="0" unitRef="usd" id="ixv-64822"><ix:nonFraction contextRef="c29" decimals="0" format="ixt:num-dot-decimal" name="veea:WorkingCapitalLoans" scale="0" unitRef="usd" id="ixv-64823">1,000,000</ix:nonFraction></ix:nonFraction>
outstanding under Working Capital Loans.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, the Company had $<ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="veea:CashAndCashEquivalentAtCarryingValue" scale="0" unitRef="usd" id="ixv-64824">94,703</ix:nonFraction> in its operating bank account and a working capital deficit $<ix:nonFraction contextRef="c667" decimals="0" format="ixt:num-dot-decimal" name="veea:WorkingCapital" scale="0" unitRef="usd" id="ixv-64825">7,590,471</ix:nonFraction>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the Company&#8217;s assessment of going concern considerations in accordance with FASB ASC 205-40, Presentation of Financial
Statements&#8212;Going Concern&#8221;, management has determined that the Company has and will continue to incur significant costs in
pursuit of its acquisition plans which raises substantial doubt about the Company&#8217;s ability to continue as a going concern. Moreover,
we may need to obtain additional financing either to complete our initial Business Combination or because we become obligated to redeem
a significant number of our Public Shares upon consummation of our initial Business Combination, in which case we may issue additional
securities or incur debt in connection with such Business Combination. Subject to compliance with applicable securities laws, we would
only complete such financing simultaneously with the completion of our initial Business Combination. If we are unable to complete our
initial Business Combination because we do not have sufficient funds available to us, we will be forced to cease operations and liquidate
the Trust Accounts. In addition, following our initial Business Combination, if cash on hand is insufficient, we may need to obtain additional
financing in order to meet our obligations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further,
management has determined that if the Company is unable to complete a Business Combination by June 18, 2024 (the &#8220;Combination Period&#8221;),
then the Company will cease all operations except for the purpose of liquidating. The date for mandatory liquidation and subsequent dissolution
as well as the Company&#8217;s working capital deficit raise substantial doubt about the Company&#8217;s ability to continue as a going
concern. No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to liquidate after
the Combination Period. The Company intends to complete a Business Combination before the mandatory liquidation date.</span></p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->74<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c28" continuedAt="_CondensedFinancialStatementsTextBlock-c28_cont_1" escape="true" name="srt:CondensedFinancialStatementsTextBlock" id="ixv-38143"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
2 &#8212; RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Restatement
Background</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the preparation of the Company&#8217;s consolidated financial statements as of December 31, 2023, management determined
it should restate its previously reported condensed consolidated financial statements for the periods ended March 31, 2023, June 30,
2023, and September 30, 2023. The Company previously accounted for its subscription liability as a liability classified derivative instrument
which resulted in the Company remeasuring the derivative instrument at fair value at each reporting period with the changes in fair value
recorded within earnings. The need for the restatement arose out of the results of certain financial analysis the Company performed in
the course of preparing a response to a comment letter received by the United States Securities and Exchange Commission on February 1,
2024, related to the Company&#8217;s Registration Statement on Form S-4 filed January 5, 2024. As a result of this analysis, the Company
concluded that the transaction underlying the subscription liability was representative of the issuance of multiple freestanding instruments
in a bundled transaction which should not have been remeasured at fair value at each reporting period and should have been accounted
for using the relative fair value method of accounting in accordance with ASC 470 as previously concluded during the Company&#8217;s
assessment of the Subscription Agreement. The error occurred as a result of the lack of certain financial analysis and management review
in the course of preparing its consolidated financial statements during the periods previously identified above. As a result of the error,
the subscription liability and corresponding debt discount recorded within the condensed consolidated balance sheets was overstated,
and the change in fair value recorded within the condensed consolidated statements of operations resulted in the recognition of additional
(expense) and income for certain periods as identified above. This resulted in an adjustment to the carrying value of debt discount,
net of amortization, subscription liability, additional paid-in capital and accumulated deficit on the condensed balance sheet with the
offset recorded to change in fair value of subscription liability and interest expense &#8211; debt discount on the condensed statement
of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the changes listed above, the Company also restated its earnings per share.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
restatement had no impact on the Company&#8217;s cash position or amount held in the trust account.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
relevant unaudited interim financial information for the quarterly periods ended March 30, 2023, June 30, 2023, and September 30, 2023,
is included in Note 11, Quarterly Financial Information (Unaudited). The categories of misstatements and their impact on the previously
issued financial statements are described in more detail in the tables below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
previously disclosed, the Company determined that its subscription liability, net of debt discount as of the aforementioned periods had
been misstated. The Company concluded that the impact of applying correction for these errors and misstatements on the aforementioned
financial statements is material.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Description
of Misstatements</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Misstatements
Associated with Subscription Liability</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
Subscription liability</span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company previously accounted for its subscription liability as a liability classified derivative instrument which resulted in the Company
remeasuring the derivative instrument at fair value at each reporting period with the changes in fair value recorded within earnings.
However, the subscription liability should not have been remeasured at fair value at each reporting period and should have been accounted
for using the relative fair value method of accounting in accordance with ASC 470. The subscription liability recorded within the condensed
consolidated balance sheets was overstated, and the change in fair value recorded within the condensed consolidated statements of operations
resulted in the recognition of additional (expense) and income for certain periods as identified above.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
Debt discount</span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
debt discount corresponding to the subscription liability recorded within the condensed consolidated balance sheets was overstated, and
the amortization of the debt discount within the condensed consolidated statements of operations resulted in the recognition of additional
(expense) and income for certain periods as identified above.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
Additional paid-in capital</span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
correction of the subscription liability resulted in an increase in additional paid-in capital.</span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
Accumulated deficit</span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
correction of the subscription liability and debt discount resulted in additional (expense) and income for certain periods as identified
above.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->75<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_CondensedFinancialStatementsTextBlock-c28_cont_2" id="_CondensedFinancialStatementsTextBlock-c28_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Description
of Restatement Tables</i></b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><ix:nonNumeric contextRef="c28" continuedAt="_ScheduleOfCondensedBalanceSheetTableTextBlock-c28_cont_1" escape="true" name="srt:ScheduleOfCondensedBalanceSheetTableTextBlock" id="ixv-38245"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
impact of the revision on the Company&#8217;s financial statements is reflected in the following table:</span></ix:nonNumeric></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:continuation continuedAt="_ScheduleOfCondensedBalanceSheetTableTextBlock-c28_cont_2" id="_ScheduleOfCondensedBalanceSheetTableTextBlock-c28_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    Restated</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Unaudited Condensed Consolidated
    Balance Sheet as of September 30, 2023</span></span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="width: 64%; text-align: justify; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Debt
    discount</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c668" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentUnamortizedDiscountPremiumNet" scale="0" unitRef="usd" id="ixv-64826">4,372,334</ix:nonFraction></span></td><td style="width: 1%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c669" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentUnamortizedDiscountPremiumNet" scale="0" sign="-" unitRef="usd" id="ixv-64827">4,372,334</ix:nonFraction></span></td><td style="width: 1%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-hidden: hidden-fact-742; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="width: 1%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    assets</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c668" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Assets" scale="0" unitRef="usd" id="ixv-64828">39,589,273</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c669" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Assets" scale="0" sign="-" unitRef="usd" id="ixv-64829">4,372,334</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c670" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Assets" scale="0" unitRef="usd" id="ixv-64830">35,216,939</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subscription
    liability</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c668" decimals="0" format="ixt:num-dot-decimal" name="veea:SubscriptionLiabilityCurrent" scale="0" unitRef="usd" id="ixv-64831">9,191,162</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c669" decimals="0" format="ixt:num-dot-decimal" name="veea:SubscriptionLiabilityCurrent" scale="0" sign="-" unitRef="usd" id="ixv-64832">9,191,162</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-743; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subscription
    liability, net of debt discount</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-744; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c669" decimals="0" format="ixt:num-dot-decimal" name="veea:SubscriptionLiabilityNetOfDebtDiscount" scale="0" unitRef="usd" id="ixv-64833">1,060,112</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c670" decimals="0" format="ixt:num-dot-decimal" name="veea:SubscriptionLiabilityNetOfDebtDiscount" scale="0" unitRef="usd" id="ixv-64834">1,060,112</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    current liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c668" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesCurrent" scale="0" unitRef="usd" id="ixv-64835">14,676,822</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c668" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Liabilities" scale="0" unitRef="usd" id="ixv-64838">15,435,255</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c669" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Liabilities" scale="0" sign="-" unitRef="usd" id="ixv-64839">8,131,050</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c670" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Liabilities" scale="0" unitRef="usd" id="ixv-64840">7,304,205</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional
    paid-in capital</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c668" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AdditionalPaidInCapital" scale="0" unitRef="usd" id="ixv-64841">5,404,501</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c669" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AdditionalPaidInCapital" scale="0" unitRef="usd" id="ixv-64842">914,776</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c670" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AdditionalPaidInCapital" scale="0" unitRef="usd" id="ixv-64843">6,319,277</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accumulated
    deficit</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c668" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RetainedEarningsAccumulatedDeficit" scale="0" sign="-" unitRef="usd" id="ixv-64844">16,347,949</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c669" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RetainedEarningsAccumulatedDeficit" scale="0" unitRef="usd" id="ixv-64845">2,843,940</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c670" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RetainedEarningsAccumulatedDeficit" scale="0" sign="-" unitRef="usd" id="ixv-64846">13,504,009</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c668" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquity" scale="0" sign="-" unitRef="usd" id="ixv-64847">10,942,649</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c669" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquity" scale="0" unitRef="usd" id="ixv-64848">3,758,716</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c670" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquity" scale="0" sign="-" unitRef="usd" id="ixv-64849">7,183,933</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c668" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesAndStockholdersEquity" scale="0" unitRef="usd" id="ixv-64850">39,589,273</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  </table></ix:continuation>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:continuation continuedAt="_ScheduleOfCondensedBalanceSheetTableTextBlock-c28_cont_3" id="_ScheduleOfCondensedBalanceSheetTableTextBlock-c28_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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    discount</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="width: 1%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-hidden: hidden-fact-745; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="width: 1%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
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    assets</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c671" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Assets" scale="0" unitRef="usd" id="ixv-64855">57,707,827</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c673" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Assets" scale="0" unitRef="usd" id="ixv-64857">55,228,382</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subscription liability</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c671" decimals="0" format="ixt:num-dot-decimal" name="veea:SubscriptionLiabilityCurrent" scale="0" unitRef="usd" id="ixv-64858">1,946,467</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c672" decimals="0" format="ixt:num-dot-decimal" name="veea:SubscriptionLiabilityCurrent" scale="0" sign="-" unitRef="usd" id="ixv-64859">1,946,467</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subscription
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-747; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    current liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c672" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Liabilities" scale="0" sign="-" unitRef="usd" id="ixv-64866">1,479,193</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c673" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Liabilities" scale="0" unitRef="usd" id="ixv-64867">6,326,512</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional
    paid-in capital</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c671" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AdditionalPaidInCapital" scale="0" unitRef="usd" id="ixv-64868">6,488,812</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c672" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AdditionalPaidInCapital" scale="0" unitRef="usd" id="ixv-64869">423,601</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c673" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AdditionalPaidInCapital" scale="0" unitRef="usd" id="ixv-64870">6,912,413</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accumulated
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
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  </table></ix:continuation>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:continuation continuedAt="_ScheduleOfCondensedBalanceSheetTableTextBlock-c28_cont_4" id="_ScheduleOfCondensedBalanceSheetTableTextBlock-c28_cont_3"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom">
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    <td style="width: 1%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-hidden: hidden-fact-748; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="width: 1%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subscription
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-749; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c675" decimals="0" format="ixt:num-dot-decimal" name="veea:SubscriptionLiabilityNetOfDebtDiscount" scale="0" unitRef="usd" id="ixv-64882">251,880</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c674" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Liabilities" scale="0" unitRef="usd" id="ixv-64887">8,935,451</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c675" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Liabilities" scale="0" sign="-" unitRef="usd" id="ixv-64888">548,866</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c676" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Liabilities" scale="0" unitRef="usd" id="ixv-64889">8,386,585</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional
    paid-in capital</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c674" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AdditionalPaidInCapital" scale="0" unitRef="usd" id="ixv-64890">7,275,132</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c675" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AdditionalPaidInCapital" scale="0" unitRef="usd" id="ixv-64891">256,635</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c676" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AdditionalPaidInCapital" scale="0" unitRef="usd" id="ixv-64892">7,531,767</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accumulated
    deficit</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c674" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RetainedEarningsAccumulatedDeficit" scale="0" sign="-" unitRef="usd" id="ixv-64893">16,010,590</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c675" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RetainedEarningsAccumulatedDeficit" scale="0" unitRef="usd" id="ixv-64894">292,231</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c676" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RetainedEarningsAccumulatedDeficit" scale="0" sign="-" unitRef="usd" id="ixv-64895">15,718,359</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    shareholders&#8217; deficit</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c674" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquity" scale="0" sign="-" unitRef="usd" id="ixv-64896">8,734,659</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c675" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquity" scale="0" unitRef="usd" id="ixv-64897">548,866</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c676" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquity" scale="0" sign="-" unitRef="usd" id="ixv-64898">8,185,793</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  </table></ix:continuation>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="c28" continuedAt="_ScheduleOfCondensedIncomeStatementTableTextBlock-c28_cont_1" escape="true" name="srt:ScheduleOfCondensedIncomeStatementTableTextBlock" id="ixv-39119"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c695" decimals="0" format="ixt:num-dot-decimal" name="veea:ChangeInFairValueOfSubscriptionPurchaseAgreement" scale="0" sign="-" unitRef="usd" id="ixv-64902">2,079,310</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-788; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c695" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NonoperatingIncomeExpense" scale="0" sign="-" unitRef="usd" id="ixv-64904">4,252,471</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c697" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NonoperatingIncomeExpense" scale="0" unitRef="usd" id="ixv-64906">15,322</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
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    income (loss)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c695" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="0" sign="-" unitRef="usd" id="ixv-64907">4,605,843</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c696" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="0" unitRef="usd" id="ixv-64908">4,267,793</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt"><span style="-sec-ix-hidden: hidden-fact-789; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: hidden-fact-791">Basic and diluted net (loss) income per ordinary share, Class A ordinary shares subject to possible redemption</span></span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c698" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EarningsPerShareBasic" scale="0" sign="-" unitRef="usdPershares" id="ixv-64910">0.36</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c699" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EarningsPerShareBasic" scale="0" unitRef="usdPershares" id="ixv-64911">0.33</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c700" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EarningsPerShareBasic" scale="0" sign="-" unitRef="usdPershares" id="ixv-64912">0.03</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt"><span style="-sec-ix-hidden: hidden-fact-792; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: hidden-fact-794">Basic and diluted net (loss) income per ordinary share, Class A ordinary shares</span></span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c701" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EarningsPerShareBasic" scale="0" sign="-" unitRef="usdPershares" id="ixv-64913">0.36</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c702" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EarningsPerShareBasic" scale="0" unitRef="usdPershares" id="ixv-64914">0.33</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c703" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EarningsPerShareBasic" scale="0" sign="-" unitRef="usdPershares" id="ixv-64915">0.03</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt"><span style="-sec-ix-hidden: hidden-fact-795; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: hidden-fact-797">Basic and diluted net (loss) income per ordinary share, Class B ordinary shares</span></span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c704" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EarningsPerShareBasic" scale="0" sign="-" unitRef="usdPershares" id="ixv-64916">0.36</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c706" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EarningsPerShareBasic" scale="0" sign="-" unitRef="usdPershares" id="ixv-64918">0.03</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:continuation continuedAt="_ScheduleOfCondensedIncomeStatementTableTextBlock-c28_cont_2" id="_ScheduleOfCondensedIncomeStatementTableTextBlock-c28_cont_1"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c707" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="0" sign="-" unitRef="usd" id="ixv-64927">1,049,638</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt"><span style="-sec-ix-hidden: hidden-fact-799; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: hidden-fact-801">Basic and diluted net (loss) income per ordinary share, Class A ordinary shares subject to possible redemption</span></span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c710" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EarningsPerShareBasic" scale="0" sign="-" unitRef="usdPershares" id="ixv-64930">0.05</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c711" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EarningsPerShareBasic" scale="0" unitRef="usdPershares" id="ixv-64931">0.14</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c712" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EarningsPerShareBasic" scale="0" unitRef="usdPershares" id="ixv-64932">0.09</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt"><span style="-sec-ix-hidden: hidden-fact-802; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: hidden-fact-804">Basic and diluted net (loss) income per ordinary share, Class A ordinary shares</span></span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c713" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EarningsPerShareBasic" scale="0" sign="-" unitRef="usdPershares" id="ixv-64933">0.05</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c715" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EarningsPerShareBasic" scale="0" unitRef="usdPershares" id="ixv-64935">0.09</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt"><span style="-sec-ix-hidden: hidden-fact-805; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: hidden-fact-807">Basic and diluted net (loss) income per ordinary share, Class B ordinary shares</span></span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c716" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EarningsPerShareBasic" scale="0" sign="-" unitRef="usdPershares" id="ixv-64936">0.05</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c717" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EarningsPerShareBasic" scale="0" unitRef="usdPershares" id="ixv-64937">0.14</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c718" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EarningsPerShareBasic" scale="0" unitRef="usdPershares" id="ixv-64938">0.09</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table><p style="margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>
</div><div>

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</div><ix:continuation continuedAt="_CondensedFinancialStatementsTextBlock-c28_cont_3" id="_CondensedFinancialStatementsTextBlock-c28_cont_2"><ix:continuation continuedAt="_ScheduleOfCondensedIncomeStatementTableTextBlock-c28_cont_3" id="_ScheduleOfCondensedIncomeStatementTableTextBlock-c28_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Unaudited
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    <td style="width: 64%; text-align: left; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
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    <td style="width: 1%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c719" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestExpenseDebt" scale="0" unitRef="usd" id="ixv-64939">1,045,564</ix:nonFraction></span></td><td style="width: 1%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="width: 1%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c721" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestExpenseDebt" scale="0" unitRef="usd" id="ixv-64941">106,416</ix:nonFraction></span></td><td style="width: 1%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
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    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Change
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c720" decimals="0" format="ixt:num-dot-decimal" name="veea:ChangeInFairValueOfSubscriptionPurchaseAgreement" scale="0" sign="-" unitRef="usd" id="ixv-64943">2,655,232</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-808; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c720" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NonoperatingIncomeExpense" scale="0" sign="-" unitRef="usd" id="ixv-64945">1,716,084</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c721" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NonoperatingIncomeExpense" scale="0" unitRef="usd" id="ixv-64946">3,131,354</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    income (loss)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c719" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="0" unitRef="usd" id="ixv-64947">4,268,484</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c720" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="0" sign="-" unitRef="usd" id="ixv-64948">1,716,084</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c721" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="0" unitRef="usd" id="ixv-64949">2,552,400</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt"><span style="-sec-ix-hidden: hidden-fact-809; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: hidden-fact-811">Basic and diluted net income per ordinary share, Class A ordinary shares subject to possible redemption</span></span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c722" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EarningsPerShareBasic" scale="0" unitRef="usdPershares" id="ixv-64950">0.20</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c723" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EarningsPerShareBasic" scale="0" sign="-" unitRef="usdPershares" id="ixv-64951">0.08</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c724" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EarningsPerShareBasic" scale="0" unitRef="usdPershares" id="ixv-64952">0.12</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt"><span style="-sec-ix-hidden: hidden-fact-812; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: hidden-fact-814">Basic and diluted net income per ordinary share, Class B ordinary shares</span></span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c725" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EarningsPerShareBasic" scale="0" unitRef="usdPershares" id="ixv-64953">0.20</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c726" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EarningsPerShareBasic" scale="0" sign="-" unitRef="usdPershares" id="ixv-64954">0.08</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c727" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EarningsPerShareBasic" scale="0" unitRef="usdPershares" id="ixv-64955">0.12</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table></ix:continuation>


<p style="margin: 0"><span style="font-size: 10pt">&#160;</span></p>

<ix:continuation continuedAt="_ScheduleOfCondensedIncomeStatementTableTextBlock-c28_cont_4" id="_ScheduleOfCondensedIncomeStatementTableTextBlock-c28_cont_3"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-size: 10pt">As
    Reported</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-size: 10pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-size: 10pt">&#160;</span></td>
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    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-size: 10pt">As
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  <tr style="vertical-align: bottom; ">
    <td style="text-decoration: underline; font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt"><span style="font-size: 10pt">Unaudited
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    <td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left; text-indent: -9pt; padding-left: 9pt"><span style="font-size: 10pt">Interest expense
    &#8211; debt discount</span></td><td style="width: 1%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: justify"><span style="font-size: 10pt">$</span></td><td style="width: 9%; text-align: right"><span style="font-size: 10pt">(<ix:nonFraction contextRef="c728" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestExpenseDebt" scale="0" unitRef="usd" id="ixv-64956">1,348,033</ix:nonFraction></span></td><td style="width: 1%; text-align: justify"><span style="font-size: 10pt">)</span></td><td style="width: 1%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: justify"><span style="font-size: 10pt">$</span></td><td style="width: 9%; text-align: right"><span style="font-size: 10pt"><ix:nonFraction contextRef="c729" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestExpenseDebt" scale="0" sign="-" unitRef="usd" id="ixv-64957">1,213,102</ix:nonFraction></span></td><td style="width: 1%; text-align: justify"><span style="font-size: 10pt">&#160;</span></td><td style="width: 1%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: justify"><span style="font-size: 10pt">$</span></td><td style="width: 9%; text-align: right"><span style="font-size: 10pt">(<ix:nonFraction contextRef="c730" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestExpenseDebt" scale="0" unitRef="usd" id="ixv-64958">134,931</ix:nonFraction></span></td><td style="width: 1%; text-align: justify"><span style="font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; ">
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    liability</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-size: 10pt"><ix:nonFraction contextRef="c728" decimals="0" format="ixt:num-dot-decimal" name="veea:ChangeInFairValueOfSubscriptionPurchaseAgreement" scale="0" unitRef="usd" id="ixv-64959">2,636,955</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-size: 10pt">(<ix:nonFraction contextRef="c729" decimals="0" format="ixt:num-dot-decimal" name="veea:ChangeInFairValueOfSubscriptionPurchaseAgreement" scale="0" sign="-" unitRef="usd" id="ixv-64960">2,636,955</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-size: 10pt">)</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">$</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-815; font-size: 10pt">&#8212;</span></td><td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt"><span style="font-size: 10pt">Total other (expense) income,
    net</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-size: 10pt"><ix:nonFraction contextRef="c728" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NonoperatingIncomeExpense" scale="0" unitRef="usd" id="ixv-64961">5,288,442</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-size: 10pt">(<ix:nonFraction contextRef="c729" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NonoperatingIncomeExpense" scale="0" sign="-" unitRef="usd" id="ixv-64962">1,423,853</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-size: 10pt">)</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-size: 10pt"><ix:nonFraction contextRef="c730" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NonoperatingIncomeExpense" scale="0" unitRef="usd" id="ixv-64963">3,864,589</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt"><span style="font-size: 10pt">Net income (loss)</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-size: 10pt"><ix:nonFraction contextRef="c728" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="0" unitRef="usd" id="ixv-64964">3,556,206</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-size: 10pt">(<ix:nonFraction contextRef="c729" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="0" sign="-" unitRef="usd" id="ixv-64965">1,423,853</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-size: 10pt">)</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-size: 10pt"><ix:nonFraction contextRef="c730" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="0" unitRef="usd" id="ixv-64966">2,132,353</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt"><span style="-sec-ix-hidden: hidden-fact-816; font-size: 10pt"><span style="-sec-ix-hidden: hidden-fact-818">Basic and diluted net income per ordinary share, Class A ordinary shares subject to possible redemption</span></span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-size: 10pt"><ix:nonFraction contextRef="c731" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EarningsPerShareBasic" scale="0" unitRef="usdPershares" id="ixv-64967">0.15</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-size: 10pt">(<ix:nonFraction contextRef="c732" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EarningsPerShareBasic" scale="0" sign="-" unitRef="usdPershares" id="ixv-64968">0.06</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-size: 10pt">)</span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-size: 10pt"><ix:nonFraction contextRef="c733" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EarningsPerShareBasic" scale="0" unitRef="usdPershares" id="ixv-64969">0.09</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt"><span style="-sec-ix-hidden: hidden-fact-819; font-size: 10pt"><span style="-sec-ix-hidden: hidden-fact-821">Basic and diluted net income per ordinary share, Class B ordinary shares</span></span></td><td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-size: 10pt"><ix:nonFraction contextRef="c734" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EarningsPerShareBasic" scale="0" unitRef="usdPershares" id="ixv-64970">0.15</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-size: 10pt">&#160;</span></td><td><span style="font-size: 10pt">&#160;</span></td>
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<p style="margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:continuation continuedAt="_ScheduleOfCondensedIncomeStatementTableTextBlock-c28_cont_5" id="_ScheduleOfCondensedIncomeStatementTableTextBlock-c28_cont_4"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c743" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EarningsPerShareBasic" scale="0" sign="-" unitRef="usdPershares" id="ixv-64987">0.02</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  </table></ix:continuation>
<p style="margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="margin: 0"></p>

<ix:nonNumeric contextRef="c28" continuedAt="_ScheduleOfStockholdersEquityTableTextBlock-c28_cont_1" escape="true" name="us-gaap:ScheduleOfStockholdersEquityTableTextBlock" id="ixv-40254"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="width: 1%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c751" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AdditionalPaidInCapital" scale="0" unitRef="usd" id="ixv-64992">6,319,277</ix:nonFraction></span></td><td style="width: 1%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuance
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c695" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="0" sign="-" unitRef="usd" id="ixv-64998">4,605,843</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c697" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="0" sign="-" unitRef="usd" id="ixv-65000">338,050</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    stockholders&#8217; deficit</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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<p style="margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:continuation continuedAt="_ScheduleOfStockholdersEquityTableTextBlock-c28_cont_2" id="_ScheduleOfStockholdersEquityTableTextBlock-c28_cont_1"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    Restated</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration:underline">Unaudited
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    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="width: 64%; text-align: justify; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional
    paid-in capital</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c758" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AdditionalPaidInCapital" scale="0" unitRef="usd" id="ixv-65004">6,488,812</ix:nonFraction></span></td><td style="width: 1%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c759" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AdditionalPaidInCapital" scale="0" unitRef="usd" id="ixv-65005">423,601</ix:nonFraction></span></td><td style="width: 1%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c760" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AdditionalPaidInCapital" scale="0" unitRef="usd" id="ixv-65006">6,912,413</ix:nonFraction></span></td><td style="width: 1%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accumulated
    deficit</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c761" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RetainedEarningsAccumulatedDeficit" scale="0" sign="-" unitRef="usd" id="ixv-65007">11,742,106</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c762" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RetainedEarningsAccumulatedDeficit" scale="0" sign="-" unitRef="usd" id="ixv-65008">1,423,853</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c763" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RetainedEarningsAccumulatedDeficit" scale="0" sign="-" unitRef="usd" id="ixv-65009">13,165,959</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuance
    of subscription shares</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-881; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c765" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts" scale="0" unitRef="usd" id="ixv-65010">166,965</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c766" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts" scale="0" unitRef="usd" id="ixv-65011">166,965</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    income (loss)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c767" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="0" unitRef="usd" id="ixv-65012">4,268,484</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c768" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="0" sign="-" unitRef="usd" id="ixv-65013">1,716,084</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c769" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="0" unitRef="usd" id="ixv-65014">2,552,400</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    stockholders&#8217; deficit</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c671" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquity" scale="0" sign="-" unitRef="usd" id="ixv-65015">5,252,495</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c672" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquity" scale="0" sign="-" unitRef="usd" id="ixv-65016">1,000,252</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c673" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquity" scale="0" sign="-" unitRef="usd" id="ixv-65017">6,252,747</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  </table><p style="margin: 0"></p></ix:continuation></ix:continuation><div>
</div><div>

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</div><p style="margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><ix:continuation continuedAt="_CondensedFinancialStatementsTextBlock-c28_cont_4" id="_CondensedFinancialStatementsTextBlock-c28_cont_3"><ix:continuation id="_ScheduleOfStockholdersEquityTableTextBlock-c28_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="c28" continuedAt="_ScheduleOfCondensedCashFlowStatementTableTextBlock-c28_cont_1" escape="true" name="srt:ScheduleOfCondensedCashFlowStatementTableTextBlock" id="ixv-40820"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:continuation continuedAt="_ScheduleOfCondensedCashFlowStatementTableTextBlock-c28_cont_2" id="_ScheduleOfCondensedCashFlowStatementTableTextBlock-c28_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="width: 64%; text-align: justify; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
    expense &#8211; debt discount</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: justify; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Change
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c728" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesFairValueAdjustment" scale="0" unitRef="usd" id="ixv-65045">2,636,955</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c728" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="0" unitRef="usd" id="ixv-65047">3,556,206</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuance
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-886; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  </table></ix:continuation>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:continuation continuedAt="_ScheduleOfCondensedCashFlowStatementTableTextBlock-c28_cont_3" id="_ScheduleOfCondensedCashFlowStatementTableTextBlock-c28_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom">
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    <td style="width: 64%; text-align: justify; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Change
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c737" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesFairValueAdjustment" scale="0" sign="-" unitRef="usd" id="ixv-65055">18,277</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->78<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PLUM
ACQUISITION CORP. I</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 10pt"><b>CONDENSED CONSOLIDATED
BALANCE SHEET (Unaudited)(As Restated)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_CondensedFinancialStatementsTextBlock-c28_cont_5" id="_CondensedFinancialStatementsTextBlock-c28_cont_4"><ix:continuation continuedAt="_ScheduleOfCondensedBalanceSheetTableTextBlock-c28_cont_5" id="_ScheduleOfCondensedBalanceSheetTableTextBlock-c28_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
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    of September 30, 2023</b></span></td><td style="text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
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    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepaid
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    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
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    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TOTAL
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LIABILITIES,
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subscription
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-751; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a</span></td><td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c668" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:WarrantsAndRightsOutstanding" scale="0" unitRef="usd" id="ixv-65090">758,433</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; ">
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    <td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c670" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Liabilities" scale="0" unitRef="usd" id="ixv-65094">7,304,205</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">COMMITMENTS
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-764; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional
    paid-in capital</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c669" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AdditionalPaidInCapital" scale="0" unitRef="usd" id="ixv-65122">914,776</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">c</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c670" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AdditionalPaidInCapital" scale="0" unitRef="usd" id="ixv-65123">6,319,277</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accumulated
    deficit</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c669" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RetainedEarningsAccumulatedDeficit" scale="0" unitRef="usd" id="ixv-65125">2,843,940</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">d</span></td><td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c670" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquity" scale="0" sign="-" unitRef="usd" id="ixv-65129">7,183,933</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; ">
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->79<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PLUM
ACQUISITION CORP. I</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 10pt"><b>CONDENSED CONSOLIDATED
STATEMENT OF OPERATIONS (Unaudited)(As Restated)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_CondensedFinancialStatementsTextBlock-c28_cont_6" id="_CondensedFinancialStatementsTextBlock-c28_cont_5"><ix:continuation continuedAt="_ScheduleOfCondensedIncomeStatementTableTextBlock-c28_cont_6" id="_ScheduleOfCondensedIncomeStatementTableTextBlock-c28_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Change
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  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuance
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reduction
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
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    <td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="padding-bottom: 4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">d</span></td><td style="padding-bottom: 4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="padding-bottom: 4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="padding-bottom: 4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="border-bottom: Black 4pt double; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c705" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EarningsPerShareBasic" scale="0" unitRef="usdPershares" id="ixv-65165">0.33</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 191; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->80<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PLUM
ACQUISITION CORP. I</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 10pt"><b>CONDENSED
CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)(As Restated)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_CondensedFinancialStatementsTextBlock-c28_cont_7" id="_CondensedFinancialStatementsTextBlock-c28_cont_6"><ix:continuation continuedAt="_ScheduleOfCondensedIncomeStatementTableTextBlock-c28_cont_7" id="_ScheduleOfCondensedIncomeStatementTableTextBlock-c28_cont_6"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="14" style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For
    the nine months ended September 30, 2023</b></span></td><td style="text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As
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    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="padding-bottom: 4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 192; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->81<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PLUM
ACQUISITION CORP. I</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 10pt"><b>CONDENSED CONSOLIDATED
BALANCE SHEET (Unaudited)(As Restated)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_CondensedFinancialStatementsTextBlock-c28_cont_8" id="_CondensedFinancialStatementsTextBlock-c28_cont_7"><ix:continuation continuedAt="_ScheduleOfCondensedBalanceSheetTableTextBlock-c28_cont_6" id="_ScheduleOfCondensedBalanceSheetTableTextBlock-c28_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="14" style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As
    of June 30, 2023</b></span></td><td style="text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Restatement
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    <td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Debt
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    <td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b</span></td><td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-765; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TOTAL
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    <td style="padding-bottom: 4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LIABILITIES,
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c683" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherLiabilitiesCurrent" scale="0" unitRef="usd" id="ixv-65222">331,826</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Promissory
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c684" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NotesPayableCurrent" scale="0" unitRef="usd" id="ixv-65227">250,000</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subscription
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c671" decimals="0" format="ixt:num-dot-decimal" name="veea:SubscriptionLiabilityCurrent" scale="0" unitRef="usd" id="ixv-65228">1,946,467</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-766; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subscription
    liability, net of debt discount</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-767; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c672" decimals="0" format="ixt:num-dot-decimal" name="veea:SubscriptionLiabilityNetOfDebtDiscount" scale="0" unitRef="usd" id="ixv-65230">467,274</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a</span></td><td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c673" decimals="0" format="ixt:num-dot-decimal" name="veea:SubscriptionLiabilityNetOfDebtDiscount" scale="0" unitRef="usd" id="ixv-65231">467,274</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    current liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c671" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesCurrent" scale="0" unitRef="usd" id="ixv-65232">7,382,247</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrant
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c671" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:WarrantsAndRightsOutstanding" scale="0" unitRef="usd" id="ixv-65235">423,458</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; ">
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    <td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-769; font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TOTAL
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    <td style="border-bottom: Black 1.5pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c672" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Liabilities" scale="0" sign="-" unitRef="usd" id="ixv-65238">1,479,193</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c673" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Liabilities" scale="0" unitRef="usd" id="ixv-65239">6,326,512</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TOTAL
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    <td style="padding-bottom: 4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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</div><div>

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</div><!-- Field: Page; Sequence: 193; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->82<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PLUM
ACQUISITION CORP. I</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-size: 10pt"><b>CONDENSED
CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)(As Restated)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_CondensedFinancialStatementsTextBlock-c28_cont_9" id="_CondensedFinancialStatementsTextBlock-c28_cont_8"><ix:continuation continuedAt="_ScheduleOfCondensedIncomeStatementTableTextBlock-c28_cont_8" id="_ScheduleOfCondensedIncomeStatementTableTextBlock-c28_cont_7"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Change
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  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Change
    in fair value of subscription liability</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c720" decimals="0" format="ixt:num-dot-decimal" name="veea:ChangeInFairValueOfSubscriptionPurchaseAgreement" scale="0" sign="-" unitRef="usd" id="ixv-65283">2,655,232</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-855; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Change
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c719" decimals="0" format="ixt:num-dot-decimal" name="veea:ChangeInFairValueOfForwardPurchaseAgreement" scale="0" sign="-" unitRef="usd" id="ixv-65284">633,205</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c721" decimals="0" format="ixt:num-dot-decimal" name="veea:ChangeInFairValueOfForwardPurchaseAgreement" scale="0" sign="-" unitRef="usd" id="ixv-65285">633,205</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuance
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-856; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-857; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reduction
    of deferred underwriter fee payable</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-858; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-859; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c719" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestExpenseDebt" scale="0" unitRef="usd" id="ixv-65286">1,045,564</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c720" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestExpenseDebt" scale="0" sign="-" unitRef="usd" id="ixv-65287">939,148</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
    income &#8211; trust account</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c719" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InvestmentIncomeInterest" scale="0" unitRef="usd" id="ixv-65289">626,320</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c721" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InvestmentIncomeInterest" scale="0" unitRef="usd" id="ixv-65290">626,320</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted
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    <td style="border-bottom: Black 4pt double; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c722" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" scale="0" unitRef="shares" id="ixv-65297">13,208,627</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left; padding-bottom: 4pt"><span style="-sec-ix-hidden: hidden-fact-860; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: hidden-fact-862">Basic and diluted net income per ordinary share, Class&#160;A ordinary shares subject to possible redemption</span></span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="border-bottom: Black 4pt double; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c723" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EarningsPerShareBasic" scale="0" sign="-" unitRef="usdPershares" id="ixv-65300">0.08</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c724" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EarningsPerShareBasic" scale="0" unitRef="usdPershares" id="ixv-65301">0.12</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted
    average shares outstanding, Class B ordinary</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c725" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" scale="0" unitRef="shares" id="ixv-65302">7,980,409</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="border-bottom: Black 4pt double; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c725" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EarningsPerShareBasic" scale="0" unitRef="usdPershares" id="ixv-65304">0.20</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c726" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EarningsPerShareBasic" scale="0" sign="-" unitRef="usdPershares" id="ixv-65305">0.08</ix:nonFraction></span></td><td style="padding-bottom: 2.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c727" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EarningsPerShareBasic" scale="0" unitRef="usdPershares" id="ixv-65306">0.12</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p></ix:continuation></ix:continuation><div>


</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 194; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->83<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PLUM
ACQUISITION CORP. I</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 10pt"><b>CONDENSED CONSOLIDATED
STATEMENT OF OPERATIONS (Unaudited)(As Restated)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_CondensedFinancialStatementsTextBlock-c28_cont_10" id="_CondensedFinancialStatementsTextBlock-c28_cont_9"><ix:continuation continuedAt="_ScheduleOfCondensedIncomeStatementTableTextBlock-c28_cont_9" id="_ScheduleOfCondensedIncomeStatementTableTextBlock-c28_cont_8"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="14" style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For
    the six months ended June 30, 2023</b></span></td><td style="text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As
    Previously Reported</b></span></td><td style="text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Restatement
    Impacts</b></span></td><td style="text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Restatement
    Reference</b></span></td><td style="text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As
    Restated</b></span></td><td style="text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; width: 52%; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Formation
    and operating costs</span></td><td style="width: 1%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c728" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingCostsAndExpenses" scale="0" unitRef="usd" id="ixv-65307">1,732,236</ix:nonFraction></span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 1%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; padding-bottom: 1.5pt; text-align: justify"/><td style="width: 9%; padding-bottom: 1.5pt; text-align: right"/><td style="width: 1%; padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 1%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; padding-bottom: 1.5pt; text-align: justify"/><td style="width: 9%; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;</span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 1%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c746" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingCostsAndExpenses" scale="0" unitRef="usd" id="ixv-65308">1,732,236</ix:nonFraction></span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loss
    from operations</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c728" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingIncomeLoss" scale="0" sign="-" unitRef="usd" id="ixv-65309">1,732,236</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c746" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingIncomeLoss" scale="0" sign="-" unitRef="usd" id="ixv-65310">1,732,236</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    (expense) income:</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Change
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c728" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:FairValueAdjustmentOfWarrants" scale="0" unitRef="usd" id="ixv-65311">44,241</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c746" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:FairValueAdjustmentOfWarrants" scale="0" unitRef="usd" id="ixv-65312">44,241</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Change
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c728" decimals="0" format="ixt:num-dot-decimal" name="veea:ChangeInFairValueOfSubscriptionPurchaseAgreement" scale="0" unitRef="usd" id="ixv-65313">2,636,955</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c729" decimals="0" format="ixt:num-dot-decimal" name="veea:ChangeInFairValueOfSubscriptionPurchaseAgreement" scale="0" sign="-" unitRef="usd" id="ixv-65314">2,636,955</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Change
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c746" decimals="0" format="ixt:num-dot-decimal" name="veea:ChangeInFairValueOfForwardPurchaseAgreement" scale="0" sign="-" unitRef="usd" id="ixv-65316">308,114</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="padding-bottom: 4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 195; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->84<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PLUM
ACQUISITION CORP. I</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 10pt"><b>CONDENSED CONSOLIDATED
BALANCE SHEET (Unaudited)(As Restated)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_CondensedFinancialStatementsTextBlock-c28_cont_11" id="_CondensedFinancialStatementsTextBlock-c28_cont_10"><ix:continuation id="_ScheduleOfCondensedBalanceSheetTableTextBlock-c28_cont_6"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
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    <td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TOTAL
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    <td style="padding-bottom: 4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c676" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Assets" scale="0" unitRef="usd" id="ixv-65351">54,569,088</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">LIABILITIES,
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c689" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherLiabilitiesCurrent" scale="0" unitRef="usd" id="ixv-65354">265,000</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c689" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ConvertibleDebtCurrent" scale="0" unitRef="usd" id="ixv-65356">1,000,000</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c690" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ConvertibleDebtCurrent" scale="0" unitRef="usd" id="ixv-65357">1,000,000</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c689" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NotesPayableCurrent" scale="0" unitRef="usd" id="ixv-65358">250,000</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c690" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NotesPayableCurrent" scale="0" unitRef="usd" id="ixv-65359">250,000</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subscription
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    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subscription
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c675" decimals="0" format="ixt:num-dot-decimal" name="veea:SubscriptionLiabilityNetOfDebtDiscount" scale="0" unitRef="usd" id="ixv-65362">251,880</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c674" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesCurrent" scale="0" unitRef="usd" id="ixv-65366">6,533,748</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrant
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c674" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:WarrantsAndRightsOutstanding" scale="0" unitRef="usd" id="ixv-65369">2,401,703</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: hidden-fact-779; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TOTAL
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    <td style="border-bottom: Black 1.5pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c675" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Liabilities" scale="0" sign="-" unitRef="usd" id="ixv-65372">548,866</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c676" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Liabilities" scale="0" unitRef="usd" id="ixv-65373">8,386,585</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">COMMITMENTS
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-781; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional
    paid-in capital</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c675" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AdditionalPaidInCapital" scale="0" unitRef="usd" id="ixv-65401">256,635</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">c</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c676" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AdditionalPaidInCapital" scale="0" unitRef="usd" id="ixv-65402">7,531,767</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TOTAL
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    <td style="padding-bottom: 4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 196; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->85<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PLUM
ACQUISITION CORP. I</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 10pt"><b>CONDENSED CONSOLIDATED
STATEMENT OF OPERATIONS (Unaudited)(As Restated)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_CondensedFinancialStatementsTextBlock-c28_cont_12" id="_CondensedFinancialStatementsTextBlock-c28_cont_11"><ix:continuation id="_ScheduleOfCondensedIncomeStatementTableTextBlock-c28_cont_9"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="text-align: left; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
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    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="padding-left: 0.125in; text-indent: -0.125in; width: 52%; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Formation
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    <td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Change
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c738" decimals="0" format="ixt:num-dot-decimal" name="veea:ChangeInFairValueOfSubscriptionPurchaseAgreement" scale="0" unitRef="usd" id="ixv-65418">18,277</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-873; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Change
    in fair value of Forward Purchase Agreement</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c737" decimals="0" format="ixt:num-dot-decimal" name="veea:ChangeInFairValueOfForwardPurchaseAgreement" scale="0" unitRef="usd" id="ixv-65419">325,091</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c739" decimals="0" format="ixt:num-dot-decimal" name="veea:ChangeInFairValueOfForwardPurchaseAgreement" scale="0" unitRef="usd" id="ixv-65420">325,091</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuance
    of Forward Purchase Agreement</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c737" decimals="0" format="ixt:num-dot-decimal" name="veea:IssuanceOfForwardPurchaseAgreement" scale="0" sign="-" unitRef="usd" id="ixv-65421">308,114</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c739" decimals="0" format="ixt:num-dot-decimal" name="veea:IssuanceOfForwardPurchaseAgreement" scale="0" sign="-" unitRef="usd" id="ixv-65422">308,114</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reduction
    of deferred underwriter fee payable</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c737" decimals="0" format="ixt:num-dot-decimal" name="veea:ReductionOfDeferredUnderwriterFeePayable" scale="0" unitRef="usd" id="ixv-65423">328,474</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c739" decimals="0" format="ixt:num-dot-decimal" name="veea:ReductionOfDeferredUnderwriterFeePayable" scale="0" unitRef="usd" id="ixv-65424">328,474</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c737" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestExpenseDebt" scale="0" unitRef="usd" id="ixv-65425">302,469</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c738" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestExpenseDebt" scale="0" sign="-" unitRef="usd" id="ixv-65426">273,954</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c739" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestExpenseDebt" scale="0" unitRef="usd" id="ixv-65427">28,515</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
    income &#8211; trust account</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c737" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InvestmentIncomeInterest" scale="0" unitRef="usd" id="ixv-65428">3,088,967</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c739" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InvestmentIncomeInterest" scale="0" unitRef="usd" id="ixv-65429">3,088,967</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    other (expense) income, net</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c738" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NonoperatingIncomeExpense" scale="0" unitRef="usd" id="ixv-65431">292,231</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c739" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NonoperatingIncomeExpense" scale="0" unitRef="usd" id="ixv-65432">733,235</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="padding-bottom: 4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 197; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->86<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PLUM
ACQUISITION CORP. I</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONDENSED
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS&#8217; DEFICIT&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 10pt"><b>(Unaudited)(As
Restated)</b></span></p><p style="margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_CondensedFinancialStatementsTextBlock-c28_cont_13" id="_CondensedFinancialStatementsTextBlock-c28_cont_12"><ix:nonNumeric contextRef="c780" escape="true" name="us-gaap:ScheduleOfStockholdersEquityTableTextBlock" id="ixv-48929"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Accretion
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    <td style="border-bottom: Black 1.5pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; ">
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    <td style="border-bottom: Black 4pt double; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(<ix:nonFraction contextRef="c803" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquity" scale="0" sign="-" unitRef="usd" id="ixv-65486">15,297,513</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Reduction
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Issuance
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">As
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 4pt double; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-hidden: hidden-fact-920; font-family: Times New Roman, Times, Serif; font-size: 8pt">&#8212;</span></td><td style="padding-bottom: 4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><ix:nonFraction contextRef="c829" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:SharesOutstanding" scale="0" unitRef="shares" id="ixv-65514">7,980,409</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
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    <td style="border-bottom: Black 4pt double; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="-sec-ix-hidden: hidden-fact-921; font-family: Times New Roman, Times, Serif; font-size: 8pt">&#8212;</span></td><td style="padding-bottom: 4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(<ix:nonFraction contextRef="c831" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquity" scale="0" sign="-" unitRef="usd" id="ixv-65516">15,298,312</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">(<ix:nonFraction contextRef="c16" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquity" scale="0" sign="-" unitRef="usd" id="ixv-65517">15,297,513</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">)</span></td></tr>
  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Accretion
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; ">
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 198; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->87<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PLUM
ACQUISITION CORP. I</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 10pt"><b>CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (Unaudited)(As Restated)</b></span></p><div>

</div><p style="margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_CondensedFinancialStatementsTextBlock-c28_cont_14" id="_CondensedFinancialStatementsTextBlock-c28_cont_13"><ix:continuation continuedAt="_ScheduleOfCondensedCashFlowStatementTableTextBlock-c28_cont_4" id="_ScheduleOfCondensedCashFlowStatementTableTextBlock-c28_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="12" style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For
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  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
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    Reported</b></span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
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    Impacts</b></span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
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    Reference</b></span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="padding-bottom: 4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuance
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->88<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PLUM
ACQUISITION CORP. I</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 10pt"><b>CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (Unaudited)(As Restated)</b></span></p><div>

</div><p style="margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_CondensedFinancialStatementsTextBlock-c28_cont_15" id="_CondensedFinancialStatementsTextBlock-c28_cont_14"><ix:continuation continuedAt="_ScheduleOfCondensedCashFlowStatementTableTextBlock-c28_cont_5" id="_ScheduleOfCondensedCashFlowStatementTableTextBlock-c28_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As
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    Reported</b></span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
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    Impacts</b></span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
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    Reference</b></span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="width: 1%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c729" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="0" sign="-" unitRef="usd" id="ixv-65607">1,423,853</ix:nonFraction></span></td><td style="width: 1%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 9%; text-align: center; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">d</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjustments
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c730" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InvestmentIncomeInterest" scale="0" unitRef="usd" id="ixv-65610">3,715,287</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
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    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c730" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:FairValueAdjustmentOfWarrants" scale="0" unitRef="usd" id="ixv-65612">44,241</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reduction
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c728" decimals="0" format="ixt:num-dot-decimal" name="veea:ReductionOfDeferredUnderwriterFeePayable" scale="0" unitRef="usd" id="ixv-65613">328,474</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accretion
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    <td style="border-bottom: Black 4pt double; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c728" decimals="0" format="ixt:num-dot-decimal" name="veea:AccretionOfClassAOrdinarySharesSubjectToPossibleRedemption" scale="0" sign="-" unitRef="usd" id="ixv-65652">4,355,287</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuance
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    <td style="padding-bottom: 4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 200; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->89<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PLUM
ACQUISITION CORP. I</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 10pt"><b>CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (Unaudited)(As Restated)</b></span></p><div>

</div><p style="margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation id="_CondensedFinancialStatementsTextBlock-c28_cont_15"><ix:continuation id="_ScheduleOfCondensedCashFlowStatementTableTextBlock-c28_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="12" style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For
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  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As
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    Reported</b></span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Restatement<br/>
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  <tr style="vertical-align: bottom">
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuance
    of subscription shares</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="padding-bottom: 4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 4pt; padding-left: 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  </table></ix:continuation></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 201; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->90<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><ix:nonNumeric contextRef="c28" continuedAt="_SignificantAccountingPoliciesTextBlock-c28_cont_1" escape="true" name="us-gaap:SignificantAccountingPoliciesTextBlock" id="ixv-55055"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
3 &#8212; SIGNIFICANT ACCOUNTING POLICIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<ix:nonNumeric contextRef="c28" continuedAt="_BasisOfAccountingPolicyPolicyTextBlock-c28_cont_1" escape="true" name="us-gaap:BasisOfAccountingPolicyPolicyTextBlock" id="ixv-55063"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Basis
of Presentation</i></b></span></p></ix:nonNumeric>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:continuation id="_BasisOfAccountingPolicyPolicyTextBlock-c28_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying consolidated financial statements are presented in conformity with accounting principles generally accepted in the United
States of America (&#8220;GAAP&#8221;) and pursuant to the rules and regulations of the Securities and Exchange Commission (the &#8220;SEC&#8221;).</span></p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="c28" continuedAt="_ConsolidationPolicyTextBlock-c28_cont_1" escape="true" name="us-gaap:ConsolidationPolicyTextBlock" id="ixv-55075"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Principles
of Consolidation</i></b></span></p></ix:nonNumeric>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:continuation id="_ConsolidationPolicyTextBlock-c28_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Merger Sub I and
Merger Sub II. There has been no intercompany activity since inception.</span></p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<ix:nonNumeric contextRef="c28" continuedAt="veea_EmergingGrowthCompanyPolicyTextBlock-c28_cont_1" escape="true" name="veea:EmergingGrowthCompanyPolicyTextBlock" id="ixv-55089"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Emerging
Growth Company</i></b></span></p></ix:nonNumeric>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:continuation continuedAt="veea_EmergingGrowthCompanyPolicyTextBlock-c28_cont_2" id="veea_EmergingGrowthCompanyPolicyTextBlock-c28_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is an &#8220;emerging growth company,&#8221; as defined in Section&#160;2(a)&#160;of the Securities Act, as modified by the Jumpstart
Our Business Startups Act of 2012 (the &#8220;JOBS Act&#8221;), and it may take advantage of certain exemptions from various reporting
requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not
being required to comply with the independent registered public accounting firm attestation requirements of Section&#160;404 of the Sarbanes-Oxley
Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from
the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments
not previously approved.</span></p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:continuation id="veea_EmergingGrowthCompanyPolicyTextBlock-c28_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further,
Section&#160;102(b)(1)&#160;of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial
accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective
or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting
standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements
that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of
such extended transition period which means that when a standard is issued or revised and it has different application dates for public
or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies
adopt the new or revised standard. This may make comparison of the Company&#8217;s consolidated financial statements with another public
company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition
period difficult or impossible because of the potential differences in accounting standards used.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p></ix:continuation></ix:nonNumeric><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 202; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->91<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c28_cont_2" id="_SignificantAccountingPoliciesTextBlock-c28_cont_1"><ix:nonNumeric contextRef="c28" continuedAt="_UseOfEstimates-c28_cont_1" escape="true" name="us-gaap:UseOfEstimates" id="ixv-55126"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Use
of Estimates</i></b></span></p></ix:nonNumeric>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:continuation continuedAt="_UseOfEstimates-c28_cont_2" id="_UseOfEstimates-c28_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated
financial statements and the reported amounts of expenses during the reporting period.</span></p></ix:continuation>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:continuation id="_UseOfEstimates-c28_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Making
estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of
a condition, situation or set of circumstances that existed at the date of the consolidated financial statements, which management considered
in formulating its estimate, could change in the near term due to one or more future confirming events. One of the more significant accounting
estimates included in these consolidated financial statements is the determination of the fair value of the subscription and forward
purchase agreements and warrants liabilities. Such estimates may be subject to change as more current information becomes available and
accordingly, the actual results could differ significantly from those estimates.</span></p></ix:continuation>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<ix:nonNumeric contextRef="c28" continuedAt="_CashAndCashEquivalentsPolicyTextBlock-c28_cont_1" escape="true" name="us-gaap:CashAndCashEquivalentsPolicyTextBlock" id="ixv-55145"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Cash
and Cash Equivalents</i></b></span></p></ix:nonNumeric>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:continuation id="_CashAndCashEquivalentsPolicyTextBlock-c28_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company considers all short-term investments with an original maturity of three&#160;months or less when purchased to be cash equivalents.
The Company did not have any cash equivalents as of December 31, 2023 and 2022.</span></p></ix:continuation>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<ix:nonNumeric contextRef="c28" continuedAt="veea_InvestmentsHeldInTrustAccountPolicyTextBlock-c28_cont_1" escape="true" name="veea:InvestmentsHeldInTrustAccountPolicyTextBlock" id="ixv-55159"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Investments
Held in Trust Account</i></b></span></p></ix:nonNumeric>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:continuation id="veea_InvestmentsHeldInTrustAccountPolicyTextBlock-c28_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
December 31, 2023 and 2022, funds held in the Trust Account include $<ix:nonFraction contextRef="c846" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AssetsHeldInTrustNoncurrent" scale="0" unitRef="usd" id="ixv-65704">35,555,976</ix:nonFraction> and $<ix:nonFraction contextRef="c847" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AssetsHeldInTrustNoncurrent" scale="0" unitRef="usd" id="ixv-65705">323,911,642</ix:nonFraction>, respectively, of investments held in
a money market fund characterized as Level 1 investments within the fair value hierarchy under ASC 820 (as defined below). The Company
classifies its money market fund as trading securities in accordance with ASC 320 &#8220;Investments&#160;&#8211; Debt and Equity Securities.&#8221;</span></p></ix:continuation>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<ix:nonNumeric contextRef="c28" continuedAt="veea_ConvertiblePromissoryNotePolicyTextBlock-c28_cont_1" escape="true" name="veea:ConvertiblePromissoryNotePolicyTextBlock" id="ixv-55173"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Convertible
Promissory Note</i></b></span></p></ix:nonNumeric>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:continuation id="veea_ConvertiblePromissoryNotePolicyTextBlock-c28_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company accounts for its convertible promissory note under ASC 815, &#8220;Derivatives and Hedging&#8221; (&#8220;ASC 815&#8221;). Under
815-15-25, the election can be at the inception of a financial instrument to account for the instrument under the fair value option under
ASC 825, &#8220;Financial Instruments&#8221; (&#8220;ASC 825&#8221;). The Company has made such election for its convertible promissory
note. Using fair value option, the convertible promissory note is required to be recorded at its initial fair value on the date of issuance
and each balance sheet date thereafter. Differences between the face value of the note and fair value at issuance are recognized as either
an expense in the consolidated statements of operations (if issued at a premium) or as a capital contribution (if issued at a discount).
Changes in the estimated fair value of the notes are recognized as non-cash gains or losses in the consolidated statements of operations.</span></p></ix:continuation>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<ix:nonNumeric contextRef="c28" continuedAt="_ConcentrationRiskCreditRisk-c28_cont_1" escape="true" name="us-gaap:ConcentrationRiskCreditRisk" id="ixv-55187"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Concentration
of Credit Risk</i></b></span></p></ix:nonNumeric>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:continuation id="_ConcentrationRiskCreditRisk-c28_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution,
which, at times, may exceed the federal depository insurance coverage of $<ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashFDICInsuredAmount" scale="0" unitRef="usd" id="ixv-65706">250,000</ix:nonFraction>. The Company has not experienced losses on these accounts
and management believes the Company is not exposed to significant risks on such accounts.</span></p></ix:continuation>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<ix:nonNumeric contextRef="c28" continuedAt="veea_TemporaryEquityPolicyTextBlock-c28_cont_1" escape="true" name="veea:TemporaryEquityPolicyTextBlock" id="ixv-55201"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Class&#160;A
Ordinary Shares Subject to Possible Redemption</i></b></span></p></ix:nonNumeric>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:continuation continuedAt="veea_TemporaryEquityPolicyTextBlock-c28_cont_2" id="veea_TemporaryEquityPolicyTextBlock-c28_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company accounts for its Class&#160;A ordinary shares subject to possible redemption in accordance with the guidance in FASB ASC Topic
480 &#8220;Distinguishing Liabilities from Equity.&#8221; Class&#160;A ordinary shares subject to mandatory redemption (if any) are classified
as a liability instrument and are measured at fair value. Conditionally redeemable Class&#160;A ordinary shares (including Class&#160;A
ordinary shares that features redemption rights that are either within the control of the holder or subject to redemption upon the occurrence
of uncertain events not solely within the Company&#8217;s control) are classified as temporary equity. At all other times, Class&#160;A
ordinary shares are classified as shareholders&#8217; equity. The Company&#8217;s Class&#160;A ordinary shares features certain redemption
rights that are considered to be outside of the Company&#8217;s control and subject to the occurrence of uncertain future events. Accordingly,
Class&#160;A ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders&#8217;
deficit section of the Company&#8217;s consolidated balance sheets.</span></p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:continuation continuedAt="veea_TemporaryEquityPolicyTextBlock-c28_cont_3" id="veea_TemporaryEquityPolicyTextBlock-c28_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><ix:nonNumeric contextRef="c28" continuedAt="_TemporaryEquityTableTextBlock-c28_cont_1" escape="true" name="us-gaap:TemporaryEquityTableTextBlock" id="ixv-55215"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023 and 2022, the ordinary shares subject to possible redemption reflected on the consolidated balance sheets are reconciled
in the following table:</span></ix:nonNumeric></p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p>

<ix:continuation id="_TemporaryEquityTableTextBlock-c28_cont_1"><ix:continuation id="veea_TemporaryEquityPolicyTextBlock-c28_cont_3"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    shares subject to possible redemption, December&#160;31, 2021</span></td><td style="width: 1%; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Plus:</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accretion
    adjustment of carrying value to redemption value</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c853" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:TemporaryEquityAccretionToRedemptionValueAdjustment" scale="0" unitRef="usd" id="ixv-65708">4,695,302</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: justify; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary
    shares subject to possible redemption, December&#160;31, 2022</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Redemptions of ordinary shares</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Plus:</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accretion
    adjustment of carrying value to redemption value</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c856" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:TemporaryEquityAccretionToRedemptionValueAdjustment" scale="0" unitRef="usd" id="ixv-65711">5,898,906</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: justify; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary
    shares subject to possible redemption, December 31, 2023</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-weight: bold; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c855" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:TemporaryEquityCarryingAmountAttributableToParent" scale="0" unitRef="usd" id="ixv-65712">35,555,976</ix:nonFraction></span></td><td style="font-weight: bold; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 203; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->92<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c28_cont_3" id="_SignificantAccountingPoliciesTextBlock-c28_cont_2"><ix:nonNumeric contextRef="c28" continuedAt="veea_OfferingCostsPolicyTextBlock-c28_cont_1" escape="true" name="veea:OfferingCostsPolicyTextBlock" id="ixv-55340"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Offering
Costs</i></b></span></p></ix:nonNumeric>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:continuation id="veea_OfferingCostsPolicyTextBlock-c28_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company complies with the requirements of ASC 340-10-S99-1 and SEC Staff Accounting Bulletin (&#8220;SAB&#8221;) Topic 5A &#160;&#8212;&#160;&#8220;Expenses
of Offering&#8221;. Offering costs consist principally of professional and registration fees incurred through the balance sheet date
that are related to the Public Offering. Offering costs are charged to shareholders&#8217; deficit or the consolidated statements of
operations based on the relative value of the Warrants to the proceeds received from the Units sold upon the completion of the IPO.</span></p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<ix:nonNumeric contextRef="c28" continuedAt="_FairValueOfFinancialInstrumentsPolicy-c28_cont_1" escape="true" name="us-gaap:FairValueOfFinancialInstrumentsPolicy" id="ixv-55354"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Fair
Value of Financial Instruments</i></b></span></p></ix:nonNumeric>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:continuation id="_FairValueOfFinancialInstrumentsPolicy-c28_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400; text-transform: none">The
fair value of the Company&#8217;s assets and liabilities, (excluding the promissory note and Warrants) which qualify as financial instruments
under the FASB ASC&#160;820, &#8220;Fair Value Measurements and Disclosures,&#8221; approximates the carrying amounts represented in
the consolidated balance sheets.</span></p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<ix:nonNumeric contextRef="c28" continuedAt="veea_WarrantLiabilityPolicyTextBlock-c28_cont_1" escape="true" name="veea:WarrantLiabilityPolicyTextBlock" id="ixv-55368"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Warrant
Liabilities</i></b></span></p></ix:nonNumeric>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:continuation continuedAt="veea_WarrantLiabilityPolicyTextBlock-c28_cont_2" id="veea_WarrantLiabilityPolicyTextBlock-c28_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: 400; text-transform: none">The
Company accounts for the Warrants as either equity-classified&#160;or liability-classified&#160;instruments based on an assessment of
the specific terms of the Warrants and applicable authoritative guidance in FASB&#160;</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none"><b><i>ASC</i></b><span style="font-weight: 400">&#160;480,
Distinguishing Liabilities from Equity (&#8220;</span><b><i>ASC&#160;480</i></b><span style="font-weight: 400">&#8221;) and ASC&#160;815,
Derivatives and Hedging (&#8220;</span><b><i>ASC&#160;815</i></b><span style="font-weight: 400">&#8221;). The assessment considers whether
the Warrants are freestanding financial instruments pursuant to ASC&#160;480, meet the definition of a liability pursuant to ASC&#160;480,
and meet all of the requirements for equity classification under ASC&#160;815, including whether the Warrants are indexed to the Company&#8217;s
own ordinary shares and whether the holders of the Warrants could potentially require &#8220;net cash settlement&#8221; in a circumstance
outside of the Company&#8217;s control, among other conditions for equity classification. This assessment, which requires the use of
professional judgment, is conducted at the time of issuance of the Warrants and as of each subsequent quarterly period end date while
the Warrants are outstanding. For issued or modified warrants that meet all of the criteria for equity classification, such warrants
are required to be recorded as a component of additional paid-in&#160;capital at the time of issuance. For issued or modified warrants
that do not meet all the criteria for equity classification, liability-classified&#160;warrants are required to be recorded at their
initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of such warrants
are recognized as a non-cash&#160;gain or loss on the consolidated statements of operations.</span></span></p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:continuation id="veea_WarrantLiabilityPolicyTextBlock-c28_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company accounts for the Public and Private warrants in accordance with guidance contained in ASC 815-40. Such guidance provides that
because the warrants do not meet the criteria for equity treatment thereunder, each warrant must be recorded as a liability (See Note&#160;6).</span></p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<ix:nonNumeric contextRef="c28" continuedAt="veea_ForwardPurchaseAgreementPolicyTextBlock-c28_cont_1" escape="true" name="veea:ForwardPurchaseAgreementPolicyTextBlock" id="ixv-55397"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Forward
Purchase Agreement</i></b></span></p></ix:nonNumeric>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:continuation continuedAt="veea_ForwardPurchaseAgreementPolicyTextBlock-c28_cont_2" id="veea_ForwardPurchaseAgreementPolicyTextBlock-c28_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company evaluated the forward purchase agreement (&#8220;FPA&#8221;) to determine if such instrument is a derivative or contain features
that qualify as embedded derivatives, pursuant to ASC 480 and FASB ASC Topic 815, &#8220;Derivatives and Hedging&#8221; (&#8220;ASC 815&#8221;).
The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, will
be re-assessed at the end of each reporting period. The <ix:nonFraction contextRef="c15" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:DerivativeLiabilities" scale="0" unitRef="usd" id="ixv-65713">2,500,000</ix:nonFraction> forward purchase securities were recognized as a derivative liability
in accordance with ASC 815. Accordingly, the Company recognized the forward purchase securities as a liability at its fair value and
adjust the instrument to its fair value at each reporting period. The liability will be subject to re-measurement at each balance sheet
date until exercised. The fair value of the forward purchase securities is measured using a Probability Weighted Expected Return Model
that values the FPA based on future projections of various potential outcomes.</span></p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:continuation id="veea_ForwardPurchaseAgreementPolicyTextBlock-c28_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June&#160;15, 2023, the Company received a termination notice (the &#8220;Notice&#8221;) from Sakuu Corporation (&#8220;Sakuu&#8221;),
that terminated, effective June&#160;14, 2023, the Business Combination Agreement, dated March&#160;2, 2023, and in light of the termination
of the Business Combination Agreement, the FPA was also terminated.</span></p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="c28" continuedAt="veea_SubscriptionAgreementPolicyTextBlock-c28_cont_1" escape="true" name="veea:SubscriptionAgreementPolicyTextBlock" id="ixv-55414"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Subscription
Agreements</i></b></span></p></ix:nonNumeric>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:continuation continuedAt="veea_SubscriptionAgreementPolicyTextBlock-c28_cont_2" id="veea_SubscriptionAgreementPolicyTextBlock-c28_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company analyzed its Subscription Agreements (as described in Note 6 and Note 9) under ASC 480 &#8220;Distinguishing Liabilities from
Equity&#8221; and ASC 815 &#8220;Derivatives and Hedging&#8221; and concluded that, (i) the Subscription Shares issuable under the Subscription
Agreements are not required to be accounted for as a liability under ASC 480 or ASC 815, and (ii) bifurcation of a single derivative
that comprises all of the fair value of the Subscription Share feature(s) (i.e., derivative instrument(s)) is not necessary under ASC
815-15-25-7 through 25-10. As a result, all debt proceeds received from Polar and Palmeira have been recorded using the relative fair
value method of accounting under ASC 470 &#8220;Debt&#8221;. As of December 31, 2023, the Sponsor received an aggregate of $<ix:nonFraction contextRef="c848" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodValueNewIssues" scale="0" unitRef="usd" id="ixv-65714">2,359,975</ix:nonFraction>
under the Subscription Agreements of which $<ix:nonFraction contextRef="c849" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodValueNewIssues" scale="0" unitRef="usd" id="ixv-65715">1,960,944</ix:nonFraction> was funded to the Company.</span></p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:continuation id="veea_SubscriptionAgreementPolicyTextBlock-c28_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to ASC 470, the Company recorded the fair value of the subscription liability on the consolidated balance sheets using the relative fair
value method and the related amortization of the debt discount on its consolidated statements of operations. The initial fair value of
the subscription liability at issuance was estimated using a Black Scholes and Probability Weighted Expected Return Model.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><!-- Field: Page; Sequence: 204; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->93<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c28_cont_4" id="_SignificantAccountingPoliciesTextBlock-c28_cont_3"><ix:nonNumeric contextRef="c28" continuedAt="_FairValueMeasurementPolicyPolicyTextBlock-c28_cont_1" escape="true" name="us-gaap:FairValueMeasurementPolicyPolicyTextBlock" id="ixv-55447"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Fair
Value Measurements</i></b></span></p></ix:nonNumeric>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:continuation continuedAt="_FairValueMeasurementPolicyPolicyTextBlock-c28_cont_2" id="_FairValueMeasurementPolicyPolicyTextBlock-c28_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FASB
ASC Topic 820 &#8220;Fair Value Measurements and Disclosures&#8221; (&#8220;ASC 820&#8221;) defines fair value, the methods used to measure
fair value and the expanded disclosures about fair value measurements. Fair value is the price that would be received to sell an asset
or paid to transfer a liability in an orderly transaction between the buyer and the seller at the measurement date. In determining fair
value, the valuation techniques consistent with the market approach, income approach and cost approach shall be used to measure fair
value. ASC 820 establishes a fair value hierarchy for inputs, which represent the assumptions used by the buyer and seller in pricing
the asset or liability. These inputs are further defined as observable and unobservable inputs. Observable inputs are those that buyer
and seller would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable
inputs reflect the Company&#8217;s assumptions about the inputs that the buyer and seller would use in pricing the asset or liability
developed based on the best information available in the circumstances.</span></p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:continuation continuedAt="_FairValueMeasurementPolicyPolicyTextBlock-c28_cont_3" id="_FairValueMeasurementPolicyPolicyTextBlock-c28_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fair value hierarchy is categorized into three levels based on the inputs as follows:</span></p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:continuation continuedAt="_FairValueMeasurementPolicyPolicyTextBlock-c28_cont_4" id="_FairValueMeasurementPolicyPolicyTextBlock-c28_cont_3"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <tr>
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    based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.
    Valuation adjustments and block discounts are not being applied. Since valuations are based on quoted prices that are readily and
    regularly available in an active market, valuation of these securities does not entail a significant degree of judgment.</span></td></tr>
  <tr>
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  <tr>
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  <tr>
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  <tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:continuation id="_FairValueMeasurementPolicyPolicyTextBlock-c28_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fair value of the Company&#8217;s certain assets and liabilities, which qualify as financial instruments under ASC 820, &#8220;Fair Value
Measurements and Disclosures,&#8221; approximates the carrying amounts represented in the consolidated balance sheets. The fair values
of cash and cash equivalents, prepaid assets, accounts payable and accrued expenses, and promissory note to related parties are estimated
to approximate the carrying values as of December 31, 2023 and 2022 due to the short maturities of such instruments. See Note&#160;7
for additional information on assets and liabilities measured at fair value.</span></p></ix:continuation>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<ix:nonNumeric contextRef="c28" continuedAt="_IncomeTaxPolicyTextBlock-c28_cont_1" escape="true" name="us-gaap:IncomeTaxPolicyTextBlock" id="ixv-55500"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Income
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<ix:continuation continuedAt="_IncomeTaxPolicyTextBlock-c28_cont_2" id="_IncomeTaxPolicyTextBlock-c28_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company follows the asset and liability method of accounting for income taxes under FASB ASC 740, &#8220;Income Taxes.&#8221; ASC Topic
740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions
taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be
sustained upon examination by taxing authorities. The Company&#8217;s management determined that the Cayman Islands is the Company&#8217;s
major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense.
As of December 31, 2023 and 2022, there were no unrecognized tax benefits and no amounts accrued for interest and penalties. The Company
is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its
position.</span></p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:continuation id="_IncomeTaxPolicyTextBlock-c28_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400; text-transform: none">The
Company is considered to be an Cayman Islands exempted company with no connection to any other taxable jurisdiction and is presently
not subject to income taxes or income tax filing requirements in the Cayman Islands or the United&#160;States. As such, the Company&#8217;s
tax provision was zero for the periods presented. The Company&#8217;s management does not expect that the total amount of unrecognized
tax benefits will materially change over the next twelve&#160;months.</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p><div>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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Company complies with accounting and disclosure requirements of ASC Topic 260, &#8220;Earnings Per Share.&#8221; The Company has two
classes of shares, which are referred to as Class&#160;A ordinary shares and Class&#160;B ordinary shares. Earnings and losses are shared
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:continuation id="_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock-c28_cont_2"><ix:continuation id="_EarningsPerSharePolicyTextBlock-c28_cont_3"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c35" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EarningsPerShareBasic" scale="0" unitRef="usdPershares" id="ixv-65733">0.27</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table></ix:continuation></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="c28" continuedAt="_NewAccountingPronouncementsPolicyPolicyTextBlock-c28_cont_1" escape="true" name="us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock" id="ixv-55983"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Recent
Accounting Standards</i></b></span></p></ix:nonNumeric>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:continuation continuedAt="_NewAccountingPronouncementsPolicyPolicyTextBlock-c28_cont_2" id="_NewAccountingPronouncementsPolicyPolicyTextBlock-c28_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which requires
disclosure of incremental income tax information within the rate reconciliation and expanded disclosures of income taxes paid, among
other disclosure requirements. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted.
The Company&#8217;s management does not believe the adoption of ASU 2023-09 will have a material impact on its consolidated financial
statements and disclosures.</span></p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:continuation id="_NewAccountingPronouncementsPolicyPolicyTextBlock-c28_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
does not believe that any recently issued, but not effective, accounting standards, if currently adopted, would have a material effect
on the Company&#8217;s consolidated financial statements.</span></p></ix:continuation></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c28" continuedAt="veea_InitialPublicOfferingTextBlock-c28_cont_1" escape="true" name="veea:InitialPublicOfferingTextBlock" id="ixv-56002"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE&#160;4&#160;&#8212;
INITIAL PUBLIC OFFERING</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March&#160;18, 2021, the Company sold <ix:nonFraction contextRef="c645" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" scale="0" unitRef="shares" id="ixv-65734">30,000,000</ix:nonFraction> Units, at a purchase price of $<ix:nonFraction contextRef="c646" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:SharesIssuedPricePerShare" scale="0" unitRef="usdPershares" id="ixv-65735">10.00</ix:nonFraction> per Unit. Each Unit consists of <ix:nonFraction contextRef="c857" decimals="INF" format="ixt-sec:numwordsen" name="veea:NumberOfSharesIssuedPerUnit" scale="0" unitRef="shares" id="ixv-65736">one</ix:nonFraction> Class&#160;A
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April&#160;14, 2021, the Company sold an additional <ix:nonFraction contextRef="c860" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" scale="0" unitRef="shares" id="ixv-65739">1,921,634</ix:nonFraction> Units at a purchase price of $<ix:nonFraction contextRef="c861" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:SharesIssuedPricePerShare" scale="0" unitRef="usdPershares" id="ixv-65740">10.00</ix:nonFraction> per Unit, each consisting of <ix:nonFraction contextRef="c862" decimals="INF" format="ixt-sec:numwordsen" name="veea:NumberOfSharesIssuedPerUnit" scale="0" unitRef="shares" id="ixv-65741">one</ix:nonFraction> Class&#160;A
ordinary share and one-fifth of <ix:nonFraction contextRef="c863" decimals="INF" format="ixt-sec:numwordsen" name="veea:NumberOfWarrantsIssuedPerUnit" scale="0" unitRef="shares" id="ixv-65742">one</ix:nonFraction> redeemable warrant.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
of the <ix:nonFraction contextRef="c864" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" scale="0" unitRef="shares" id="ixv-65743">31,921,634</ix:nonFraction> Class&#160;A ordinary share sold as part of the Units in the IPO contain a redemption feature which allows for the
redemption of such public shares in connection with the Company&#8217;s liquidation, if there is a shareholder vote or tender offer in
connection with the Business Combination and in connection with certain amendments to the Company&#8217;s certificate of incorporation.
In accordance with SEC and its staff&#8217;s guidance on redeemable equity instruments, which has been codified in ASC 480-10-S99, redemption
provisions not solely within the control of the Company require ordinary share subject to redemption to be classified outside of permanent
equity.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p><div>

</div><ix:continuation id="veea_InitialPublicOfferingTextBlock-c28_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Class&#160;A ordinary share is subject to SEC and its staff&#8217;s guidance on redeemable equity instruments, which has been codified
in ASC480-10-S99. If it is probable that the equity instrument will become redeemable, the Company has the option to either accrete changes
in the redemption value over the period from the date of issuance (or from the date that it becomes probable that the instrument will
become redeemable, if later) to the earliest redemption date of the instrument or to recognize changes in the redemption value immediately
as they occur and adjust the carrying amount of the instrument to equal the redemption value at the end of each reporting period. The
Company recognizes changes in redemption value immediately as they occur. Immediately upon the closing of the IPO, the Company recognized
the accretion from initial book value to redemption amount value. The change in the carrying value of redeemable ordinary share resulted
in charges against additional paid-in capital and accumulated deficit.&#160;</span></p></ix:continuation><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><ix:nonNumeric contextRef="c28" escape="true" name="veea:PrivatePlacementsTextBlock" id="ixv-56040"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE&#160;5&#160;&#8212;
PRIVATE PLACEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Simultaneously
with the closing of the IPO, the Sponsor purchased an aggregate of <ix:nonFraction contextRef="c865" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights" scale="0" unitRef="shares" id="ixv-65744">6,000,000</ix:nonFraction> Private Placement Warrants at a price of $<ix:nonFraction contextRef="c865" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" scale="0" unitRef="usdPershares" id="ixv-65745">1.50</ix:nonFraction> per Private
Placement Warrant, for an aggregate purchase price of $<ix:nonFraction contextRef="c866" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromIssuanceOfPrivatePlacement" scale="0" unitRef="usd" id="ixv-65746">9,000,000</ix:nonFraction>, in a private placement. Simultaneously with the issuance and sale of
the Units on April&#160;14, 2021, the Company consummated the private placement with the Sponsor for an aggregate of <ix:nonFraction contextRef="c867" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights" scale="0" unitRef="shares" id="ixv-65747">256,218</ix:nonFraction> warrants
to purchase Class&#160;A Ordinary Shares for $<ix:nonFraction contextRef="c868" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" scale="0" unitRef="usdPershares" id="ixv-65748">1.50</ix:nonFraction> per warrant generating total proceeds of $<ix:nonFraction contextRef="c869" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromIssuanceOfWarrants" scale="0" unitRef="usd" id="ixv-65749">384,327</ix:nonFraction>. A portion of the proceeds from
the private placements were added to the proceeds from the IPO held in the Trust Account. If the Company does not complete a Business
Combination within the Combination Period, the proceeds from the sale of the Private Placement Warrants will be used to fund the redemption
of the Public Shares (subject to the requirements of applicable law) and the Private Placement Warrants will expire worthless.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Private Placement Warrants have terms and provisions that are identical to those of the warrants sold as part of the units in the IPO.
The Private Placement Warrants (including the Class&#160;A ordinary shares issuable upon exercise of the Private Placement Warrants)
will not be transferable, assignable or salable until 30&#160;days after the completion of the initial Business Combination (except pursuant
to limited exceptions to the Company&#8217;s officers and directors and other persons or entities affiliated with the initial purchasers
of the Private Placement Warrants) and they will not be redeemable by the Company so long as they are held by the Sponsor or its permitted
transferees. The Sponsor, or its permitted transferees, has the option to exercise the Private Placement Warrants on a cashless basis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Private Placement Warrants are held by holders other than the Sponsor or its permitted transferees, the Private Placement Warrants
will be redeemable by the Company in all redemption scenarios and exercisable by the holders on the same basis as the warrants included
in the units sold in the IPO.</span></p></ix:nonNumeric><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c28" continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c28_cont_1" escape="true" name="us-gaap:RelatedPartyTransactionsDisclosureTextBlock" id="ixv-56060"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE&#160;6&#160;&#8212;
RELATED PARTY TRANSACTIONS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Founder
Shares</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January&#160;13, 2021, the Sponsor paid $<ix:nonFraction contextRef="c870" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodValueNewIssues" scale="0" unitRef="usd" id="ixv-65750">25,000</ix:nonFraction>, or approximately $<ix:nonFraction contextRef="c871" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:SharesIssuedPricePerShare" scale="0" unitRef="usdPershares" id="ixv-65751">0.003</ix:nonFraction> per share, to cover certain offering costs in consideration
for <ix:nonFraction contextRef="c870" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" scale="0" unitRef="shares" id="ixv-65752">8,625,000</ix:nonFraction> Class&#160;B ordinary shares, par value $<ix:nonFraction contextRef="c872" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:SharesIssuedPricePerShare" scale="0" unitRef="usdPershares" id="ixv-65753">0.0001</ix:nonFraction> per share (the &#8220;Founder Shares&#8221;). Up to <ix:nonFraction contextRef="c873" decimals="INF" format="ixt:num-dot-decimal" name="veea:NumberOfSharesSubjectToForfeiture" scale="0" unitRef="shares" id="ixv-65754">1,125,000</ix:nonFraction> Founder Shares
were subject to forfeiture to the extent that the over-allotment option was not exercised in full by the underwriter. On April&#160;14,
2021 the underwriter&#160;partially exercised its over-allotment option buying <ix:nonFraction contextRef="c874" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" scale="0" unitRef="shares" id="ixv-65755">1,921,634</ix:nonFraction> Units thus reducing the total number of share
subject to forfeiture to <ix:nonFraction contextRef="c875" decimals="INF" format="ixt:num-dot-decimal" name="veea:NumberOfSharesSubjectToForfeiture" scale="0" unitRef="shares" id="ixv-65756">644,591</ix:nonFraction>. On May&#160;2, 2021 the underwriter&#8217;s over-allotment option expired and <ix:nonFraction contextRef="c876" decimals="INF" format="ixt:num-dot-decimal" name="veea:NumberOfSharesForfeited" scale="0" unitRef="shares" id="ixv-65757">644,591</ix:nonFraction> Founder Shares
were forfeited to the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor and the Company&#8217;s directors and executive officers have agreed not to transfer, assign or sell any of their Founder Shares
until earliest of (A)&#160;<span style="-sec-ix-hidden: hidden-fact-942">one</span>&#160;year after the completion of the initial Business Combination and (B)&#160;subsequent to the initial
Business Combination, (x)&#160;if the closing price of our Class&#160;A ordinary shares equals or exceeds $<ix:nonFraction contextRef="c32" decimals="2" format="ixt:num-dot-decimal" name="veea:CommonStockPriceTrigger" scale="0" unitRef="usdPershares" id="ixv-65758">12.00</ix:nonFraction> per share (as adjusted
for share splits, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading&#160;days within any 30-trading
day period commencing at least 150&#160;days after the initial Business Combination, or (y)&#160;the date on which the Company completes
a liquidation, merger, share exchange, reorganization or other similar transaction that results in all of the Public Shareholders having
the right to exchange their ordinary shares for cash, securities or other property (the &#8220;Lock-up&#8221;). Any permitted transferees
would be subject to the same restrictions and other agreements of the Sponsor and the directors and executive officers with respect to
any Founder Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Promissory
Note&#160;&#8212; Related Party</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January&#160;13, 2021, the Sponsor agreed to loan the Company up to $<ix:nonFraction contextRef="c878" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromNotesPayable" scale="0" unitRef="usd" id="ixv-65759">300,000</ix:nonFraction> to cover expenses related to the IPO pursuant to a promissory
note. This loan is non-interest bearing and payable on the earlier of November&#160;30, 2021 or the completion of the IPO. As of December
31, 2023 and 2022, the Company has no borrowings under the Note. Borrowings under this note are no longer available.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March&#160;16, 2023, Plum issued an unsecured promissory note in the total principal amount of up to $<ix:nonFraction contextRef="c879" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromRelatedPartyDebt" scale="0" unitRef="usd" id="ixv-65760">250,000</ix:nonFraction> (the &#8220;Promissory
Note&#8221;) to Mr.&#160;Kanishka Roy, individually and as a member of Plum Partners&#160;LLC. Mr.&#160;Roy funded the initial principal
amount of $<ix:nonFraction contextRef="c880" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentFaceAmount" scale="0" unitRef="usd" id="ixv-65761">250,000</ix:nonFraction> on March&#160;14, 2023. The Promissory Note&#160;does not bear interest and matures upon the consummation of Plum&#8217;s
initial business combination with one or more businesses or entities. In the event Plum does not consummate a business combination, the
Promissory Note&#160;will be repaid upon Plum&#8217;s liquidation only from amounts remaining outside of Plum&#8217;s trust account,
if any. The Promissory Note&#160;is subject to customary events of default, the occurrence of which automatically trigger the unpaid
principal balance of the Promissory Note&#160;and all other sums payable with regard to the Promissory Note&#160;becoming immediately
due and payable. As of December 31, 2023 and 2022, the Company has $<ix:nonFraction contextRef="c881" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NotesPayableCurrent" scale="0" unitRef="usd" id="ixv-65762">250,000</ix:nonFraction> and $<ix:nonFraction contextRef="c882" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NotesPayableCurrent" scale="0" unitRef="usd" id="ixv-65763">0</ix:nonFraction> borrowings under the Note.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric><div>

</div><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c28_cont_2" id="_RelatedPartyTransactionsDisclosureTextBlock-c28_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Working
Capital Loans</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, in order to finance transaction costs in connection with an intended Business Combination, the Sponsor or an affiliate of the
Sponsor, or certain of the Company&#8217;s officers and directors, and third parties have committed to loan the Company funds as may
be required (&#8220;Working Capital Loans&#8221;). If the Company completes a Business Combination, the Company will repay the Working
Capital Loans out of the proceeds of the Trust Account released to it. In the event that a Business Combination does not close, the Company
may use a portion of the working capital held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the
Trust Account would be used to repay the Working Capital Loans. Up to $<ix:nonFraction contextRef="c883" decimals="0" format="ixt:num-dot-decimal" name="veea:WorkingCapitalLoansConvertibleIntoPlacementWarrants" scale="0" unitRef="usd" id="ixv-65764">1,500,000</ix:nonFraction> of the Working Capital Loans may be convertible into
Private Placement Warrants of the post Business Combination entity at a price of $<ix:nonFraction contextRef="c883" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" scale="0" unitRef="usdPershares" id="ixv-65765">1.50</ix:nonFraction> per warrant at the option of the lender. Such
warrants would be identical to the Private Placement Warrants. Except as set forth above, the terms of such Working Capital Loans, if
any, have not been determined and no written agreements exist with respect to such loans. Prior to the completion of the initial Business
Combination, the Company does not expect to seek loans from parties other than the Sponsor its affiliates or any members of the Company&#8217;s
management team as the Company does not believe third parties will be willing to loan such funds and provide a waiver against any and
all rights to seek access to funds in the Company&#8217;s Trust Account.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January&#160;31, 2022, the Company issued an unsecured promissory note (the &#8220;Note&#8221;) in the principal amount of $<ix:nonFraction contextRef="c884" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromRelatedPartyDebt" scale="0" unitRef="usd" id="ixv-65766">500,000</ix:nonFraction> to
Mike Dinsdale (the &#8220;Payee&#8221;). The Note&#160;does not bear interest and is repayable in full upon consummation of the Company&#8217;s
initial Business Combination. The Company may draw on the Note&#160;from time to time, in increments of not less than $<ix:nonFraction contextRef="c885" decimals="0" format="ixt:num-dot-decimal" name="veea:IncrementAmount" scale="0" unitRef="usd" id="ixv-65767">50,000</ix:nonFraction>, until
the earlier of March&#160;18, 2023 or the date on which the Company consummates a Business Combination. If the Company does not complete
a Business Combination, the Note&#160;shall not be repaid and all amounts owed under it will be forgiven. Upon the consummation of a
Business Combination, the Payee shall have the option, but not the obligation, to convert the principal balance of the Note, in whole
or in part, into private placement warrants (as defined in that certain Warrant Agreement, dated March&#160;18, 2021, by and between
the Company and Continental Stock Transfer&#160;&amp; Trust Company), at a price of $<ix:nonFraction contextRef="c886" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" scale="0" unitRef="usdPershares" id="ixv-65768">1.50</ix:nonFraction> per private placement warrant. The Note&#160;is
subject to customary events of default, the occurrence of which automatically trigger the unpaid principal balance of the Note&#160;and
all other sums payable with regard to the Note&#160;becoming immediately due and payable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July&#160;11, 2022, the Company issued an unsecured promissory note (the &#8220;Second Note&#8221;) in the principal amount of $<ix:nonFraction contextRef="c887" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromRelatedPartyDebt" scale="0" unitRef="usd" id="ixv-65769">500,000</ix:nonFraction>
to Ursula Burns (the &#8220;Second Payee&#8221;). The Note&#160;does not bear interest and is repayable in full upon consummation of
the Company&#8217;s initial Business Combination. Up to fifty&#160;percent (<ix:nonFraction contextRef="c888" decimals="INF" format="ixt:num-dot-decimal" name="veea:InitialBusinessCombinationPrincipalRate" scale="-2" unitRef="pure" id="ixv-65770">50</ix:nonFraction>%) of the principal of the Note&#160;may be drawn down
from time to time at the Company&#8217;s option prior to August&#160;25, 2022 and any or all of the remaining undrawn principal of the
Note&#160;may be drawn down from time to time at the Company&#8217;s option after August&#160;25, 2022, in each case in increments of
not less than $<ix:nonFraction contextRef="c888" decimals="0" format="ixt:num-dot-decimal" name="veea:IncrementAmount" scale="0" unitRef="usd" id="ixv-65771">50,000</ix:nonFraction>. If the Company does not complete a Business Combination, the Second Note&#160;shall not be repaid and all amounts
owed under it will be forgiven. Upon the consummation of a Business Combination, the Second Payee shall have the option, but not the
obligation, to convert the principal balance of the Second Note, in whole or in part, into private placement warrants, at a price of
$<ix:nonFraction contextRef="c889" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" scale="0" unitRef="usdPershares" id="ixv-65772">1.50</ix:nonFraction> per private placement warrant. The Second Note&#160;is subject to customary events of default, the occurrence of which automatically
trigger the unpaid principal balance of the Second Note&#160;and all other sums payable with regard to the Second Note&#160;becoming
immediately due and payable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Note&#160;and Second Note&#160;are reported at cost in the consolidated financial statements as the fair value adjustment associated
with the conversion is deemed to be immaterial.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the Subscription Agreements (as described below), the Company issued unsecured promissory notes (&#8220;Convertible Promissory
Notes&#8221;), dated as of March 17, 2023, July 25, 2023, October 18, 2023, and November 12, 2023, in the principal amount of up to $<ix:nonFraction contextRef="c890" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromRelatedPartyDebt" scale="0" unitRef="usd" id="ixv-65773">1,500,000</ix:nonFraction>,
$<ix:nonFraction contextRef="c891" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromRelatedPartyDebt" scale="0" unitRef="usd" id="ixv-65774">1,090,000</ix:nonFraction>, $<ix:nonFraction contextRef="c892" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" scale="0" unitRef="usd" id="ixv-65775">340,000</ix:nonFraction>, and $<ix:nonFraction contextRef="c893" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" scale="0" unitRef="usd" id="ixv-65776">800,000</ix:nonFraction>, respectively, to Sponsor, which may be drawn down by the Company from time to time prior to the consummation
of the Company&#8217;s Business Combination. The Convertible Promissory Notes do not bear interest, matures on the date of consummation
of the Business Combination and is subject to customary events of default. The Convertible Promissory Notes will be repaid only to the
extent that the Company has funds available to it outside of its trust account established in connection with its initial public offering
and is convertible into private placement warrants of the Company at a price of $<ix:nonFraction contextRef="c894" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" scale="0" unitRef="usdPershares" id="ixv-65777">1.50</ix:nonFraction> per warrant at the option of the Sponsor. The warrants
would be identical to the Private Placement Warrants. The Company has evaluated the accounting treatment of the convertible notes under
ASC 815. The Company has determined that the conversion feature would be the only consideration to be provided to Sponsor if Sponsor
exercises the conversion feature. As of December 31, 2023, the fair value of the conversion feature embedded in the Convertible Promissory
Note has been determined to have de minis value.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Subscription
Agreements</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March&#160;16, 2023, the Sponsor entered into a&#160;Subscription Agreement with Investor, pursuant to which Investor agreed to pay the
Sponsor an aggregate of $<ix:nonFraction contextRef="c895" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LineOfCreditFacilityCurrentBorrowingCapacity" scale="0" unitRef="usd" id="ixv-65778">480,000</ix:nonFraction> to fund the Company&#8217;s working capital requirements during the Articles Extension and the Sponsor
agreed to assign to Investor, effective as of the Closing Date or the earlier termination of the Business Combination Agreement in accordance
with its terms or otherwise, an aggregate of <ix:nonFraction contextRef="c896" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" scale="0" unitRef="shares" id="ixv-65779">360,000</ix:nonFraction> Founder Shares. Investor paid $<ix:nonFraction contextRef="c897" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodValueNewIssues" scale="0" unitRef="usd" id="ixv-65780">480,000</ix:nonFraction> to the Sponsor on March&#160;17,&#160;2023
(see Note 9 for further details).</span></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsequently,
on May&#160;23, 2023, Investor agreed to pay the Sponsor an aggregate of $<ix:nonFraction contextRef="c898" decimals="0" format="ixt:num-dot-decimal" name="veea:WorkingCapitalforSponsor" scale="0" unitRef="usd" id="ixv-65781">270,000</ix:nonFraction> to fund the Company&#8217;s working capital requirements
during the Articles Extension and the Sponsor agreed to assign to Investor, effective as of the Closing Date or the earlier termination
of the Business Combination Agreement in accordance with its terms or otherwise, an aggregate of <ix:nonFraction contextRef="c899" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" scale="0" unitRef="shares" id="ixv-65782">202,500</ix:nonFraction> Founder Shares. Investor paid
$<ix:nonFraction contextRef="c898" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodValueNewIssues" scale="0" unitRef="usd" id="ixv-65783">270,000</ix:nonFraction> to the Sponsor on May&#160;23,&#160;2023.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation id="_RelatedPartyTransactionsDisclosureTextBlock-c28_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 14, 2023, the Company entered into an amended and restated subscription agreement (&#8220;A&amp;R Subscription Agreement&#8221;)
with Investor and Sponsor, which amends and restates the subscription agreement entered into by the Parties on March 16, 2023. The purpose
of the A&amp;R Subscription Agreement remains for the Sponsor to raise up to $<ix:nonFraction contextRef="c900" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodValueNewIssues" scale="0" unitRef="usd" id="ixv-65784">1,500,000</ix:nonFraction> from the Investor to fund the Articles Extension
and to provide working capital to the Company during the Articles Extension. Investor paid $<ix:nonFraction contextRef="c901" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodValueNewIssues" scale="0" unitRef="usd" id="ixv-65785">160,000</ix:nonFraction> to the Sponsor on July 14,&#160;2023.</span></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 25, 2023, the Company entered into a second subscription agreement (&#8220;Second Subscription Agreement&#8221;) with the Investor
and Sponsor, the purpose of which is for the Sponsor to raise up to $<ix:nonFraction contextRef="c902" decimals="0" format="ixt:num-dot-decimal" name="veea:WorkingCapitalforSponsor" scale="0" unitRef="usd" id="ixv-65786">1,090,000</ix:nonFraction> from the Investor to fund the Extension and to provide
working capital to the Company during the Extension. In consideration of the funds, Sponsor will transfer 1 share of a Class A ordinary
share for each dollar the Investor funds (the &#8220;Subscription Shares&#8221;) to the Investor at the closing of the Business Combination.
Investor paid $<ix:nonFraction contextRef="c902" decimals="0" format="ixt:num-dot-decimal" name="veea:InvestorPaidToSponsor" scale="0" unitRef="usd" id="ixv-65787">750,000</ix:nonFraction> to the Sponsor on July 25,&#160;2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 18, 2023, the parties to the A&amp;R Subscription Agreement entered into Amendment No. 1 to the A&amp;R Subscription Agreement,
in which the parties amended the consideration of a Capital Call made pursuant to the A&amp;R Subscription Agreement to the following:
(a) <ix:nonFraction contextRef="c903" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ExcessStockSharesIssued" scale="0" unitRef="shares" id="ixv-65788">431,735</ix:nonFraction> shares of Class A Common Stock of the SPAC (the &#8220;Initial Shares&#8221;) free and clear of any liens or other encumbrances,
other than pursuant to the Letter Agreement and the Investor shall not be subject to forfeiture, surrender, claw-back, transfers, disposals,
exchanges, or earn-outs for any reason on the Initial Shares; (b) <ix:nonFraction contextRef="c904" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ExcessStockSharesIssued" scale="0" unitRef="shares" id="ixv-65789">71,956</ix:nonFraction> shares of Class A Common Stock of the SPAC that must be held
by the Investor until the VWAP of the Class A Common Stock equals or exceeds $<ix:nonFraction contextRef="c903" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:SaleOfStockPricePerShare" scale="0" unitRef="usdPershares" id="ixv-65790">12.50</ix:nonFraction> for any 20 trading days within any 30 days trading
period within 10 years from the consummation of the De-SPAC (the &#8220;$<ix:nonFraction contextRef="c904" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:SaleOfStockPricePerShare" scale="0" unitRef="usdPershares" id="ixv-65791">12.50</ix:nonFraction> Shares&#8221;); and (c) <ix:nonFraction contextRef="c905" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SharesIssued" scale="0" unitRef="shares" id="ixv-65792">71,956</ix:nonFraction> shares of Class A Common
Stock of the SPAC that must be held by the Investor until the VWAP of the Class A Common Stock equals or exceeds $<ix:nonFraction contextRef="c905" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" scale="0" unitRef="usdPershares" id="ixv-65793">15.00</ix:nonFraction> for any 20 trading
days within any 30 days trading period within 10 years from the consummation of the De-SPAC (the &#8220;$<ix:nonFraction contextRef="c904" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesSubscriptions" scale="0" unitRef="usd" id="ixv-65794">15</ix:nonFraction> Shares&#8221; and together
with the Initial Shares and the $<ix:nonFraction contextRef="c906" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:SaleOfStockPricePerShare" scale="0" unitRef="usdPershares" id="ixv-65795">12.50</ix:nonFraction> Shares, the &#8220;Subscription Shares&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 18, 2023, the parties to the Second Subscription Agreement entered into Amendment No. 1 to the Second Subscription Agreement,
in which the parties (a) limited the total amount of the Investor&#8217;s Capital Commitment that may be called subject to the Second
Subscription Agreement to $<ix:nonFraction contextRef="c904" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherCommitment" scale="0" unitRef="usd" id="ixv-65796">750,000</ix:nonFraction> and (b) amended the consideration of a Capital Call made pursuant to the Second Subscription Agreement
to the following: (a) <ix:nonFraction contextRef="c906" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SharesIssued" scale="0" unitRef="shares" id="ixv-65797">448,169</ix:nonFraction> shares of Class A Common Stock of the SPAC (the &#8220;Initial Shares&#8221;) free and clear of any liens
or other encumbrances, other than pursuant to the Letter Agreement and the Investor shall not be subject to forfeiture, surrender, claw-back,
transfers, disposals, exchanges, or earn-outs for any reason on the Initial Shares; (b) <ix:nonFraction contextRef="c903" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SharesIssued" scale="0" unitRef="shares" id="ixv-65798">74,695</ix:nonFraction> shares of Class A Common Stock of the
SPAC that must be held by the Investor until the VWAP of the Class A Common Stock equals or exceeds $<ix:nonFraction contextRef="c906" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" scale="0" unitRef="usdPershares" id="ixv-65799">12.50</ix:nonFraction> for any 20 trading days within
any 30 days trading period within 10 years from the consummation of the De-SPAC (the &#8220;$<ix:nonFraction contextRef="c907" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:SaleOfStockPricePerShare" scale="0" unitRef="usdPershares" id="ixv-65800">12.50</ix:nonFraction> Shares&#8221;); and (c) <ix:nonFraction contextRef="c904" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SharesIssued" scale="0" unitRef="shares" id="ixv-65801">74,695</ix:nonFraction> shares
of Class A Common Stock of the SPAC that must be held by the Investor until the VWAP of the Class A Common Stock equals or exceeds $<ix:nonFraction contextRef="c906" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:SharesIssuedPricePerShare" scale="0" unitRef="usdPershares" id="ixv-65802">15.00</ix:nonFraction>
for any 20 trading days within any 30 days trading period within 10 years from the consummation of the De-SPAC (the &#8220;$<ix:nonFraction contextRef="c903" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesSubscriptions" scale="0" unitRef="usd" id="ixv-65803">15</ix:nonFraction> Shares&#8221;
and together with the Initial Shares and the $<ix:nonFraction contextRef="c904" decimals="2" format="ixt:num-dot-decimal" name="veea:SubscriptionSharePerShare" scale="0" unitRef="usdPershares" id="ixv-65804">12.50</ix:nonFraction> Shares, the &#8220;Subscription Shares&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 16, 2023, the Company entered into a subscription agreement (&#8220;Fourth Subscription Agreement&#8221;) with Palmeira Investment
Limited (&#8220;Palmeira&#8221;) and Sponsor and, together with the Company and Palmeira, the &#8220;Parties&#8221;, the purpose of which
is for the Sponsor to raise up to $<ix:nonFraction contextRef="c908" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SponsorFees" scale="0" unitRef="usd" id="ixv-65805">800,000</ix:nonFraction> from Palmeira to fund the Extension and to provide working capital to the Company during the
Extension (&#8220;Investor&#8217;s Capital Commitment&#8221;). Palmeira paid $<ix:nonFraction contextRef="c909" decimals="0" format="ixt:num-dot-decimal" name="veea:InvestorPaidToSponsor" scale="0" unitRef="usd" id="ixv-65806">249,975</ix:nonFraction> and $<ix:nonFraction contextRef="c910" decimals="0" format="ixt:num-dot-decimal" name="veea:InvestorPaidToSponsor" scale="0" unitRef="usd" id="ixv-65807">250,000</ix:nonFraction> to the Sponsor on November 21, 2023
and November 27, 2023, respectively. The Sponsor agreed to assign to Palmeira, effective as of the Closing Date or the earlier termination
of the Business Combination Agreement in accordance with its terms or otherwise, an aggregate of <ix:nonFraction contextRef="c911" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SharesIssued" scale="0" unitRef="shares" id="ixv-65808">281,236</ix:nonFraction> Founder Shares</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, Polar and Palmeira (collectively the &#8220;Investors&#8221;) have paid the Sponsor an aggregate of $<ix:nonFraction contextRef="c28" decimals="0" format="ixt:num-dot-decimal" name="veea:WorkingCapitalforSponsor" scale="0" unitRef="usd" id="ixv-65809">2,359,975</ix:nonFraction>
to fund the Company&#8217;s working capital requirements during the Articles Extension and the Sponsor agreed to assign to Investors,
effective as of the Closing Date or the earlier termination of the Business Combination Agreement in accordance with its terms or otherwise,
an aggregate of <ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SharesIssued" scale="0" unitRef="shares" id="ixv-65810">1,341,140</ix:nonFraction> Founder Shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Administrative
Support Agreement</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company will pay the Sponsor or an affiliate of the Sponsor&#160;$<ix:nonFraction contextRef="c912" decimals="0" format="ixt:num-dot-decimal" name="veea:RelatedPartyTransactionExpensesFromTransactionsWithRelatedPartyPerMonth" scale="0" unitRef="usd" id="ixv-65811">10,000</ix:nonFraction> per&#160;month for office space, secretarial and administrative
services provided to members of the management team. Upon completion of the initial Business Combination or its liquidation, the Company
will cease paying these&#160;monthly fees. In addition, the Company reimburses the Sponsor for the reasonable costs of salaries and other
services provided to the Company by the employees, consultants and or members of the Sponsor or its affiliates. For the year ended December
31, 2023, the Company incurred $<ix:nonFraction contextRef="c913" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" scale="0" unitRef="usd" id="ixv-65812">120,000</ix:nonFraction>, in fees for office space, secretarial and administrative services, of which such amounts are
included in the due to related party in the accompanying consolidated&#160;balance sheets. For the year ended December 31, 2023, the
Company incurred&#160;$<ix:nonFraction contextRef="c914" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" scale="0" unitRef="usd" id="ixv-65813">215,094</ix:nonFraction>, in fees for reimbursement of costs of salaries, respectively. For the year ended December&#160;31, 2022,
the Company incurred $<ix:nonFraction contextRef="c29" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" scale="0" unitRef="usd" id="ixv-65814">120,000</ix:nonFraction>, in fees for office space, secretarial and administrative services, of which such amounts are included
in the due to related party in the accompanying balance sheets and incurred $<ix:nonFraction contextRef="c915" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" scale="0" unitRef="usd" id="ixv-65815">549,198</ix:nonFraction>&#160;for reimbursement of costs of salaries and
other services.</span></p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c28" continuedAt="veea_WarrantsDisclosureTextBlock-c28_cont_1" escape="true" name="veea:WarrantsDisclosureTextBlock" id="ixv-56205"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE&#160;7&#160;&#8212;
WARRANTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Public Warrants will become exercisable at $<ix:nonFraction contextRef="c916" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" scale="0" unitRef="usdPershares" id="ixv-65816">11.50</ix:nonFraction> per share, subject to adjustment, at any time commencing <ix:nonNumeric contextRef="c917" format="ixt-sec:durday" name="veea:NumberDaysAfterTheInitialBusinessCombinationDeterminingWarrantsExercisable" id="ixv-65817">30</ix:nonNumeric>&#160;days after the completion
of the initial Business Combination; provided that the Company has an effective registration statement under the Securities Act covering
the Class&#160;A ordinary shares issuable upon exercise of the warrants and a current prospectus relating to them is available (or the
Company permits holders to exercise their warrants on a cashless basis under the circumstances specified in the warrant agreement) and
such shares are registered, qualified or exempt from registration under the securities, or blue sky, laws of the state of residence of
the holder. The warrants will expire <span style="-sec-ix-hidden: hidden-fact-943">five</span>&#160;years after the completion of a Business Combination or earlier upon redemption or liquidation.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric><div>

</div><div>


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->98<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation id="veea_WarrantsDisclosureTextBlock-c28_cont_1"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has agreed that as soon as practicable, but in no event later than twenty business&#160;days after the closing of the initial
Business Combination, it will use commercially reasonable efforts to file with the SEC a registration statement for the registration,
under the Securities Act, of the Class&#160;A ordinary shares issuable upon exercise of the warrants, and the Company will use its commercially
reasonable efforts to cause the same to become effective within 60 business&#160;days after the closing of the initial Business Combination,
and to maintain the effectiveness of such registration statement and a current prospectus relating to those Class&#160;A ordinary shares
until the warrants expire or are redeemed, as specified in the warrant agreement, provided that if the Class&#160;A ordinary shares are
at the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition of a &#8220;covered
security&#8221; under Section&#160;18(b)(1)&#160;of the Securities Act, the Company may, at its option, require holders of public warrants
who exercise their warrants to do so on a &#8220;cashless basis&#8221; in accordance with Section&#160;3(a)(9)&#160;of the Securities
Act and, in the event the Company so elects, it will not be required to file or maintain in effect a registration statement, but the
Company will use its commercially reasonably efforts to register or qualify the shares under applicable blue sky laws to the extent an
exemption is not available. If a registration statement covering the Class&#160;A ordinary shares issuable upon exercise of the warrants
is not effective by the 60<sup>th</sup> day after the closing of the initial Business Combination, warrant holders may, until such time
as there is an effective registration statement and during any period when the Company will have failed to maintain an effective registration
statement, exercise warrants on a &#8220;cashless basis&#8221; in accordance with Section&#160;3(a)(9)&#160;of the Securities Act or
another Exemption, but the Company will use its commercially reasonably efforts to register or qualify the shares under applicable blue
sky laws to the extent an exemption is not available. In such event, each holder would pay the exercise price by surrendering the warrants
for that number of Class&#160;A ordinary shares equal to the lesser of (A)&#160;the quotient obtained by dividing (x)&#160;the product
of the number of Class&#160;A ordinary shares underlying the warrants, multiplied by the excess of the &#8220;fair market value&#8221;
(as defined below) less the exercise price of the warrants by (y)&#160;the fair market value and (B)&#160;<ix:nonFraction contextRef="c23" decimals="3" format="ixt:num-dot-decimal" name="veea:FairMarketValuePrice" scale="0" unitRef="usdPershares" id="ixv-65818">0.361</ix:nonFraction>. The &#8220;fair market
value&#8221; as used in this paragraph shall mean the volume weighted average price of the Class&#160;A ordinary shares for the 10 trading&#160;days
ending on the trading day prior to the date on which the notice of exercise is received by the warrant agent.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
no event will the Company be required to net cash settle any warrant. In the event that a registration statement is not effective for
the exercised warrants, the purchaser of a unit containing such warrant will have paid the full purchase price for the unit solely for
the Class&#160;A ordinary share underlying such unit.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Redemption
of Warrants When the Price per Class&#160;A Ordinary Share Equals or Exceeds $<ix:nonFraction contextRef="c918" decimals="2" format="ixt:num-dot-decimal" name="veea:RedemptionPricePerWarrant" scale="0" unitRef="usdPershares" id="ixv-65819">18.00</ix:nonFraction></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Once
the warrants become exercisable, the Company may redeem the outstanding warrants (except with respect to the Private Placement Warrants):</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="padding-left: -0.25in; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in whole and not in part;</span></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">at a price of $<ix:nonFraction contextRef="c919" decimals="2" format="ixt:num-dot-decimal" name="veea:RedemptionPricePerWarrant" scale="0" unitRef="usdPershares" id="ixv-65820">0.01</ix:nonFraction> per warrant;</span></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">upon not less than <ix:nonNumeric contextRef="c919" format="ixt-sec:durday" name="veea:PeriodForNoticeOfRedemption" id="ixv-65821">30</ix:nonNumeric>&#160;days&#8217; prior written notice of redemption to each warrant holder; and</span></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if, and only if, the last reported sale price of the Class&#160;A ordinary shares equals or exceeds $<ix:nonFraction contextRef="c920" decimals="2" format="ixt:num-dot-decimal" name="veea:MinimumThresholdPriceOfCommonStockSpecifiedToSendNoticeOfRedemptionToTheWarrantHolders" scale="0" unitRef="usdPershares" id="ixv-65822">18.00</ix:nonFraction> per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant) for any <ix:nonNumeric contextRef="c919" format="ixt-sec:durday" name="veea:NumberOfTradingDaysDeterminingWarrantRedemption" id="ixv-65823">20</ix:nonNumeric> trading&#160;days within a <ix:nonNumeric contextRef="c919" format="ixt-sec:durday" name="veea:NumberOfConsecutiveTradingDaysDeterminingWarrantRedemption" id="ixv-65824">30</ix:nonNumeric>-trading day period ending three trading&#160;days before the Company sends the notice of redemption to the warrant holders.</span></td></tr> </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Redemption
of Warrants When the Price per Class&#160;A Ordinary Share Equals or Exceeds $<ix:nonFraction contextRef="c921" decimals="2" format="ixt:num-dot-decimal" name="veea:RedemptionPricePerWarrant" scale="0" unitRef="usdPershares" id="ixv-65825">10.00</ix:nonFraction></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Once
the warrants become exercisable, the Company may redeem the outstanding warrants:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in whole and not in part;</span></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">at $<ix:nonFraction contextRef="c922" decimals="2" format="ixt:num-dot-decimal" name="veea:RedemptionPricePerWarrant" scale="0" unitRef="usdPershares" id="ixv-65826">0.10</ix:nonFraction> per warrant upon a minimum of <ix:nonNumeric contextRef="c922" format="ixt-sec:durwordsen" name="veea:PeriodForNoticeOfRedemption" id="ixv-65827">30&#160;days</ix:nonNumeric>&#8217; prior written notice of redemption provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares, based on the redemption date and the &#8220;fair market value&#8221; of our Class&#160;A ordinary shares (as defined above);</span></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if, and only if, the closing price of the Class&#160;A ordinary shares equals or exceeds $<ix:nonFraction contextRef="c922" decimals="2" format="ixt:num-dot-decimal" name="veea:MinimumThresholdPriceOfCommonStockSpecifiedToSendNoticeOfRedemptionToTheWarrantHolders" scale="0" unitRef="usdPershares" id="ixv-65828">10.00</ix:nonFraction> per public share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant) for any 20 trading&#160;days within the 30-trading day period ending three trading&#160;days before the Company sends the notice of redemption to the warrant holders; and</span></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if the closing price of the Class&#160;A ordinary shares for any <ix:nonNumeric contextRef="c922" format="ixt-sec:durday" name="veea:NumberOfTradingDaysDeterminingWarrantRedemption" id="ixv-65829">20</ix:nonNumeric> trading&#160;days within a <ix:nonNumeric contextRef="c922" format="ixt-sec:durday" name="veea:NumberOfConsecutiveTradingDaysDeterminingWarrantRedemption" id="ixv-65830">30</ix:nonNumeric>-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders is less than $<ix:nonFraction contextRef="c923" decimals="2" format="ixt:num-dot-decimal" name="veea:PriceThresholdOfNewlyIssuedStockToCauseAdjustmentOfExerciseWarrantPrice" scale="0" unitRef="usdPershares" id="ixv-65831">18.00</ix:nonFraction> per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant), the Private Placement Warrants must also be concurrently called for redemption on the same terms as the outstanding public warrants, as described above.</span></td></tr> </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, if (x)&#160;the Company issues additional Class&#160;A ordinary shares or equity-linked securities for capital raising purposes
in connection with the closing of the initial Business Combination at an issue price or effective issue price of less than $<ix:nonFraction contextRef="c924" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight" scale="0" unitRef="shares" id="ixv-65832">9.20</ix:nonFraction> per
ordinary share (with such issue price or effective issue price to be determined in good faith by the Company&#8217;s board of directors
and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor
or such affiliates, as applicable, prior to such issuance) (the &#8220;Newly Issued Price&#8221;), (y)&#160;the aggregate gross proceeds
from such issuances represent more than <ix:nonFraction contextRef="c917" decimals="2" format="ixt:num-dot-decimal" name="veea:PriceThresholdOfNewlyIssuedStockToCauseAdjustmentOfExerciseWarrantPricePercentageOfEquityProceedsFromIssuance" scale="-2" unitRef="pure" id="ixv-65833">60</ix:nonFraction>% of the total equity proceeds, and interest thereon, available for the funding of the initial
Business Combination on the date of the consummation of the initial Business Combination (net of redemptions), and (z)&#160;the volume
weighted average trading price of our Class&#160;A ordinary shares during the 20 trading day period starting on the trading day prior
to the day on which the Company consummates its initial Business Combination (such price, the &#8220;Market Value&#8221;) is below $<ix:nonFraction contextRef="c23" decimals="2" format="ixt:num-dot-decimal" name="veea:PriceThresholdOfNewlyIssuedStockToCauseAdjustmentOfExerciseWarrantPrice" scale="0" unitRef="usdPershares" id="ixv-65834">9.20</ix:nonFraction>
per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to <ix:nonFraction contextRef="c925" decimals="2" format="ixt:num-dot-decimal" name="veea:PercentageOfWarrantExercisePriceAdjustedToPriceReceivedInNewIssuance" scale="-2" unitRef="pure" id="ixv-65835">115</ix:nonFraction>% of the higher of the Market
Value and the Newly Issued Price, the $<ix:nonFraction contextRef="c924" decimals="2" format="ixt:num-dot-decimal" name="veea:ClassOfWarrantOrRightTargetSharePriceOfWarrantsOrRightsForRedemption" scale="0" unitRef="usdPershares" id="ixv-65836">18.00</ix:nonFraction> per share redemption trigger price described above will be adjusted (to the nearest cent)
to be equal to <ix:nonFraction contextRef="c23" decimals="2" format="ixt:num-dot-decimal" name="veea:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1Percentage" scale="-2" unitRef="pure" id="ixv-65837">180</ix:nonFraction>% of the higher of the Market Value and the Newly Issued Price, and the $<ix:nonFraction contextRef="c1" decimals="2" format="ixt:num-dot-decimal" name="veea:ClassOfWarrantOrRightTargetSharePriceOfWarrantsOrRightsForRedemption" scale="0" unitRef="usdPershares" id="ixv-65838">10.00</ix:nonFraction> per share redemption trigger price described
above will be adjusted (to the nearest cent) to be equal to the higher of the Market Value and the Newly Issued Price.</span></p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->99<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p><ix:nonNumeric contextRef="c28" escape="true" name="us-gaap:FairValueDisclosuresTextBlock" id="ixv-56379"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE&#160;8&#160;&#8212;
                                            RECURRING FAIR VALUE MEASUREMENTS</b></span></p>

<p style="font: 7pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Investments
Held in Trust Account</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023 and 2022, the investments in the Company&#8217;s Trust Account consisted of approximately $<ix:nonFraction contextRef="c926" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:AssetsHeldInTrustNoncurrent" scale="6" unitRef="usd" id="ixv-65839">35.6</ix:nonFraction>&#160;million and
$<ix:nonFraction contextRef="c927" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:AssetsHeldInTrustNoncurrent" scale="6" unitRef="usd" id="ixv-65840">323.9</ix:nonFraction>&#160;million in U.S. Money Market funds, respectively. The Company considers all investments with original maturities of more
than <span style="-sec-ix-hidden: hidden-fact-963">three</span>&#160;months but less than one&#160;year to be short-term investments.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair
values of the Company&#8217;s investments are classified as Level&#160;1 utilizing quoted prices (unadjusted) in active markets for identical
assets.</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Recurring
Fair Value Measurements</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s permitted investments consist of U.S. Money Market funds. Fair values of these investments are determined by Level&#160;1
inputs utilizing quoted prices (unadjusted) in active markets for identical assets. The Company&#8217;s initial value of the warrant
liability was based on a valuation model utilizing management judgment and pricing inputs from observable and unobservable markets with
less volume and transaction frequency than active markets and classified as level 3. The subsequent measurement of the Public Warrants
is classified as Level&#160;1 due to the use of an observable market price of these warrants. The subsequent measurement of the Private
Warrants is classified as Level&#160;2 because these warrants are economically equivalent to the Public warrants, based on the terms
of the Private Warrant agreement, and as such their value is principally derived by the value of the Public Warrants. Significant deviations
from these estimates and inputs could result in a material change in fair value. For the year ended December 31, 2023, there were no
transfers amongst level 1, 2, and 3 values during the period. At December&#160;31, 2021, the Company reclassified the Public Warrants
and Private Warrants from Level&#160;3 to Level&#160;1 and Level&#160;2, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
FPA liability is measured at fair value using a probability weighted expected return model based on future projections of various potential
outcomes. The FPA liability is considered to be a Level&#160;3 financial instrument. On June&#160;15, 2023, the Company received a termination
notice from Sakuu, that terminated, effective June&#160;14, 2023, the Business Combination Agreement, dated March&#160;2, 2023. In light
of the termination of the Business Combination Agreement, the FPA was also terminated. As of December 31, 2023 and 2022 there was no
FPA liability outstanding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
conversion feature of the Convertible Promissory Notes, in connection with the Subscription Purchase Agreement, is measured at fair value
using a Monte Carlo model that fair values the compound option. The fair value of the conversion feature of the Convertible Promissory
Notes was $<ix:nonFraction contextRef="c928" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ConvertibleNotesPayable" scale="0" unitRef="usd" id="ixv-65841">0</ix:nonFraction> as of December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><ix:nonNumeric contextRef="c28" continuedAt="_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock-c28_cont_1" escape="true" name="us-gaap:ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock" id="ixv-56423"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table presents fair value information as of December 31, 2023 and 2022, of the Company&#8217;s financial assets and liabilities
that were accounted for at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques the Company
utilized to determine such fair value.</span></ix:nonNumeric></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#160;</span></p>

<ix:continuation continuedAt="_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock-c28_cont_2" id="_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock-c28_cont_1"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
    31, 2023</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assets</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%; text-align: justify; text-indent: -5.8pt; padding-left: 5.8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investments
    held in Trust Account&#8212;U.S. Money Market</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c930" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AssetsHeldInTrustNoncurrent" scale="0" unitRef="usd" id="ixv-65842">35,555,976</ix:nonFraction></span></td><td style="width: 1%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c931" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AssetsHeldInTrustNoncurrent" scale="0" unitRef="usd" id="ixv-65843">35,555,976</ix:nonFraction></span></td><td style="width: 1%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-hidden: hidden-fact-944; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="width: 1%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-hidden: hidden-fact-945; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="width: 1%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-indent: -5.8pt; padding-left: 5.8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; text-indent: -5.8pt; padding-left: 5.8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Public
    warrant liability</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c934" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:WarrantsAndRightsOutstanding" scale="0" unitRef="usd" id="ixv-65844">829,962</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c935" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:WarrantsAndRightsOutstanding" scale="0" unitRef="usd" id="ixv-65845">829,962</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-946; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-947; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify; text-indent: -5.8pt; padding-left: 5.8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Private
    warrant liability</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c938" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:WarrantsAndRightsOutstanding" scale="0" unitRef="usd" id="ixv-65846">813,308</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-948; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c940" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:WarrantsAndRightsOutstanding" scale="0" unitRef="usd" id="ixv-65847">813,308</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sponsor loan conversion
    option</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-949; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-950; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-951; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-952; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c930" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:WarrantsAndRightsOutstanding" scale="0" unitRef="usd" id="ixv-65848">1,643,270</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c931" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:WarrantsAndRightsOutstanding" scale="0" unitRef="usd" id="ixv-65849">829,962</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c932" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:WarrantsAndRightsOutstanding" scale="0" unitRef="usd" id="ixv-65850">813,308</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-953; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#160;</span></p>

<ix:continuation id="_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock-c28_cont_2"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
    31, 2022</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td colspan="2" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="width: 52%; text-align: justify; text-indent: -5.8pt; padding-left: 5.8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investments
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    <td style="width: 1%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 9%; text-align: right"><span style="-sec-ix-hidden: hidden-fact-955; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="width: 1%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-indent: -5.8pt; padding-left: 5.8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; text-indent: -5.8pt; padding-left: 5.8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Public
    warrant liability</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c949" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:WarrantsAndRightsOutstanding" scale="0" unitRef="usd" id="ixv-65853">191,529</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c950" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:WarrantsAndRightsOutstanding" scale="0" unitRef="usd" id="ixv-65854">191,529</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-956; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-957; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify; text-indent: -5.8pt; padding-left: 5.8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Private
    warrant liability</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c953" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:WarrantsAndRightsOutstanding" scale="0" unitRef="usd" id="ixv-65855">187,687</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-958; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c955" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:WarrantsAndRightsOutstanding" scale="0" unitRef="usd" id="ixv-65856">187,687</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-959; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c945" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:WarrantsAndRightsOutstanding" scale="0" unitRef="usd" id="ixv-65857">379,216</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c946" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:WarrantsAndRightsOutstanding" scale="0" unitRef="usd" id="ixv-65858">191,529</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c947" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:WarrantsAndRightsOutstanding" scale="0" unitRef="usd" id="ixv-65859">187,687</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-960; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
and when the warrants become redeemable by the Company, the Company may exercise its redemption right even if it is unable to register
or qualify the underlying securities for sale under all applicable state securities laws.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Forward
Purchase Agreement Liability</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
estimated fair value of the FPA liability on March&#160;1, 2023 (initial measurement) is determined using Level&#160;3 inputs. The expected
term was based on management assumptions regarding the timing and likelihood of completing a business combination. The FPA liability
is discounted to net present values using risk free rates. Discount rates were based on current risk-free rates based on the estimated
term.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June&#160;15, 2023, the Company received a termination notice from Sakuu, that terminated, effective June&#160;14, 2023, the Business
Combination Agreement, dated March&#160;2, 2023. In light of the termination of the Business Combination Agreement, the FPA was also
terminated. As of December 31, 2023 and 2022 there was no FPA liability outstanding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><ix:nonNumeric contextRef="c28" continuedAt="veea_ScheduleOfChangeInFairValueForwardPurchaseAgreementTableTextBlock-c28_cont_1" escape="true" name="veea:ScheduleOfChangeInFairValueForwardPurchaseAgreementTableTextBlock" id="ixv-56949"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table presents the changes in the fair value of the forward purchase agreement (&#8220;FPA&#8221;) liability:</span></ix:nonNumeric></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 7pt">&#160;</span></p>

<ix:continuation id="veea_ScheduleOfChangeInFairValueForwardPurchaseAgreementTableTextBlock-c28_cont_1"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FPA</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair value as of January&#160;1, 2023</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-961; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="width: 88%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuance of
    FPA liability</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c958" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues" scale="0" unitRef="usd" id="ixv-65860">308,114</ix:nonFraction></span></td><td style="width: 1%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Change
    in fair value</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c958" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease" scale="0" sign="-" unitRef="usd" id="ixv-65861">308,114</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair value as of December 31, 2023</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="-sec-ix-hidden: hidden-fact-962; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table></ix:continuation>

<p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The changes in the
fair value of the forward purchase agreement liability for the year ended December 31, 2023, is $<ix:nonFraction contextRef="c929" decimals="0" format="ixt:num-dot-decimal" name="veea:ChangeInFairValueOfForwardPurchaseAgreement" scale="0" unitRef="usd" id="ixv-65862">308,114</ix:nonFraction>.</span></p></ix:nonNumeric><div>

</div><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><!-- Field: Page; Sequence: 211; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->100<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;&#160;</i></b></span></p><div>

</div><ix:nonNumeric contextRef="c28" continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c28_cont_1" escape="true" name="us-gaap:CommitmentsAndContingenciesDisclosureTextBlock" id="ixv-57031"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE&#160;9&#160;&#8212;
COMMITMENTS AND CONTINGENCIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Registration
Rights</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
holders of the Founder Shares, Private Placement Warrants and any warrants that may be issued upon conversion of Working Capital Loans
(and any Class&#160;A ordinary shares issuable upon the exercise of the Private Placement Warrants and warrants that may be issued upon
conversion of Working Capital Loans) will be entitled to registration rights pursuant to a registration and shareholder rights agreement
to be signed prior to or on the effective date of the IPO. The holders of these securities are entitled to make up to three demands,
excluding short form demands, that the Company registers such securities. In addition, the holders have certain &#8220;piggy-back&#8221;
registration rights with respect to registration statements filed subsequent to the Company&#8217;s completion of its initial Business
Combination. However, the registration and shareholder rights agreement provide that the Company will not permit any registration statement
filed under the Securities Act to become effective until termination of the applicable Lock-up period, which occurs (i)&#160;in the case
of the Founder Shares, as described in Note&#160;5, and (ii)&#160;in the case of the Private Placement Warrants and the respective Class&#160;A
ordinary shares underlying such warrants, <ix:nonNumeric contextRef="c28" format="ixt-sec:durday" name="veea:EffectiveDaysOfLockUpPeriod" id="ixv-65863">30</ix:nonNumeric>&#160;days after the completion of the initial Business Combination. The Company will bear
the expenses incurred in connection with the filing of any such registration statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Underwriting
Agreement</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company granted the underwriter&#160;a <ix:nonNumeric contextRef="c959" format="ixt-sec:durday" name="veea:UnderwritersOptionPeriodFromTheDateOfInitialPublicOffering" id="ixv-65864">45</ix:nonNumeric>-day option from March&#160;18, 2021 to purchase up to an additional <ix:nonFraction contextRef="c959" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" scale="0" unitRef="shares" id="ixv-65865">4,500,000</ix:nonFraction>&#160;Units to
cover over-allotments, if any, at the IPO price less the underwriting discounts and commissions. The underwriter partially exercised
the over-allotment option and, on April&#160;14, 2021, the underwriter purchased <ix:nonFraction contextRef="c960" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" scale="0" unitRef="shares" id="ixv-65866">1,921,634</ix:nonFraction> Units.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March&#160;18, 2021, the Company paid the underwriter&#8217;s fee of&#160;$<ix:nonFraction contextRef="c645" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PaymentsForUnderwritingExpense" scale="0" unitRef="usd" id="ixv-65867">6,000,000</ix:nonFraction> upon the closing of the IPO. Upon partial exercise
of the over-allotment option, the Company paid $<ix:nonFraction contextRef="c959" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PaymentsForUnderwritingExpense" scale="0" unitRef="usd" id="ixv-65868">384,327</ix:nonFraction> to the underwriter.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the Underwriting Agreement provides $<ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="veea:DeferredUnderwritingCommissionsPayable" scale="0" unitRef="usd" id="ixv-65869">11,172,572</ix:nonFraction>&#160;to be payable to the underwriter for deferred underwriting commissions.
However, the underwriter, Goldman Sachs, waived any entitlement it has to such commissions under the Underwriting Agreement.</span></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Waiver
of Deferred Underwriting Discount</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: 400; text-transform: none">On
January&#160;16, 2023, Goldman Sachs, the underwriter of the Company&#8217;s IPO, waived any entitlement it had to its deferred underwriting
discount in the amount of $</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c961" decimals="0" format="ixt:num-dot-decimal" name="veea:DeferredUnderwritingDiscount" scale="0" unitRef="usd" id="ixv-65870">11,172,572</ix:nonFraction><span style="font-weight: 400; text-transform: none">.
In doing so, Goldman Sachs did not forfeit or waive any claim or right it otherwise has under the Underwriting Agreement dated March&#160;15,
2021.</span>&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Service
Provider Agreements</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
time to time the Company has entered into and may enter into agreements with various services providers and advisors, including investment
banks, to help us identify targets, negotiate terms of potential Business Combinations, consummate a Business Combination and/or provide
other services. In connection with these agreements, the Company may be required to pay such service providers and advisors fees in connection
with their services to the extent that certain conditions, including the closing of a potential Business Combination, are met. If a Business
Combination does not occur, the Company would not expect to be required to pay these contingent fees. There can be no assurance that
the Company will complete a Business Combination.</span></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Business
Combination Agreement</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March&#160;2, 2023, the Company entered into a Business Combination Agreement by and among the Company, Sakuu Corporation, a Delaware
corporation (the &#8220;Sakuu&#8221;), Merger Sub I, and Merger Sub II. The Business Combination Agreement with Sakuu was terminated
on June 14, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 27, 2023, the Company, Plum SPAC Merger Sub, Inc., a Delaware corporation and wholly-owned subsidiary of Plum (&#8220;Merger
Sub&#8221;), and Veea Inc., a Delaware corporation (&#8220;Veea&#8221;), entered into a Business Combination Agreement (the &#8220;Business
Combination Agreement&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Founded
in 2014, Veea offers edge-to-cloud computing with its VeeaHub smart computing hub products that can replace or complement Wi-Fi Access
Points (APs), IoT gateways, routers, basic firewalls, network attached storage, and other types of hubs and appliances at user premises.</span></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Subscription
Agreement</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
disclosed in the definitive proxy statement filed by the Company on February&#160;24, 2023 (the &#8220;Proxy Statement&#8221;), relating
to the extraordinary general meeting of shareholders (the &#8220;Shareholder Meeting&#8221;), the Sponsor agreed that if the Extension
Amendment Proposal (as defined below) is approved, it or one or more of its affiliates, members or third-party designees (the &#8220;Lender&#8221;)
will deposit into the Trust Account the lesser of (A)&#160;$<ix:nonFraction contextRef="c962" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AssetsHeldInTrust" scale="0" unitRef="usd" id="ixv-65871">480,000</ix:nonFraction> or (B)&#160;$<ix:nonFraction contextRef="c963" decimals="2" format="ixt:num-dot-decimal" name="veea:AmountDepositInToTrustAccountPerShareValue" scale="0" unitRef="usdPershares" id="ixv-65872">0.12</ix:nonFraction> for each Class&#160;A ordinary share, par value
$<ix:nonFraction contextRef="c963" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:CommonStockParOrStatedValuePerShare" scale="0" unitRef="usdPershares" id="ixv-65873">0.0001</ix:nonFraction> per share (each a &#8220;Public Share&#8221;) remaining after the holders of the Company&#8217;s Public Shares elected to redeem
all or a portion of their Public Shares (the &#8220;Redemption&#8221;), in exchange for a&#160;non-interest&#160;bearing, unsecured promissory
note issued by the Company to the Lender.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, in the event that the Company has not consummated an initial business combination by the Articles Extension Date (defined below),
without approval of the Company&#8217;s public shareholders, the Company may, by resolution of the Board, if requested by the Sponsor,
and upon five&#160;days&#8217; advance notice prior to the applicable Termination Date (as defined below), extend the Termination Date
up to nine times, each by one additional&#160;month (for a total of up to nine additional&#160;months to complete a Business Combination),
provided that the Lender will deposit into the Trust Account for each such&#160;monthly extension, the lesser of (A)&#160;$<ix:nonFraction contextRef="c964" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SeparateAccountLiabilityDeposit" scale="0" unitRef="usd" id="ixv-65874">160,000</ix:nonFraction> or
(B)&#160;$<ix:nonFraction contextRef="c965" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:InvestmentCompanyRedemptionFeePerShare" scale="0" unitRef="usdPershares" id="ixv-65875">0.04</ix:nonFraction> for each Public Share remaining after the Redemption, in exchange for a&#160;non-interest&#160;bearing, unsecured promissory
note issued by Plum to the Lender.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p></ix:nonNumeric><div>

</div><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c28_cont_2" id="_CommitmentsAndContingenciesDisclosureTextBlock-c28_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accordingly,
on March&#160;16, 2023, the Company entered into a subscription agreement (&#8220;Subscription Agreement&#8221;) with Polar Multi-Strategy
Master Fund (the &#8220;Investor&#8221;) and the Sponsor (collectively, the &#8220;Parties&#8221;), the purpose of which is for the Sponsor
to raise up to $<ix:nonFraction contextRef="c966" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesSubscriptions" scale="0" unitRef="usd" id="ixv-65876">1,500,000</ix:nonFraction> from the Investor to fund the Articles Extension (defined below) and to provide working capital to the Company
during the Articles Extension (&#8220;Investor&#8217;s Capital Commitment&#8221;). As such, subject to, and in accordance with the terms
and conditions of the Subscription Agreement, the Parties agreed,</span></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">from time to time, the Company will request funds from the Sponsor for working capital purposes or for the Sponsor to fund an extension payment pursuant to the Company&#8217;s Amended and Restated Memorandum and Articles of Association (each a &#8220;Drawdown Request&#8221;). The Sponsor, upon on at least five (5)&#160;calendar&#160;days&#8217; prior written notice (&#8220;Capital Notice&#8221;), may require a drawdown against the Investor&#8217;s Capital Commitment under a Drawdown Request (each a &#8220;Capital Call&#8221;);</span></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in consideration of the Capital Calls, Sponsor will transfer <ix:nonNumeric contextRef="c32" name="veea:SubscriptionSharesDescriptionOfSharesTransferCriteria" id="ixv-65877">0.75 of a Class&#160;A ordinary share for each dollar</ix:nonNumeric> the Investor funds pursuant to the Capital Call(s)&#160;(the &#8220;Subscription Shares&#8221;) to the Investor at the closing of the Business Combination (the &#8220;Business Combination Closing&#8221;). The Subscription Shares shall be subject to the Lock-Up Period as defined in section 5 of the Sponsor Letter Agreement dated March&#160;2, 2023 (the &#8220;Letter Agreement&#8221;). The Subscription Shares shall not be subject to any additional transfer restrictions or any additional lock-up provisions, earn outs, or other contingencies and shall promptly be registered pursuant to the first registration statement filed by the Company or the surviving entity in relation to the Business Combination;</span></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">each member of the Sponsor has the right to contribute any amount requested under each Drawdown Request (&#8220;Sponsor Capital Contribution&#8221;), provided that such Sponsor Capital Contributions will be made on terms no more favorable than the Investor&#8217;s Capital Commitment. In addition, the Company and Sponsor maintain the ability to enter into other agreements with each other or with other parties which shall provide for funding of the Company (through the issuance of equity, entry into promissory notes, or otherwise) outside of Drawdown Requests, provided that the terms of any such agreement between the Company or Sponsor with each other or any party or parties will be no more favorable than the terms under this Agreement;</span></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any amounts funded by the Sponsor to the Company under a Drawdown Request shall not accrue interest and shall be promptly repaid by the Company to the Sponsor upon the Business Combination Closing. 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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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with Investor and Sponsor, which amends and restates the subscription agreement entered into by the Parties on March&#160;16, 2023. The
purpose of the A&amp;R Subscription Agreement remains for the Sponsor to raise up to $<ix:nonFraction contextRef="c968" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesSubscriptions" scale="0" unitRef="usd" id="ixv-65880">1,500,000</ix:nonFraction> from the Investor to fund the Articles
Extension (defined below) and to provide working capital to the Company during the Articles Extension (&#8220;Investor&#8217;s Capital
Commitment&#8221;). As such, subject to, and in accordance with the terms and conditions of the A&amp;R Subscription Agreement, the Parties
agreed,</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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</table><p style="margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July&#160;25, 2023, the Company entered into a subscription agreement (&#8220;Second Subscription Agreement&#8221;) with Investor and
Sponsor, the purpose of which is for the Sponsor to raise up to $<ix:nonFraction contextRef="c970" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesSubscriptions" scale="0" unitRef="usd" id="ixv-65885">1,090,000</ix:nonFraction> from the Investor to fund the Extension (defined below) and
to provide working capital to the Company during the Extension (&#8220;Investor&#8217;s Capital Commitment&#8221;). As such, subject
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <tr style="vertical-align: top">
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    surviving entity in relation to the Business Combination;</span></td></tr>
  </table>
<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    addition, the Company and Sponsor maintain the ability to enter into other agreements with each other or with other parties which
    shall provide for funding of the Company (through the issuance of equity, entry into promissory notes, or otherwise) outside of Drawdown
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<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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</div><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->103<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p><div>

</div><ix:continuation id="_CommitmentsAndContingenciesDisclosureTextBlock-c28_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the Second Subscription Agreement, the Company issued an unsecured promissory note, dated as of July&#160;25, 2023, in
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note does not bear interest, matures on the date of consummation of the Business Combination and is subject to customary events of default.
The note will be repaid only to the extent that the Company has funds available to it outside of its trust account established in connection
with its initial public offering and is convertible into private placement warrants of the Company at a price of $<ix:nonFraction contextRef="c974" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:SharePrice" scale="0" unitRef="usdPershares" id="ixv-65891">1.50</ix:nonFraction> per warrant at
the option of the Sponsor.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 18, 2023, the parties to the A&amp;R Subscription Agreement entered into Amendment No. 1 to the A&amp;R Subscription Agreement,
in which the parties amended the consideration of a Capital Call made pursuant to the A&amp;R Subscription Agreement to the following:
(a) <ix:nonFraction contextRef="c975" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SharesIssued" scale="0" unitRef="shares" id="ixv-65892">431,735</ix:nonFraction> shares of Class A Common Stock of the SPAC (the &#8220;Initial Shares&#8221;) free and clear of any liens or other encumbrances,
other than pursuant to the Letter Agreement and the Investor shall not be subject to forfeiture, surrender, claw-back, transfers, disposals,
exchanges, or earn-outs for any reason on the Initial Shares; (b) <ix:nonFraction contextRef="c976" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SharesIssued" scale="0" unitRef="shares" id="ixv-65893">71,956</ix:nonFraction> shares of Class A Common Stock of the SPAC that must be held
by the Investor until the VWAP of the Class A Common Stock equals or exceeds $<ix:nonFraction contextRef="c977" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:SharesIssuedPricePerShare" scale="0" unitRef="usdPershares" id="ixv-65894">12.50</ix:nonFraction> for any 20 trading days within any 30 days trading
period within 10 years from the consummation of the De-SPAC (the &#8220;$<ix:nonFraction contextRef="c978" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:SaleOfStockPricePerShare" scale="0" unitRef="usdPershares" id="ixv-65895">12.50</ix:nonFraction> Shares&#8221;); and (c) <ix:nonFraction contextRef="c979" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SharesIssued" scale="0" unitRef="shares" id="ixv-65896">71,956</ix:nonFraction> shares of Class A Common
Stock of the SPAC that must be held by the Investor until the VWAP of the Class A Common Stock equals or exceeds $<ix:nonFraction contextRef="c980" decimals="2" format="ixt:num-dot-decimal" name="veea:ExceedsPrice" scale="0" unitRef="usdPershares" id="ixv-65897">15.00</ix:nonFraction> for any 20 trading
days within any 30 days trading period within 10 years from the consummation of the De-SPAC (the &#8220;$<ix:nonFraction contextRef="c976" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SaleOfStockPricePerShare" scale="0" unitRef="usdPershares" id="ixv-65898">15</ix:nonFraction> Shares&#8221; and together
with the Initial Shares and the $<ix:nonFraction contextRef="c981" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:SaleOfStockPricePerShare" scale="0" unitRef="usdPershares" id="ixv-65899">12.50</ix:nonFraction> Shares, the &#8220;Subscription Shares&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 18, 2023, the parties to the Second Subscription Agreement entered into Amendment No. 1 to the Second Subscription Agreement,
in which the parties (a) limited the total amount of the Investor&#8217;s Capital Commitment that may be called subject to the Second
Subscription Agreement to $<ix:nonFraction contextRef="c982" decimals="0" format="ixt:num-dot-decimal" name="veea:InvestorsAgreement" scale="0" unitRef="usd" id="ixv-65900">750,000</ix:nonFraction> and (b) amended the consideration of a Capital Call made pursuant to the Second Subscription Agreement
to the following: (a) <ix:nonFraction contextRef="c983" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SharesIssued" scale="0" unitRef="shares" id="ixv-65901">448,169</ix:nonFraction> shares of Class A Common Stock of the SPAC (the &#8220;Initial Shares&#8221;) free and clear of any liens
or other encumbrances, other than pursuant to the Letter Agreement and the Investor shall not be subject to forfeiture, surrender, claw-back,
transfers, disposals, exchanges, or earn-outs for any reason on the Initial Shares; (b) <ix:nonFraction contextRef="c984" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SharesIssued" scale="0" unitRef="shares" id="ixv-65902">74,695</ix:nonFraction> shares of Class A Common Stock of the
SPAC that must be held by the Investor until the VWAP of the Class A Common Stock equals or exceeds $<ix:nonFraction contextRef="c985" decimals="2" format="ixt:num-dot-decimal" name="veea:ExceedsPrice" scale="0" unitRef="usdPershares" id="ixv-65903">12.50</ix:nonFraction> for any 20 trading days within
any 30 days trading period within 10 years from the consummation of the De-SPAC (the &#8220;$<ix:nonFraction contextRef="c986" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:SharesIssuedPricePerShare" scale="0" unitRef="usdPershares" id="ixv-65904">12.50</ix:nonFraction> Shares&#8221;); and (c) <ix:nonFraction contextRef="c987" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SharesIssued" scale="0" unitRef="shares" id="ixv-65905">74,695</ix:nonFraction> shares
of Class A Common Stock of the SPAC that must be held by the Investor until the VWAP of the Class A Common Stock equals or exceeds $<ix:nonFraction contextRef="c983" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:SaleOfStockPricePerShare" scale="0" unitRef="usdPershares" id="ixv-65906">15.00</ix:nonFraction>
for any 20 trading days within any 30 days trading period within 10 years from the consummation of the De-SPAC (the &#8220;$<ix:nonFraction contextRef="c986" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SaleOfStockPricePerShare" scale="0" unitRef="usdPershares" id="ixv-65907">15</ix:nonFraction> Shares&#8221;
and together with the Initial Shares and the $<ix:nonFraction contextRef="c988" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:SharesIssuedPricePerShare" scale="0" unitRef="usdPershares" id="ixv-65908">12.50</ix:nonFraction> Shares, the &#8220;Subscription Shares&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 16, 2023, the Company entered into a subscription agreement (&#8220;Fourth Subscription Agreement&#8221;) with Palmeira Investment
Limited (&#8220;Palmeira&#8221;) and Sponsor and, together with the Company and Palmeira, the &#8220;Parties&#8221;, the purpose of which
is for the Sponsor to raise up to $<ix:nonFraction contextRef="c989" decimals="0" format="ixt:num-dot-decimal" name="veea:WorkingCapital" scale="0" unitRef="usd" id="ixv-65909">800,000</ix:nonFraction> from Palmeira to fund the Extension and to provide working capital to the Company during the
Extension (&#8220;Investor&#8217;s Capital Commitment&#8221;). Palmeira paid $<ix:nonFraction contextRef="c909" decimals="0" format="ixt:num-dot-decimal" name="veea:InvestorPaidToSponsor" scale="0" unitRef="usd" id="ixv-65910">249,975</ix:nonFraction> and $<ix:nonFraction contextRef="c910" decimals="0" format="ixt:num-dot-decimal" name="veea:InvestorPaidToSponsor" scale="0" unitRef="usd" id="ixv-65911">250,000</ix:nonFraction> to the Sponsor on November 21, 2023,
and November 27, 2023, respectively. The Sponsor agreed to assign to Palmeira, effective as of the Closing Date or the earlier termination
of the Business Combination Agreement in accordance with its terms or otherwise, an aggregate of <ix:nonFraction contextRef="c911" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SharesIssued" scale="0" unitRef="shares" id="ixv-65912">281,236</ix:nonFraction> Founder Shares</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, Polar and Palmeira (collectively the &#8220;Investors&#8221;) have paid the Sponsor an aggregate of $<ix:nonFraction contextRef="c28" decimals="0" format="ixt:num-dot-decimal" name="veea:WorkingCapitalforSponsor" scale="0" unitRef="usd" id="ixv-65913">2,359,975</ix:nonFraction>
to fund the Company&#8217;s working capital requirements during the Articles Extension and the Sponsor agreed to assign to Investors,
effective as of the Closing Date or the earlier termination of the Business Combination Agreement in accordance with its terms or otherwise,
an aggregate of <ix:nonFraction contextRef="c15" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SharesIssued" scale="0" unitRef="shares" id="ixv-65914">1,341,140</ix:nonFraction> Founder Shares.<b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Forward
Purchase Agreement</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
to the execution of the Business Combination Agreement, the Company and Polar entered into a letter agreement dated March&#160;1, 2023
(the &#8220;Forward Purchase Agreement&#8221;), pursuant to which Polar will purchase (either in the open market, or from the Company)
up to <ix:nonFraction contextRef="c990" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" scale="0" unitRef="shares" id="ixv-65915">2,500,000</ix:nonFraction> shares of (i)&#160;prior to the Closing, Class&#160;A common stock of the Company and (ii)&#160;after the Closing (such
shares, the &#8220;FPA Shares&#8221;). Seller may not beneficially own greater than <ix:nonFraction contextRef="c991" decimals="3" format="ixt:num-dot-decimal" name="veea:PercentageOfSharesIssued" scale="-2" unitRef="pure" id="ixv-65916">9.9</ix:nonFraction>% of the FPA Shares on a pro forma basis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Seller
has agreed to waive any redemption rights with respect to any FPA Shares and separate shares in connection with the Business Combination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Forward Purchase Agreement provides that at Closing, the Company will pay to Polar, out of funds held in Trust Account, an amount equal
to the sum of (x)&#160;the Public Shares (as defined in the Forward Purchase Agreement) multiplied by the Redemption Price (as defined
in the Amended and Restated Certificate of Incorporation), and (y)&#160;the proceeds of the Private Shares (as defined in the Forward
Purchase Agreement) purchased by Polar (collectively, such amount, the &#8220;Prepayment Amount&#8221;), to Polar.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
the maturity of the Forward Purchase Agreement, which will be one&#160;year from the Closing unless accelerated or deferred (but up to
two&#160;years) by Seller, the Company will repurchase the Public and Private Shares then held by Seller for a price equal to the Redemption
Price plus $<ix:nonFraction contextRef="c992" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:TemporaryEquityRedemptionPricePerShare" scale="0" unitRef="usdPershares" id="ixv-65917">0.60</ix:nonFraction> (which amount will be increased by another $<ix:nonFraction contextRef="c992" decimals="2" format="ixt:num-dot-decimal" name="veea:IncreaseInAdditionOfAmountToRedemptionPrice" scale="0" unitRef="usdPershares" id="ixv-65918">0.60</ix:nonFraction> per&#160;year for each&#160;year by which the maturity is deferred
by Seller), The Prepayment Amount will be credited against this repurchase price. Prior to maturity, if Seller sells these shares for
over $<ix:nonFraction contextRef="c992" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:SaleOfStockPricePerShare" scale="0" unitRef="usdPershares" id="ixv-65919">10.00</ix:nonFraction> per share, it will repay $<ix:nonFraction contextRef="c992" decimals="2" format="ixt:num-dot-decimal" name="veea:RepaymentOfStockPricePerShare" scale="0" unitRef="usdPershares" id="ixv-65920">10.00</ix:nonFraction> per share to Plum.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June&#160;15, 2023, the Company received a termination notice from Sakuu, that terminated, effective June&#160;14, 2023, the Business
Combination Agreement, dated March&#160;2, 2023. In light of the termination of the Business Combination Agreement, the FPA was also
terminated.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Release
Agreement</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October&#160;31, 2022, the Company entered into a termination agreement with a potential party to a business combination (&#8220;Target&#8221;),
pursuant to which the Company and Target agreed to release each other from any obligations and claims related to a certain Amended and
Restated Non-Binding Term Sheet, dated as of June&#160;22, 2022 (&#8220;Term Sheet&#8221;), and related Term Sheet Extension Letter Agreements,
dated July&#160;18, 2022, July&#160;22, 2022, August&#160;1, 2022, and August&#160;8, 2022.</span></p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c28" escape="true" name="us-gaap:StockholdersEquityNoteDisclosureTextBlock" id="ixv-57459"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE&#160;10&#160;&#8212;
SHAREHOLDERS&#8217; DEFICIT</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Preference
Shares</i></b> &#8212; The Company is authorized to issue <ix:nonFraction contextRef="c15" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:PreferredStockSharesAuthorized" scale="0" unitRef="shares" id="ixv-65921"><ix:nonFraction contextRef="c16" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:PreferredStockSharesAuthorized" scale="0" unitRef="shares" id="ixv-65922">1,000,000</ix:nonFraction></ix:nonFraction> preference shares at par value of $<ix:nonFraction contextRef="c15" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:PreferredStockParOrStatedValuePerShare" scale="0" unitRef="usdPershares" id="ixv-65923"><ix:nonFraction contextRef="c16" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:PreferredStockParOrStatedValuePerShare" scale="0" unitRef="usdPershares" id="ixv-65924">0.0001</ix:nonFraction></ix:nonFraction>, with such designations,
voting and other rights and preferences as may be determined from time to time by the Company&#8217;s board of directors. At December
31, 2023 and 2022, there were <span style="-sec-ix-hidden: hidden-fact-964"><span style="-sec-ix-hidden: hidden-fact-965">no</span></span> preference shares issued or outstanding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Class&#160;A
Ordinary Shares</i></b> &#8212; The Company is authorized to issue a total of <ix:nonFraction contextRef="c19" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesAuthorized" scale="0" unitRef="shares" id="ixv-65925"><ix:nonFraction contextRef="c20" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesAuthorized" scale="0" unitRef="shares" id="ixv-65926">500,000,000</ix:nonFraction></ix:nonFraction> Class&#160;A Ordinary Shares at par value of
$<ix:nonFraction contextRef="c19" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:CommonStockParOrStatedValuePerShare" scale="0" unitRef="usdPershares" id="ixv-65927"><ix:nonFraction contextRef="c20" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:CommonStockParOrStatedValuePerShare" scale="0" unitRef="usdPershares" id="ixv-65928">0.0001</ix:nonFraction></ix:nonFraction> per share. At December 31, 2023 and 2022, there were <ix:nonFraction contextRef="c19" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesOutstanding" scale="0" unitRef="shares" id="ixv-65929">7,980,409</ix:nonFraction> and <ix:nonFraction contextRef="c20" decimals="INF" format="ixt:fixed-zero" name="us-gaap:CommonStockSharesOutstanding" scale="0" unitRef="shares" id="ixv-65930">no</ix:nonFraction> Class&#160;A Ordinary Shares outstanding excluding <ix:nonFraction contextRef="c15" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:TemporaryEquitySharesOutstanding" scale="0" unitRef="shares" id="ixv-65931">3,255,593</ix:nonFraction>
and <ix:nonFraction contextRef="c16" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:TemporaryEquitySharesOutstanding" scale="0" unitRef="shares" id="ixv-65932">31,921,634</ix:nonFraction> shares of Class&#160;A Ordinary Shares subject to possible redemption, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Class&#160;B
Ordinary Shares</i></b> &#8212; The Company is authorized to issue a total of <ix:nonFraction contextRef="c21" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesAuthorized" scale="0" unitRef="shares" id="ixv-65933"><ix:nonFraction contextRef="c22" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesAuthorized" scale="0" unitRef="shares" id="ixv-65934">50,000,000</ix:nonFraction></ix:nonFraction> Class&#160;B Ordinary Shares at par value of
$<ix:nonFraction contextRef="c21" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:CommonStockParOrStatedValuePerShare" scale="0" unitRef="usdPershares" id="ixv-65935"><ix:nonFraction contextRef="c22" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:CommonStockParOrStatedValuePerShare" scale="0" unitRef="usdPershares" id="ixv-65936">0.0001</ix:nonFraction></ix:nonFraction> per share. Holders are entitled to <ix:nonNumeric contextRef="c34" name="us-gaap:CommonStockVotingRights" id="ixv-65937">one</ix:nonNumeric> vote for each Class&#160;B Ordinary Share. With the underwriter&#8217;s over-allotment
option expiring in May&#160;2021 partially unexercised, the initial shareholders forfeited <ix:nonFraction contextRef="c28" decimals="INF" format="ixt:num-dot-decimal" name="veea:FounderSharesForfeitedShares" scale="0" unitRef="shares" id="ixv-65938">644,591</ix:nonFraction> to the Company for <ix:nonFraction contextRef="c34" decimals="0" format="ixt:fixed-zero" name="us-gaap:StockRepurchasedDuringPeriodValue" scale="0" unitRef="usd" id="ixv-65939">no</ix:nonFraction> consideration
so that the initial shareholders would collectively own <ix:nonFraction contextRef="c993" decimals="2" format="ixt:num-dot-decimal" name="veea:PercentageOwnedByInitialShareholdersOnTheIssuedAndOutstandingOrdinarySharesAfterTheIpo" scale="-2" unitRef="pure" id="ixv-65940">20</ix:nonFraction>% of the Company&#8217;s issued and outstanding ordinary shares after the IPO.
In connection with the vote to approve the Second Extension Amendment Proposal, the Sponsor, as the sole holder of Class B Ordinary Shares,
voluntarily elected to convert all Class B Ordinary Shares to Class A Ordinary Shares on a one-for-one basis in accordance with the Memorandum
and Articles of Association. As of December 31, 2023 and 2022, there were <ix:nonFraction contextRef="c21" decimals="INF" format="ixt:fixed-zero" name="us-gaap:CommonStockSharesIssued" scale="0" unitRef="shares" id="ixv-65941"><ix:nonFraction contextRef="c21" decimals="0" format="ixt:fixed-zero" name="us-gaap:CommonStockSharesOutstanding" scale="0" unitRef="shares" id="ixv-65942">0</ix:nonFraction></ix:nonFraction> and <ix:nonFraction contextRef="c22" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesIssued" scale="0" unitRef="shares" id="ixv-65943"><ix:nonFraction contextRef="c22" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesOutstanding" scale="0" unitRef="shares" id="ixv-65944">7,980,409</ix:nonFraction></ix:nonFraction> shares of Class&#160;B Ordinary Shares issued
and outstanding, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="c28" name="us-gaap:CommonStockVotingRights" id="ixv-65945">Holders
of the Class&#160;A ordinary shares and holders of the Class&#160;B ordinary shares will vote together as a single class on all matters
submitted to a vote of the Company&#8217;s shareholders, except as required by law.</ix:nonNumeric> Unless specified in the Company&#8217;s amended and
restated memorandum and articles of association, or as required by applicable provisions of the Companies Act or applicable stock exchange
rules, the affirmative vote of a majority of the Company&#8217;s ordinary shares that are voted is required to approve any such matter
voted on by its shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Class&#160;B ordinary shares will automatically convert into Class&#160;A ordinary shares (which such Class&#160;A ordinary shares delivered
upon conversion will not have redemption rights or be entitled to liquidating distributions from the Trust Account if the Company does
not consummate an initial Business Combination) at the time of the initial Business Combination or earlier at the option of the holders
thereof at a ratio such that the number of Class&#160;A ordinary shares issuable upon conversion of all Founder Shares will equal, in
the aggregate, on an as-converted basis, <ix:nonFraction contextRef="c994" decimals="2" format="ixt:num-dot-decimal" name="veea:PercentageOfConversion" scale="-2" unitRef="pure" id="ixv-65946">20</ix:nonFraction>% of the sum of (i)&#160;the total number of ordinary shares issued and outstanding upon completion
of the IPO, plus (ii)&#160;the total number of Class&#160;A ordinary shares issued or deemed issued or issuable upon conversion or exercise
of any equity-linked securities or rights issued or deemed issued, by the Company in connection with or in relation to the consummation
of the initial Business Combination, excluding any Class&#160;A ordinary shares or equity-linked securities exercisable for or convertible
into Class&#160;A ordinary shares issued, deemed issued, or to be issued, to any seller in the initial Business Combination and any Private
Placement Warrants issued to the Sponsor, its affiliates or any member of the Company&#8217;s management team upon conversion of Working
Capital Loans. In no event will the Class&#160;B ordinary shares convert into Class&#160;A ordinary shares at a rate of less than <ix:nonNumeric contextRef="c28" name="us-gaap:CommonStockConversionBasis" id="ixv-65947">one-to-one</ix:nonNumeric>.</span></p></ix:nonNumeric><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c28" continuedAt="_QuarterlyFinancialInformationTextBlock-c28_cont_1" escape="true" name="us-gaap:QuarterlyFinancialInformationTextBlock" id="ixv-57499"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE&#160;11&#160;&#8212;
QUARTERLY FINANCIAL INFORMATION (UNAUDITED)</b></span></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
further described in Note 2, the previously reported financial information for the quarters ended March 31, 2023, June 30, 2023, and
September 30, 2023, have been restated. As part of the restatement, the Company recorded adjustments to correct the uncorrected misstatements
in the impacted periods. The unaudited interim financial statements reflect all adjustments which are, in the opinion of management,
necessary for a fair statement of the results for the interim periods presented.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following tables summarize the Company&#8217;s unaudited quarterly financial information for the impacted periods.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><ix:nonNumeric contextRef="c995" continuedAt="_ScheduleOfCondensedBalanceSheetTableTextBlock-c995_cont_1" escape="true" name="srt:ScheduleOfCondensedBalanceSheetTableTextBlock" id="ixv-57515"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated
herein is expanded disclosure of the restatements of the quarterly information for the three months ended March 30, 2023, three and six-months
ended June 30, 2023, and three and nine-months ended September 30, 2023.</span></ix:nonNumeric></p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric><div>

</div><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>


</div><p style="text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PLUM
ACQUISITION CORP. I</b></span></p><div>

</div><p style="text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONDENSED
CONSOLIDATED BALANCE SHEETS</b></span></p><div>

</div><p style="margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_QuarterlyFinancialInformationTextBlock-c28_cont_2" id="_QuarterlyFinancialInformationTextBlock-c28_cont_1"><ix:continuation id="_ScheduleOfCondensedBalanceSheetTableTextBlock-c995_cont_1"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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    <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">AS
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  <tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investments
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c1000" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherLiabilitiesCurrent" scale="0" unitRef="usd" id="ixv-65967">331,826</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c1000" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NotesPayableCurrent" scale="0" unitRef="usd" id="ixv-65973">250,000</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><!-- Field: Page; Sequence: 217; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->106<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PLUM
ACQUISITION CORP. I</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_QuarterlyFinancialInformationTextBlock-c28_cont_3" id="_QuarterlyFinancialInformationTextBlock-c28_cont_2"><ix:nonNumeric contextRef="c995" escape="true" name="srt:ScheduleOfCondensedIncomeStatementTableTextBlock" id="ixv-58478"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <td colspan="18" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">AS
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  <tr style="vertical-align: bottom">
    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c709" decimals="0" format="ixt:num-dot-decimal" name="veea:ReductionOfDeferredUnderwriterFeePayable" scale="0" unitRef="usd" id="ixv-66060">328,474</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c709" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InterestExpenseDebt" scale="0" unitRef="usd" id="ixv-66065">413,944</ix:nonFraction></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
    income &#8211; trust account</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
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    <td style="border-bottom: Black 1.5pt solid; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c709" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NonoperatingIncomeExpense" scale="0" unitRef="usd" id="ixv-66075">3,879,911</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="text-align: left; padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->107<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PLUM
ACQUISITION CORP. I</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONDENSED
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS&#8217; DEFICIT</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_QuarterlyFinancialInformationTextBlock-c28_cont_4" id="_QuarterlyFinancialInformationTextBlock-c28_cont_3"><ix:nonNumeric contextRef="c995" escape="true" name="us-gaap:ScheduleOfStockholdersEquityTableTextBlock" id="ixv-59481"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    Paid-in</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reduction
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    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; ">
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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->108<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>


</div><p style="text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PLUM
ACQUISITION CORP. I</b></span></p><div>

</div><p style="text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS</b></span></p><div>

</div><p style="margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation id="_QuarterlyFinancialInformationTextBlock-c28_cont_4"><ix:nonNumeric contextRef="c995" escape="true" name="srt:ScheduleOfCondensedCashFlowStatementTableTextBlock" id="ixv-60476"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">AS
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  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
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    March&#160;31,<br/>
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    September&#160;30, <br/>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; ">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><!-- Field: Page; Sequence: 220; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->109<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><ix:nonNumeric contextRef="c28" escape="true" name="us-gaap:SubsequentEventsTextBlock" id="ixv-61397"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE&#160;12&#160;&#8212;
SUBSEQUENT EVENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company evaluated subsequent events and transactions that occurred after the balance sheet date through the date that the consolidated
financial statements were issued. Based upon this review, the Company did not identify any subsequent events that would have required
adjustment or disclosure in the consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 13, 2024, Rigrodsky Law P.A. sent a demand letter to the Company, purportedly on behalf of a stockholder of the Company, alleging
deficiencies in the draft registration statement on Form S-4 filed by the Company, with the U.S. Securities and Exchange Commission on
January 5, 2024.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 31, 2024, the Company received a notice from the Listing Qualifications Department of The Nasdaq Stock Market (&#8220;Nasdaq&#8221;)
stating that the Company failed to hold an annual meeting of shareholders within twelve months of the end of its fiscal year ended December
31, 2022, as required by Nasdaq Listing Rule 5620(a). In accordance with Nasdaq Listing Rule 5810(c)(2)(G), the Company has 45 calendar
days (or until March 16, 2024) to submit a plan to regain compliance and, if Nasdaq accepts the plan, Nasdaq may grant the Company up
to 180 calendar days from its fiscal year end (or until June 28, 2024) to regain compliance. The Company intends to submit a compliance
plan within the specified period. While the plan is pending, the Company&#8217;s securities will continue to trade on Nasdaq.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 10, 2024, the Audit Committee of the Company concluded, after discussion with the Company&#8217;s management and accounting
professionals, that the Company&#8217;s previously-issued unaudited interim financial statements included in the Company&#8217;s Quarterly
Report on Form 10-Q for the periods ended March 31, 2023, June 30, 2023, and September 30, 2023, filed with the SEC on May 23, 2023,
August 21, 2023, and November 22, 2023, respectively (each an &#8220;Affected Period&#8221; and, collectively, the &#8220;Affected Periods&#8221;),
should be restated and no longer be relied upon due to misstatements in (i) debt discount subscription liability, additional paid-in
capital and accumulated deficit in the Company&#8217;s condensed balance sheet as of March 31, 2023, June 30, 2023, and September 30,
2023, and (ii) change in fair value of subscription liability and interest expense &#8211; debt discount on the Company&#8217;s condensed
statements of operations for the three months ended March 31, 2023, three and six months ended June 30, 2023, and three and nine months
ended September 30, 2023.</span></p></ix:nonNumeric><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 221; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->110<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Part
II<br/>
INFORMATION NOT REQUIRED IN PROSPECTUS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
13. Other Expenses of Issuance and Distribution.</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table indicates the expenses to be incurred in connection with the offering described in this registration statement, other
than underwriting discounts and commissions.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Amount</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 88%; text-align: justify">Securities and Exchange Commission registration fee</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: justify">$</td><td style="width: 9%; text-align: right"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">13,191.70</p></td><td style="width: 1%; text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify">Accountants&#8217; fees and expenses</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Legal fees and expenses</td><td>&#160;</td>
    <td style="text-align: justify">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 1.5pt">Miscellaneous</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: justify">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="padding-bottom: 1.5pt; text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 4pt">Total expenses</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: justify">$</td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="padding-bottom: 4pt; text-align: justify">&#160;</td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -0.25in"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><div style="font-size: 1pt; border-top: Black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -0.25in"></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0%"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
                                            fees are calculated based on the securities offered and the number of issuances and accordingly
                                            cannot be defined at this time.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
14. Indemnification of Directors and Officers.</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
145 of the DGCL provides, generally, that a corporation shall have the power to indemnify any person who was or is a party or is threatened
to be made a party to any threatened, pending or completed action, suit or proceeding (except actions by or in the right of the corporation)
by reason of the fact that such person is or was a director, officer, employee or agent of the corporation against all expenses, judgments,
fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such action, suit or proceeding
if such person acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests of the
corporation and, with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful.
A corporation may similarly indemnify such person for expenses actually and reasonably incurred by such person in connection with the
defense or settlement of any action or suit by or in the right of the corporation, <i>provided</i> that such person acted in good faith
and in a manner he or she reasonably believed to be in or not opposed to the best interests of the corporation, and, in the case of claims,
issues and matters as to which such person shall have been adjudged liable to the corporation, <i>provided</i> that a court shall have
determined, upon application, that, despite the adjudication of liability but in view of all of the circumstances of the case, such person
is fairly and reasonably entitled to indemnity for such expenses which such court shall deem proper.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
102(b)(7) of the DGCL provides, generally, that the Company&#8217;s Charter may contain a provision eliminating or limiting the personal
liability of a director or officer to the corporation or its shareholders for monetary damages for breach of fiduciary duty as a director
or officer, <i>provided</i> that such provision may not eliminate or limit the liability of (i) a director or officer for any breach
of the director&#8217;s or officer&#8217;s duty of loyalty to the corporation or its shareholders, (ii) a director or officer for acts
or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (iii) a director under section
174 of the DGCL or (iv) a director or officer for any transaction from which the director or officer derived an improper personal benefit.
No such provision may eliminate or limit the liability of a director or officer for any act or omission occurring prior to the date when
such provision became effective.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s Charter provides that the Company will indemnify each person who was or is a party or threatened to be made a party to
any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than
an action by or in the right of the registrant), by reason of the fact that he or she is or was, or has agreed to become, the Company&#8217;s
director or officer, or is or was serving, or has agreed to serve, at the Company&#8217;s request as a director, officer, partner, employee
or trustee of, or in a similar capacity with, another corporation, partnership, joint venture, trust or other enterprise (all such persons
being referred to as an Indemnitee), or by reason of any action alleged to have been taken or omitted in such capacity, against all expenses
(including attorneys&#8217; fees), liabilities, losses, judgments, fines (including excise taxes and penalties arising under the Employee
Retirement Income Security Act of 1974), and amounts paid in settlement actually and reasonably incurred in connection with such action,
suit or proceeding and any appeal therefrom if such Indemnitee acted in good faith and in a manner he or she reasonably believed to be
in, or not opposed to, the Company&#8217;s best interests, and, with respect to any criminal action or proceeding, he or she had no reasonable
cause to believe his or her conduct was unlawful.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 222; Options: NewSection; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s Charter also provides that the Company will indemnify any Indemnitee who was or is a party to an action or suit by or
in the right of the registrant to procure a judgment in the Company&#8217;s favor by reason of the fact that the Indemnitee is or was,
or has agreed to become, the Company&#8217;s director or officer, or is or was serving, or has agreed to serve, at the registrant&#8217;s
request as a director, officer, partner, employee or trustee of, or in a similar capacity with, another corporation, partnership, joint
venture, trust or other enterprise, or by reason of any action alleged to have been taken or omitted in such capacity, against all expenses
(including attorneys&#8217; fees) and, to the extent permitted by law, amounts paid in settlement actually and reasonably incurred in
connection with such action, suit or proceeding, and any appeal therefrom, if the Indemnitee acted in good faith and in a manner he or
she reasonably believed to be in, or not opposed to, the registrant&#8217;s best interests, except that no indemnification shall be made
with respect to any claim, issue or matter as to which such person shall have been adjudged to be liable to the Company, unless the Court
of Chancery or the court in which such action or suit was brought, determines that, despite such adjudication but in view of all of the
circumstances, he or she is entitled to indemnification of such expenses. Notwithstanding the foregoing, to the extent that any Indemnitee
has been successful, on the merits or otherwise, he or she will be indemnified by the Company against all expenses (including attorneys&#8217;
fees) actually and reasonably incurred by him or her or on his or her behalf in connection therewith. If the Company does not assume
the defense, expenses must be advanced to an Indemnitee under certain circumstances.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the Company has entered into indemnification agreements with all of the Company&#8217;s executive officers and directors. In
general, these agreements provide that the registrant will indemnify the executive officer or director to the fullest extent permitted
by law for claims arising in his or her capacity as an executive officer or director of the Company or in connection with his or her
service at the Company request for another corporation or entity. The indemnification agreements also provide for procedures that will
apply in the event that an executive officer or director makes a claim for indemnification and establish certain presumptions that are
favorable to the executive officer or director.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company maintains a general liability insurance policy that covers certain liabilities of the Company&#8217;s directors and officers
arising out of claims based on acts or omissions in their capacities as directors or officers.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
15. Recent Sales of Unregistered Securities.</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Set
forth below is information regarding shares of capital stock issued by us within the past three years. Also included is the consideration
received by us for such shares and information relating to the section of the Securities Act, or rule of the Securities and Exchange
Commission, under which exemption from registration was claimed.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Convertible
Note Financing </i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
and around September 12, 2024, Plum and Private Veea, along with NLabs Inc., a significant shareholder of Private Veea, entered into
note purchase agreements with certain accredited investors unaffiliated with Plum and Private Veea for the sale of unsecured subordinated
convertible promissory notes as part of a private placement offering of up to $15 million in purchase price for such Notes in the aggregate.
The sale of the Notes occurred simultaneously with the Closing. In addition to a Note, each Investor received as a transfer from NLabs
immediately prior to the Financing Closing a number of shares of Veea Series A-1 Preferred Stock that upon the Closing became become
a number of registered shares of Common Stock equal to such Investors&#8217; Loan Amount divided by $7.50.</span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 223; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Veea
and VeeaSystems Inc. are co-borrowers under each Note and are jointly responsible for the obligations to each Investor thereunder. Each
Note has a maturity date of 18 months after the Closing, but is prepayable in whole or in part by the Borrowers at any time without penalty.
The outstanding obligations under each Note accrues interest at a rate equal to the Secured Overnight Financing Rate plus 2% per annum,
adjusted quarterly, but interest is only payable upon the maturity date of the Note as long as there is no event of default thereunder.
Each Note is unsecured and expressly subordinated to any senior debt of the Borrowers. The Notes and the Note Purchase Agreements do
not include any operational or financial covenants for the Borrowers. Each Note includes customary events of default for failure to pay
amounts due on the maturity date, for failure to otherwise comply with the Borrowers&#8217; covenants thereunder or for Borrower insolvency
events, in each case, with customary cure periods, and upon an event of default, the Investor may accelerate all obligations under its
Note and the Borrowers will be required to pay for the Investor&#8217;s reasonable out-of-pocket collection costs.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
outstanding obligations under each Note are convertible in whole or in part into shares of Common Stock at a conversion price of $7.50
per share (subject to equitable adjustment for stock splits, stock dividends and the like with respect to Common Stock after the Financing
Closing) at any time after the Financing Closing at the sole election of the Investor. The outstanding obligations under each Note will
automatically convert at the Conversion Price if (i) the Company or its subsidiaries consummate one or more additional financings for
equity or equity-linked securities for at least $20 million in the aggregate or makes one or more significant acquisitions valued in
the aggregate (based on the consideration provided by the Company and its subsidiaries) to be at least $20 million, (ii) the Investors
holding a majority of the aggregate outstanding obligations under the Notes expressly agree to convert all obligations under the Notes
or (iii) the Common Stock trades with an average daily VWAP of at least $10.00 (subject to equitable adjustment for stock splits, stock
dividends and the like with respect to Common Stock after the Financing Closing) for ten (10) consecutive trading days. The obligations
under each Note will also automatically convert in connection with a Brokerage Transfer, as described below.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Notes and the Conversion Shares are subject to a lock-up for a period of 6 months after the Financing Closing (subject to early release
for a liquidation, merger, share exchange or other similar transaction that results in all of the Company&#8217;s stockholders having
the right to exchange their equity holdings in the Company for cash, securities or other property, and subject to customary permitted
transfer exceptions). The Transferred Shares are not subject to any lock-up restrictions, but for a period of 6 months after the Closing
they will be separately designated by SPAC&#8217;s transfer agent and kept as book entry shares on the transfer agent&#8217;s records
and will not be eligible to be held by DTC without the Investor first notifying the Company of its intent to transfer any such Transferred
Shares to a brokerage account and/or to be held by DTC or another nominee. If the Investor provides such notice or otherwise has any
Transferred Shares subject to a Brokerage Transfer within 6 months after the Closing, a portion of the outstanding obligations under
such Investor&#8217;s Note will automatically convert into a number of Conversion Shares equal to the number of Transferred Shares subject
to such Brokerage Transfer, and the lock-up period for such Conversion Shares will be extended for an additional 6 months to 12 months
after the Financing Closing.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Note Purchase Agreements include customary registration rights providing that as soon as practicable after the Closing, the Company will
file with the SEC a registration statement to register the resale of the Conversion Shares, and will use its commercially reasonable
efforts to have it declared effective within 90 days after the Closing.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company issued the Notes pursuant to the exemption from the registration requirements of the Securities Act available under Section 4(a)(2).</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Shares
Issued to Vendors</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the consummation of the Business Combination, the Company issued 66,667 shares of Common Stock to a certain vendor and
175,000 shares of Common Stock to another vendor, in satisfaction of certain obligations owed to such vendors.</span></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><!-- Field: Page; Sequence: 224; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
16. Exhibits and Financial Statement Schedules.</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    </b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8-K</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; ">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1840317/000121390024081217/ea021472701ex3-1_veea.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8-K&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    24, 2024&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    and Restated Bylaws</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8-K</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
    24, 2024</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; ">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1**</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Convertible
    Promissory Note, dated September 12, 2024</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</span>*</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ea022405701ex5-1_veeainc.htm">Opinion of Ellenoff Grossman &amp; Schole LLP</a> </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; ">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1840317/000121390024077860/ea021389301ex10-1_plumacq1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment
    No. 2 to Business Combination Agreement, dated September 11, 2024, by and among Plum Acquisition Corp. I, Plum SPAC Merger Sub, Inc.,
    and Veea Inc.</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8-K</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
    12, 2024</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1840317/000121390024077860/ea021389301ex10-2_plumacq1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment
    to Promissory Note, dated September 11, 2024, by and between Plum Acquisition Corp. I and Mr. Michael Dinsdale.</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8-K</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
    12, 2024</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; ">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.3</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1840317/000121390024077860/ea021389301ex10-3_plumacq1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment
    to Promissory Note, dated September 11, 2024, by and between Plum Acquisition Corp. I and Ms. Ursula Burns.</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8-K</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.3</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
    12, 2024</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.4</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1840317/000121390024077860/ea021389301ex10-4_plumacq1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8-K</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.4</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
    12, 2024</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; ">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.5</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1840317/000121390024077860/ea021389301ex10-5_plumacq1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8-K</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.5</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.6</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1840317/000121390024042086/ea0201294-10.htm#T2005"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sponsor
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">May
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; ">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.7</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-4/A</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.4</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1840317/000121390024081217/ea021472701ex10-8_veea.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Closing
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;8-K</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.8</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; ">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.9</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1840317/000121390024081217/ea021472701ex10-9_veea.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended
    and Restated Registration Rights Agreement, dated September 13, 2024, between Plum Acquisition Corp. I, Veea Inc., Plum Partners
    LLC and certain stockholders of Veea Inc.</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;8-K</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.9</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.10</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1840317/000121390024081217/ea021472701ex10-10_veea.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
    of Lock-Up Agreement, dated September 13, 2024, between Veea Inc. and certain stockholders</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;8-K</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.10</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
    24, 2024</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; ">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.11</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1840317/000121390024081217/ea021472701ex10-11_veea.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
    of Note Conversion Agreement, dated September 13, 2024, between Plum Acquisition Corp. I, Veea Inc. and certain note holders</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;8-K</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.11</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
    24, 2024</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.12</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1840317/000121390024081217/ea021472701ex10-12_veea.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment
    to Polar Lock-Up Agreement, dated September 13, 2024, between Plum Acquisition Corp. I and Polar Multi-Strategy Fund</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;8-K</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.12</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
    24, 2024</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; ">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.13</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1840317/000121390024081217/ea021472701ex10-13_veea.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment
    to Cohen Lock-Up Agreement, dated September 13, 2024, between Plum Acquisition Corp. I and Cohen</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;8-K</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.13</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
    24, 2024</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.14</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1840317/000121390024081217/ea021472701ex10-14_veea.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2024
    Incentive Equity Plan</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;8-K</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.14</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
    24, 2024</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; ">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.15</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1840317/000121390024081217/ea021472701ex10-15_veea.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2024
    Employee Stock Purchase Plan</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;8-K</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.15</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
    24, 2024</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1840317/000121390024081217/ea021472701ex16-1_veea.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Letter
                                            from Marcum LLP to the Securities Exchange Commission</span></a></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8-K</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
    24, 2024</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; ">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsidiaries
    of Veea Inc.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ea022405701ex23-1_veeainc.htm">Consent of Marcum LLP, independent registered accounting firm.</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; ">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ea022405701ex23-2_veeainc.htm">Consent of PKF O&#8217;Connor Davies, LLP, independent registered accounting firm.</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.3*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ea022405701ex5-1_veeainc.htm">Consent of Ellenoff Grossman &amp; Schole LLP (included as part of Exhibit 5.1).</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; ">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">XBRL
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; ">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">XBRL
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.CAL
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxonomy
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; ">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.DEF
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxonomy
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">104*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cover
    Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; ">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">107*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="ea022405701ex-fee_veeainc.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filing Fee</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed
                                            herewith</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
                                            be filed</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 225; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
17. Undertakings.</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
undersigned registrant hereby undertakes:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
                                            file, during any period in which offers or sales are being made, a post-effective amendment
                                            to this registration statement: (i) to include any prospectus required by Section 10(a)(3)
                                            of the Securities Act; (ii) to reflect in the prospectus any facts or events arising after
                                            the effective date of the registration statement (or the most recent post-effective amendment
                                            thereof) which, individually or in the aggregate, represent a fundamental change in the information
                                            set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease
                                            in volume of securities offered (if the total dollar value of securities offered would not
                                            exceed that which was registered) and any deviation from the low or high end of the estimated
                                            maximum offering range may be reflected in the form of prospectus filed with the Commission
                                            pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no
                                            more than a 20% change in the maximum aggregate offering price set forth in the &#8220;Calculation
                                            of Registration Fee&#8221; table in the effective registration statement; and (iii) to include
                                            any material information with respect to the plan of distribution not previously disclosed
                                            in the registration statement or any material change to such information in the registration
                                            statement; provided, however, that paragraphs (i), (ii) and (iii) do not apply if the registration
                                            statement is on Form S-1 and the information required to be included in a post-effective
                                            amendment by those paragraphs is contained in reports filed with or furnished to the Commission
                                            by the registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act
                                            of 1934 that are incorporated by reference in the registration statement, or is contained
                                            in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">that,
                                            for the purpose of determining any liability under the Securities Act, each such post-effective
                                            amendment shall be deemed to be a new registration statement relating to the securities offered
                                            therein, and the offering of such securities at that time shall be deemed to be the initial
                                            bona fide offering thereof;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
                                            remove from registration by means of a post-effective amendment any of the securities being
                                            registered which remain unsold at the termination of the offering;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">that,
                                            for the purpose of determining liability under the Securities Act to any purchaser, if the
                                            registrant is subject to Rule 430C, each:</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">prospectus
filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying
on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration
statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement
or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into
the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of
sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part
of the registration statement or made in any such document immediately prior to such date of first use; and</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">that,
                                            for the purpose of determining liability of the registrant under the Securities Act to any
                                            purchaser in the initial distribution of the securities, the undersigned registrant undertakes
                                            that in a primary offering of securities of the undersigned registrant pursuant to this registration
                                            statement, regardless of the underwriting method used to sell the securities to the purchaser,
                                            if the securities are offered or sold to such purchaser by means of any of the following
                                            communications, the undersigned registrant will be a seller to the purchaser and will be
                                            considered to offer or sell such securities to such purchaser:</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                            preliminary prospectus or prospectus of the undersigned registrant relating to the offering
                                            required to be filed pursuant to Rule 424;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
                                            free writing prospectus relating to the offering prepared by or on behalf of the undersigned
                                            registrant or used or referred to by the undersigned registrant;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
                                            portion of any other free writing prospectus relating to the offering containing material
                                            information about the undersigned registrant or its securities provided by or on behalf of
                                            an undersigned registrant; and</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"/><td style="width: 0.25in; text-align: left">(d)</td><td style="text-align: justify">any other communication that is an offer in the offering made
by the undersigned registrant to the purchaser.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><!-- Field: Page; Sequence: 226; Value: 1 --><div>
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                                            prior to any public reoffering of the securities registered hereunder through use of a prospectus
                                            which is a part of this registration statement, by any person or party who is deemed to be
                                            an underwriter within the meaning of Rule 145(c), the issuer undertakes that such reoffering
                                            prospectus will contain the information called for by the applicable registration form with
                                            respect to reofferings by persons who may be deemed underwriters, in addition to the information
                                            called for by the other items of the applicable form.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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                                            every prospectus: (i) that is filed pursuant to the immediately preceding paragraph, or (ii)
                                            that purports to meet the requirements of Section 10(a)(3) of the Securities Act and is used
                                            in connection with an offering of securities subject to Rule 415, will be filed as a part
                                            of an amendment to the registration statement and will not be used until such amendment is
                                            effective, and that, for purposes of determining any liability under the Securities Act,
                                            each such post-effective amendment shall be deemed to be a new registration statement relating
                                            to the securities offered therein, and the offering of such securities at that time shall
                                            be deemed to be the initial bona fide offering thereof.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of
the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities
and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.
In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred
or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is
asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless
in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final
adjudication of such issue.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>


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</div><div><a id="via_028"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SIGNATURES</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this Registration Statement to be signed on its behalf by the
undersigned hereunto duly authorized, on this 12<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>th</sup></span>
day of December, 2024.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">KNOW
ALL MEN BY THESE PRESENTS, that each of the undersigned constitutes and appoints Allen Salmasi and Janice Smith, each acting alone, as
his or her true and lawful attorneys-in-fact and agent, with full power of substitution and resubstitution, for such person and in his
or her name, place and stead, in any and all capacities, to sign this registration statement on Form S-1 (including all pre-effective
and post-effective amendments), and to file the same, with all exhibits thereto, and other documents in connection therewith, with the
Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, each acting alone, full power and authority to do
and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes
as he might or could do in person, hereby ratifying and confirming that any such attorney-in-fact and agent, or his or her substitute
or substitutes, may lawfully do or cause to be done by virtue hereof.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed below by the following persons
in the capacities and on the dates indicated below.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">II-7</span></p><div>

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<ix:nonFraction contextRef="c701" decimals="2" id="hidden-fact-794" name="us-gaap:EarningsPerShareDiluted" sign="-" unitRef="usdPershares">0.36</ix:nonFraction>
<ix:nonFraction contextRef="c706" decimals="2" id="hidden-fact-795" name="us-gaap:EarningsPerShareDiluted" sign="-" unitRef="usdPershares">0.03</ix:nonFraction>
<ix:nonFraction contextRef="c705" decimals="2" id="hidden-fact-796" name="us-gaap:EarningsPerShareDiluted" unitRef="usdPershares">0.33</ix:nonFraction>
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<ix:nonFraction contextRef="c709" id="hidden-fact-798" name="veea:ChangeInFairValueOfSubscriptionPurchaseAgreement" unitRef="usd" xsi:nil="true"/>
<ix:nonFraction contextRef="c710" decimals="2" id="hidden-fact-799" name="us-gaap:EarningsPerShareDiluted" sign="-" unitRef="usdPershares">0.05</ix:nonFraction>
<ix:nonFraction contextRef="c712" decimals="2" id="hidden-fact-800" name="us-gaap:EarningsPerShareDiluted" unitRef="usdPershares">0.09</ix:nonFraction>
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<ix:nonFraction contextRef="c713" decimals="2" id="hidden-fact-802" name="us-gaap:EarningsPerShareDiluted" sign="-" unitRef="usdPershares">0.05</ix:nonFraction>
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<ix:nonFraction contextRef="c714" decimals="2" id="hidden-fact-804" name="us-gaap:EarningsPerShareDiluted" unitRef="usdPershares">0.14</ix:nonFraction>
<ix:nonFraction contextRef="c716" decimals="2" id="hidden-fact-805" name="us-gaap:EarningsPerShareDiluted" sign="-" unitRef="usdPershares">0.05</ix:nonFraction>
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<ix:nonFraction contextRef="c724" decimals="2" id="hidden-fact-810" name="us-gaap:EarningsPerShareDiluted" unitRef="usdPershares">0.12</ix:nonFraction>
<ix:nonFraction contextRef="c722" decimals="2" id="hidden-fact-811" name="us-gaap:EarningsPerShareDiluted" unitRef="usdPershares">0.20</ix:nonFraction>
<ix:nonFraction contextRef="c726" decimals="2" id="hidden-fact-812" name="us-gaap:EarningsPerShareDiluted" sign="-" unitRef="usdPershares">0.08</ix:nonFraction>
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<ix:nonFraction contextRef="c725" decimals="2" id="hidden-fact-814" name="us-gaap:EarningsPerShareDiluted" unitRef="usdPershares">0.20</ix:nonFraction>
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<ix:nonFraction contextRef="c732" decimals="2" id="hidden-fact-816" name="us-gaap:EarningsPerShareDiluted" sign="-" unitRef="usdPershares">0.06</ix:nonFraction>
<ix:nonFraction contextRef="c733" decimals="2" id="hidden-fact-817" name="us-gaap:EarningsPerShareDiluted" unitRef="usdPershares">0.09</ix:nonFraction>
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<ix:nonFraction contextRef="c736" decimals="2" id="hidden-fact-820" name="us-gaap:EarningsPerShareDiluted" unitRef="usdPershares">0.09</ix:nonFraction>
<ix:nonFraction contextRef="c734" decimals="2" id="hidden-fact-821" name="us-gaap:EarningsPerShareDiluted" unitRef="usdPershares">0.15</ix:nonFraction>
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<ix:nonFraction contextRef="c741" decimals="2" id="hidden-fact-823" name="us-gaap:EarningsPerShareDiluted" unitRef="usdPershares">0.01</ix:nonFraction>
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<ix:nonFraction contextRef="c740" decimals="2" id="hidden-fact-825" name="us-gaap:EarningsPerShareDiluted" sign="-" unitRef="usdPershares">0.02</ix:nonFraction>
<ix:nonFraction contextRef="c744" decimals="2" id="hidden-fact-826" name="us-gaap:EarningsPerShareDiluted" unitRef="usdPershares">0.01</ix:nonFraction>
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<ix:nonFraction contextRef="c743" decimals="2" id="hidden-fact-828" name="us-gaap:EarningsPerShareDiluted" sign="-" unitRef="usdPershares">0.02</ix:nonFraction>
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<ix:nonFraction contextRef="c703" decimals="2" id="hidden-fact-839" name="us-gaap:EarningsPerShareDiluted" sign="-" unitRef="usdPershares">0.03</ix:nonFraction>
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<ix:nonFraction contextRef="c719" id="hidden-fact-856" name="veea:IssuanceOfForwardPurchaseAgreement" unitRef="usd" xsi:nil="true"/>
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<ix:nonFraction contextRef="c723" decimals="2" id="hidden-fact-860" name="us-gaap:EarningsPerShareDiluted" sign="-" unitRef="usdPershares">0.08</ix:nonFraction>
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<ix:nonFraction contextRef="c726" decimals="2" id="hidden-fact-863" name="us-gaap:EarningsPerShareDiluted" sign="-" unitRef="usdPershares">0.08</ix:nonFraction>
<ix:nonFraction contextRef="c727" decimals="2" id="hidden-fact-864" name="us-gaap:EarningsPerShareDiluted" unitRef="usdPershares">0.12</ix:nonFraction>
<ix:nonFraction contextRef="c725" decimals="2" id="hidden-fact-865" name="us-gaap:EarningsPerShareDiluted" unitRef="usdPershares">0.20</ix:nonFraction>
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<ix:nonFraction contextRef="c732" decimals="2" id="hidden-fact-867" name="us-gaap:EarningsPerShareDiluted" sign="-" unitRef="usdPershares">0.06</ix:nonFraction>
<ix:nonFraction contextRef="c747" decimals="2" id="hidden-fact-868" name="us-gaap:EarningsPerShareDiluted" unitRef="usdPershares">0.09</ix:nonFraction>
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<ix:nonFraction contextRef="c741" decimals="2" id="hidden-fact-874" name="us-gaap:EarningsPerShareDiluted" unitRef="usdPershares">0.01</ix:nonFraction>
<ix:nonFraction contextRef="c742" decimals="2" id="hidden-fact-875" name="us-gaap:EarningsPerShareDiluted" sign="-" unitRef="usdPershares">0.01</ix:nonFraction>
<ix:nonFraction contextRef="c740" decimals="2" id="hidden-fact-876" name="us-gaap:EarningsPerShareDiluted" sign="-" unitRef="usdPershares">0.02</ix:nonFraction>
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{"company-data": {"conformed-name": "VEEA INC.", "cik": "0001840317", "assigned-sic": "7373", "organization-name": "06 Technology", "irs-number": "463921281", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-1", "act": "33", "file-number": "333-283775", "film-number": "241546641"}, "business-address": {"street1": "164 E. 83RD STREET", "city": "NEW YORK", "state": "NY", "zip": "10028", "phone": "(212) 535-6050"}, "mail-address": {"street1": "164 E. 83RD STREET", "city": "NEW YORK", "state": "NY", "zip": "10028"}, "former-company": {"former-conformed-name": "Plum Acquisition Corp. I", "date-changed": "20210113"}}
As filed with the Securities
and Exchange Commission on December 12, 2024
Registration
No. 333-
UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
S-1
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
VEEA INC.
(Exact name of registrant as specified in its charter)
Delaware
7373
98-1577353
(State or other jurisdiction of
incorporation or organization)
(Primary Standard Industrial
Classification Code Number)
(I.R.S. Employer
Identification Number)
164
E. 83rd Street
New
York, NY 10028
(212) 535-6050
(Address,
including zip code, and telephone number, including area code, of registrant's principal executive offices)
Allen
Salmasi, Chief Executive Officer
164 E. 83rd Street
New
York, NY 10028
(212) 535-6050
(Name,
address, including zip code, and telephone number, including area code, of agent for service)
Copies
to:
Stuart Neuhauser, Esq.
Jonathan Deblinger, Esq.
Ellenoff Grossman & Schole LLP
1345 6
th
Ave
New York, NY 10105
Tel: (212) 370-1300
Approximate date of commencement of proposed
sale to the public: As soon as practicable after the effective date of this Registration Statement.
If any of the securities being registered on
this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following
box.
☒
If this Form is filed to register additional
securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration
statement number of the earlier effective registration statement for the same offering.
☐
If this Form is a post-effective amendment filed
pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of
the earlier effective registration statement for the same offering.
☐
If this Form is a post-effective amendment filed
pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of
the earlier effective registration statement for the same offering.
☐
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company.
See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company"
and "emerging growth company" in Rule 12b-2 of the Exchange Act.
☐
Large accelerated filer:
☐
Accelerated filer:
☐
Non-accelerated filer
:
☒
Smaller reporting company:
☒
Emerging growth company:
☒
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.
☐
The information
in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the
Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and it is not soliciting an
offer to buy these securities in any state where the offer or sale is not permitted.
Subject
to Completion
Preliminary Prospectus dated December 12, 2024.
Veea Inc.
9,193,579 Shares of Common Stock
This prospectus relates to the offer and sale from time to time by
White Lion Capital, LLC ("White Lion" or the "selling stockholder") of up to 9,193,579 shares of common stock
of Veea Inc. ("we," "us," "our," the "Company," or "Veea"), par value $0.0001
per share (the "Common Stock"), that have been or may be issued by us to White Lion pursuant to that certain Common Stock
Purchase Agreement, dated as of December 2, 2024, by and between us and White Lion (the "ELOC Purchase Agreement"), establishing
an equity line of credit. Such shares of our Common Stock include up to (i) 9,166,081 shares of Common Stock (assuming the shares to be
issued are sold at a price of $2.73 per share) that we may elect, in our sole discretion, to issue and sell to White Lion, from time to
time from and after the commencement date under the ELOC Purchase Agreement, and subject to applicable stock exchange rules and (ii) 27,498
shares of Common Stock issuable to White Lion as commitment shares under the ELOC Purchase Agreement (assuming a value of $2.73 per share).
The actual number of shares
of our Common Stock issuable will vary depending on the then-current market price of shares of our Common Stock sold to the selling stockholder
under the ELOC Purchase Agreement, but will not exceed the number set forth in the preceding sentences unless we file an additional registration
statement under the Securities Act of 1933, as amended (the "Securities Act"), with the U.S. Securities and Exchange Commission
(the "SEC"), See "The White Lion Equity Financing" for a description of the ELOC Purchase Agreement and "Selling
Stockholder" for additional information regarding White Lion.
We are registering the shares
on behalf of the selling stockholder, to be offered and sold by it from time to time. We are not selling any securities under this prospectus,
and will not receive any proceeds from the sale of Common Stock by the selling stockholder pursuant to this prospectus. We may receive
up to $25.0 million in aggregate gross proceeds from White Lion under the ELOC Purchase Agreement in connection with sales of the shares
of our Common Stock pursuant to the ELOC Purchase Agreement at varying purchase prices after the date of this prospectus. However, the
actual proceeds from White Lion may be less than this amount depending on the number of shares of our Common Stock sold and the price
at which the shares of our Common Stock are sold. The purchase price per share that White Lion will pay for shares of Common Stock purchased
from us under the ELOC Purchase Agreement will fluctuate based on the market price of our shares at the time we elect to sell shares
to White Lion and, further, to the extent that the Company sells shares of Common Stock under the ELOC Purchase Agreement, substantial
amounts of shares could be issued and resold, which would cause dilution and may impact the Company's stock price.
The selling securityholder
can sell, under this prospectus, up to 9,193,579 shares of our Common Stock, constituting more than 25.7% of our outstanding shares of
Common Stock as of December 10, 2024. Sales of a substantial number of our shares of Common Stock in the public market by the selling
securityholder and/or by our other existing securityholders, or the perception that those sales might occur, could increase the volatility
of and cause a significant decline in the market price of our securities and could impair our ability to raise capital through the sale
of additional equity securities. See "-
Sales of a substantial number of our securities in the public market by the selling securityholder
and/or by our existing securityholders could cause the price of our shares of Common Stock and Warrants to fall.
"
All the securities offered
in this prospectus by the selling securityholder may be resold for so long as the registration statement, of which this prospectus forms
a part, is available for use. The sale of all or a portion of the securities being offered in this prospectus could result in a significant
decline in the public trading price of our securities. Despite such a decline in the public trading price, some of the selling securityholder
may still experience a positive rate of return on the securities they purchased due to the price at which such selling securityholder
initially purchased the securities.
We are registering the securities
for resale pursuant to the selling securityholder's registration rights under certain agreements between us, on the one hand, and
the selling securityholder, on the other hand, subject to certain exceptions. Our registration of the securities covered by this prospectus
does not mean that the selling securityholder will offer or sell any of the securities registered for resale.
We will bear all costs, expenses,
and fees in connection with the registration of the shares of Common Stock. The selling securityholder may offer, sell or distribute all
or a portion of its shares of Common Stock publicly or through private transactions at prevailing market prices or at negotiated prices.
The selling securityholder will bear all commissions and discounts, if any, attributable to its sales of the shares of Common Stock. We
provide more information about how the selling securityholder may sell the shares of Common Stock in the section titled "
Plan
of Distribution
." Our shares of Common Stock and public warrants are listed on the Nasdaq Stock Market LLC ("Nasdaq")
under the symbols "VEEA" and "VEEAW" respectively. On December 10, 2024, the closing price of our Common Stock
was $3.32 per share and the closing price for our Warrants was $0.1559 per warrant.
We are an "emerging
growth company" and a "smaller reporting company" under the federal securities laws and will be subject to reduced
disclosure and public reporting requirements. See "
Summary - Emerging Growth Company
"
and
"
Summary
- Smaller Reporting Company.
"
Investing in shares of our securities involves
risks that are described in the "Risk Factors" section beginning on page 6 of this prospectus.
Neither the U.S. Securities
and Exchange Commission (the "SEC") nor any state securities commission has approved or disapproved of the securities to
be issued under this prospectus or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal
offense.
The date of this prospectus is December 12,
2024.
TABLE OF CONTENTS
Page
ABOUT THIS PROSPECTUS
ii
INDUSTRY AND MARKET
    DATA
iii
TRADEMARKS
iii
FREQUENTLY USED
    TERMS AND BASIS OF PRESENTATION
iv
CAUTIONARY STATEMENT
    REGARDING FORWARD-LOOKING STATEMENTS
viii
SUMMARY
1
THE OFFERING
5
RISK FACTORS
6
USE OF PROCEEDS
39
DETERMINATION OF
    OFFERING PRICE
40
MARKET INFORMATION
    FOR COMMON STOCK AND DIVIDEND POLICY
40
BUSINESS
41
MANAGEMENT'S
    DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
54
EXECUTIVE AND DIRECTOR
    COMPENSATION
68
MANAGEMENT
70
SECURITY OWNERSHIP
    OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
75
CERTAIN RELATIONSHIPS
    AND RELATED PARTY TRANSACTIONS
76
SELLING SECURITYHOLDER
81
DESCRIPTION OF SECURITIES
82
RESTRICTIONS ON
    RESALE OF COMMON STOCK
92
PLAN OF DISTRIBUTION
94
MATERIAL U.S. FEDERAL
    INCOME TAX CONSIDERATIONS
96
EXPERTS
100
LEGAL MATTERS
100
WHERE YOU CAN FIND
    MORE INFORMATION
100
INDEX TO FINANCIAL
    STATEMENTS
F-1
i
ABOUT
THIS PROSPECTUS
This prospectus is part
of a registration statement on Form S-1 that we filed with the SEC using the "shelf" registration process. Under the shelf
registration process, the selling securityholder may, from time to time, sell the securities offered by it described in this prospectus
through any means described in the section titled "
Plan of Distribution
." More specific terms of any securities that
the selling securityholder and its permitted transferees offer and sell may be provided in a prospectus supplement that describes, among
other things, the specific amounts and prices of the securities being offered and the terms of the offering. This prospectus also relates
to the issuance by us of shares of Common Stock from time to time upon the occurrence of the events described in this prospectus.
We may also provide a prospectus
supplement or post-effective amendment to the registration statement of which this prospectus forms a part to add information to, or
update or change information contained in, this prospectus. Any statement contained in this prospectus will be deemed to be modified
or superseded for purposes of this prospectus to the extent that a statement contained in such prospectus supplement or post-effective
amendment modifies or supersedes such statement. Any statement so modified will be deemed to constitute a part of this prospectus only
as so modified, and any statement so superseded will be deemed not to constitute a part of this prospectus. You should read both this
prospectus and any applicable prospectus supplement or post-effective amendment to the registration statement of which this prospectus
forms a part together with the additional information to which we refer you in the sections of this prospectus titled "
Where
You Can Find More Information
."
This prospectus contains
summaries of certain provisions contained in some of the documents described herein, but reference is made to the actual documents for
complete information. All of the summaries are qualified in their entirety by the actual documents. Copies of some of the documents referred
to herein have been filed, will be filed, or will be incorporated by reference as exhibits to the registration statement of which this
prospectus forms a part, and you may obtain copies of those documents as described under "
Where You Can Find More Information
."
As used in this prospectus,
unless otherwise indicated or the context otherwise requires, references to "we," "us," "our," the
"Company," "Registrant," and "Veea" refer to Veea Inc. following the Business Combination and VeeaSystems
Inc. prior to the Business Combination.
ii
INDUSTRY
AND MARKET DATA
This prospectus contains,
and any amendment or any prospectus supplement may contain, industry and market data which have been obtained from industry publications,
market research and other publicly available information. Such information is supplemented, where necessary, with the Company's
own internal estimates, taking into account publicly available information about other industry participants and the judgment of the
Company's management where information is not publicly available.
Industry publications and
market research generally state that the information they contain has been obtained from sources believed to be reliable, but that the
accuracy and completeness of such information is not guaranteed and that the projections they contain are based on a number of significant
assumptions. In some cases, the sources from which this data is derived is not expressly referred to. While the Company compiled, extracted
and reproduced industry data from these sources, and believes that the information used is reliable, the Company did not independently
verify the data that was extracted or derived from such industry publications or market reports, and cannot guarantee its accuracy or
completeness.
The industry and market
data that appears in this prospectus is inherently uncertain, involves a number of assumptions and limitations and may not necessarily
be reflective of actual market conditions and you are cautioned not to give undue weight to such industry and market data because it
may differ from current data due to material changes in market conditions or otherwise. Such statistics are based on market research,
which itself is based on sampling and subjective judgements by both the researchers and the respondents, including judgements about what
types of products and transactions should be included in the relevant market. Forecasts and other forward-looking information obtained
from these sources are subject to the same qualifications and uncertainties as the other forward-looking statements in this prospectus.
These and other factors could cause results to differ materially from those expressed in any forecasts or estimates.
The Company does not intend
or assume any obligation to update industry or market data set forth in this prospectus. Because market behavior, preferences and trends
are subject to change, prospective investors should be aware that market and industry information in this prospectus and estimates based
on any data therein may not be reliable indicators of future market performance or the Company's future results of operations.
TRADEMARKS
This prospectus contains,
and any amendment or any prospectus supplement may contain, references to trademarks and service marks belonging to other entities. Solely
for convenience, trademarks and trade names, referred to in this prospectus may appear without the
®
or ™ symbols,
but such references are not intended to indicate, in any way, that the applicable licensor will not assert, to the fullest extent under
applicable law, its rights to these trademarks and trade names. We do not intend our use or display of other companies' trade names,
trademarks or service marks to imply a relationship with, or endorsement or sponsorship of us by, any other companies.
iii
FREQUENTLY
USED TERMS AND BASIS OF PRESENTATION
As used in this prospectus,
unless otherwise noted or the context otherwise requires, references to:
●
"
Board
"
                                            refers to the board of directors of the Company.
●
"
Business
                                            Combination Agreement
" means that certain Business Combination Agreement, dated
                                            November 27, 2023, as amended on June 13, 2024 and September 13, 2024, by and among
                                            Plum, the Merger Sub, and Private Veea.
●
"
Business
                                            Combination
" means the Domestication, the Merger and the other transactions
                                            closed on September 13, 2024, pursuant to the Business Combination Agreement.
●
"
Bylaws
"
                                            means the bylaws of the Company as in effect on the date of this prospectus.
●
"
Change
                                            of Control Transaction
" means any transaction or series of related transactions
                                            (a) under which any person(s), directly or indirectly, acquires or otherwise purchases (i)
                                            another person or any of its affiliates or (ii) all or a material portion of assets, businesses
                                            or Equity Securities of another person, (b) that results, directly or indirectly, in the
                                            shareholders of a person as of immediately prior to such transaction holding, in the aggregate,
                                            less than fifty percent (50%) of the voting shares of such person (or any successor or parent
                                            company of such person) immediately after the consummation thereof (in the case of each of
                                            clauses (a) and (b), whether by merger, consolidation, tender offer, recapitalization, purchase
                                            or issuance of Equity Securities, tender offer or otherwise) or (c) under which any person(s)
                                            makes any equity or similar investment in another person.
●
"
Charter
"
                                            means the certificate of incorporation, as amended, of the Company as in effect on the date
                                            of this prospectus.
●
"
Class
                                            A ordinary shares
" means the Class A ordinary shares, par value $0.0001 per
                                            share, of Plum, which converted by operation of law into shares of Common Stock, on a one-for-one
                                            basis, in connection with the Domestication.
●
"
Class
                                            B ordinary shares
" or "
founder shares
" means the
                                            Class B ordinary shares, par value $0.0001 per share, of Plum that were initially issued
                                            to the Plum Sponsor in a private placement prior to its Initial Public Offering and subsequently
                                            converted into Class A ordinary shares on September 13, 2023 prior to the Closing.
●
"
Closing
                                            Date
" means September 13, 2024.
●
"
Closing
"
                                            means the closing of the Business Combination.
●
"
Common
                                            Stock
" means the common stock, par value $0.0001 per share, of the Company.
●
"
Company
"
                                            means Veea Inc., a Delaware corporation.
●
"
Continental
"
                                            means Continental Stock Transfer & Trust Company, a New York limited purpose trust company.
●
"
DGCL
"
                                            means the General Corporation Law of the State of Delaware.
●
"
Dissenting
                                            Shares
" means the shares of Private Veea Capital Stock issued and outstanding
                                            immediately prior to the Effective Time (other than shares of Private Veea Capital Stock
                                            cancelled in accordance with the Business Combination Agreement) and held by a holder who
                                            has not voted in favor of adoption of the Business Combination Agreement or consented thereto
                                            in writing and who has properly exercised and perfected appraisal rights of such Private
                                            Veea Capital Stock in accordance with Section 262 of the DGCL.
●
"
Domestication
"
                                            means the transfer by way of continuation and deregistration of Plum from the Cayman Islands
                                            and the continuation and domestication of Plum as a corporation incorporated in the State
                                            of Delaware in connection with the Merger.
●
"
Earnout
                                            Consideration
" means the shares of Common Stock issuable in connection with
                                            the Earnout Triggering Events.
●
"
Earnout
                                            Period
" means the time period between the Closing and the ten-year anniversary
                                            of the Closing.
iv
●
"
Earnout
                                            Triggering Event I
" means the date on which the volume-weighted average
                                            trading sale price of one share of Common Stock (as adjusted for stock splits, stock dividends,
                                            reorganizations and recapitalizations) is greater than or equal to $12.50 for any twenty
                                            (20) trading days within any thirty (30) consecutive trading day period within the Earnout
                                            Period.
●
"
Earnout
                                            Triggering Event II
" means the date on which the volume-weighted average
                                            trading sale price of one share of Common Stock (as adjusted for stock splits, stock dividends,
                                            reorganizations and recapitalizations) is greater than or equal to $15.00 for any twenty
                                            (20) trading days within any thirty (30) consecutive trading day period within the Earnout
                                            Period.
●
"
Earnout
                                            Triggering Events
" means Earnout Triggering Event I and Earnout Triggering
                                            Event II.
●
"
Effective
                                            Time
" means the time at which the Merger became effective.
●
"
Employee
                                            Stock Purchase Plan
" means the Combined Company 2024 Employee Stock Purchase
                                            Plan.
●
"
Equity
                                            Securities
" means, with respect to any person, (a) any capital stock, partnership
                                            or membership interest, unit of participation or other similar interest (however designated)
                                            in such person and (b) any option, warrant, purchase right, conversion right, exchange right
                                            or other contractual obligation which would entitle any other person to acquire any such
                                            interest in such person or otherwise entitle any other person to share in the equity, profits,
                                            earnings, losses or gains of such person (including any interest, the value of which is in
                                            any way based on, linked to or derived from any interest described in clause (a), including
                                            stock appreciation, phantom stock, profit participation or other similar rights).
●
"
Existing
                                            Holder Exchange Ratio
" means the ratio by which each of (a) Private Veea Share,
                                            (b) warrant of Private Veea and (c) Plum Ordinary Share was converted into such securities
                                            of Veea prior to the Closing of the Business Combination, which is equal to approximately
                                            0.19618.
●
"
Existing
                                            Veea Shareholders
" means, collectively, the holders of shares of Private Veea.
●
"
Private
                                            Veea Shares
" means, collectively, Private Veea Common Stock, Private Veea Series
                                            A Preferred Stock and Private Veea Series A-1 Preferred Stock prior to the Closing.
●
"
GAAP
"
                                            means the United States generally accepted accounting principles, consistently applied.
●
"
Governing
                                            Documents
" means the Charter and the Bylaws.
●
"
HSR
                                            Act
" means the Hard-Scott-Rodino Antitrust Improvements Act of 1976, as
                                            amended, and the rules and regulations promulgated thereunder.
●
"
Incentive
                                            Equity Plan
" means the Company's 2024 Incentive Equity Plan.
●
"
Initial
                                            Public Offering
" means Plum's Initial Public Offering that was consummated
                                            on March 15, 2021.
●
"
Legacy
                                            Equity Incentive Plans
" means each of the 2014 Max2 Inc. Equity Incentive Plan
                                            and the Veea Inc. 2018 Equity Incentive Plan.
●
"
Lock-Up
                                            Agreements
" means the Veea Lock-Up Agreements and the Plum Lock-Up Agreements.
●
"
Nasdaq
"
                                            means The Nasdaq Stock Market LLC.
●
"
New
                                            Financing Fully Diluted Private Veea Capitalization
" means, without duplication,
                                            the aggregate shares of Private Veea Common Stock, (a) treating the shares of Private Veea
                                            Series A-2 Preferred Stock and other New Financing Securities on an as-converted to
                                            shares of Private Veea Common Stock basis and (b) treating all outstanding in-the-money,
                                            vested Private Veea Convertible Securities convertible into New Financing Securities as if
                                            such Private Veea Convertible Security had been exercised on a cash basis as of the Effective
                                            Time, but excluding any Private Veea Securities held as treasury stock.
●
"
New
                                            Financing Securities
" means the Private Veea Convertible Securities sold pursuant
                                            to Section 9.11 of the Business Combination Agreement.
v
●
"
New
                                            Veea Shareholder Equity Value Per Share
" means (a) the aggregate amount raised
                                            through the issuance of the New Financing Securities, plus the aggregate exercise price for
                                            all shares of Private Veea Capital Stock issuable under any in-the-money New Financing Securities
                                            in accordance with their terms (and assuming no cashless exercise thereof), divided by (b)
                                            the New Financing Fully Diluted Private Veea Capitalization.
●
"
New
                                            Veea Shareholder Exchange Ratio
" means the ratio by which each New Financing
                                            Security was converted into such securities of Private Veea prior to the Closing of the Business
                                            Combination, which is equal to approximately 0.244.
●
"
New
                                            Veea Shareholders
" means, collectively, the holders of shares of New Financing
                                            Securities.
●
"
Plum
"
                                            means Plum Acquisition Corp. I.
●
"
Plum
                                            Lock-Up Agreements
" means the agreements entered into prior to or simultaneously
                                            with the Closing pursuant to which, among other things, the Plum shareholder party thereto
                                            agreed not to sell, for the period specified in such agreement, certain shares of Common
                                            Stock the Plum shareholder received in the Domestication, on the terms and subject to the
                                            conditions set forth in such lock-up agreement.
●
"
Plum
                                            Ordinary Shares
" means the Plum Class A ordinary shares outstanding prior to
                                            the Closing of the Business Combination.
●
"
Plum
                                            Sponsor
" means Plum Partners LLC, a Delaware limited liability company.
●
"
Plum
"
                                            means Plum Acquisition Corp. I, a Cayman Islands exempted company, prior to the consummation
                                            of the Business Combination.
●
"
Private Placement Warrants
"
    means the 5,256,218 warrants outstanding as of the date of this prospectus that were issued to the Plum Sponsor simultaneously with
    the consummation of Plum's Initial Public Offering, which Private Placement Warrants are identical to the Public Warrants,
    subject to certain limited exceptions, each such whole warrant representing the right to purchase one Ordinary Share of Plum.
●
"
Private
                                            Veea
" means VeeaSystems.
●
"
Public
                                            Shares
" means the Class A ordinary shares of Plum sold as part of the Plum
                                            Units in its Initial Public Offering, whether acquired in Plum's Initial Public Offering
                                            or acquired in the secondary market.
●
"
Sponsor
                                            Letter Agreement
" means the sponsor letter agreement dated as of November 27,
                                            2023, by and among Plum, Plum Sponsor and Private Veea.
●
"
Plum
                                            Units
" or "
Units
" or means the units of Plum, each
                                            unit representing one Class A ordinary share and one-fifth of one warrant, with such
                                            whole warrant representing the right to acquire one Class A ordinary share, that were offered
                                            and sold by Plum in its Initial Public Offering.
●
"
Private
                                            Veea Capital Stock
" means the Private Veea Common Stock and the Private Veea
                                            Preferred Stock.
●
"
Private
                                            Veea Common Stock
" means, prior to the Closing, Private Veea's common
                                            stock, par value $0.00001 per share.
●
"
Private
                                            Veea Convertible Securities
" means, collectively, the Private Veea Options,
                                            Private Veea Warrants, and any other options, warrants or rights to subscribe for or purchase
                                            any capital stock of Veea or securities (including debt securities) convertible into or exchangeable
                                            for, or that otherwise confer on the holder any right to acquire any Veea Capital Stock.
●
"
Private
                                            Veea Option
" means each outstanding option (whether vested or unvested) to
                                            purchase Veea Common Stock granted under the Legacy Equity Incentive Plans.
●
"
Private
                                            Veea Optionholders
" means, collectively, the holders of Private Veea Options
                                            as of any applicable determination time prior to Closing.
●
"
Private
                                            Veea Preferred Stock
" means, collectively, the Private Veea Series A Preferred
                                            Stock, the Private Veea Series A-1Preferred Stock and the Private Veea Series A-2 Preferred
                                            Stock.
vi
●
"
Private
                                            Veea Securities
" means, collectively, the Private Veea Capital Stock and the
                                            Private Veea Convertible Securities.
●
"
Private
                                            Veea Securityholders
" means, collectively, the Veea Stockholders, Veea Optionholders,
                                            and Veea Warrantholders.
●
"
Private
                                            Veea Series A Preferred Stock
" means Private Veea's Series A Preferred
                                            Stock, $0.00001 par value per share.
●
"
Private
                                            Veea Series A-1 Preferred Stock
" means Private Veea's Series A-1 Preferred
                                            Stock, $0.00001 par value per share.
●
"
Private
                                            Veea Series A-2 Preferred Stock
" means Private Veea's Series A-2 Preferred
                                            Stock, $0.00001 par value per share.
●
"
Private
                                            Veea Stockholder
" means a holder of a share of any Private Veea Capital Stock
                                            as of any applicable determination time prior to Closing.
●
"
Private
                                            Veea Warrantholders
" means, collectively, the holders of Private Veea Warrants
                                            as of any applicable determination time prior to Closing.
●
"
Private
                                            Veea Warrants
" means the outstanding and unexercised warrants to purchase shares
                                            of Private Veea Capital Stock prior to the Closing.
●
"
Public
                                            Warrants
" means the redeemable warrants sold as part of the Units in Plum's
                                            Initial Public Offering or acquired in the secondary market.
●
"
SEC
"
                                            means the Securities and Exchange Commission.
●
"
Securities
                                            Act
" means the Securities Act of 1933, as amended.
●
"
Transfer
                                            Agent
" means Continental Stock Transfer & Trust Company.
●
"
Trust
                                            Account
" means the trust account established at the consummation of Plum's
                                            Initial Public Offering, containing the proceeds of the Initial Public Offering and from
                                            the sale of Private Placement Warrants.
●
"
Veea
                                            Lock-Up Agreements
" means the agreements entered into prior to or simultaneously
                                            with the Closing pursuant to which, among other things, the Private Veea Securityholder party
                                            thereto agreed not to sell, for the period specified in such agreement, certain shares of
                                            Common Stock the Private Veea Securityholder received in the Business Combination.
●
"
VeeaSystems
"
                                            means VeeaSystems Inc. (prior to the Closing, Veea Inc.), a Delaware corporation and wholly
                                            owned subsidiary of the Company.
●
"
Warrant
                                            Agreement
" that certain Warrant Agreement, dated as of March 18, 2021,
                                            by and between Plum and Continental, as the warrant agent, which sets forth the expiration
                                            and exercise price of and procedure for exercising the Warrants.
●
"
Warrants
"
                                            means the Public Warrants and the Private Placement Warrants.
Unless specified otherwise,
amounts in this prospectus are presented in U.S. dollars.
Defined terms in the financial
statements contained in this prospectus have the meanings ascribed to them in the financial statements.
vii
CAUTIONARY
STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This prospectus contains
forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act
of 1995, including statements regarding, among other things, the plans, strategies and prospects, both business and financial, of the
Company. These statements are based on the beliefs and assumptions, whether or not identified in this prospectus, of the management of
the Company. Although the Company believes that its plans, intentions and expectations reflected in or suggested by these forward-looking
statements are reasonable, the Company cannot assure you that it will achieve or realize these plans, intentions or expectations. Forward-looking
statements are inherently subject to risks, uncertainties and assumptions. Generally, statements that are not historical facts, including
statements concerning possible or assumed future actions, business strategies, events or results of operations, and any statements that
refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are
forward-looking statements. These statements may be preceded by, followed by or include the words "anticipate," "believe,"
"could," "continue," "estimate," "expect," "forecast," "intend,"
"may," "might," "plan," "possible," "potential," "project," "scheduled,"
"seek," "should," "will" or similar expressions, but the absence of these words does not mean that
a statement is not forward-looking. Forward-looking statements contained in this prospectus include, but are not limited to, statements
about the ability of the Company to:
●
failure to
                                            maintain adequate operational and financial resources or raise additional capital or generate
                                            sufficient cash flows;
●
risks related
                                            to Veea's current growth strategy and Veea's ability to generate revenue and
                                            become profitable;
●
market acceptance
                                            of Veea's platform and products;
●
the length
                                            and unpredictable nature of Veea's sales cycles;
●
Veea's
                                            reliance on distribution and partnering arrangements and third-party manufacturers;
●
cybersecurity
                                            incidents, security vulnerabilities, and real or perceived errors, failures, defects, or
                                            bugs in Veea's platforms or products;
●
the ability
                                            to maintain the listing of our Common Stock and the warrants on Nasdaq, and the potential
                                            liquidity and trading of such securities;
●
our public
                                            securities' potential liquidity and trading;
●
the ability
                                            to recognize the anticipated benefits of the Business Combination, which may be affected
                                            by, among other things, competition, the ability of the combined company to grow and manage
                                            growth profitably and retain its key employees;
●
our success
                                            in retaining or recruiting, or changes required in, our officers, key employees or directors
                                            following the completion of the Business Combination, and our ability to attract and retain
                                            key personnel;
●
macroeconomic
                                            conditions; and
●
each of the
                                            other factors detailed under the section entitled "Risk Factors."
Forward-looking statements
are provided for illustrative purposes only and are not guarantees of performance. You should not put undue reliance on these statements
which speak only as of the date hereof. You should understand that the factors discussed under the heading "
Risk Factors
"
and elsewhere in this prospectus, could affect the future results of the Company, and could cause those results or other outcomes to
differ materially from those expressed or implied in the forward-looking statements in this prospectus.
In addition, the risks described
under the heading "
Risk Factors
" are not exhaustive. Other sections of this prospectus describe additional factors
that could adversely affect the businesses, financial conditions, or results of operations of the Company. New risk factors emerge from
time to time and it is not possible to predict all such risk factors, nor can the Company assess the impact of all such risk factors
on the business of the Company, or the extent to which any factor or combination of factors may cause actual results to differ materially
from those contained in any forward-looking statements. All forward-looking statements attributable to the Company or persons acting
on their behalf are expressly qualified in their entirety by the foregoing cautionary statements. The Company undertakes no obligations
to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except
as required by law.
In addition, this prospectus
contains statements of belief and similar statements that reflect the beliefs and opinions of the Company on the relevant subject. These
statements are based upon information available to the Company as of the date of this prospectus, and while the Company believes such
information forms a reasonable basis for such statements, such information may be limited or incomplete, and statements should not be
read to indicate that the Company has conducted an exhaustive inquiry into, or review of, all potentially available relevant information.
These statements are inherently uncertain and you are cautioned not to unduly rely upon these statements.
viii
SUMMARY
This summary highlights
selected information from this prospectus and may not contain all of the information that is important to you in making an investment
decision. Before investing in our securities, you should read this entire document carefully, including our financial statements and
the related notes included in this prospectus and the information set forth under the headings "Risk Factors" and "Management's
Discussion and Analysis of Financial Condition and Results of Operations." Some of the statements in this prospectus constitute
forward-looking statements. See "Cautionary Statement Regarding Forward-Looking Statements."
Business Overview
The Company is a provider
of edge computing and communications devices (i.e., "VeeaHub®" devices), applications and services hosted on its edge
Platform-as-a-Service ("ePaaS"). Veea Edge Platform ePaaS is an end-to-end platform that is both locally- and cloud-managed.
VeeaHub
Ò
products are converged computing and communications (i.e., hyperconverged) indoor
and outdoor devices, about the size of a Wi-Fi Access Point (AP), that provide for networking and computing solutions for AI-assisted
applications and solutions at the edge where people, places, and things connect to the network.
Veea Edge Platform provides
for highly secure connectivity, computing, and IoT solutions through full stack platform for digital transformation of industries as
well as unserved or underserved communities that lack Internet connectivity and essential applications and services. It further enables
the formation of highly secure, but easily accessible, private clouds and networks across one or multiple user(s) or enterprise location(s)
across the globe. We have redefined and simplified edge computing and connectivity with Veea Edge Platform, easily deployable products
that fully integrate hardware, system software, technologies, and edge applications. We are demonstrating, globally, that the Platform
enables our partners and customers to champion digital transformations in multiple vertical markets.
Through our innovative Veea
Edge Platform, we have created a new product category that brings cloud capabilities close to the user, as an alternative to cloud computing,
with benefits in optimal latency, lower data transport costs, data privacy, security and ownership, Edge AI, "always-on"
availability at the edge for mission critical applications, and contextual awareness for people, devices and things connected to the
Internet. The Company was recognized in 2023 by Gartner for the innovativeness and capabilities of our Veea Edge Platfom and was named
a Leading Smart Edge Platform in 2023 and a Cool Vendor in Edge Computing in 2021. Veea was named in Market Reports World's its
research report published in October 2023 as one of the top 10 Edge AI solution providers alongside of IBM, Microsoft, Amazon Web Services
("AWS") among others.
Veea
earns revenue primarily from the sale of its VeeaHub
Ò
devices,
licenses and subscriptions. Veea incurred net losses of approximately $33.3 million and $46.6 million for the three and nine months ended
September 30, 2024, respectively; net income and losses of approximately $2.0 million and $9.4 million for the three and nine months
ended September 30, 2023, respectively.
Veea was founded in 2014
by Allen Salmasi, our Chief Executive Officer and a pioneering wireless technology leader. Mr. Salmasi helped to drive industry transformation
through his contributions to the development of CDMA/TDMA-based OmniTRACS, the largest mobile satellite messaging and position reporting
system with integrated IoT solutions during the 1980s and in the 1990s; 2G/3G technology and products at Qualcomm in 1990s; 4G technology
and products at NextWave during the 2000s, and hyper-converged edge computing and communications during the 2010s; and beyond with Veea.
At Veea, Mr. Salmasi has assembled a talented and experienced management and engineering team that includes former senior executives
of leading technology, telecom, SaaS, and wireless companies that possess a deep understanding of wireless technologies, mesh networking
and edge computing.
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.
The Company generated net
revenue of $50,683 and $9,009,254 for the three months ended September 30, 2024 and 2023, respectively. The Company generated net revenue
of $108,264 and $9,040,359 for the nine months ended September 30, 2024 and 2023, respectively. Other than $9 million of revenue
generated from the license of AdEdge™ in 2023, revenue has been immaterial for all periods presented and represented revenue earned
from paid pilots for our VeeaHub
®
devices.
1
Recent
                                            Developments
On December 2, 2024, the
Company entered into a Common Stock Purchase Agreement (the "ELOC Purchase Agreement") with White Lion Capital, LLC ("White
Lion). Pursuant to the ELOC Purchase Agreement, the Company has the right, but not the obligation, to require White Lion to purchase,
from time to time, up to $25.0 million in aggregate gross purchase price of newly issued common stock of the Company (the "Company").
Subject to the satisfaction
of certain customary conditions including, without limitation, the effectiveness of a resale registration statement (the "Registration
Statement") registering the resale of the shares issuable pursuant to the ELOC Purchase Agreement, the Company's right to
sell shares to White Lion commenced on the date of the execution of ELOC Purchase Agreement and extends until (i) 24 months from the
date of execution of the ELOC Purchase Agreement (the "Commitment Period").
During the Commitment Period,
subject to the terms and conditions of the ELOC Purchase Agreement, the Company may exercise its right to sell its Common Stock. The
Company may deliver a Regular Purchase Notice (as such term is defined in the ELOC Purchase Agreement), pursuant to which the Company
can require White Lion to purchase shares of Common Stock and opt for the purchase price per share to be (i) 98% of the lowest daily
VWAP during the three consecutive business days after notice is delivered ("Regular Purchase Price Option 1") or (ii) 96.5%
of the daily VWAP on the day notice is delivered ("Regular Purchase Price Option 2"). The number of shares that the Company
can require White Lion to purchase pursuant to a Regular Purchase Notice is subject to a limit of the lesser of:
●
$2.0 million divided by the closing
                                            sale price of the Common Stock on the day prior to the day notice is delivered (the "Fixed
                                            Limit");
●
100%
                                            of Average Daily Trading Volume (as such term is defined in the ELOC Purchase Agreement)
                                            for Regular Purchase Price Option 1, or 50% of Average Daily Trading Volume for Regular Purchase
                                            Price Option 2; and
●
a
                                            dollar amount equal to the quotient of (x) the product of (i) the Average Daily Trading Volume
                                            prior to the effectiveness of the Registration Statement (the "Effective Date"),
                                            (ii) the closing price on the Effective Date and (iii) 100% for Regular Purchase Price Option
                                            1 and 50% for Regular Purchase Price Option 2 and (y) the closing price on the day prior
                                            to the day notice is delivered.
The Company may also deliver
a Rapid Purchase Notice (as such term is defined in the ELOC Purchase Agreement), pursuant to which the Company may require White Lion
to purchase shares of Common Stock at a purchase price per share equal to the lowest traded price of the Common Stock on the date that
the notice is delivered. The number of shares that the Company can require White Lion to purchase pursuant to a Rapid Purchase Notice
is subject to the Fixed Limit.
No purchase notice shall
result in White Lion beneficially owning (as calculated pursuant to Section 13(d) of the Securities Exchange Act of 1934, as amended,
and Rule 13d-3 thereunder) more than 4.99% (subject to increase, in the sole discretion of White Lion, to 9.99%) of the number of shares
of Common Stock outstanding immediately prior to the issuance of Common Stock issuable pursuant to a purchase notice.
The Company has the right
to terminate the ELOC Purchase Agreement in the event of a material breach of the ELOC Purchase Agreement by White Lion, or upon three
business days' notice to White Lion following the six month anniversary of the execution of the ELOC Purchase Agreement. The ELOC
Purchase Agreement also automatically terminates upon the earlier of (i) the end of the Commitment Period and (ii) the date that the
Company commences a voluntary bankruptcy proceeding, a custodian is appointed for the Company or for all or substantially all of its
property, or the Company makes a general assignment for the benefit of its creditors.
In consideration for the
commitments of White Lion, as described above, the Company has agreed that it will issue to White Lion an amount of Common Stock equal
to $25,000 divided by the average VWAP of the Common Stock 10 days prior to the the earlier of (i) the business day prior to the effectiveness
of the Registration Statement or (ii) the business day prior to the date that White Lion delivers a written request to the Company for
such shares (the "Commitment Shares"). The Commitment Shares will be fully earned by White Lion regardless of termination
of the ELOC Purchase Agreement.
Concurrently with the ELOC
Purchase Agreement, the Company entered into a related Registration Rights Agreement (the "RRA") with White Lion, pursuant
to which the Company agreed to file, within 30 days following the execution of the ELOC Purchase Agreement, the Registration Statement
with the SEC covering the resale by White Lion of the number of shares determined appropriate by the Company and permitted to be included
therein in accordance with applicable SEC rules, regulations and interpretations and the Commitment Shares. The RRA also contains usual
and customary damages provisions for failure to file and failure to have the Registration Statement declared effective by the SEC within
the time periods specified therein.
2
The Business Combination and Related Transactions
On September 13, 2024, Plum
consummated its previously announced Business Combination with Private Veea, pursuant to that certain Business Combination Agreement,
dated November 27, 2023 (as amended on June 13, 2024 and September 13, 2024, the "Business Combination Agreement"), between
Private Veea, Plum, and Plum Merger Sub (a Delaware corporation and wholly-owned subsidiary of Plum) ("Plum Merger Sub").
The consummation of the Business Combination involved (i) Plum de-registering from the Register of Companies in the Cayman Islands by
way of continuation out of the Cayman Islands and into the State of Delaware, migrating to and domesticating as a Delaware corporation
(the "Domestication"), and (ii) the merger (the "Merger") of Plum Merger Sub with and into Private Veea, pursuant
to which, at the closing of the transactions contemplated by the Business Combination Agreement (the "Closing"), the separate
corporate existence of Plum Merger Sub ceased, with Private Veea as the surviving corporation becoming a wholly-owned subsidiary of Plum,
pursuant to the terms of the Business Combination Agreement and in accordance with the DGCL.
Following the closing of
the Business Combination, the Company owns 100% of the outstanding common stock of Private Veea and Plum changed its name from "Plum
Acquisition Corp. I" to "Veea Inc." and Veea Inc. changed its name to "VeeaSystems Inc."
Emerging Growth Company
We qualify as an "emerging
growth company" as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012
(the "JOBS Act"). Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with
new or revised financial accounting standards until private companies (that is, those that have not had a registration statement under
the Securities Act declared effective or do not have a class of securities registered under the Exchange Act) are required to comply
with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition
period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable.
We have not elected to opt out of such extended transition period, which means that when a standard is issued or revised and it has different
application dates for public or private companies, we, as an emerging growth company, can adopt the new or revised standard at the time
private companies adopt the new or revised standard.
This may make comparison
of our consolidated financial statements with another public company which is neither an emerging growth company nor an emerging growth
company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting
standards used.
Smaller Reporting Company
Additionally, we are a "smaller
reporting company" as defined in Item 10(f)(1) of Regulation S-K. Smaller reporting companies may take advantage of certain reduced
disclosure obligations, including, among other things, providing only two years of audited financial statements. To the extent we take
advantage of such reduced disclosure obligations, it may also make comparison of our financial statements with other public companies
difficult or impossible.
Summary Risk Factors
You should carefully read
this prospectus and especially consider the factors discussed in the section entitled "
Risk Factors
." Some of the
risks related to the Company are summarized below. Unless the context otherwise requires, all references in this subsection to the "we,"
"us" or "our" refer to the business of the Company.
●
Veea has not
                                            generated significant revenue from product sales, has incurred significant losses in recent
                                            years, and anticipates that it will continue to incur significant losses for the foreseeable
                                            future;
●
Veea will need
                                            to raise substantial additional funding, which would dilute existing shareholders, and a
                                            failure to secure additional funding would force the combined company to delay, reduce, or
                                            eliminate some of its product development programs or commercialization efforts;
●
The market
                                            for Veea's platform and products is relatively new and highly competitive and the estimates
                                            of market opportunity and forecasts of market growth may prove to be inaccurate;
●
Veea may be
                                            unable to effectively manage its growth;
3
●
If Veea does not develop its services
                                            and introduce new services that achieve market acceptance, its growth, business, results
                                            of operations and financial condition could be adversely affected;
●
Veea's
                                            sales cycle is often long and unpredictable;
●
Real
                                            or perceived errors, failures, defects, or bugs in Veea's platforms, or disruptions
                                            in Veea's operations, could adversely affect its results of operations and growth prospects;
●
Veea
                                            bears costs and risks associated with relying on distribution and partnering arrangements;
●
Veea's
                                            operations are complex and rely on third party manufacturers, and any scarcity or unavailability
                                            of critical components used in Veea's products could damage its business;
●
Veea
                                            depends on its management team and other key employees;
●
Veea
                                            has significant operations in foreign countries which expose it to certain risks inherent
                                            in doing business internationally;
●
Veea
                                            may not be able to protect its intellectual property rights;
●
Veea
                                            may be subject to claims that Veea's employees, consultants or advisors have wrongfully
                                            used or disclosed alleged trade secrets of their current or former employers or claims asserting
                                            ownership of what Veea regards as Veea's own intellectual property;
●
Third-party
                                            claims of intellectual property infringement, misappropriation or other violations against
                                            Veea or its collaborators may prevent or delay Veea's products;
●
If
                                            Veea's security measures are breached or fail and unauthorized access is obtained to
                                            a customer's data, Veea's service may be perceived as insecure, the attractiveness
                                            of its services to current or potential customers may be reduced, and Veea may incur significant
                                            liabilities;
●
Cybersecurity
                                            incidents may have a material adverse effect on Veea's business, operations, financial
                                            performance, customer and vendor relationships, reputation and brand;
●
Veea
                                            is subject to many federal, state and local laws with which compliance is both costly and
                                            complex;
●
Potential
                                            health risks related to radiofrequency electromagnetic fields may subject Veea to various
                                            product liability claims and result in regulatory changes;
●
Veea
                                            is an "emerging growth company" within the meaning of the Securities Act, and,
                                            if Veea takes advantage of certain exemptions from disclosure requirements available to emerging
                                            growth companies, this could make our securities less attractive to investors;
●
A
                                            portion of our total outstanding shares are restricted from immediate resale but may be sold
                                            into the market in the near future;
●
Because
                                            there are no current plans to pay cash dividends on the Common Stock for the foreseeable
                                            future, you may not receive any return on investment unless you sell the Common Stock at
                                            a price greater than what you paid for it;
●
Veea's
                                            business and operations could be negatively affected if it becomes subject to any litigation
                                            or stockholder activism;
●
An
                                            active, liquid trading market may not develop for the Common Stock;
●
The
                                            other risks and uncertainties discussed in "
Risk Factors
" elsewhere in
                                            this prospectus.
Corporate Information
We were originally incorporated
under the name "Plum Acquisition Corp I." as a blank check company incorporated as a Cayman Islands exempted company and
formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar Business
Combination with one or more businesses, which we refer to throughout this prospectus as our initial Business Combination. We completed
our initial Business Combination with Veea Inc., on September 13, 2024, and changed our name to "Veea Inc."
Our principal executive
office is located at 164 E. 83rd Street, New York, NY 10028. Our telephone number is (212) 535-6050. Our website address is
https://www.veea.com
.
Information contained on our website is not a part of this prospectus, and the inclusion of our website address in this prospectus is
an inactive textual reference only.
4
THE OFFERING
Shares of Common Stock offered by the selling securityholder
Up to 9,193,579
Shares of Common Stock outstanding prior to this offering
35,766,411
Terms of the Offering
The selling securityholder will determine when and how it will dispose
    of any shares of Common Stock registered under this prospectus for resale.
Use of proceeds
We are not selling any securities under this prospectus, and will not
    receive any proceeds from the sale of Common Stock by the selling stockholder pursuant to this prospectus. We may receive up to $25.0
    million in aggregate gross proceeds from White Lion under the ELOC Purchase Agreement in connection with sales of the shares of our
    Common Stock pursuant to the ELOC Purchase Agreement after the date of this prospectus. However, the actual proceeds from White Lion
    may be less than this amount depending on the number of shares of our Common Stock sold and the price at which the shares of our
    Common Stock are sold.
Risk factors
You should carefully read the "
Risk Factors
" beginning
    on page 6 and the other information included in this prospectus for a discussion of factors you should consider carefully before
    deciding to invest in our Common Stock.
Material U.S. Federal Income Tax Considerations
For a discussion of material U.S. federal income tax consequences that may be relevant to holders of Common Stock, see "
Material
    U.S. Federal Income Tax Considerations
."
Nasdaq symbol for our Common Stock
"VEEA"
Nasdaq symbol for our Public Warrants
"VEEAW"
5
RISK
FACTORS
Investing in our securities involves risks.
Before you make a decision to buy our securities, in addition to the risks and uncertainties discussed above under "Cautionary
Statement Regarding Forward-Looking Statements," you should carefully consider the specific risks set forth herein. If any of these
risks actually occur, it may materially harm our business, financial condition, liquidity and results of operations. As a result, the
market price of our securities could decline, and you could lose all or part of your investment. Additionally, the risks and uncertainties
described in this prospectus or any prospectus supplement are not the only risks and uncertainties that we face. We may face additional
risks and uncertainties that are not presently known to us, or that we currently deem immaterial, which may ultimately impair our business,
prospects, financial condition or operating results. The following discussion should be read in conjunction with our financial statements
and notes to the financial statements included herein.
Risks Related to Our Limited Operating History, Financial Position,
and Capital Requirements
Veea has incurred significant losses in
recent years and anticipates that it will continue to incur significant losses in the near term.
Veea has suffered recurring
losses from operations since its inception. In addition, Veea will incur significant sales, marketing and manufacturing expenses, in
addition to the additional associated costs Veea will incur in connection with operating as a public company after the closing of the
Business Combination. As a result, Veea expects to continue to incur significant operating losses over the next several years. Because
of the numerous risks and uncertainties associated with developing computing technology products, Veea is unable to predict the extent
of any future losses or when Veea will become profitable, if at all. Even if Veea does become profitable, Veea may not be able to sustain
or increase its profitability on a quarterly or annual basis.
The amount of Veea's
future losses is uncertain, and Veea's quarterly and annual operating results may fluctuate significantly in the future due to
a variety of factors, many of which are outside of its control and may be difficult to predict, including, but not limited to, the following:
●
Component supply
                                            constraints and sudden, unanticipated price increases from Veea manufacturers, suppliers
                                            and vendors;
●
Veea's
                                            inability to accurately forecast product demand, resulting in increased inventory exposure
                                            and/or lost sales;
●
Slow or negative
                                            growth in the networking, smart agriculture, smart building, smart retail and related technology
                                            markets;
●
Changes in
                                            U.S. and international trade policy that adversely affect customs, tax or duty rates and/or
                                            currency fluctuations;
●
Intense competition
                                            from established and emerging players;
●
Rapid technological
                                            change leading to product obsolescence;
●
Slowdown or
                                            changes in market demand for technology products and services;
●
Reliance on
                                            a limited number of customers or products for revenue;
●
Inability to
                                            raise additional capital if needed;
●
Failure to
                                            effectively manage and scale critical infrastructure; and
●
Delays in product
                                            development and manufacturing causing missed market opportunities.
The cumulative effects of
these factors could result in large fluctuations and unpredictability in Veea's quarterly and annual operating results. As a result,
comparing Veea's operating results on a period-to-period basis may not be meaningful. This variability and unpredictability could
also result in Veea failing to meet the expectations of industry or financial analysts or investors for any period. If Veea's revenue
or operating results fall below the expectations of analysts or investors or below any forecasts Veea may provide to the market, or if
the forecasts Veea provides to the market are below the expectations of analysts or investors, the price of Veea's Common Stock
could decline substantially. Such a stock price decline could occur even if Veea has met any previously publicly stated guidance it may
provide.
6
Veea has not genera
ted
any significant revenue from product sales.
Veea's
ability to become profitable depends upon Veea's ability to generate revenue. To date, Veea has not generated significant revenue
from its products or from product sales. Veea's ability to generate revenue depends on a number of factors, many of which are detailed
elsewhere herein, and including, but not limited to, Veea's ability to:
●
Solve
                                            real problems for its target market in a unique and compelling way and truly understand the
                                            needs of its customers;
●
Clearly
                                            articulate the benefits and differentiation for Veea from its competitors;
●
Design,
                                            build and deliver products and services that are reliable and effective and meet customer
                                            expectations;
●
Constantly
                                            innovate and differentiate its products and services including adding additional features
                                            and functionalities;
●
Reach
                                            its target market through the right sales efforts including the right channels and partners;
●
Utilize
                                            a clear and actionable sales strategy to identify, qualify, and convert leads into paying
                                            customers;
●
Generate
                                            interest in Veea products and services via effective marketing and publicity;
●
Price
                                            its products and services to match the market's perception of value of those products
                                            and services;
●
Maintain
                                            consistent design and manufacturing of Veea products to match inventory with demand;
●
Continue
                                            to deliver high-quality products and services on time and within budget for its customers;
●
Provide
                                            responsive and helpful customer support that leaves a positive impression and builds loyalty;
                                            and
●
Continuously
                                            improve all Veea products, services and processes to enhance efficiency, reduce costs, and
                                            optimize performance.
If
Veea does not achieve one or more of these factors in a timely manner or at all, Veea could experience significant delays or an inability
to s
uccessfully commercialize its products, which would materially harm its business.
Veea will need to raise substantial additional
funding. If Veea is unable to raise capital when needed or on terms acceptable to Veea, it would be forced to delay, reduce, or eliminate
some of its product development programs or commercialization efforts.
The development of edge
computing devices and products is capital-intensive. Veea expects its expenses to significantly increase in connection with its ongoing
activities, and to incur significant commercialization expenses related to product sales, marketing, manufacturing and distribution.
Veea may also need to raise additional funds sooner if Veea chooses to pursue additional indications and/or geographies for its current
or future products or otherwise expands more rapidly than presently anticipated. Furthermore, Veea will incur additional costs associated
with operating as a public company. Accordingly, Veea will need to obtain substantial additional funding in connection with its continuing
operations. If Veea is unable to raise capital when needed or on attractive terms, Veea would be forced to delay, reduce or eliminate
certain of its research and development programs or future commercialization efforts.
Developing computing technology
products is a time-consuming, expensive and uncertain process that takes years to complete. In addition, Veea's products may not
achieve commercial success.
Veea may need to continue
to rely on additional financing to achieve its business objectives. Any additional fundraising efforts may divert Veea's management
from their day-to-day activities, which may adversely affect Veea's ability to develop and commercialize its products. Market conditions
and disruptions in the market (such as due to economic downturn, and geopolitical developments such as the war in Ukraine) may make equity
and debt financing more difficult to obtain and may have a material adverse effect on Veea's ability to meet its fundraising needs.
Veea cannot guarantee that future financing will be available in sufficient amounts or on terms acceptable to Veea, if at all.
7
If Veea is unable to obtain
funding on a timely basis or on acceptable terms, Veea may be required to significantly curtail, delay or discontinue one or more of
its research or development programs or commercialization or be unable to expand its operations or otherwise capitalize on its business
opportunities as desired, which could materially affect its business, financial condition and results of operations.
Raising additional capital may cause dilution
to Veea's stockholders, restrict its operations or require it to relinquish rights to its technologies or products.
Until such time, if ever,
as Veea can generate substantial product revenue, Veea expects to finance its cash needs through a combination of private and public
equity offerings, debt financings, collaborations, strategic alliances and licensing arrangements. Veea does not have any committed external
source of funds. The terms of any financing may adversely affect the holdings or the rights of Veea's stockholders and the issuance
of additional securities, whether equity or debt, by Veea or the possibility of such issuance, may cause the market price of Veea's
shares to decline. To the extent that Veea raises additional capital through the sale of common stock or securities convertible or exchangeable
into common stock, your ownership interest will be diluted, and the terms of those securities may include liquidation or other preferences
that may materially adversely affect your rights as a stockholder. Debt financing, if available, would increase Veea's fixed payment
obligations and may involve agreements that include covenants limiting or restricting Veea's ability to take specific actions,
such as incurring additional debt, acquiring, selling or licensing intellectual property rights, and making capital expenditures, declaring
dividends or other operating restrictions that could adversely impact Veea's ability to conduct its business. Veea could also be
required to meet certain milestones in connection with debt financing and the failure to achieve such milestones by certain dates may
force Veea to relinquish rights to some of its technologies or products or otherwise agree to terms unfavorable to Veea which could have
a material adverse effect on Veea's business, operating results and prospects.
Veea also could be required
to seek funds through arrangements with collaborators or distributors or otherwise at an earlier stage than otherwise would be desirable.
If Veea raises funds through collaborations, strategic alliances or distribution or licensing arrangements with third parties, Veea may
have to relinquish valuable rights to its intellectual property, future revenue streams, research programs or products, grant licenses
on terms that may not be favorable to Veea or grant rights to develop and market products that Veea would otherwise prefer to develop
and market itself, any of which may have a material adverse effect on Veea's business, operating results and prospects.
Risks Related to Our Business, Industry and Technology
The market for Veea's platform and
products is relatively new, and may decline or experience limited growth, and Veea's business is dependent on its clients'
continuing adoption and use of its services and products.
The market for edge computing
is in an early stage of development. There is considerable uncertainty over the size and rate at which this market will grow, as well
as whether our platform will be widely adopted. Our success will depend, to a substantial extent, on the widespread adoption of our platform
as an alternative to other solutions.
Although Veea believes a
broad market exists for its products and services, Veea's assumptions may be incorrect or overestimated. In addition, there can
be no assurance that Veea's products and services will achieve a sufficient level of market acceptance to result in profitable
operations.
Furthermore, in the event
a broad market exists for its products and services, Veea may not have sufficient capital resources to implement its business plan and
successfully achieve market acceptance. The timing, size and technology choices in the market could evolve differently than predicted
and Veea could encounter unforeseen technical challenges in meeting market demand.
8
The estimates of market opportunity and
forecasts of market growth may prove to be inaccurate, and any real or perceived inaccuracies may harm our reputation and negatively
affect our business. Even if the market in which we compete achieves the forecasted growth, our business could fail to grow at similar
rates, if at all.
Third-party market opportunity
estimates and our growth forecasts are subject to significant uncertainty and are based on assumptions and estimates that may not prove
to be accurate. The variables that go into the calculation of our market opportunity are subject to change over time, and there is no
guarantee that any particular number or percentage of addressable companies or end-users covered by our market opportunity estimates
will purchase our products at all or generate any particular level of revenues for us. Even if the market in which we compete meets the
size estimates and growth forecasted, our business could fail to grow for a variety of reasons, including reasons outside of our control,
such as competition in our industry.
Veea may be unable to effectively manage
growth.
For Veea to succeed, it
may need to undergo significant expansion. There can be no assurance that it will achieve this expansion. Additionally, expansion may
place a significant strain on Veea's management, operational and financial resources. There can be no assurance that Veea's
current and planned personnel, systems, procedures and controls will be adequate to support its future operations at any increased level.
Veea's ability to manage such growth effectively will require Veea to develop and improve operational, management and financial
systems and controls and to hire, train, motivate and manage its employees and contractors. As a result, Veea is subject to significant
growth-related risks, including the risk that it will be unable to hire or retain the necessary personnel or acquire other resources
necessary to service such growth adequately. Veea's failure to manage growth effectively could have a material adverse effect on
its business, results of operations and financial condition.
If Veea does not develop enhancements to
its services and introduce new services that achieve market acceptance, its growth, business, results of operations and financial condition
could be adversely affected.
Veea's ability to
attract new clients and increase revenue from existing clients depends, in part, on its ability to enhance and improve its existing offerings,
increase adoption and usage of its offerings, and introduce new offerings. The success of any enhancements or new offerings depends on
several factors, including timely completion, adequate quality testing, actual performance quality, market accepted pricing levels and
overall market acceptance.
Enhancements and new services
that Veea develops may not be introduced in a timely or cost-effective manner, may contain errors or defects, may have interoperability
difficulties with its platform or other services or may not achieve the broad market acceptance necessary to generate significant revenue.
Furthermore, Veea's ability to increase the usage of its services depends, in part, on the development of new uses for its services,
which may be outside of its control. If Veea is unable to successfully enhance its existing services to meet evolving consumer requirements,
increase adoption and usage of its services, develop new services, or if its efforts to increase the usage of its services are more expensive
than Veea expects, then its business, results of operations and financial condition would be adversely affected.
Competition may impact Veea's results
and its ability to operate profitably.
The markets in which Veea
operates are competitive in terms of price, functionality, service quality, customization, timing of development, and the introduction
of new products and services. Veea may encounter increased competition from new market entrants and alternative technologies. Veea's
competitors may implement new technologies before Veea does, offer more attractively priced or enhanced products, services or solutions,
or they may offer other incentives that Veea does not provide. Some of Veea's competitors may also have greater resources in certain
business segments or geographic areas than Veea does. In addition, industry convergence and consolidation could potentially result in
stronger competitors with greater resources and competitive advantages than Veea.
If Veea fails to compete
effectively, this could have a materially adverse effect on Veea's revenues, financial condition, profitability and cash flows.
Competitive forces may also lead to reduced profit margins, loss of market share, and increased costs in research and development, manufacturing,
and sales and marketing expense.
9
Veea's sales efforts involve considerable
time and expense and its sales cycle is often long and unpredictable.
Veea's results of
operations may fluctuate, in part, because of the intensive nature of Veea's sales efforts and the length and unpredictability
of Veea's sales cycle. As part of Veea's sales efforts, Veea invests considerable time and expense evaluating the specific
organizational needs of its potential customers and educating these potential customers about the technical capabilities and value of
our platforms and services. Veea often also provides its platforms to potential customers at no or low cost initially to them for evaluation
purposes through short-term pilot deployments of Veea's platforms, and there is no guarantee that Veea will be able to convert
customers from these short-term pilot deployments to full revenue-generating contracts. The length of Veea's sales cycle, from
initial demonstration of its platforms to sale of its platforms and services, tends to be long and varies substantially from customer
to customer. Veea's sales cycle often lasts many months. Because decisions to purchase Veea's platforms involves significant
financial commitments, potential customers generally evaluate Veea's platforms at multiple levels within their organization, each
of which often have specific requirements and typically involve their senior management.
Veea's results of
operations depend on sales to government and commercial enterprise organizations, which make product purchasing decisions based in part
or entirely on factors, or perceived factors, not directly related to the features of the platforms, including, among others, that customer's
projections of business growth, uncertainty about macroeconomic conditions, capital budgets, anticipated cost savings from the implementation
of our platforms, potential preference for such customer's internally-developed solutions, perceptions about Veea's business
and platforms, more favorable terms offered by potential competitors, and previous technology investments. In addition, certain decision
makers and other stakeholders within Veea's potential customers tend to have vested interests in the continued use of internally
developed or existing solutions, which may make it more difficult for us to sell our platforms and products. As a result of these and
other factors, Veea's sales efforts typically require an extensive effort throughout a customer's organization, a significant
investment of human resources, expense and time, including by its senior management, and there can be no assurances that it will be successful
in making a sale to a potential customer. If Veea's sales efforts to a potential customer do not result in sufficient revenue to
justify Veea's investments, including in its growing direct sales force, its business, financial condition, and results of operations
could be adversely affected.
Veea's ability to sell its platform
and satisfy its customers is dependent on the quality of its services, and its failure to offer high quality services could have a material
adverse effect on its sales and results of operations.
Once Veea's platforms
are deployed and integrated with our customers' existing information technology investments and data, Veea's customers depend
on our support and maintenance services to resolve any issues relating to our platforms. Increasingly, Veea's platforms have been
deployed in large-scale, complex technology environments, and Veea believes its future success will depend on its ability to increase
sales of its platforms for use in such deployments. Further, its ability to provide effective ongoing services, or to provide such services
in a timely, efficient, or scalable manner, may depend in part on its customers' environments and their upgrading to the latest
versions of its platforms and participating in its centralized platform management and services.
In addition, Veea's
ability to provide effective services is largely dependent on our ability to attract, train, and retain qualified personnel with experience
in supporting customers on platforms such as Veea's platforms. The number of Veea's customers has grown significantly, and
that growth has and may continue to put additional pressure on its services teams. Veea may be unable to respond quickly enough to accommodate
short-term increases in customer demand for its support and maintenance services. Veea also may be unable to modify the future scope
and delivery of its support and maintenance services to compete with changes in the services provided by its competitors. Increased customer
demand for support, without corresponding revenue, could increase costs and negatively affect Veea's business and results of operations.
In addition, as Veea continues to grow its operations and expand outside of the United States, Veea needs to be able to provide efficient
services that meet its customers' needs globally at scale, and its services teams may face additional challenges, including those
associated with operating the platforms and delivering support, training, and documentation in languages other than English and providing
services across expanded time-zones. If Veea is unable to provide efficient support and maintenance services globally at scale, its ability
to grow its operations may be harmed, and Veea may need to hire additional services personnel, which could negatively impact its business,
financial condition, and results of operations.
10
Veea's customers typically
need training in the proper use of and the variety of benefits that can be derived from its platforms to maximize the potential of its
platforms. If Veea does not effectively deploy, update, or upgrade its platforms, succeed in helping its customers quickly resolve post-deployment
issues, and provide effective ongoing services, Veea's ability to sell additional products and services to existing customers could
be adversely affected, Veea may face negative publicity, and its reputation with potential customers could be damaged. Many enterprise
and government customers require higher levels of service than smaller customers. If Veea fails to meet the requirements of the larger
customers, it may be more difficult to execute on its strategy to increase its penetration with larger customers. As a result, Veea's
failure to maintain high quality services may have a material adverse effect on its business, financial condition, results of operations,
and growth prospects.
Real or perceived errors, failures, defects,
or bugs in Veea's platforms could adversely affect its results of operations and growth prospects.
Because Veea offers very
complex technology platforms, undetected errors, defects, failures, or bugs have occurred and may in the future occur, especially when
platforms or capabilities are first introduced or when new versions or other product or infrastructure updates are released. Veea's
platforms are often installed and used in large-scale computing environments with different operating systems, software products and
equipment, and data source and network configurations, which may cause errors or failures in Veea's platforms or may expose undetected
errors, failures, or bugs in its platforms. Despite testing by Veea, errors, failures, or bugs may not be found in new software or releases
until after commencement of commercial shipments. In the past, errors have affected the performance of its platforms and can also delay
the development or release of new platforms or capabilities or new versions of platforms, adversely affect its reputation and its customers'
willingness to buy platforms from Veea, and adversely affect market acceptance or perception of Veea's platforms. Many of Veea's
customers use its platforms in applications that are critical to their businesses or missions and may have a lower risk tolerance to
defects in Veea's platforms than to defects in other, less critical, software products. Any errors or delays in releasing new software
or new versions of platforms or allegations of unsatisfactory performance, errors, defects, or failures in released software could cause
Veea to lose revenue or market share, increase Veea's service costs, cause Veea to incur substantial costs in redesigning the software,
cause Veea to lose significant customers, subject Veea to liability for damages and divert Veea's resources from other tasks, any
one of which could materially and adversely affect Veea's business, results of operations and financial condition. In addition,
Veea's platforms could be perceived to be ineffective for a variety of reasons outside of its control. Hackers or other malicious
parties could circumvent Veea's or Veea's customers' security measures, and customers may misuse Veea's platforms
resulting in a security breach or perceived product failure.
Real or perceived errors,
failures, or bugs in our platforms and services, or dissatisfaction with Veea's services and outcomes, could result in customer
terminations and/or claims by customers for losses sustained by them. In such an event, Veea may be required, or Veea may choose, for
customer relations or other reasons, to expend additional resources in order to help correct any such errors, failures, or bugs. Although
Veea has limitation of liability provisions in Veea's standard software licensing and service agreement terms and conditions, these
provisions may not be enforceable in some circumstances, may vary in levels of protection across our agreements, or may not fully or
effectively protect Veea from such claims and related liabilities and costs.
Veea generally provides
a warranty to its customers for its software products and services. In the event that there is a failure of warranties in such agreements,
Veea is generally obligated to correct the product or service to conform to the warranty provision as set forth in the applicable agreement,
or, if Veea is unable to do so, the customer is entitled to seek a refund of the purchase price of the product and service (generally
prorated over the contract term). The sale and support of Veea's products also entail the risk of product liability claims. Veea
maintains insurance to protect against certain claims associated with the use of its products, but its insurance coverage may not adequately
cover any claim asserted against us. In addition, even claims that ultimately are unsuccessful could result in Veea's expenditure
of funds in litigation and divert management's time and other resources.
11
In addition, Veea's
platforms integrate a wide variety of other elements, and Veea's platforms must successfully interoperate with products from other
vendors and its customers' internally developed software. As a result, when problems occur for a customer using Veea's platforms,
it may be difficult to identify the sources of these problems, and Veea may receive blame for a security, access control, or other compliance
breach that was the result of the failure of one of the other elements in a customer's or another vendor's information technology,
security, or compliance infrastructure. The occurrence of software or errors in data, whether or not caused by Veea's platforms,
could delay or reduce market acceptance of Veea's platforms and have an adverse effect on Veea's business and financial performance,
and any necessary revisions may cause Veea to incur significant expenses. The occurrence of any such problems could harm Veea's
business, financial condition, and results of operations. If an actual or perceived breach of information correctness, auditability,
integrity, or availability occurs in one of our customers' systems, regardless of whether the breach is attributable to Veea's
platforms, the market perception of the effectiveness of Veea's platforms could be harmed. Alleviating any of these problems could
require additional significant expenditures of Veea's capital and other resources and could cause interruptions, delays, or cessation
of Veea's product licensing, which could cause Veea to lose existing or potential customers and could adversely affect Veea's
business, financial condition, results of operations, and growth prospects.
A product failure could
expose Veea to damages (including consequential damages or strict liability) if used in certain critical usage situations (e.g., monitoring
a critical system like a transportation control system or water level control use case). Veea's contractual liability disclaimers
could be set-aside by a court or administrative agency, exposing Veea to economic and reputational injury.
Veea bears costs and risks associated with
relying on distribution and partnering arrangements.
Recruiting and retaining qualified
third-party distributors and channel partners and training them in our technology and product offerings require significant time and
resources. To develop and expand our distributors and channel  partners, we must continue to scale and improve our processes and
procedures that support our distributors and channel partners.
Furthermore, if our relationship
with a successful distributor or channel partner terminates, we may be unable to replace them without disruption to our business. If
we fail to maintain positive relationships with our distributors or channel partners, fail to develop new relationships with other distributors
or channel partners (including in new markets), fail to manage, train, or incentivize our existing distributors or channel partners effectively,
or fail to strike agreements with attractive terms, or if our distributors and channel partners are not successful in their businesses,
our revenue may decrease, and our operating results, reputation, and business may be harmed.
Additionally, if Veea does
not effectively manage its sales channel and distributor inventory and product mix, it may incur costs associated with excess inventory,
or lose sales from having too few products. If we improperly forecast demand for our products, we could incur increased expenses associated
with writing off excessive or obsolete inventory, lose sales, incur penalties for late delivery or incur additional costs by having to
ship products by air freight.
Any disruption of Veea's operations,
whether due to natural or political events, may be highly damaging to the operation of Veea's business.
Veea's business operations
and those of its suppliers are vulnerable to interruption by fire, earthquake, hurricane, flood or other natural disasters, power loss,
computer viruses, computer systems failure, telecommunications failure, pandemics, quarantines, national catastrophe, terrorist activities,
war and other events beyond its control. If any disaster were to occur, our or our supplier's ability to operate could be seriously
impaired and Veea could experience material harm to our business, operating results and financial condition.
The delivery of goods from
suppliers, and to customers, could also be hampered for the reasons stated above. Interruptions to Veea's systems and communications
may have an adverse effect on Veea's operations and financial condition.
12
Veea's operations are complex and
rely on third party manufacturers. If critical components used in Veea's products become scarce or unavailable, Veea may incur
delays in delivering its products and providing services, which could damage its business. Veea relies on a sustainable supply chain.
Any issues with this supply chain could adversely affect daily business operations and profitability.
Veea depends on third party
providers, suppliers and licensors to supply some of the hardware, software and support necessary to provide some of Veea's products
and services. Veea obtains these materials from a limited number of vendors, some of which do not have a long operating history, or which
may not be able to continue to supply the equipment, supplies, and services it desires. Some of Veea's hardware, software and operational
support vendors represent Veea's primary or sole source of supply or have, either through contract or as a result of intellectual
property rights, a position of some exclusivity. If demand exceeds these vendors' capacity or if these vendors experience operating
or financial difficulties or are otherwise unable to provide the equipment or services Veea needs in a timely manner, at its specifications
and at reasonable prices, its ability to provide some services might be materially adversely affected, or the need to procure or develop
alternative sources of the affected materials or services might delay Veea's ability to serve our customers. These events could
materially and adversely affect Veea's ability to retain and attract customers, and have a material negative impact on Veea's
operations, business, financial results and financial condition.
Veea's reliance on
third-party manufacturers also exposes Veea to the following risks over which it has limited control:
●
unexpected
                                            increases in manufacturing and repair costs;
●
inability
                                            to control the timing, quality and reliability of finished products;
●
inability
                                            to control delivery schedules;
●
liability
                                            for expenses incurred by third-party manufacturers in reliance on forecasts that later prove
                                            to be inaccurate, including the cost of components purchased by third-party manufacturers
                                            on Veea's behalf;
●
industry
                                            consolidation and divestitures, which may result in changed business and product priorities
                                            among certain suppliers.
●
lack
                                            of adequate capacity to manufacture all or a part of the products Veea requires; and
●
labor
                                            unrest affecting the ability of the third-party manufacturers to produce Veea products.
Veea depends on its management team and
other key employees, and the loss of one or more of these employees or an inability to attract and retain highly skilled employees could
adversely affect its business.
Veea's future success
depends, in part, on Veea's ability to continue to attract and retain highly skilled personnel. The loss of the services of any
of our key personnel, the inability to attract or retain qualified personnel, or delays in hiring required personnel, particularly in
engineering and sales, may seriously and adversely affect Veea's business, financial condition and results of operations. Although
Veea has entered into employment or consulting agreements with certain of Veea's personnel, their employment is generally for no
specific duration.
Veea's future performance
also depends on the continued services and continuing contributions of Veea's senior management team, which include Allen Salmasi,
Veea's Founder and Chief Executive Officer to execute on Veea's business plan and to identify and pursue new opportunities
and product innovations. Veea has not entered into an employment agreement with Mr. Salmasi. The loss of services of Veea's
senior management team, particularly Veea's Chief Executive Officer could significantly delay or prevent the achievement of Veea's
development and strategic objectives, which could adversely affect Veea's business, financial condition and results of operations.
Veea may not be successful in continuing
to attract and retain highly qualified employees to remain competitive.
Veea believes that Veea's
future success largely depends on Veea's continued ability to hire, develop, motivate and retain engineers and other qualified
employees who develop successful new products/solutions, support Veea's existing product range and provide services to Veea's
customers and create great customer experience.
Competition for highly qualified
people in the industries in which Veea operates remains intense. This competition is only further increased by the fact that other industries
are looking for similar talent. Veea is continuously striving to create a positive work experience for its employees. However, there
are no guarantees that Veea will be successful in attracting and retaining employees with the right skills in the future, and failure
in retaining and recruiting could have a material adverse effect on Veea's business and brand.
13
Veea's management team has limited
experience managing a public company and regulatory compliance may divert their attention from the day-to-day management of Veea's
business.
Most of the individuals
who now constitute Veea's management team have limited experience managing a publicly traded company, interacting with public company
investors and complying with the increasingly complex laws pertaining to public companies. Veea's management team may not successfully
or efficiently manage the transition to being a public company subject to significant regulatory oversight and reporting obligations
under federal securities laws and the continuous scrutiny of securities analysts and investors. These new obligations and constituents
will require significant attention from Veea's senior management and could divert their attention away from the day-to-day management
of the businesses, which could adversely affect Veea's businesses. It is probable that Veea will be required to expand its employee
base and hire additional employees to support its operations as a public company, which would increase Veea's operating costs in
future periods.
Global economic conditions could materially
adversely impact demand for Veea's products and services.
Veea's operations
and performance depend significantly on worldwide economic conditions. Uncertainty about global economic conditions could result in customers
postponing purchases of Veea's products and services in response to tighter credit, unemployment, negative financial news and/or
declines in income or asset values and other macroeconomic factors, which could have a material negative effect on demand for Veea's
products and services and, accordingly, on Veea's business, results of operations or financial condition. For example, any economic
and political uncertainty caused by the United States tariffs imposed on goods from various countries, and any corresponding tariffs
from those countries in response, may negatively impact demand and/or increase the cost for Veea's products. There is also potential
adverse impact including reduced demand for products and services, excess and obsolete inventories, financial difficulties among our
suppliers and vendors, difficulty in collecting on accounts receivable, increased difficulty in forecasting sales and operating results
and increased volatility in results.
The challenging global economic
conditions, e.g., downturn in the global economy, political unrest and uncertainty, labor and supply shortages, increasing inflation
and rising interest rates, or geopolitical risks and trade frictions may have adverse, wide-ranging effects on demand for Veea's
products and for the products of Veea's customers. This could cause customers to postpone investments or initiate other cost-cutting
measures to maintain or improve their financial position. This could also result in significantly reduced expenditures for Veea's
products and services, including network infrastructure, in which case Veea's operating results would suffer. If demand for Veea's
products and services were to fall, Veea may experience material adverse effects on Veea's revenues, cash flow, capital employed
and value of Veea's assets and Veea could incur operating losses. The potential adverse effects of an economic downturn include:
●
reduced
                                            demand for products and services, resulting in increased price competition or deferrals of
                                            purchases, with lower revenues not fully compensated through reduced costs;
●
excess
                                            and obsolete inventories and excess manufacturing capacity;
●
financial
                                            difficulties or failures among Veea's suppliers;
●
increased
                                            demand for customer finance, difficulties in collection of accounts receivable and increased
                                            risk of counter party failures;
●
impairment
                                            losses related to Veea's intangible assets as a result of lower forecasted sales of
                                            certain products; and
●
increased
                                            difficulties in forecasting sales and financial results as well as increased volatility in
                                            Veea's reported results.
14
Veea's operations in foreign countries
expose us to certain risks inherent in doing business internationally, which may adversely affect Veea's business, results of operations
or financial condition.
Veea has revenue, operations,
contract manufacturing arrangements in foreign countries that expose Veea to certain risks. For example, fluctuations in exchange rates
may affect Veea's revenue, expenses and results of operations as well as the value of Veea's assets and liabilities as reflected
in our financial statements. Veea is also subject to other types of risks, including the following:
●
protection of intellectual
    property and trade secrets;
●
tariffs,
                                            customs, trade sanctions, trade embargoes and other barriers to importing/exporting materials
                                            and products in a cost-effective and timely manner, or changes in applicable tariffs or custom
                                            rules;
●
the
                                            burden of complying with and changes in U.S. or international taxation policies;
●
timing
                                            and availability of export licenses including authorization for the export of controlled
                                            items;
●
rising
                                            labor costs;
●
disruptions
                                            in or inadequate infrastructure of the countries where Veea operates;
●
the
                                            impact of public health epidemics on employees and the global economy;
●
difficulties
                                            in collecting accounts receivable;
●
difficulties
                                            in staffing and managing international operations; and
●
the
                                            burden of complying with foreign and international laws and treaties.
Disruptions to the global supply chain
may affect the timely manufacture and delivery of products.
Veea is subject to variations
and disruptions in the availability, price, and lead times for component parts for its products. During such periods, Veea may experience
longer than normal lead time for component parts. Increased costs as a result of excessive demand for parts. In addition, contract manufacturers
may be limited in terms of credit terms they can offer. This may require Veea to pay deposits in advance of production, or to seek alternative
financing. These problems may be compounded further by finite manufacturing capacity. The impact to Veea and its customers is longer
than expected product delivery schedules which has a direct effect on revenue recognition and cash collection.
Ongoing geopolitical and trade uncertainty
from a range of factors may have a material adverse impact on Veea's business, operations, business prospects and consequently
on operating results, financial conditions and Veea's ability to meet Veea's targets.
Veea is subject to the increasing
adverse impact of trade disputes, restrictions on imports and exports, export controls, the dismantling of dispute settlement mechanisms,
and the increased control of national resources like airwaves and communications standards. Additional risks include the need to modify,
change or eliminate current manufacturing capability and capacity, find alternative sources of supply and manufacturing resources and
comply with rules and regulations for local sourcing and investment.
Geopolitical alliances are
shifting as global tensions, including between US and China, drive growing economic, technological, military, and political competition
across the world. At the same time, there are numerous ongoing local and regional conflicts, of which the ongoing military conflict between
the Ukraine and Russia, are of particular significance. It is not yet clear how these new dynamics will play out across the world. These
tensions, including trade restrictions, enhanced sanctions measures and increased safeguards for national security purposes, can impact
global market conditions and continue to be challenging for global supply chains.
Because some of Veea's
products are manufactured in China and Taiwan, further changes in the economic and political policies in or relating to China and tensions
between China and Taiwan could have a material adverse effect on Veea's business. Additionally, political instability in the regions
in which Veea operates may further increase the risk of possible legal or regulatory violations by Veea or its suppliers, agents and
employees. Any violation could cause severe reputational harm to Veea and a material adverse effect on Veea's business operations.
Additional impacts could include:
●
reduced
                                            or lost market access;
●
decreased
                                            ability for unrestricted use of Veea's global supply chain for all markets, e.g., as
                                            a result of import or export restrictions in the US and China;
15
●
increased
                                            trade restrictions, including economic sanctions and export controls, tariffs and increased
                                            costs which may not be recoverable;
●
separation
                                            of global standards for mobile telecommunication;
●
sourcing
                                            restrictions and constraints for access to hardware and software products and components;
●
reduced
                                            efficiency in research and development ("
R&D
") and restrictions
                                            in use of R&D resources;
●
deferrals
                                            of purchases, with lower revenues not fully compensated through reduced costs;
●
excess
                                            and obsolete inventories and excess manufacturing capacity;
●
financial
                                            difficulties or failures among Veea's suppliers;
●
impairment
                                            losses related to Veea's intangible assets as a result of lower forecasted sales of
                                            certain products; and
●
increased
                                            difficulties in forecasting sales and financial results as well as increased volatility in
                                            Veea's reported results.
If Veea fails to maintain effective internal
control over financial reporting or identify a material weakness or significant deficiency in its internal control over financial reporting,
Veea's ability to report its financial condition and results of operations in a timely and accurate manner could be adversely affected,
investor confidence in Veea company could diminish, and the value of its stock may decline.
Preparing Veea's consolidated
financial statements involves a number of complex manual and automated processes, which are dependent upon individual data input or review
and require significant management judgment. One or more of these processes may result in errors that may not be detected and could result
in a material misstatement or other errors of Veea's consolidated financial statements. Such errors may be more likely to occur
when implementing new systems and processes, particularly when implementing evolving and complex accounting rules. The Sarbanes-Oxley
Act of 2002 (the "
Sarbanes-Oxley Act
") requires, among other things, that as a publicly traded company, Veea
discloses whether our internal control over financial reporting and disclosure controls and procedures are effective.
A material weakness is a
deficiency, or combination of deficiencies, in internal controls over financial reporting such that there is a reasonable possibility
that a material misstatement of Veea's annual or interim financial statements will not be prevented or detected on a timely basis.
While Veea continually undertakes steps to improve Veea's internal controls over financial reporting as Veea's business changes,
Veea may not be successful in making the improvements and changes necessary to be able to identify and remediate control deficiencies
or material weaknesses on a timely basis. If Veea is unable to successfully remediate any current or future material weaknesses in Veea's
internal controls over financial reporting, the accuracy and timing of Veea's financial reporting may be adversely affected; Veea's
liquidity, access to capital markets and perceptions of Veea's creditworthiness may be adversely affected; Veea may be unable to
maintain compliance with securities laws, stock exchange listing requirements and debt instruments covenants regarding the timely filing
of periodic reports; Veea may be subject to regulatory investigations and penalties; investors may lose confidence in its financial reporting;
Veea may suffer defaults under Veea's debt instruments; and Veea's stock price may decline.
Risks Related to Our Intellectual Property
If Veea is unable to obtain and maintain
patent protection for Veea's products and other proprietary technologies Veea develops, or if the scope of the patent protection
obtained is not sufficiently broad, Veea's competitors could develop and commercialize products and technology similar or identical
to Veea's, and Veea's ability to successfully commercialize Veea's products and other proprietary technologies Veea
may develop may be adversely affected.
Veea's success depends
in large part on Veea's ability to obtain and maintain patent protection in the U.S. and other countries with respect to Veea's
products and other proprietary technologies Veea may develop. In order to protect Veea's proprietary position, Veea has filed and
intends to file additional patent applications in the U.S. and abroad relating to Veea's products and other proprietary technologies
Veea may develop; however, there can be no assurance that any such patent applications will issue as granted patents or that a granted
patent will provide sufficient coverage for Veea's products. If Veea is unable to obtain or maintain patent protection with respect
to Veea's products and other proprietary technologies Veea may develop, Veea's business, financial condition, results of
operations and prospects could be materially harmed.
16
The patent prosecution process
is expensive, time-consuming and complex, and Veea may not be able to file, prosecute, maintain, enforce, or license all necessary or
desirable patent applications at a reasonable cost or in a timely manner. It is also possible that Veea will fail to identify patentable
aspects of Veea's research and development output in time to obtain patent protection. Although Veea enters into non-disclosure
and confidentiality agreements with parties who have access to confidential or patentable aspects of Veea's research and development
output, such as Veea's employees, corporate collaborators, outside collaborators, contract manufacturers, consultants, advisors
and other third parties, any of these parties may breach the agreements and disclose such output before a patent application is filed,
thereby jeopardizing Veea's ability to seek patent protection. In addition, Veea's ability to obtain and maintain valid and
enforceable patents depends on whether the differences between Veea's inventions and the prior art allow Veea's inventions
to be patentable over the prior art. Furthermore, publications of discoveries in the scientific literature often lag behind the actual
discoveries, and patent applications in the U.S. and other jurisdictions are typically not published until 18 months after filing, or
in some cases not at all. Therefore, Veea cannot be certain that Veea or Veea's licensors were the first to make the inventions
claimed in any of Veea's owned or licensed patents or pending patent applications, or that Veea or Veea's licensors were
the first to file for patent protection of such inventions.
The patent position of technology
companies generally is highly uncertain and involves complex legal and factual questions. As a result, the issuance, scope, validity,
enforceability and commercial value of Veea's patent rights are highly uncertain. Veea's patent applications may not result
in patents being issued which protect Veea's products and other proprietary technologies which Veea may develop, or which effectively
prevent others from commercializing competitive technologies and products. In particular, Veea's ability to stop third parties
from making, using, selling, offering to sell, or importing products that infringe Veea's intellectual property will depend in
part on Veea's success in obtaining and enforcing patent claims that cover all of Veea's technology, inventions and improvements.
With respect to both licensed and company-owned intellectual property, Veea cannot be sure that patents will be granted with respect
to any of Veea's pending patent applications or with respect to any patent applications filed by us in the future. Moreover, even
issued patents do not provide Veea with the right to practice Veea's technology in relation to the commercialization of Veea's
products. Third parties may have blocking patents that could be used to prevent us from commercializing Veea's products and practicing
Veea's proprietary technology. Veea's issued patent as well as patents that may issue in the future that Veea owns or licenses
may be challenged, invalidated, or circumvented, which could limit Veea's ability to stop competitors from marketing related products
or limit the length of the term of patent protection that Veea may have for Veea's products. Furthermore, Veea's competitors
may independently develop similar technologies.
Additionally, issuance of
a patent is not conclusive as to its inventorship, scope, validity, or enforceability, and Veea's patents may be challenged in
the courts or patent offices in the U.S. and abroad. Veea may be subject to a third-party pre-issuance submission of prior art to the
U.S. Patent and Trademark Office ("
USPTO
") or in other jurisdictions, or become involved in opposition, derivation,
revocation, reexamination, post-grant and
inter partes
review, or other similar proceedings challenging Veea's patent rights.
An adverse determination in any such submission, proceeding or litigation could reduce the scope of, invalidate or render unenforceable,
Veea's patent rights, allow third parties to commercialize Veea's products and other proprietary technologies Veea may develop
and compete directly with Veea, without payment to Veea, or result in Veea's inability to manufacture or commercialize products
without infringing third-party patent rights. Such proceedings also may result in substantial cost and require significant time from
Veea's scientists and management, even if the eventual outcome is favorable to us.
In addition, if the breadth
or strength of protection provided by Veea's patents and patent applications is threatened, regardless of the outcome, it could
dissuade companies from collaborating with Veea to license, develop or commercialize current or future products.
17
Veea may not be able to protect Veea's
intellectual property rights throughout the world.
Filing, prosecuting, maintaining,
enforcing and defending patents and other intellectual property rights on Veea's technology and any products Veea may develop in
all jurisdictions throughout the world would be prohibitively expensive, and accordingly, Veea's intellectual property rights in
some jurisdictions outside the U.S. could be less extensive than those in the U.S. In some cases, Veea or Veea's licensors may
not be able to obtain patent or other intellectual property protection for certain technology and products outside the U.S. In addition,
the laws of some foreign jurisdictions do not protect intellectual property rights to the same extent as federal and state laws in the
U.S. Consequently, Veea and Veea's licensors may not be able to obtain issued patents or other intellectual property rights covering
any products Veea may develop and Veea's technology in all jurisdictions outside the U.S. and, as a result, may not be able to
prevent third parties from practicing Veea's and Veea's licensors' inventions in all countries outside the U.S., or
from selling or importing products made using Veea's inventions in and into the U.S. or other jurisdictions. For example, third
parties may use Veea's technologies in jurisdictions where Veea and Veea's licensors have not pursued and obtained patent
or other intellectual property protection to develop their own products and, further, may export otherwise infringing, misappropriating
or violating products to territories where Veea has patent or other intellectual property protection, but enforcement is not as strong
as that in the U.S.
Additionally, many companies
have encountered significant problems in protecting and defending intellectual property rights in foreign jurisdictions. The legal systems
of certain jurisdictions, particularly certain developing countries, do not favor the enforcement of patents, trade secrets and other
intellectual property protection, which could make it difficult for us to stop the infringement, misappropriation or other violation
of Veea's patent and other intellectual property rights or marketing of competing products in violation of Veea's intellectual
property rights generally. Proceedings to enforce Veea's or Veea's licensors' patent and other intellectual property
rights in foreign jurisdictions could result in substantial costs and divert Veea's efforts and attention from other aspects of
Veea's business, could put Veea's patent and other intellectual property rights at risk of being invalidated or interpreted
narrowly and Veea's patent applications at risk of not issuing and could provoke third parties to assert claims against us. Veea
or Veea's licensors may not prevail in any lawsuits that Veea or Veea's licensors initiate and, if Veea or Veea's licensors
prevail, the damages or other remedies awarded, if any, may not be commercially meaningful. Accordingly, Veea's efforts to enforce
Veea's intellectual property rights around the world may be inadequate to obtain a significant commercial advantage from the intellectual
property that Veea develop or license.
Many jurisdictions also
have compulsory licensing laws under which a patent owner may be compelled to grant licenses to third parties, and many jurisdictions
limit the enforceability of patents against government agencies or government contractors. In these jurisdictions, the patent owner may
have limited remedies, which could materially diminish the value of such patents. If Veea or any of Veea's licensors is forced
to grant a license to third parties with respect to any patents relevant to Veea's business, Veea's competitive position
may be impaired, and Veea's business, financial condition, results of operations and prospects may be adversely affected.
Issued patents covering products Veea may
develop could be found invalid or unenforceable if challenged in court or before administrative bodies in the U.S. or abroad.
Veea's owned and licensed
patent rights may be subject to priority, validity, inventorship and enforceability disputes. If Veea or Veea's licensors are unsuccessful
in any of these proceedings, such patent rights may be narrowed, invalidated or held unenforceable. The foregoing could have a material
adverse effect on Veea's business, financial condition, results of operations and prospects.
For example, if Veea or
one of Veea's licensors initiate legal proceedings against a third party to enforce a patent covering any of Veea's products
or Veea's technology, the defendant could counterclaim that the patent is invalid or unenforceable. In patent litigation in the
U.S., defendant counterclaims alleging invalidity or unenforceability are commonplace. Grounds for a validity challenge could be an alleged
failure to meet any of several statutory requirements, including lack of novelty, obviousness, lack of written description or non-enablement.
Grounds for an unenforceability assertion could be an allegation that someone connected with prosecution of the patent withheld information
material to patentability from the USPTO, or made a misleading statement, during prosecution. Third parties also may raise similar claims
before administrative bodies in the U.S. or abroad, even outside the context of litigation. Such mechanisms include re-examination, interference
proceedings, derivation proceedings, post grant review,
inter partes
review and equivalent proceedings such as opposition, invalidation
and revocation proceedings in foreign jurisdictions. Such proceedings could result in the revocation or cancellation of or amendment
to Veea's patents in such a way that they no longer cover one or more of Veea's products or Veea's technology or no
longer prevent third parties from competing with any products Veea may develop or Veea's technology. The outcome following legal
assertions of invalidity and unenforceability is unpredictable. Defense of these claims, regardless of their merit, would involve substantial
litigation expense and would be a distraction to management and other employees. With respect to the validity question, for example,
Veea cannot be certain that there is no invalidating prior art, of which the patent examiner and Veea or Veea's licensing partners
were unaware during prosecution. If a third party were to prevail on a legal assertion of invalidity or unenforceability, Veea could
lose at least part, and perhaps all, of the patent protection on one or more of Veea's products or technology. Such a loss of patent
protection could have a material adverse effect on Veea's business, financial condition, results of operations and prospects.
18
Obtaining and maintaining Veea's
patent protection depends on compliance with various procedural, document submission, fee payment, and other requirements imposed by
government patent agencies, and Veea's patent protection could be reduced or eliminated for non-compliance with these requirements.
Periodic maintenance fees,
renewal fees, annuity fees, and various other government fees on patents and applications will be due to be paid to the USPTO and various
government patent agencies outside of the U.S. over the lifetime of Veea's owned or licensed patents and applications. The USPTO
and various non-U.S. government agencies require compliance with several procedural, documentary, fee payment and other similar provisions
during the patent application process. In some cases, an inadvertent lapse can be cured by payment of a late fee or by other means in
accordance with the applicable rules. There are situations, however, in which non-compliance can result in abandonment or lapse of the
patent or patent application, resulting in a partial or complete loss of patent rights in the relevant jurisdiction. In such an event,
potential competitors might be able to enter the market with similar or identical products or technology, which could have a material
adverse effect on Veea's business, financial condition, results of operations, and prospects.
Changes in patent law in the U.S. or worldwide
could diminish the value of patents in general, thereby impairing Veea's ability to protect any products Veea may develop and Veea's
technology.
Changes in either the patent
laws or interpretation of patent laws in the U.S. and worldwide, including patent reform legislation such as the Leahy-Smith America
Invents Act (the "
Leahy-Smith Act
"), could increase the uncertainties and costs surrounding the prosecution
of any owned or in-licensed patent applications and the maintenance, enforcement or defense of any in-licensed issued patents and issued
patents Veea may own or in-license in the future. The Leahy-Smith Act includes a number of significant changes to U.S. patent law. These
changes include provisions that affect the way patent applications are prosecuted, redefine prior art, provide more efficient and cost-effective
avenues for competitors to challenge the validity of patents, and enable third-party submission of prior art to the USPTO during patent
prosecution and additional procedures to attack the validity of a patent at USPTO administered post-grant proceedings, including post-grant
review,
inter partes
review, and derivation proceedings. Assuming that other requirements for patentability are met, prior to
March 2013, in the U.S., the first to invent the claimed invention was entitled to the patent, while outside the U.S., the first to file
a patent application was entitled to the patent. After March 2013, under the Leahy-Smith Act, the U.S. transitioned to a first-to-file
system in which, assuming that the other statutory requirements for patentability are met, the first inventor to file a patent application
will be entitled to the patent on an invention regardless of whether a third party was the first to invent the claimed invention. As
such, the Leahy-Smith Act and its implementation could increase the uncertainties and costs surrounding the prosecution of Veea's
patent applications and the enforcement or defense of patents to issue, all of which could have a material adverse effect on Veea's
business, financial condition, results of operations and prospects.
In addition, the patent
positions of companies in the development and commercialization of biologics and pharmaceuticals are particularly uncertain. Recent U.S.
Supreme Court rulings have narrowed the scope of patent protection available in certain circumstances and weakened the rights of patent
owners in certain situations.
Depending on future actions
by the U.S. Congress, the federal courts and the USPTO, the laws and regulations governing patents could change in unpredictable ways
that could have a material adverse effect on Veea's patent rights and Veea's ability to protect, defend and enforce Veea's
patent rights in the future.
19
Veea may be subject to claims challenging
the inventorship or ownership of Veea's patent and other intellectual property rights.
Veea or Veea's licensors
may be subject to claims that former employees, collaborators or other third parties have an interest in Veea's owned or in-licensed
patent rights, trade secrets or other intellectual property as an inventor or co-inventor. For example, Veea or Veea's licensors
may have inventorship disputes arise from conflicting obligations of employees, consultants or others who are involved in developing
Veea's products or technology. Litigation may be necessary to defend against these and other claims challenging inventorship or
Veea's or Veea's licensors' ownership of Veea's owned or in-licensed patent rights, trade secrets or other intellectual
property. If Veea or Veea's licensors fail in defending any such claims, in addition to paying monetary damages, Veea may lose
valuable intellectual property rights, such as exclusive ownership of or right to use intellectual property that is important to any
products Veea may develop or Veea's technology. Even if Veea is successful in defending against such claims, litigation could result
in substantial costs and be a distraction to management and other employees. Any of the foregoing could have a material adverse effect
on Veea's business, financial condition, results of operations and prospects.
Veea may be subject to claims that Veea's
employees, consultants or advisors have wrongfully used or disclosed alleged trade secrets of their current or former employers or claims
asserting ownership of what Veea regards as Veea's own intellectual property.
Some of Veea's employees,
consultants and advisors are currently or were previously employed at other companies, including Veea's competitors or potential
competitors. Although Veea tries to ensure that Veea's employees, consultants and advisors do not use the proprietary information
or know-how of others in their work for us, Veea may be subject to claims that Veea or these individuals have used or disclosed intellectual
property, including trade secrets or other proprietary information, of any such individual's current or former employer. Litigation
may be necessary to defend against these claims. If Veea fails in defending any such claims, in addition to paying monetary damages,
Veea may lose valuable intellectual property rights or personnel. Even if Veea is successful in defending against such claims, litigation
could result in substantial costs and be a distraction to Veea's management.
In addition, while it is
Veea's policy to require Veea's employees and contractors who may be involved in the conception or development of intellectual
property to execute agreements assigning such intellectual property to us, Veea may be unsuccessful in executing such an agreement with
each party who, in fact, conceives or develops intellectual property that Veea regards as Veea's own. The assignment of intellectual
property rights may not be self-executing, or the assignment agreements may be breached, and Veea may be forced to bring claims against
third parties, or defend claims that they may bring against us, to determine the ownership of what Veea regards as Veea's intellectual
property. Such claims could have a material adverse effect on Veea's business, financial condition, results of operations and prospects.
Third-party claims of intellectual property
infringement, misappropriation or other violations against us or Veea's collaborators may prevent or delay the development and
commercialization of Veea's products and other proprietary technologies Veea may develop.
Veea's commercial
success depends in part on Veea's ability to avoid infringing, misappropriating and otherwise violating the patents and other intellectual
property rights of third parties. There is a substantial amount of complex litigation involving patents and other intellectual property
rights in the technology industry, as well as administrative proceedings for challenging patents, including interference, derivation,
reexamination,
inter partes
review and post-grant review proceedings before the USPTO or oppositions and other comparable proceedings
in foreign jurisdictions.
Numerous U.S. and foreign
issued patents and pending patent applications owned by third parties exist in the fields in which Veea is commercializing or plan to
commercialize Veea's products and in which Veea is developing other proprietary technologies. As the technology industry expands
and more patents are issued, the risk increases that Veea's products and commercializing activities may give rise to claims of
infringement of the patent rights of others. Veea cannot assure you that Veea's products and other proprietary technologies Veea
may develop will not infringe existing or future patents owned by third parties. Veea may not be aware of patents that have already been
issued and that a third party, for example, a competitor in the fields in which Veea is developing Veea's products, might assert
as infringed by us. It is also possible that patents owned by third parties of which Veea is aware or patents that may issue in the future
from patent applications owned by third parties of which Veea is aware, but which Veea does not believe Veea infringes or that Veea believes
Veea has valid defenses to any claims of patent infringement, could be found to be infringed by us, such as in connection with one or
more of Veea's products. In addition, because patent applications can take many years to issue, and the scope of any patent claims
that may ultimately issue are difficult to predict, there may be currently pending patent applications that may later result in issued
patents that Veea may infringe and that, as a result, could harm Veea's business.
20
In the event that any third-party
claims that Veea infringes their patents or that Veea is otherwise employing their proprietary technology without authorization and initiates
litigation against us, even if Veea believes such claims are without merit, a court of competent jurisdiction could hold that such patents
are valid, enforceable and infringed by us. In this case, the holders of such patents may be able to block Veea's ability to commercialize
the infringing products or technologies unless Veea obtains a license under the applicable patents, or until such patents expire or are
finally determined to be held invalid or unenforceable. Such a license may not be available on commercially reasonable terms or at all.
Even if Veea is able to obtain a license, the license would likely obligate us to pay license fees or royalties or both, and the rights
granted to us might be nonexclusive, which could result in Veea's competitors gaining access to the same intellectual property.
If Veea is unable to obtain a necessary license to a third-party patent on commercially reasonable terms, Veea may be unable to commercialize
the infringing products or technologies or such commercialization efforts may be significantly delayed, which could in turn significantly
harm Veea's business.
Defense of infringement
claims, regardless of their merit, would involve substantial litigation expense and would be a substantial diversion of management and
other employee resources from Veea's business, and may impact Veea's reputation. In the event of a successful claim of infringement
against us, Veea may be enjoined from further developing or commercializing the infringing products or technologies. In addition, Veea
may have to pay substantial damages, including treble damages and attorneys' fees for willful infringement, obtain one or more
licenses from third parties, pay royalties and/or redesign Veea's infringing products or technologies, which may be impossible
or require substantial time and monetary expenditure. In that event, Veea would be unable to further develop and commercialize Veea's
products or technologies, which could harm Veea's business significantly. Further, Veea cannot predict whether any required license
would be available at all or whether it would be available on commercially reasonable terms. Veea could be prevented from commercializing
a product, or be forced to cease some aspect of Veea's business operations, if, as a result of actual or threatened patent infringement
claims, Veea is unable to enter into licenses on acceptable terms.
Veea may in the future pursue
invalidity proceedings with respect to third-party patents. The outcome following legal assertions of invalidity is unpredictable. Even
if resolved in Veea's favor, these legal proceedings may cause us to incur significant expenses, and could distract Veea's
technical and management personnel from their normal responsibilities. In addition, there could be public announcements of the results
of hearings, motions or other interim proceedings or developments and if securities analysts or investors perceive these results to be
negative, it could have a substantial adverse effect on the price of Veea's common stock. Such proceedings could substantially
increase Veea's operating losses and reduce the resources available for development activities or any future sales, marketing or
distribution activities. If Veea does not prevail in the patent proceedings the third parties may assert a claim of patent infringement
directed at Veea's products.
Veea may become involved in lawsuits to
protect or enforce Veea's patents and other intellectual property rights, which could be expensive, time-consuming and unsuccessful.
Third parties, such as a
competitor, may infringe Veea's patent rights. In an infringement proceeding, a court may decide that a patent owned by Veea is
invalid or unenforceable or may refuse to stop the other party from using the invention at issue on the grounds that the patent does
not cover the technology in question. In addition, Veea's patent rights may become involved in inventorship, priority or validity
disputes. To counter or defend against such claims can be expensive and time-consuming. An adverse result in any litigation proceeding
could put Veea's patent rights at risk of being invalidated or interpreted narrowly. Furthermore, because of the substantial amount
of discovery required in connection with intellectual property litigation, there is a risk that some of Veea's confidential information
could be compromised by disclosure during this type of litigation.
21
Even if resolved in Veea's
favor, litigation or other legal proceedings relating to intellectual property claims may cause us to incur significant expenses and
could distract Veea's personnel from their normal responsibilities. In addition, there could be public announcements of the results
of hearings, motions or other interim proceedings or developments, and if securities analysts or investors perceive these results to
be negative, it could have a substantial adverse effect on the price of Veea's common stock. Such litigation or proceedings could
substantially increase Veea's operating losses and reduce the resources available for development activities or any future sales,
marketing or distribution activities. Veea may not have sufficient financial or other resources to conduct such litigation or proceedings
adequately. Some of Veea's competitors may be able to sustain the costs of such litigation or proceedings more effectively than
Veea can because of their greater financial resources and more mature and developed intellectual property portfolios. Uncertainties resulting
from the initiation and continuation of patent litigation or other proceedings could have a material adverse effect on Veea's ability
to compete in the marketplace.
If Veea's trademarks and trade names
are not adequately protected, then Veea may not be able to build name recognition in Veea's markets of interest and Veea's
business may be adversely affected.
Veea's registered
or unregistered trademarks or trade names may be challenged, infringed, circumvented or declared generic or determined to be infringing
on other marks. Veea may not be able to protect Veea's rights to these trademarks and trade names, which Veea need to build name
recognition among potential partners or customers in Veea's markets of interest. At times, competitors or other third parties may
adopt trade names or trademarks similar to ours, thereby impeding Veea's ability to build brand identity and possibly leading to
market confusion. In addition, there could be potential trade name or trademark infringement claims brought by owners of other registered
trademarks or trademarks that incorporate variations of Veea's registered or unregistered trademarks or trade names. Veea's
efforts to enforce or protect Veea's proprietary rights related to trademarks, trade names, domain name or other intellectual property
may be ineffective and could result in substantial costs and diversion of resources and could adversely affect Veea's business,
financial condition, results of operations and prospects.
Risks Related to Cybersecurity and Data Privacy
If Veea's security measures are breached
or fail and unauthorized access is obtained to a customer's data, Veea's service may be perceived as insecure, the attractiveness
of its services to current or potential customers may be reduced, and Veea may incur significant liabilities.
Veea's services involve
the web-based and data storage and transmission of customers' information. Veea relies on proprietary and commercially available
systems, software, tools and monitoring, as well as other processes, to provide security for processing, transmission and storage of
such information. Because of the sensitivity of this information and due to requirements under applicable laws and regulations, the effectiveness
of our security efforts is very important. If Veea's security measures are breached or fail as a result of third-party action,
acts of terror, social unrest, employee error, malfeasance or for any other reasons, someone may be able to obtain unauthorized access
to customer data. Improper activities by third-parties, advances in computer and software capabilities and encryption technology, new
tools and discoveries and other events or developments may facilitate or result in a compromise or breach of our security systems. Veea's
security measures may not be effective in preventing unauthorized access to the customer data stored on Veea's servers. If a breach
of our security occurs, Veea could face damages for contract breach, penalties for violation of applicable laws or regulations, possible
lawsuits by individuals affected by the breach and significant remediation costs and efforts to prevent future occurrences. In addition,
whether there is an actual or a perceived breach of Veea's security, the market perception of the effectiveness of Veea's
security measures could be harmed and Veea could lose current or potential customers.
Cybersecurity incidents may have a material
adverse effect on Veea's business, operations, financial performance, customer and vendor relationships, reputation and brand,
and may introduce the possibility of litigations or regulatory investigations or actions.
Veea's business operations
are vulnerable to cybersecurity incidents that may impact the confidentiality, availability or integrity of information assets, IT assets,
products, services, or solutions. These incidents may include data breaches, intrusions, espionage, data privacy infringements, leakage
of confidential or sensitive data, unauthorized or accidental modification of data and general malfeasance.
22
Events or incidents that
are caused as a result of vulnerabilities in software or products supplied to us could have a material adverse effect upon Veea, Veea's
business, financial performance, reputation and brand, potentially slowing operations, leaking valuable or sensitive information, personal
data or damaging Veea's products that have been installed in Veea's customers' networks.
It is possible that a cybersecurity
incident in Veea's operations or supply chain could have an adverse impact on the integrity of solutions or services provided by
Veea as well as Veea's ability to comply with legal, regulatory or contractual requirements. These incidents may include tampering
with components, the inclusion of backdoors or implants, the unintentional inclusion of vulnerabilities in components or software, and
cybersecurity incidents which prevent a supplier from being able to fulfil commitments to Veea.
Any cybersecurity incident
including unintended use, misconfiguration, or unintended actions, involving Veea's operations, supply chain, product development,
services, third-party providers or installed product base, could cause severe harm to Veea and could have a material adverse effect on
Veea's business, financial performance, customer and vendor relationships, reputation and brand, and may introduce the possibility
of litigation or regulatory investigations or actions.
The presence of vulnerabilities in Veea's
products, services or operations, may not be detected during product development and operations, and may be leveraged by a threat actor
to cause material harm to Veea or Veea's customers.
Vulnerabilities in Veea's
products, solutions or services not detected and treated during product development or solution delivery may be exploited by a threat
actor to cause harm to Veea's customers, end-users or Veea. Vulnerabilities could be brought in through different stages of the
product life cycle. In some situations, it may be hard to detect these vulnerabilities due to their location, or due to the fact that
they are unknown vulnerabilities, often referred to as "zero-day vulnerabilities." As almost any modern software can contain
open source and third-party components, so does software in networks, unmitigated security exposures can put Veea customers at varying
levels of risk and expose Veea to liabilities or loss of business.
Veea, Veea's partners, and others
who use Veea's services obtain and process a large amount of sensitive data. Any real or perceived improper or unauthorized use
of, disclosure of, or access to such data could harm Veea's reputation as a trusted brand, as well as have a material and adverse
effect on Veea's business.
Veea and Veea's partners
obtain and process large amounts of sensitive data, including data related to customers and their transactions as well as other users
of Veea's services. Veea faces risks, including to Veea's reputation as a trusted brand in the handling and protection of
this data, and these risks will increase as Veea's business continues to expand to include new products and technologies. Our operations
involve the storage and transmission of sensitive information of individuals. Veea has administrative, technical, and physical security
measures in place, and Veea has policies and procedures in place to contractually require third parties to whom Veea transfers data to
implement and maintain appropriate security measures. However, if Veea's security measures or those of the previously mentioned
third parties are inadequate or are breached as a result of third-party action, employee error, malfeasance, malware, phishing, hacking
attacks, system error, trickery, or otherwise, and, as a result, someone obtains unauthorized access to sensitive information, including
personally identifiable information or protected health information, on Veea's systems or Veea's partners' systems,
or if Veea suffers a ransomware or advanced persistent threat attack, or if any of the foregoing is reported or perceived to have occurred,
Veea's reputation and business could be damaged. If the sensitive information is lost or improperly disclosed or threatened to
be disclosed, Veea could incur significant liability and be subject to regulatory scrutiny and penalties, including costs associated
with remediation. Veea is also required to comply with ever-more stringent privacy regulations, the violation of which can lead to financial
penalties and reputational injury.
23
Risks Related to Compliance with Law, Government Regulation and
Litigation
Veea could experience penalties and adverse
rulings in enforcement or other proceedings for non-compliance with laws, rules and regulations governing its business (e.g., frequency
certifications).
Compliance with changed
laws, rules or regulations may subject Veea to increased costs or reduced products and services demand. Compliance failures as well as
required operational changes could have a material adverse impact on Veea, including its reputation, business, financial condition, results
of operations, cash flows or prospects.
Further, Veea develops many
of its products and services based on existing laws, rules, regulations and technical standards. Changes to existing laws, rules, regulations
and technical standards, or the implementation of new laws, rules, regulations and technical standards relating to products and services
not previously regulated, could adversely affect Veea's development efforts by increasing compliance costs and causing delay. Regulatory
changes related to e.g., license fees, environment, health and safety, privacy (including the cross-border transfer of personal data
for example between the EU and the US), and other regulatory areas may increase costs and restrict Veea's operations.
Veea is subject to certain US and other
anti-corruption (including anti-bribery, anti-money-laundering, dual use regulations, sanctions, terror finance and anti-terrorism) laws,
rules and regulations.
Veea is required to comply
with anti-corruption (including anti-bribery, anti-money-laundering, sanctions, terror finance and anti-terrorism) laws, rules and regulations
in the jurisdictions in which Veea does business. Veea has policies and procedures designed to assist us and our personnel in complying
with applicable laws, rules and regulations, but our employees and subcontractors may from time to time take actions that violate these
requirements. Actions by Veea's employees or subcontractors, or by third party intermediaries acting on its behalf in violation
of these laws, rules or regulations whether carried out in the US or elsewhere in connection with the conduct of Veea's business
may expose Veea to significant liability for violations of such laws, rules or regulations and may have a material adverse effect on
Veea, including its reputation, business, financial condition, results of operations, cash flows, or prospects.
Veea could be subject to additional tax
liabilities.
Veea is subject to federal,
state, and local income taxes in the United States and numerous foreign jurisdictions. Determining Veea's provision for income
taxes requires significant management judgment, and the ultimate tax outcome may be uncertain. In addition, Veea's provision for
income taxes is subject to volatility and could be adversely affected by many factors, including, among other things, changes to Veea's
operating or holding structure, changes in the amounts of earnings in jurisdictions with differing statutory tax rates, changes in the
valuation of deferred tax assets and liabilities, and changes in U.S. and foreign tax laws. Moreover, Veea is subject to the examination
of Veea's income tax returns by tax authorities in the U.S. and various foreign jurisdictions, which may disagree with Veea's
calculation of research and development tax credits, cross-jurisdictional transfer pricing, or other matters and assess additional taxes,
interest or penalties. While Veea regularly assesses the likely outcomes of these examinations to determine the adequacy of Veea's
provision for income taxes and Veea believes that its financial statements reflect adequate reserves to cover any such contingencies,
there can be no assurance that the outcomes of such examinations will not have a material impact on Veea's results of operations
and cash flows. If U.S. or other foreign tax authorities change applicable tax laws, Veea's overall taxes could increase, and Veea's
financial condition or results of operations may be adversely impacted.
Veea could become involved in lawsuits,
legal proceedings and investigations which, if determined unfavorably, could require Veea to pay substantial damages, fines and/or penalties.
In the normal course of
Veea's business Veea could become involved in legal proceedings, including such matters as commercial disputes, claims regarding
intellectual property, antitrust, tax and labor disputes, as well as government inquiries and investigations. Legal proceedings can be
expensive, lengthy and disruptive to normal business operations. Moreover, the results of complex legal proceedings are difficult to
predict. An unfavorable resolution of a particular matter could have a material adverse effect on Veea's business, operating results,
financial condition and reputation. As a publicly listed company, Veea may be exposed to lawsuits in which plaintiffs allege that Veea
or its officers have failed to comply with securities laws, stock market regulations or other laws, regulations or requirements. Whether
or not there is merit to such claims, the time and costs incurred to defend Veea and its officers and the potential settlement or compensation
to the plaintiffs could have significant impact on Veea's reported results and reputation.
24
Veea may fail to comply with environmental,
social and governance standards, which could negatively affect Veea, including its reputation, business, financial condition, results
of operations, cash flows or prospects.
Veea is subject to environmental,
social and governance laws, rules and regulations as well as sustainability and corporate responsibility requirements, and Veea expect
such laws, rules, regulations and other requirements to increase as governments impose new laws, rules, regulations or other requirements.
These laws, rules, regulations and other requirements have a high focus on anti-corruption (including anti-bribery, anti-money-laundering,
sanctions, terror finance and anti-terrorism). To ensure that Veea's operations are conducted in accordance with applicable laws,
rules, regulations and other requirements, Veea's employees are subject to ethical standards in its Employee Handbook and other
sources.
There is also an increased
demand from external stakeholders, for example investors, customers, suppliers and partners, for transparency about sustainability and
corporate responsibility issues that might be difficult to fulfill. If Veea fails to adequately meet these expectations, our business
may be adversely affected.
Potential health risks related to radiofrequency
electromagnetic fields may subject us to various product liability claims and result in regulatory changes.
The edge computing industry
is subject to claims that mobile devices including edge routers and associated computing devices and other equipment that generate radiofrequency
electromagnetic fields may expose individuals to health risks. At present, a substantial number of scientific reviews conducted by various
independent research bodies have concluded that radiofrequency electromagnetic fields, when used at levels within the limits prescribed
by public health authority safety standards and recommendations, cause no adverse effects to human health. However, any perceived risk
or new scientific findings of adverse health effects from mobile communication devices and equipment could adversely affect us through
a reduction in sales or through liability claims. Although Veea's products are designed to comply with currently applicable safety
standards and regulations regarding radio frequency electromagnetic fields, Veea cannot guarantee that Veea will not become the subject
of product liability claims. Veea also cannot guarantee that Veea will not be held liable for such claims or be required to comply with
future changed regulatory requirements. Veea may in addition be affected by regulatory or other restrictions imposed on Veea's
customers use of radio equipment that may have a material adverse effect on our business, operating results, financial condition, reputation
and brand.
Risks Related to our Common Stock
The price of the Common Stock may change,
even if Veea's business is doing well, and you could lose all or part of your investment as a result.
The trading price of shares
of Veea's Common Stock is likely to be volatile. The stock market recently has experienced extreme volatility. This volatility
often has been unrelated or disproportionate to the operating performance of particular companies. You may not be able to resell your
shares of the Common Stock at an attractive price due to a number of factors such as those listed elsewhere herein and the following:
●
results
                                            of operations that vary from the expectations of securities analysts and investors;
●
results
                                            of operations that vary from those of Veea's competitors;
●
changes
                                            in expectations as to Veea's future financial performance, including financial estimates
                                            and investment recommendations by securities analysts and investors;
●
declines
                                            in the market prices of stocks generally;
●
strategic
                                            actions by Veea or its competitors;
●
announcements
                                            by Veea or its competitors of significant contracts, acquisitions, joint ventures, other
                                            strategic relationships or capital commitments;
25
●
any
                                            significant change in Veea's management;
●
changes
                                            in general economic or market conditions (including changes in interest rates or inflation)
                                            or trends in Veea's industry or markets;
●
changes
    in business or regulatory conditions, including new laws or regulations or new interpretations of existing laws or regulations applicable
    to Veea's business;
●
future
    sales of the Common Stock or other securities;
●
dilution
    as a result of future exercises of Warrants;
●
investor
    perceptions of the investment opportunity associated with the Common Stock relative to other investment alternatives;
●
the public's
    response to press releases or other public announcements by Veea or third parties, including Veea's filings with the SEC;
●
litigation
    involving Veea, Veea's industry, or both, or investigations by regulators into Veea's Board, our operations or those
    of Veea's competitors;
●
guidance,
    if any, that Veea provides to the public, any changes in this guidance or Veea's failure to meet this guidance;
●
the development
    and sustainability of an active trading market for the Common Stock;
●
actions
    by institutional or activist stockholders;
●
changes
    in accounting standards, policies, guidelines, interpretations or principles; and
●
other
    events or factors, including those resulting from pandemics, natural disasters, war, acts of terrorism or responses to these events.
These broad market and industry
fluctuations may adversely affect the market price of the Common Stock, regardless of Veea's actual operating performance. In addition,
price volatility may be greater if the public float and trading volume of the Common Stock is low.
In the past, following periods
of market volatility, stockholders have instituted securities class action litigation. If Veea were involved in securities litigation,
it could have a substantial cost and divert resources and the attention of management from Veea's business regardless of the outcome
of such litigation.
Veea intends to file a registration statement
with the SEC on Form S-8 that will automatically become effective upon filing. Veea's issuance of additional shares of the Common
Stock or convertible securities could make it difficult for another company to acquire Veea, may dilute your ownership of Veea and could
adversely affect price of the Common Stock.
Veea intends to file a registration
statement with the SEC on Form S-8 providing for the registration of shares of the Common Stock issued or reserved for issuance under
the Incentive Equity Plan. Subject to the expiration of any applicable lock-ups, shares registered under the registration statement on
Form S-8 will automatically become effective upon filing and be available for resale immediately in the public market without restriction.
In addition, the shares
of the Common Stock reserved for future issuance under the Incentive Equity Plan will become eligible for sale in the public market once
those shares are issued, subject to provisions relating to various vesting agreements, lock-up agreements and, in some cases, limitations
on volume and manner of sale by affiliates under Rule 144, as applicable. 4,852,697 shares of the Common Stock (all of which may
be issued pursuant to the exercise of incentive stock options) are expected to be reserved for future issuance under the Incentive Equity
Plan, and such number is expected to increase by the lesser of three percent (3%) of the aggregate number of fully diluted shares of
Veea outstanding on the final day of the immediately preceding calendar year or such smaller number of shares as is determined by the
administrator of the Incentive Equity Plan.
26
Future sales, or the perception of future
sales, by Veea or its stockholders in the public market could cause the market price for shares of the Common Stock to decline, even
if Veea's business is doing well.
The sale of shares of the
Common Stock in the public market, or the perception that such sales could occur, could harm the prevailing market price of the Common
Stock. These sales, or the possibility that these sales may occur, also might make it more difficult for Veea to sell equity securities
in the future at a time and at a price that it deems appropriate.
Following the expiration
of the lock-ups under the Lock-Up Agreements, sales of a substantial number of shares of Common Stock in the public market could occur.
These sales, or the perception in the market that the holders of a large number of shares intend to sell shares, could reduce the market
price of the Common Stock. As restrictions on resale end and registration statements (filed after the Closing to provide for the resale
of such shares from time to time) are available for use, the sale or possibility of sale of these shares could have the effect of increasing
the volatility in the share price of the Common Stock or the market price of the Common Stock could decline if the holders of currently
restricted shares sell them or are perceived by the market as intending to sell them.
As a public reporting company, Veea is
subject to rules and regulations established from time to time by the SEC regarding its internal controls over financial reporting. If
Veea fails to establish and maintain effective internal controls over financial reporting and disclosure controls and procedures, it
may not be able to accurately report its financial results or report them in a timely manner, which could adversely affect Veea's
business.
Veea is a public reporting
company subject to the rules and regulations established from time to time by the SEC. These rules and regulations require, among other
things, and Veea establish and periodically evaluate, certain procedures with respect to its internal controls over financial reporting.
Reporting obligations as a public company are likely to place a considerable strain on Veea's financial and management systems,
processes, and controls, as well as on its personnel.
In addition, prior to the
Business Combination, Private Veea was not required to document and test its internal controls over financial reporting nor was Private
Veea's management required to certify the effectiveness of its internal controls, and its auditors have not been required to opine
on the effectiveness of Private Veea's internal controls over financial reporting. However, as a public company, Veea is required
to document and test its internal control over financial reporting pursuant to Section 404 of the Sarbanes-Oxley Act so that Veea's
management can certify as to the effectiveness of its internal controls over financial reporting by the time Veea's second annual
report is filed with the SEC and thereafter, which will require Veea to document and make significant changes to its internal controls
over financial reporting. As a public company, Veea is subject to the reporting requirements of the Exchange Act, the Sarbanes-Oxley
Act and the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, as well as rules adopted, and to be adopted, by the SEC
and Nasdaq, and other applicable securities rules and regulations, which impose various requirements on public companies, including the
establishment and maintenance of effective disclosure and financial controls and changes in corporate governance practices. Veea's
management and other personnel will need to devote a substantial amount of time to these public company requirements. Moreover, these
rules and regulations may substantially increase Veea's legal and financial compliance costs and may make some activities more
time-consuming and costly. Veea may need to hire additional legal, accounting and financial staff with appropriate public company experience
and technical accounting knowledge and maintain an internal audit function.
Veea will develop and refine
its disclosure controls and other procedures that are designed to ensure that information required to be disclosed by Veea in the reports
that it will file with the SEC is recorded, processed, summarized, and reported within the time periods specified in SEC rules and forms
and that information required to be disclosed in reports under the Exchange Act is accumulated and communicated to our principal executive
and financial officers. It is expected that Veea will improve its internal controls over financial reporting, which includes hiring additional
accounting and financial personnel to implement such processes and controls. It is expected that Veea will incur costs related to implementing
an internal audit and compliance function in the upcoming years to further improve its internal controls environment.
27
Veea incurs increased costs as a result
of being a public company.
As a publicly traded company,
Veea will incur significant legal, accounting, and other expenses that Veea was not required to incur prior to the closing of the Business
Combination, particularly after it is no longer an "emerging growth company." In addition, new and changing laws, regulations,
and standards relating to corporate governance and public disclosure, including changing regulations of the SEC and Nasdaq, have created
uncertainty for public companies and have increased the costs and the time that Veea's Board and management must devote to compliance.
Furthermore, the need to establish the corporate infrastructure demanded of a public company may divert Veea's management's
attention from implementing its growth strategy, which could negatively affect Veea's business, results of operations, and financial
condition.
The rules and regulations applicable to
public companies are expected to make it more expensive for Veea to obtain and maintain director and officer liability insurance, which
could adversely affect its ability to attract and retain qualified officers and directors.
The rules and regulations
applicable to public companies are expected to make it more expensive for Veea to obtain and maintain director and officer liability
insurance, and Veea may be required to accept reduced coverage or incur substantially higher costs to obtain coverage. The amount or
timing of additional costs that Veea may incur to respond to these requirements cannot be estimated or predicted. The potential for increased
personal liability could also make it more difficult for Veea to attract and retain qualified members of the Board, particularly to serve
on its audit committee and compensation committee, and qualified executive officers.
The unaudited Pro Forma financial information
included elsewhere in this prospectus may not be indicative of what Veea's actual financial position or results of operations would
have been.
Plum and Private Veea operated
as separate companies and had no prior history as a combined entity, and Plum's and Private Veea's operations have not previously
been managed on a combined basis. The Pro Forma financial information included in this prospectus is presented for informational purposes
only and is not necessarily indicative of the financial position or results of operations that would have actually occurred had the Business
Combination been completed at or as of the dates indicated, nor is it indicative of the future operating results or financial position
of Veea. The Pro Forma statement of operations does not reflect future nonrecurring charges resulting from the Business Combination.
The unaudited Pro Forma financial information does not reflect future events that may occur after the Business Combination and does not
consider potential impacts of future market conditions on revenues or expenses. The Pro Forma financial information included in the section
entitled "
Unaudited Pro Forma Condensed Combined Financial Information
" has been derived from Plum's and Private
Veea's historical financial statements and certain adjustments and assumptions have been made regarding Private Veea after giving
effect to the Business Combination. There may be differences between preliminary estimates in the Pro Forma financial information and
the final acquisition accounting, which could result in material differences from the Pro Forma information presented in this prospectus
in respect of the estimated financial position and results of operations of Veea.
In addition, the assumptions
used in preparing the Pro Forma financial information may not prove to be accurate and other factors may affect Veea's financial
condition or results of operations following the Closing. Any potential decline in Veea's financial condition or results of operations
may cause significant variations in Veea's stock price.
Veea is an emerging growth company and
a smaller reporting company within the meaning of the Securities Act, and if Veea takes advantage of certain exemptions from disclosure
requirements available to "emerging growth companies" or "smaller reporting companies," this could make its securities
less attractive to investors and may make it more difficult to compare its performance with other public companies.
Veea is an "emerging
growth company" within the meaning of the Securities Act, as modified by the JOBS Act, and Veea may take advantage of certain exemptions
from various reporting requirements that are applicable to other public companies that are not "emerging growth companies"
including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley
Act, reduced disclosure obligations regarding executive compensation in Veea's periodic reports and proxy statements, and exemptions
from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute
payments not previously approved. As a result, Veea's shareholders may not have access to certain information they may deem important.
Veea could be an emerging growth company for up to five years, although circumstances could cause it to lose that status earlier, including
if the market value of the Common Stock held by non-affiliates exceeds $700 million as of any June 30 before that time, in which case
Veea would no longer be an emerging growth company as of the following December 31. Veea cannot predict whether investors will find its
securities less attractive because Veea will rely on these exemptions. If some investors find Veea's securities less attractive
as a result of its reliance on these exemptions, the trading prices of its securities may be lower than they otherwise would be, there
may be a less active trading market for its securities and the trading prices of its securities may be more volatile.
28
Further, Section 102(b)(1)
of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until
private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class
of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS
Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging
growth companies but any such an election to opt out is irrevocable. Veea has not opted out of such extended transition period which
means that when a standard is issued or revised and it has different application dates for public or private companies, Veea, as an emerging
growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make
comparison of its financial statements with another public company which is neither an emerging growth company nor an emerging growth
company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting
standards used.
Additionally, Veea is a
"smaller reporting company" as defined in Item 10(f)(1) of Regulation S-K. Smaller reporting companies may take advantage
of certain reduced disclosure obligations, including, among other things, providing only two years of audited financial statements. Veea
will remain a smaller reporting company until the last day of the fiscal year in which (i) the market value of the Common Stock held
by non-affiliates exceeds $250 million as of the prior June 30, or (ii) its annual revenues exceeded $100 million during such completed
fiscal year and the market value of the Common Stock held by non-affiliates exceeds $700 million as of the prior June 30. To the extent
Veea takes advantage of such reduced disclosure obligations, it may also make comparison of its financial statements with other public
companies difficult or impossible.
A significant portion of Veea's total
outstanding shares are restricted from immediate resale but may be sold into the market in the near future. This could cause the market
price of the Common Stock to drop significantly, even if Veea's business is doing well.
Sales of a substantial number
of shares of Veea's Common Stock in the public market could occur at any time. These sales, or the perception in the market that
the holders of a large number of shares intend to sell shares, could reduce the market price of the Common Stock.
Although the Plum Sponsor
and certain of Veea's stockholders are subject to certain restrictions regarding the transfer of the Common Stock, these shares
may be sold after the expiration or early termination of the respective applicable lock-ups under the Lock-Up Agreements. Upon the effectiveness
of this registration statement and as restrictions on resale end, the market price of the Common Stock could decline if the holders of
currently restricted shares sell them or are perceived by the market as intending to sell them.
Veea's directors, executive officers
and principal stockholders have substantial control over Veea, which could limit Veea's ability to influence the outcome of key
transactions, including a change of control.
Veea's executive officers,
directors and principal stockholders and their affiliates own 21,012,263 shares of Veea's Common Stock, or approximately 58.8%
of the outstanding shares of the Common Stock. As a result, these stockholders will be able to exercise a significant level of control
over all matters requiring stockholder approval, including the election of directors and the approval of mergers, acquisitions or other
extraordinary transactions. They may also have interests that differ from yours and may vote in a way with which you disagree and which
may be adverse to Veea's interests. This concentration of ownership may have the effect of delaying, preventing or deterring a
change of control of Veea, could deprive Veea's stockholders of an opportunity to receive a premium for their common stock as part
of a sale of Veea and might ultimately affect the market price of the Common Stock.
Warrants exercised for Common Stock would
increase the number of shares eligible for future resale in the public market and result in dilution to its shareholders.
Outstanding Warrants to
purchase an aggregate of 12,640,544 shares of the Common Stock are exercisable in accordance with the terms of the Warrant Agreement.
The exercise price of these Warrants is $11.50 per share. To the extent such Warrants are exercised, additional shares of the Common
Stock will be issued, which will result in dilution to the holders of the Common Stock and increase the number of shares eligible for
resale in the public market. Sales of substantial numbers of such shares in the public market or the fact that such Warrants may be exercised
could adversely affect the prevailing market prices of the Common Stock. However, there is no guarantee that the Warrants will ever be
in the money prior to their expiration, and as such, the Warrants may expire worthless. See "
- The terms of the Warrants may
be amended in a manner adverse to a holder if holders of at least 50% of the then outstanding Public Warrants approve of such amendment
."
29
The terms of the Warrants may be amended
in a manner adverse to a holder if holders of at least 50% of the then outstanding Public Warrants approve of such amendment.
The Public Warrants were
issued in registered form under a Warrant Agreement between Continental, as warrant agent, and Plum. The Warrant Agreement provides that
the terms of the Warrants may be amended without the consent of any holder to cure any ambiguity or correct any defective provision or
correct any mistake, but requires the approval by the holders of at least 50% of the then-outstanding Public Warrants to make any change
that adversely affects the interests of the registered holders of Public Warrants. Accordingly, the Company may amend the terms of the
Public Warrants in a manner adverse to a holder if holders of at least 50% of the then-outstanding Public Warrants approve of such amendment
and, solely with respect to any amendment to the terms of the Private Placement Warrants or any provision of the Warrant Agreement with
respect to the Private Placement Warrants, 50% of the number of the then outstanding Private Placement Warrants. Although the Company's
ability to amend the terms of the Public Warrants with the consent of at least 50% of the then-outstanding Public Warrants is unlimited,
examples of such amendments could be amendments to, among other things, increase the exercise price of the Warrants, convert the Warrants
into cash, shorten the exercise period or decrease the number of shares of the Common Stock purchasable upon exercise of a Warrant.
Veea may redeem a Public Warrant holder's
unexpired Public Warrants prior to their exercise at a time that may be disadvantageous to such Public Warrant holder, thereby making
its Public Warrants worthless.
Veea will have the ability
to redeem outstanding Public Warrants at any time after they become exercisable and prior to their expiration, at a price of $0.01 per
Warrant, provided that the last reported sales price of the Common Stock equals or exceeds $18.00 per share (as adjusted for adjustments
to the number of shares issuable upon exercise or the exercise price of a Warrant) for any 20 trading-days within a 30 trading-day period
ending on the third trading day prior to the date Veea sends the notice of redemption to the Public Warrant holders. If and when the
Public Warrants become redeemable by Veea, Veea may exercise its redemption right even if Veea is unable to register or qualify the underlying
securities for sale under all applicable state securities laws. Redemption of the outstanding Public Warrants could force a Public Warrant
holder to: (i) exercise its Public Warrants and pay the exercise price at a time when it may be disadvantageous for such Public Warrant
holder to do so; (ii) sell its Public Warrants at the then-current market price when a warrant holder might otherwise wish to hold its
Warrants; or (iii) accept the nominal redemption price which, at the time the outstanding Public Warrants are called for redemption,
is likely to be substantially less than the market value of a Public Warrant holder's Public Warrants. None of the Private Placement
Warrants will be redeemable by Veea so long as they are held by their initial purchasers or their permitted transferees.
The value received upon
exercise of the Public Warrants (1) may be less than the value the holders would have received if they had exercised their Public Warrants
at a later time where the underlying share price is higher and (2) may not compensate the holders for the value of the Public Warrants.
30
A Public Warrant holder may only be able
to exercise its Public Warrants on a "cashless basis" under certain circumstances, and if a Public Warrant holder does so,
such Public Warrant holder will receive fewer the Common Stock from such exercise than if a Public Warrant holder were to exercise such
Public Warrants for cash.
The Warrant Agreement provides
that in the following circumstances holders of Warrants who seek to exercise their Public Warrants will not be permitted to do so for
cash and will, instead, be required to do so on a cashless basis in accordance with Section 3(a)(9) of the Securities Act: (i) if the
Common Stock issuable upon exercise of the Public Warrants are not registered under the Securities Act in accordance with the terms of
the Warrant Agreement; (ii) if Veea has so elected and the Common Stock are at the time of any exercise of a Public Warrant not listed
on a national securities exchange such that they satisfy the definition of "covered securities" under Section 18(b)(1) of
the Securities Act; and (iii) if Veea has so elected and it calls the Public Warrants for redemption. If you exercise your Public Warrants
on a cashless basis, you would pay the Warrant exercise price by surrendering all of the Public Warrants for that number of the Common
Stock equal to the less of (A) the quotient obtained by dividing (x) the product of the number of the Common Stock underlying the Public
Warrants, multiplied by the excess of the "fair market value" of the Common Stock (as defined in the next sentence) over
the exercise price of the Public Warrants by (y) the fair market value and (B) 0.361. The "fair market value" is the average
reported closing price of the Common Stock for the 10 trading-days ending on the third trading-day prior to the date on which the notice
of redemption is sent to the holders of the Public Warrants. As a result, you would receive fewer shares of the Common Stock from such
exercise than if you were to exercise such Public Warrants for cash.
There can be no assurance that the Public
Warrants will be in the money at the time they become exercisable, and they may expire worthless.
The exercise price for the
outstanding Public Warrants is $11.50 per share. There can be no assurance that such Public Warrants will be in the money following the
time they become exercisable and prior to their expiration, and as such, the Public Warrants may expire worthless.
The Warrant Agreement designates the courts
of the State of New York or the United States District Court for the Southern District of New York as the sole and exclusive forum for
certain types of actions and proceedings that may be initiated by holders of its Warrants, which could limit the ability of warrant holders
to obtain a favorable judicial forum for disputes with Plum.
Warrant Agreement provides
that, subject to applicable law, (i) any action, proceeding or claim against Plum arising out of or relating in any way to the Warrant
Agreement, including under the Securities Act, will be brought and enforced in the courts of the State of New York or the United States
District Court for the Southern District of New York, and (ii) that Plum irrevocably submits to such jurisdiction, which jurisdiction
shall be the exclusive forum for any such action, proceeding or claim. Plum will waive any objection to such exclusive jurisdiction and
that such courts represent an inconvenient forum.
Notwithstanding the foregoing,
these provisions of the Warrant Agreement will not apply to suits brought to enforce any liability or duty created by the Exchange Act
or any other claim for which the federal district courts of the United States of America are the sole and exclusive forum. Any person
or entity purchasing or otherwise acquiring any interest in any of its Warrants shall be deemed to have notice of and to have consented
to the forum provisions in its Warrant Agreement. If any action, the subject matter of which is within the scope of the forum provisions
of the Warrant Agreement, is filed in a court other than a court of the State of New York or the United States District Court for the
Southern District of New York (a "
Foreign Action
") in the name of any holder of Warrants, such holder shall
be deemed to have consented to: (x) the personal jurisdiction of the state and federal courts located in the State of New York in connection
with any action brought in any such court to enforce the forum provisions (an "
Enforcement Action
"), and (y)
having service of process made upon such Warrant holder in any such enforcement action by service upon such Warrant holder's counsel
in the foreign action as agent for such Warrant holder.
This choice-of-forum provision
may limit a Warrant holder's ability to bring a claim in a judicial forum that it finds favorable for disputes with Plum's,
which may discourage such lawsuits. Alternatively, if a court were to find this provision of the Warrant Agreement inapplicable or unenforceable
with respect to one or more of the specified types of actions or proceedings, Plum may incur additional costs associated with resolving
such matters in other jurisdictions, which could materially and adversely affect its business, financial condition and results of operations
and result in a diversion of the time and resources of its management and board of directors.
31
An active, liquid trading market for Veea's
securities may not develop, which may limit your ability to sell such securities.
An active trading market
for the Common Stock and the Warrants may never develop or be sustained. A public trading market having the desirable characteristics
of depth, liquidity and orderliness depends upon the existence of willing buyers and sellers at any given time, such existence being
dependent upon the individual decisions of buyers and sellers over which neither we nor any market maker has control. The failure of
an active and liquid trading market to develop and continue would likely have a material adverse effect on the value of the Common Stock
and the Warrants.
Reports published by analysts, including
projections in those reports that differ from Veea's actual results, could adversely affect the price and trading volume of its
common shares.
Securities research analysts
may establish and publish their own periodic projections for Veea. These projections may vary widely and may not accurately predict the
results Veea actually achieves. Veea's share price may decline if its actual results do not match the projections of these securities
research analysts. Similarly, if one or more of the analysts who write reports on Veea downgrades its stock or publishes inaccurate or
unfavorable research about its business, Veea's stock price could decline. If one or more of these analysts ceases coverage of
Veea or fails to publish reports on Veea regularly, Veea's stock price or trading volume could decline. If no analysts commence
coverage of Veea, the market price and volume for the Common Stock could be adversely affected.
In addition, fluctuations
in the price of Veea's securities could contribute to the loss of all or part of your investment. Prior to the Business Combination,
there was no public market for the stock of Veea. The trading price of Veea's securities could be volatile and subject to wide
fluctuations in response to various factors, some of which are beyond Veea's control. Any of the factors listed below could have
a material adverse effect on Veea's securities and Veea's securities may trade at prices significantly below the price you
paid for them. In such circumstances, the trading price of the Combined Company securities may not recover and may experience a further
decline.
Factors
affecting the trading price of Veea's securities may include:
●
actual
                                            or anticipated fluctuations in our financial results or the financial results of companies
                                            perceived to be similar to Veea;
●
changes
                                            in the market's expectations about Veea's operating results;
●
success
                                            of Veea's competitors;
●
operating
                                            results failing to meet the expectations of securities analysts or investors in a particular
                                            period;
●
changes
                                            in financial estimates and recommendations by securities analysts concerning Veea or the
                                            industry in which Veea operates in general;
●
operating
                                            and stock price performance of other companies that investors deem comparable to Veea;
●
changes
                                            in laws and regulations affecting Veea's business;
●
commencement
                                            of, or involvement in, litigation involving Veea;
●
changes
                                            in Veea's capital structure, such as future issuances of securities or the incurrence
                                            of debt;
●
the
                                            volume of shares of the Common Stock available for public sale;
●
any
                                            major change in the Board or management;
●
sales
                                            of substantial amounts of the Common Stock by its directors, executive officers or significant
                                            stockholders or the perception that such sales could occur; and
●
general
                                            economic and political conditions such as recessions, interest rates, fuel prices, international
                                            currency fluctuations and acts of war or terrorism.
32
Broad
market
and industry factors may materially harm the market price of Veea's securities irrespective of its operating performance.
The stock market in general has experienced extreme volatility that has often been unrelated to the operating performance of particular
companies. As a result of this volatility, you may not be able to sell your securities at or above the price at which they were acquired.
A loss of investor confidence in the market for the stocks of other companies which investors perceive to be similar to Veea could depress
its stock price regardless of Veea's business, prospects, financial conditions or results of operations. A decline in the market
price of Veea's securities also could adversely affect its ability to issue additional securities and its ability to obtain additional
financing in the future.
Veea may fail to meet its publicly announced
guidance or other expectations about its business, which would cause its stock price to decline.
Veea expects to provide
guidance regarding its expected financial and business performance, such as projections regarding sales and product development, as well
as anticipated future revenues, gross margins, profitability and cash flows. Correctly identifying key factors affecting business conditions
and predicting future events is inherently an uncertain process and Veea's guidance may not be accurate. If Veea's guidance
is not accurate or varies from actual results due to Veea's inability to meet Veea's assumptions or the impact on Veea's
financial performance that could occur as a result of various risks and uncertainties, the market value of the Common Stock could decline
significantly.
Veea does not intend to pay cash dividends
for the foreseeable future.
Veea intends to retain its
future earnings, if any, to finance the further development and expansion of its business and does not intend to pay cash dividends for
the foreseeable future. Any future determination to pay dividends will be at the discretion of the Board and will depend on Veea's
financial condition, results of operations, capital requirements, restrictions contained in future agreements and financing instruments,
business prospects and such other factors as its board of directors deems relevant.
Veea is subject to changing law and regulations
regarding public company regulatory matters, corporate governance and public disclosure that have increased and may continue to increase
Veea's costs and the risk of non-compliance.
Veea is and subject to rules
and regulations by various governing bodies applicable to public companies, including, for example, the SEC, which are charged with the
protection of investors and the oversight of companies whose securities are publicly traded, and to new and evolving regulatory measures
under applicable law. Veea's efforts to comply with new and changing laws and regulations have resulted in, and Veea's efforts
to comply with new and changing laws and regulations likely will result in, increased general and administrative expenses and a diversion
of management time and attention.
Moreover, because these
laws, regulations and standards are subject to varying interpretations, their application in practice may evolve over time as new guidance
becomes available. This evolution may result in continuing uncertainty regarding compliance matters and additional costs necessitated
by ongoing revisions to Veea's disclosure and governance practices. If Veea fails to address and comply with these regulations
and any subsequent changes, Veea may be subject to penalty and its business may be harmed.
Veea's business and operations could
be negatively affected if it becomes subject to any securities litigation or stockholder activism, which could cause Veea to incur significant
expense, hinder execution of business and growth strategy and impact its stock price.
In the past, following periods
of volatility in the market price of a company's securities, securities class action litigation has often been brought against
that company. Shareholder activism, which could take many forms or arise in a variety of situations, has been increasing recently. Volatility
in the stock price of the Common Stock or other reasons may in the future cause it to become the target of securities litigation or stockholder
activism. Securities litigation and stockholder activism, including potential proxy contests, could result in substantial costs and divert
management's and the Board's attention and resources from Veea's business. Additionally, such securities litigation
and stockholder activism could give rise to perceived uncertainties as to Veea's future, adversely affect its relationships with
suppliers, service providers and customers and make it more difficult to attract and retain qualified personnel. Also, Veea may be required
to incur significant legal fees and other expenses related to any securities litigation and activist stockholder matters.
Further, Veea's stock
price could be subject to significant fluctuation or otherwise be adversely affected by the events, risks and uncertainties of any securities
litigation and stockholder activism.
33
Delaware law and the Governing Documents
contain certain provisions, including anti-takeover provisions, that limit the ability of stockholders to take certain actions and could
delay or discourage takeover attempts that stockholders may consider favorable.
The Governing Documents
and the DGCL contain provisions that could have the effect of rendering more difficult, delaying, or preventing an acquisition deemed
undesirable by the Board and therefore depress the trading price of the Common Stock. These provisions could also make it difficult for
stockholders to take certain actions, including electing directors who are not nominated by the current members of the Board or taking
other corporate actions, including effecting changes in Veea's management. Among other things, the Governing Documents include
provisions regarding:
●
providing
                                            for a classified board of directors with staggered, three-year terms;
●
the
                                            ability of the Board to issue shares of preferred stock, including "blank check"
                                            preferred stock and to determine the price and other terms of those shares, including preferences
                                            and voting rights, without stockholder approval, which could be used to significantly dilute
                                            the ownership of a hostile acquirer;
●
Veea's
                                            Charter prohibits cumulative voting in the election of directors, which limits the ability
                                            of minority stockholders to elect director candidates;
●
the
                                            limitation of the liability of, and the indemnification of, Veea's directors and officers;
●
removal
                                            of the ability of the stockholders to take action by written consent in lieu of a meeting;
●
the
                                            requirement that a special meeting of stockholders may be called only by or at the direction
                                            of the Board, the chairperson of the Board or the chief executive officer of Veea, which
                                            could delay the ability of stockholders to force consideration of a proposal or to take action,
                                            including the removal of directors;
●
controlling
                                            the procedures for the conduct and scheduling of board of directors and stockholder meetings;
●
the
                                            ability of the Board to amend the bylaws, which may allow the Board to take additional actions
                                            to prevent an unsolicited takeover and inhibit the ability of an acquirer to amend the bylaws
                                            to facilitate an unsolicited takeover attempt; and
●
advance
                                            notice procedures with which stockholders must comply to nominate candidates to the Board
                                            or to propose matters to be acted upon at a stockholders' meeting, which could preclude
                                            stockholders from bringing matters before annual or special meetings of stockholders and
                                            delay changes in the Board, and also may discourage or deter a potential acquirer from conducting
                                            a solicitation of proxies to elect the acquirer's own slate of directors or otherwise
                                            attempting to obtain control of Veea.
These provisions, alone
or together, could delay or prevent hostile takeovers and changes in control or changes in the Board or management.
34
Veea's Charter designates the Delaware
Court of Chancery or the United States federal district courts as the sole and exclusive forum for substantially all disputes between
Veea and its stockholders, which could limit Veea's stockholders' ability to obtain a favorable judicial forum for disputes
with Veea or its directors, officers, stockholders, employees or agents.
The Charter provides that,
unless Veea consents in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware shall be the
sole and exclusive forum for state law claims for (i) any derivative action or proceeding brought on behalf of Veea; (ii) any action,
suit or proceeding asserting a claim of breach of a fiduciary duty owed by any current or former director, officer or other employee,
agent or stockholder of Veea against it or against its stockholders, (iii) any action, suit or proceeding asserting a claim against Veea,
its current or former directors, officers, employees, agents or stockholders arising pursuant to any provision of the DGCL or the Charter
or Bylaws, or (iv) any action, suit or proceeding asserting a claim against Veea, its current or former directors, officers, employees,
agents or stockholders governed by the internal affairs doctrine. The foregoing provisions will not apply to any claims as to which the
Delaware Court of Chancery determines that there is an indispensable party not subject to the jurisdiction of such court, which is rested
in the exclusive jurisdiction of a court or forum other than such court (including claims arising under the Exchange Act), or for which
such court does not have subject matter jurisdiction, or to any claims arising under the Securities Act and, unless Veea consents in
writing to the selection of an alternative forum, the United States District Court for the District of Delaware will be the sole and
exclusive forum for resolving any action asserting a claim arising under the Securities Act.
Section 22 of the Securities
Act creates concurrent jurisdiction for federal and state courts over all suits brought to enforce any duty or liability created by the
Securities Act or the rules or regulations thereunder. Accordingly, both state and federal courts have jurisdiction to entertain such
Securities Act claims. To prevent having to litigate claims in multiple jurisdictions and the threat of inconsistent or contrary rulings
by different courts, among other considerations, Veea's Charter provides that, unless Veea consents in writing to the selection
of an alternative forum, United States District Court for the District of Delaware shall be the exclusive forum for the resolution of
any complaint asserting a cause of action arising under the Securities Act. There is uncertainty as to whether a court would enforce
the forum provision with respect to claims under the federal securities laws.
This choice of forum provision
in the Charter may limit a stockholder's ability to bring a claim in a judicial forum that it finds favorable for disputes with
Veea or any of Veea's directors, officers, or other employees, which may discourage lawsuits with respect to such claims. There
is uncertainty as to whether a court would enforce such provisions, and the enforceability of similar choice of forum provisions in other
companies' charter documents has been challenged in legal proceedings. It is possible that a court could find these types of provisions
to be inapplicable or unenforceable, and if a court were to find the choice of forum provision contained in the Charter to be inapplicable
or unenforceable in an action, Veea may incur additional costs associated with resolving such action in other jurisdictions, which could
harm Veea's business, results of operations and financial condition. Furthermore, investors cannot waive compliance with the federal
securities laws and rules and regulations thereunder.
The Charter provides for indemnification
of officers and directors of Veea at Veea's expense, which may result in a significant cost to Veea and hurt the interests of its
stockholders because corporate resources may be expended for the benefit of officers and/or directors.
The Charter and applicable
Delaware law provide for the indemnification of Veea's directors and officers, under certain circumstances, against any liability,
action, proceeding, claim, demand, costs, damages or expenses, including legal expenses, whatsoever which they or any of them may incur
as a result of any act or failure to act in carrying out their functions in connection with Veea, other than such liability (if any)
that they may incur by reason of their own actual fraud, dishonesty, willful neglect or willful default. Veea will also bear the expenses
of such litigation for any of its directors or officers, upon such person's undertaking to repay any amounts paid, advanced, or
reimbursed by Veea if it is ultimately determined that any such person shall not have been entitled to indemnification. This indemnification
policy could result in substantial expenditures by Veea that we will be unable to recoup.
35
ELOC FINANCING
On December 2, 2024, the
Company entered into a Common Stock Purchase Agreement with White Lion and a related Registration Rights Agreement (the "RRA").
Pursuant to the ELOC Purchase Agreement, the Company has the right, but not the obligation, to require White Lion to purchase, from time
to time, up to $25.0 million in aggregate gross purchase price of newly issued Common Stock, subject to certain limitations and conditions
set forth in the ELOC Purchase Agreement.
Subject to the satisfaction
of certain customary conditions including, without limitation, the effectiveness of the registration statement of which this prospectus
forms a part (the "Registration Statement") registering the resale of the shares issuable pursuant to the ELOC Purchase Agreement,
the Company's right to sell shares to White Lion commenced on the date of the execution of ELOC Purchase Agreement and extends
until (i) 24 months from the date of execution of the ELOC Purchase Agreement (the "Commitment Period").
During the Commitment Period,
subject to the terms and conditions of the ELOC Purchase Agreement, the Company may exercise its right to sell its Common Stock. The
Company may deliver a Regular Purchase Notice (as such term is defined in the ELOC Purchase Agreement), pursuant to which the Company
can require White Lion to purchase shares of Common Stock and opt for the purchase price per share to be (i) 98% of the lowest daily
VWAP during the three consecutive business days after notice is delivered ("Regular Purchase Price Option 1") or (ii) 96.5%
of the daily VWAP on the day notice is delivered ("Regular Purchase Price Option 2"). The number of shares that the Company
can require White Lion to purchase pursuant to a Regular Purchase Notice is subject to a limit of the lesser of:
●
$2.0 million divided
                                            by the closing sale price of the Common Stock on the day prior to the day notice is delivered
                                            (the "Fixed Limit");
●
100% of Average
                                            Daily Trading Volume (as such term is defined in the ELOC Purchase Agreement) for Regular
                                            Purchase Price Option 1, or 50% of Average Daily Trading Volume for Regular Purchase Price
                                            Option 2; and
●
a dollar amount
                                            equal to the quotient of (x) the product of (i) the Average Daily Trading Volume prior to
                                            the effectiveness of the Registration Statement (the "Effective Date"), (ii)
                                            the closing price on the Effective Date and (iii) 100% for Regular Purchase Price Option
                                            1 and 50% for Regular Purchase Price Option 2 and (y) the closing price on the day prior
                                            to the day notice is delivered.
The Company may also deliver
a Rapid Purchase Notice (as such term is defined in the ELOC Purchase Agreement), pursuant to which the Company may require White Lion
to purchase shares of Common Stock at a purchase price per share equal to the lowest traded price of the Common Stock on the date that
the notice is delivered. The number of shares that the Company can require White Lion to purchase pursuant to a Rapid Purchase Notice
is subject to the Fixed Limit.
No purchase notice shall
result in White Lion beneficially owning (as calculated pursuant to Section 13(d) of the Securities Exchange Act of 1934, as amended,
and Rule 13d-3 thereunder) more than 4.99% (subject to increase, in the sole discretion of White Lion, to 9.99%) of the number of shares
of Common Stock outstanding immediately prior to the issuance of Common Stock issuable pursuant to a purchase notice.
The Company has the right
to terminate the ELOC Purchase Agreement in the event of a material breach of the ELOC Purchase Agreement by White Lion. The ELOC Purchase
Agreement also automatically terminates upon the earlier of (i) the end of the Commitment Period and (ii) the date that the Company commences
a voluntary bankruptcy proceeding, a custodian is appointed for the Company or for all or substantially all of its property, or the Company
makes a general assignment for the benefit of its creditors.
In consideration for the
commitments of White Lion, as described above, the Company has agreed that it will issue to White Lion an amount of Common Stock equal
to $25,000 divided by the average VWAP of the Common Stock 10 days prior to the the earlier of (i) the business day prior to the effectiveness
of the Registration Statement or (ii) the business day prior to the date that White Lion delivers a written request to the Company for
such shares (the "Commitment Shares"). The Commitment Shares will be fully earned by White Lion regardless of termination
of the ELOC Purchase Agreement.
36
Concurrently with the ELOC
Purchase Agreement, the Company entered into the RRA with White Lion, pursuant to which the Company agreed to file, within 30 days following
the execution of the ELOC Purchase Agreement, the Registration Statement with the SEC covering the resale by White Lion of the number
of shares determined appropriate by the Company and permitted to be included therein in accordance with applicable SEC rules, regulations
and interpretations and the Commitment Shares. The RRA also contains usual and customary damages provisions for failure to file and failure
to have the Registration Statement declared effective by the SEC within the time periods specified therein.
The ELOC Purchase Agreement
and the RRA contain customary representations, warranties, conditions and indemnification obligations of the parties. The representations,
warranties and covenants contained in such agreements were made only for purposes of such agreements and as of specific dates, were solely
for the benefit of the parties to such agreements and may be subject to limitations agreed upon by the contracting parties.
Effect of Sales of our Common Stock under the ELOC Purchase Agreements
on our Stockholders
The Common Stock being registered
for resale in this offering may be issued and sold by us to the selling stockholder from time to time at our discretion, during the terms
described above. The resale by the selling stockholder of a significant quantity of shares registered for resale in this offering at
any given time, or the perception that these sales may occur, could cause the market price of our Common Stock to decline and to be highly
volatile. Sales of our Common Stock, if any, to White Lion under the ELOC Purchase Agreement will be determined by us in our sole discretion,
subject to the satisfaction of certain conditions in the ELOC Purchase Agreement, and will depend upon market conditions and other factors.
We may ultimately decide to sell to White Lion all, some or none of the Common Stock that may be available for us to sell to White Lion
pursuant to the ELOC Purchase Agreement. If we elect to sell Common Stock to White Lion pursuant to the ELOC Purchase Agreement, after
White Lion has acquired such shares, White Lion may resell all, some or none of such Common Stock at any time or from time to time in
its discretion and at different prices. As a result, investors who purchase Common Stock from White Lion in this offering at different
times will likely pay different prices for those shares of Common Stock, and so may experience different levels of dilution and in some
cases substantial dilution and different outcomes in their investment results. See "
Risk Factors
—
Risks Related
to the Committed Equity Financings
—
Investors who buy shares of Common Stock from White Lion at different times will likely
pay different prices
."
Investors may experience
a decline in the value of the Common Stock they purchase from White Lion in this offering as a result of future sales made by us to White
Lion at prices lower than the prices such investors paid for their shares in this offering. In addition, if we sell a substantial number
of shares of Common Stock to White Lion under the White Lion ELOC Purchase Agreement, or if investors expect that we will do so, the
actual sales of Common Stock or the mere existence of our arrangement with White Lion may make it more difficult for us to sell equity
or equity-related securities in the future at a time and at a price that we might otherwise wish to effect such sales.
Because the purchase price per share to be paid by White Lion for the
Common Stock that we may elect to sell to White Lion under the ELOC Purchase Agreement, if any, will fluctuate based on the market prices
of our Common Stock at the time we make such election, as of the date of this prospectus, it is not possible for us to predict the number
of shares of Common Stock that we will sell to White Lion under the ELOC Purchase Agreement, the actual purchase price per share to be
paid by White Lion for those shares of Common Stock, or the actual gross proceeds to be raised by us from those sales, if any. As of December
10, 2024, there were 35,766,411 shares of Common Stock outstanding. If all of the 9,166,081 shares of our Common Stock offered for resale
by the selling stockholder under this prospectus were issued and outstanding as of December 10, 2024, such shares would represent approximately
25.7% of total number of shares of our Common Stock outstanding. The actual number of shares of our Common Stock issuable will vary depending
on the then current market price of shares of our Common Stock sold to the selling stockholder in this offering.
The number of shares of
Common Stock ultimately offered for sale by the selling stockholder for resale under this prospectus is dependent upon the number of
shares of Common Stock, if any, we ultimately sell to White Lion under the ELOC Purchase Agreement. Further, if and when we elect to
sell shares of Common Stock to White Lion pursuant to the ELOC Purchase Agreement, after White Lion has acquired such shares, White Lion
may resell all, some or none of such shares of Common Stock at any time or from time to time in its discretion and at different prices.
37
The issuance of our shares
of Common Stock to the selling stockholder pursuant to the ELOC Purchase Agreement will not affect the rights or privileges of our existing
stockholders, except that the economic and voting interests of each of our existing stockholders will be diluted. Although the number
of shares of Common Stock that our existing stockholders own will not decrease, the shares of Common Stock owned by our existing stockholders
will represent a smaller percentage of our total outstanding shares of Common Stock after any such issuance.
Although the ELOC Purchase
Agreement provides that we may sell up to an aggregate of $25.0 million of shares of our Common Stock to White Lion, only 9,166,081 shares
(assuming the shares are sold at a price of $2.73 per share) are being registered for resale under the registration statement that includes
this prospectus. If it becomes necessary for us to issue and sell more shares than are being registered for resale under this prospectus
in order to receive aggregate gross proceeds equal to $25.0 million under the ELOC Purchase Agreement, we must first file with the SEC
one or more additional registration statements to register under the Securities Act the resale by White Lion of any such additional shares
of our Common Stock we wish to sell from time to time under the ELOC Purchase Agreement, which the SEC must declare effective, in each
case, before we may elect to sell any additional shares of our Common Stock to White Lion under the ELOC Purchase Agreement.
For illustrative purposes only, the following
table sets forth the number of shares of Common Stock to be issued to White Lion under the ELOC Purchase Agreement registered hereunder
at varying purchase prices:
Assumed Average
Purchase Price
Per Share
Number of Registered
Shares to be Issued if
Full Purchase
(1)
Percentage of
Outstanding Shares
After Giving Effect
to the Issuance to
White Lion
(2)
Gross Proceeds
from the Sale of Shares
to White Lion
Under the
Purchase
Agreement
$
1.00
25,000,000
41.2
%
$
25,000,000
$
2.73
(3)
9,157,509
20.4
%
$
25,000,000
$
3.00
9,193,579
20.5
%
$
25,000,000
$
4.00
6,250,000
14.9
%
$
25,000,000
$
5.00
5,000,000
12.3
%
$
25,000,000
Notes to table:
(1)
The
                                            purchase prices assume a discount to the market prices of our shares, in accordance with
                                            the ELOC Purchase Agreement.
(2)
The
                                            denominator is based on 35,766,411 shares outstanding as of December 10, 2024, adjusted to include
                                            the number of shares set forth in the adjacent column that we would have sold to White Lion,
                                            assuming the average purchase price in the first column. The numerator is based on the number
                                            of shares issuable pursuant to future sales under the ELOC Purchase Agreement (that are the
                                            subject of this offering) at the corresponding assumed average purchase price set forth in
                                            the first column.
(3)
The ten-day volume weighted average closing price of our Common Stock
on December 9, 2024.
38
USE OF PROCEEDS
We will not receive any
proceeds from the sale of Common Stock by the selling stockholder pursuant to this prospectus. We may receive up to $25.0 million in
aggregate gross proceeds from White Lion under the ELOC Purchase Agreement in connection with sales of the shares of our Common Stock
pursuant to the ELOC Purchase Agreement after the date of this prospectus. However, the actual proceeds from White Lion may be less than
this amount depending on the number of shares of our Common Stock sold and the price at which the shares of our Common Stock are sold.
The selling securityholder
will pay any underwriting fees, discounts, selling commissions, stock transfer taxes, and certain legal expenses incurred by it in disposing
of its shares of Common Stock, and we will bear all other costs, fees, and expenses incurred in effecting the registration of such securities
covered by this prospectus, including, without limitation, all registration and filing fees, Nasdaq listing fees, and fees and expenses
of our counsel and our independent registered public accountants.
39
DETERMINATION OF OFFERING
PRICE
We cannot currently determine
the price or prices at which shares of Common Stock may be sold by the selling securityholder under this prospectus.
MARKET
INFORMATION FOR COMMON STOCK AND DIVIDEND POLICY
Market Information
Our Common Stock and Public
Warrants are currently listed on Nasdaq under the symbols "VEEA" and "VEEAW", respectively. As of December 11,
2024, there were 231 holders of record of our Common Stock and two holder of record of our Public Warrants. The actual number of holders
of our Common Stock and Warrants is greater than the number of record holders and includes holders of our Common Stock and Warrants whose
shares of Common Stock or Warrants are held in street name by brokers and other nominees.
Dividend Policy
The Company has not paid
any cash dividends on its shares of its common stock to date. The payment of cash dividends in the future will be dependent upon our
revenues and earnings, if any, capital requirements and general financial condition. The payment of any dividends will be within the
discretion of the Board.
40
BUSINESS
Business Overview
We were originally incorporated
under the name "Plum Acquisition Corp. I." as a blank check company incorporated as a Cayman Islands exempted company and
formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar Business
Combination with one or more businesses. As discussed in this prospectus, we completed the Business Combination with Veea on September
13, 2024 and changed our name to "Veea Inc."
Veea is a provider of edge
computing and communications devices (i.e., "
VeeaHub
" devices), applications and services hosted on its edge
Platform-as-a-Service ("
ePaaS
"). Veea Edge Platform ePaaS is an end-to-end platform that is both locally- and
cloud-managed. VeeaHub products are converged computing and communications (i.e., hyperconverged) indoor and outdoor devices, about the
size of a Wi-Fi Access Point (AP), that provide for networking and computing solutions for AI-assisted applications and solutions at
the edge where people, places, and things connect to the network. Veea's ePaaS architecture and business model is similar to Apple's
platform architecture and business model for iPhones and iPads but extended to hyperconverged VeeaHub devices offered by Veea.
Veea Edge Platform provides
for highly secure connectivity, computing, and IoT solutions through full stack platform for digital transformation of industries as
well as unserved or underserved communities that lack Internet connectivity and essential applications and services. It further enables
the formation of highly secure, but easily accessible, private clouds and networks across one or multiple user(s) or enterprise location(s)
across the globe. We have redefined and simplified edge computing and connectivity with Veea Edge Platform, easily deployable products
that fully integrate hardware, system software, technologies, and edge applications. We are demonstrating, globally, that the Platform
enables our partners and customers to champion digital transformations in multiple vertical markets.
Through our innovative Veea
Edge Platform, we have created a new product category that brings cloud capabilities close to the user, as an alternative to cloud computing,
with benefits in optimal latency, lower data transport costs, data privacy, security and ownership, Edge AI, "always-on"
availability at the edge for mission critical applications, and contextual awareness for people, devices and things connected to the
Internet. Gartner has recognized the innovativeness and capabilities of the platform by naming Veea a Leading Smart Edge Platform in
2023 and Cool Vendor in Edge Computing in 2021. Market Reports World in its research report published in October 2023 named Veea as one
of the top 10 Edge AI solution providers alongside of IBM, Microsoft, Amazon Web Services ("
AWS
") and others.
Veea was founded in 2014
by Allen Salmasi, our Chief Executive Officer and a pioneering wireless technology leader. Mr. Salmasi helped to drive industry transformation
through his contributions to the development of CDMA/TDMA-based OmniTRACS, the largest mobile satellite messaging and position reporting
system with integrated IoT solutions during the 1980s and in the 1990s; 2G/3G technology and products at Qualcomm in 1990s; 4G technology
and products at NextWave during the 2000s, and hyper-converged edge computing and communications during the 2010s; and beyond with Veea.
At Veea, Mr. Salmasi has assembled a talented and experienced management and engineering team that includes former senior executives
of leading technology, telecom, SaaS, and wireless companies that possess a deep understanding of wireless technologies, mesh networking
and edge computing.
Veea 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.
41
Our Target Markets
Digital Equity and Inclusion
As noted in the GSMA Mobile
Economy 2023 report, one-third of the world's population lacks Internet access due to limited or no access to cost-effective network
infrastructure and services. The Wi-Fi Alliance estimated in their 2021 Global Economic Value of Wi-Fi report, that bridging this "digital
divide" would result in global economic value growth on the order of $4.9 trillion by 2025. We are actively involved in planning
and executing deployments in Southeast Asia, West Africa and the Americas, using our technologies that uniquely address this global opportunity.
Our vTBA provides an affordable,
accessible, and comprehensive solution to address for this "digital divide." vTBA enables the virtualization of Wi-Fi network
capabilities across access points, consumers of Wi-Fi services, and connected devices. These network capabilities are "sliced,"
meaning that traffic throughput, latency, and priority of service can be tailored to the requirements of the applications for, or the
Service Level Agreements ("
SLAs
") with the enterprise and consumer markets. This is achieved by using cloud-based
policy definition and locally based policy enforcement, which minimizes the effort required to onboard customers and automate network
management functions. Unlike mobile network solutions requiring cellular devices, vTBA is a Wi-Fi first solution that connects the widest
range of consumer and IoT endpoints because Wi-Fi is the most prevalent wireless interface and vTBA serves past and current standards
of Wi-Fi devices. vTBA controller provides for a Wi-Fi control channel that permits offering of vTBA-based services on a pre-paid or
post-paid basis with roaming within the coverage of a private network of VeeaHub units located anywhere in the world.
As another use case, by
establishing a canopy of connectivity globally across remote communities while leveraging the Veea Edge Platform edge computing and its
integration with sensors, we facilitate climate-smart agriculture solutions for smallholder farmers and gather data from remote ecosystems.
This information is used to increase productivity in farms, reduce resource utilization, and increase transparency for carbon capture
business models. We drive increased economic activity for local economies.
Climate Smart Spaces
Buildings contribute to
approximately 37% of global carbon emissions and 34% of global energy consumption. Improvements to building utility management systems
are critical to reducing global emissions and energy consumption. Studies furnished by the US Department of Energy have shown that as
much as 30% of building energy consumption can be eliminated through more accurate sensing and more effective use of controls. Smart
climate management requires a computational platform that meshes wired and wireless Internet connections from sensors to a central processing
platform.
Veea is the first company to
develop containerized Niagara that is integrated with the Niagara Framework
®
(developed by Tridium, Inc., a wholly owned
subsidiary of Honeywell International, Inc.), the leading platform for connecting to and managing building systems. Veea Edge can deliver
actionable insight to building managers and homeowners regarding data generated by HVAC, lighting, access control, fire safety, plumbing
and surveillance systems. Building managers and homeowners can use this data to reduce electricity usage and carbon emissions through
continuous monitoring and optimization, building management automation, and analysis of usage patterns and environmental conditions.
Veea enhances the traditional Niagara Framework by capturing and pre-processing operational data locally, before augmenting it with cloud
processing, along with interconnecting wired and wireless sensors. Given the dynamic nature of building configurations, designs, and
materials, flexibility in deploying wireless sensors, connection to the Internet, and local data processing is required.
Converged Private Wireless Networks and Smart Retail
Wi-Fi and private 4G/5G
networks are converging to provide wider coverage, faster speeds, and connectivity across a broad range of devices and sensors. By integrating
the two technologies, devices can connect seamlessly to the best available network coverage from Veea Edge Platform and private 4G/5G
network. A converged network takes advantage of Wi-Fi's ability to handle large amounts of data traffic, at lower network expense
in areas densely populated by people and machines, with 5G's reliability and low latency over large distances.
42
Veea's hyper-converged
edge platform uniquely complements this new technology through its vTBA 5G interworking functionality allowing 5G and non-5G endpoints
to be managed from a converged controller. This is unique to the industry and overcomes the need to replace many fully functioning Wi-Fi
or IoT endpoints, especially for industrial and enterprise use cases, and allows legacy wired and wireless endpoints to remain connected
via the Veea Edge Platform.
In many instances, private
5G networking infrastructure is being instantiated in retail environments and the 5G interworking function enabled by vTBA introduces
another innovation from Veea - AdEdge. This Veea-authored application contains prominent features of a modern advertising management
platform including integration into real-time advertising for smart shipping carts as well as selling the ad content against an inventory
of Digital out of Home ("
DOOH
") displays in retail locations, transportation centers, smart city deployments,
stadiums, restaurants, etc. This solution capitalizes on the hyper-converged features of the VeeaHub by deploying an advertising media
player and dynamic campaign manager that triggers custom ads based on sensory or visual inputs in a location.
Business Strategy
Our business strategy is
focused on leveraging three key paths to market:
●
Technology Partnerships
    - complementary technologies that are amplified with Veea technology capabilities.
●
Distribution Channels -
    Aligned with our core edge-focused technology franchise, large-scale system integrators working to digitally transform industries,
    distributors and resellers of Niagara framework.
●
Network Operators and Managed
    Service Providers - Providing for dedicated private networks end-to-end or monetization of their network assets, with the introduction
    of edge computing, Edge AI and their own customized applications, developed through the Veea developer portal to offer highly differentiated
    services that locks in the current customer base and reduces churn.
Our customer-centric approach
yields mutual benefit. Our customer activities generally are the result of three phases:
●
Core buildout - Deploying
    the core product platform with success-based capital with network operators or government entities that can deliver highly differentiated
    customer value, improvements in productivity, and economic outlook with new digital services facilitated by high quality, cost-competitive
    managed broadband services with value-added services.
●
Geographic expansion -
    Expand the geographic footprint of the core buildout location to more of the unserved and underserved communities in the same geographic
    areas resulting in scale economics for core network components and materials that yield margin expansion for both Veea and Veea's
    channel partners.
●
Subscriber density - End-customers
    of the base connectivity services fuel the introduction of a diverse set of adjacent digital services with broadband connections,
    such as Edge AI, tele-health, energy management, public safety solutions, precision agriculture, and content distribution to reinforce
    the customer value proposition for the base connectivity services, which are often provided in a low to no competitive landscape.
    With the network micro-slicing feature of vTBA, there are major opportunities to bring such services to multi-family residential
    housing or multi-dwelling units, commercial buildings, campuses, rental or rural communities, and high density user communities with
    the type of service directly delivered to a plethora of endpoints, such as user devices, cameras, smart locks, sensors, and various
    electromechanical systems, monitored and controlled by Niagara framework, individually and offered on a subscription basis.
Given the significant increases
in the data transport costs to the cloud as well as data ownership and privacy concerns around cloud-based applications, we believe that
there is pent-up demand for low-latency and cost-effective private and public network solutions and applications at the edge that increase
productivity and generate value for enterprises, people, places, and things connecting to the Internet, which will in turn will help
network operators offering broadband services capture a greater enterprise value for connecting their customers to the internet.
43
Our business model is partially
based on global demands from the Americas, EMEA and APAC regions for a product platform and software services for the generation of new
revenue streams, with lower recurring costs, compared to traditional network infrastructure that lacks automation of service delivery
and entails substantial ongoing operational support and network maintenance costs. We believe we are uniquely positioned in the marketplace,
leveraging our strengths with our business model, including the following:
●
Comprehensive, full suite
    of hardware and software services with a strategic focus on high-growth segments in emerging markets and underserved areas in mature
    markets for broadband services and edge applications including climate smart energy and sustainability solutions.
●
Aligned customers with
    value propositions where Veea and our customers benefit in the creation of new revenue streams.
●
Innovation-driven, a technology-centric
    platform that redefines capabilities of connecting people, places, and things to the internet with greater efficiency with edge applications.
●
Highly automated capabilities
    for network service providers and enterprises to harness the power of software for improved customer experiences and reduced manual
    labor.
●
Climate-smart platform
    technology advancements that bring greater productivity to emerging and mature markets, with measured improvements to the environment.
Our Technology
The Veea Edge Platform
is
comprised of several elements needed to deploy cloud-to-edge solutions driving digital transformation for communities and industries
worldwide. This comprehensive platform is comprised of three main components:
●
VeeaHub devices - a highly
    integrated convergent secure computing hardware platform, with a Linux server supporting virtualized software environment and patented
    "Secured Docker" containers, storage and connectivity for Wi-Fi, IoT, and 4G/5G devices.
●
VeeaWare - an edge operating
    system and companion tools, that manage the convergence of computing and connectivity across a mesh of VeeaHub products.
●
VeeaCloud - A cloud native
    system that underpins the easy deployment of hardware and software at the edge that manages the VeeaHub devices and their capabilities
    and edge applications remotely.
The Veea technology franchise
also includes Veea-authored applications that run on the VeeaHub products. These applications can be deployed by our channel partners
and customers to compose complete solutions. Some of these applications are open frameworks that integrate into broader ecosystems such
as Honeywell Tridium's Niagara, Microsoft's Azure IoT, or AWS IoT Greengrass. Other Veea applications simplify the deployment
of enabling technologies to the edge. As an example, our edge AI framework enables the movement of AI model execution from the cloud
to the edge, bringing the benefits of AI closer to the source of the real-time data so actionable insight can be provided to control
applications running at the edge and thereby reducing inference time and amount of data traversing from the edge to the cloud. This innovative
platform provides for seamless integration with AI capabilities by way of the secure, software container environment and tool kits for
software developers.
VeeaHub Smart Connectivity and Computing Hub
The basic building block
of the Veea Edge Platform is the VeeaHub, a unique combination of computing, connectivity, storage and security technologies. Every VeeaHub
has a multi-core Linux server running a patented secure form of industry-standard docker containers to enable applications to be deployed
at the user edge. The VeeaHub also has Bluetooth Classic and Low Energy, Zigbee/Thread, LoRaWAN ("
LoRa
") gateway
and multiband Wi-Fi APs.
44
The device has an advanced
mesh networking capability, which we refer to as "
vMesh
," that allows devices at the edge to act together as
a micro-cloud and provides scalable coverage and communications capacity. The mesh provides flexible deployment scaling options enabling
expansion of the edge solution to expand coverage and capacity, add additional sensors or users or add computing and storage as needed.
vMesh is self-organizing and self-healing mesh that automatically discovers and connects to newly authorized devices and redirects traffic
if a node fails for resiliency. There is no dedicated controller for the vMesh, as the control function is incorporated into the middleware.
VeeaHubs can use a variety
of wired and wireless connections to connect to the Internet, including LTE 4G and 5G. Some VeeaHub models support wired connections
to edge devices using standard RS-232/485 connections, which are useful for smart spaces. Other models include a standard long range,
low power wireless technology, LoRaWAN, which is ideal for outdoor and industrial use cases.
VeeaHub is available in
three different models - (i) VeeaHub STAX (ii) VeeaHub Pro, which is designed for more demanding enterprise applications, and (iii) VeeaHub
Pro Outdoor, which is environmentally hardened and designed for outdoor and industrial applications.
VeeaWare Edge Operating System
VeeaWare is a portable edge
operating system that runs on the VeeaHub. VeeaWare features Veea's secure container environment that extends industry standard
docker containers, to assure applications running at the edge cannot interfere with or hack the system software running on the hardware
platform or other applications running at the edge. VeeaWare Operating System ("
vOS
") enables Veea and third-party
partners to deploy multiple applications to the edge.
VeeaWare incorporates an
abstraction layer that allows applications running on VeeaHub products to connect both IP and non-IP devices to a mesh of VeeaHub nodes.
VeeaWare also incorporates all of the necessary mechanisms to move and store data across the mesh and provide data connections to the
Wide Area Network ("
WAN
").
VeeaWare includes a set
of tools referred to as the VeeaHub Toolkit, which empowers developers to design, test, and publish applications to the VeeaHub products
deployed in the field. These tools allow any developer to use a wide variety of industry-standard software and practices to deploy containers
into the VeeaHub products in a highly secure and predictable manner. A web-based portal dedicated to the developer community provides
necessary documentation to get started and to quickly become proficient in developing and deploying custom applications on the VeeaHub
that serve customers' specific use cases.
The process of developing
applications with the VeeaHub Toolkit is similar to the process of developing and publishing Android or Apple iOS applications. Once
a container has been created and tested locally, the developer submits it to a VeeaCloud repository for publication, and after the required
verification is performed, the application becomes available within the VeeaCloud. Applications can be developed by Veea, its channel
partners or the end-users for particular use cases.
VeeaWare has proven portability
in that the Veea product portfolio incorporates hardware designs with different core computing platforms, connectivity options and other
peripheral interfaces. In the future, we intend to license the VeeaWare edge operating systems to OEM and ODM partners to diversify and
expand the supply chain and open up opportunities in adjacent marketplaces that may require specialized hardware. As an example, certain
industries require explosion-proof designs at the edge.
VeeaCloud
VeeaCloud is the cloud-based
platform that powers the deployment and management of VeeaHub products at the edge, provides management for the networking across the
IT and OT domains, and offers full orchestration of application deployment and observability of the applications running on VeeaHub products.
It incorporates a web-based control center for managing devices and applications at the edge, as well as a companion smartphone app,
for both iOS and Android OS devices, called VeaaHub Manager ("
VHM
") for installers, field technicians, and
end users to install and manage VeeaHub products locally.
45
VeeaCloud has a rich set
of Applications Programming Interfaces ("
APIs
") to integrate into external Business Support Systems/Operations
Support Systems ("
BSS/OSS
") or the Manager of services providers and our distribution partners that operate
convergent Network Operations Systems and support user management. The system utilizes a single sign-on system that integrates into leading
user authentication systems. The product features a multi-tiered authentication and permission system to support multi-tenant, multi-level
distribution schemes and can scale elastically to a large number of deployed nodes, users and devices.
It is a cloud native platform
deployed using modern continuous integration/continuous delivery approaches and is agnostic to public cloud providers.
VeeaCloud is the foundation
for publishing applications developed with the VeeaHub Toolkit.
Veea Edge Applications
Veea has developed software
templates that speed the development of complete containers and other building blocks, a number of which are standalone containers that
can be licensed and resold by third parties. Other than the containerized Niagara Framework application, these include the following:
●
Software Defined Wide
    Area Networking ("
SDWAN
") Application
. Provides flexible options for connecting nodes in a mesh of VeeaHubs
    to the public network ("
Backhaul
") using wired (ethernet, fiber) or wireless (Wi-Fi, 4G/5G) connectivity.
●
Global 4G or 5G Subscription
    Service
. A range of cellular connectivity solutions fully integrated with VeeaHub products for Veea partners and service providers
    to offer Fixed Wireless Access ("
FWA
") broadband services including for IoT applications, simplifying deployment,
    billing and support.
●
Last-Mile Solutions
    with vTBA-based Managed Internet and IoT Connectivity Services.
Services for multi-dwelling units, housing communities, campuses,
    hospitals, airports, rail stations, and remote and rural communities.
●
IoT Gateway Application.
VeeaHub incorporates integrated IoT radios for IoT or Industrial IoT ("
IIoT
") use cases that require
    the ability to bind IP and Non-IP endpoints with the system. Registers the IoT endpoints (sensors, actuators, etc.) to the device
    abstraction layer enabling routing of messages over vMesh on the edge.
●
Veea Property Management
    Engine
. Open platform for integrated smart devices using common home wireless technologies such as Wi-Fi, Zigbee/Thread and Bluetooth.
    Designed for consumer-oriented use cases, such as homes, multi dwelling units and small businesses.
●
Blockchain Framework
.
    Helium v2 Certified distributed blockchain model.
●
Leading IoT platforms
.
    Microsoft Azure Edge IoT Certified, AWS Greengrass compliant.
●
Edge AI & Visual
    Analytics Frameworks
. Distributed solution for execution of AI models from the edge to the cloud.
●
Advanced Smart Farming
    and Precision Agriculture with a unique implementation of LoRaWAN Gateway.
●
Honeywell Niagara Framework
    Building and Energy Management System ("
BMS/EMS
") with an advanced Cyber Defense System for commercial real estate,
    datacenters and critical infrastructure.
Several of the turnkey edge
applications Veea has created have a companion cloud application for centralized control, content management, or interworking capabilities
for cloud-to-cloud connections. These include the following:
●
AdEdge Edge Content
    Player and Campaign Management
. Full stack advertising and content management platform. AdEdge is an AI-driven contextual and
    location-based ad platform. Supports advertising campaign (frequency, scheduling, product types, etc.) and media deployment across
    TROLLEE Smart Shopping Cart, a fleet of digital out of home displays, or augmented reality/mixed reality devices using edge playback
    and scheduling function, full attribution for billing. Supports ad sale platform using programmatic and non-programmatic techniques
    and open APIs.
46
●
Virtual Trusted Broadband
    Access ("
vTBA
") Cloud Controller
. A core management system for delivery of vTBA enabled services across deployed
    meshes with edge nodes running the container vTBA agent. Allows configuration of access point groups, Trust Domains and service policy
    definitions. Provides northbound interfaces for BSS/OSS integration with the backends of the service providers, property management
    companies, government agencies, and others that provide vTBA based services. API supports integration with 4G/5G core networks for
    seamless interworking of services across different network types for fixed and mobile convergence.
●
VeeaConnect Connection
    Manager
. Edge-managed voice, data and video service connection manager that maintains user plane traffic between users connected
    to a set of VeeaHub products in a mesh within the mesh and off of the WAN connection.
In combination with partner-developed
edge applications, the Veea technology franchise delivers significant value to the end consumers of services built on the Veea Edge Platform,
including:
Technology-Enabled Benefits of Veea Platform
●
Minimizing latency and
    the raw data transport to the Cloud.
●
Privacy, security, data
    ownership and context awareness.
●
Fault tolerance for mission
    critical and other edge applications including customized apps developed through Veea Developer Portal.
●
Addressing connectivity
    and networking challenges at the edge.
●
Private micro-datacenter
    with wired and wireless coverage.
●
Fixed line and 4G/5G broadband
    access with value-added services.
●
Gateway/Edge Device for
    Microsoft Azure IoT and AWS IoT Greengrass apps.
Distributed Micro-Cloud Computing at the Device
Edge
●
High-performance computation
    with Linux OS running on a quad-core CPU.
●
Virtualized software environment
    with Secured Docker containers for applications and service layers with Software Defined Networking ("
SDN
")
    and Network Function Visualization ("
NFV
").
●
Secured Docker containers
    for apps to run in a trusted execution environment with both the containerized apps and communication interfaces secured with digital
    certificates.
●
Built-in routing, scaling,
    load balancing & orchestration for the edge environment and services.
●
API and microservice driven
    >> cloud-managed apps.
Bridging the IT/OT Gap
●
Industry leading Containerized
    Niagara combined with modern IT Style remote management tools.
●
Secure 4G or 5G WAN connectivity.
●
Integration with Private
    5G Network Core Network Orchestrator simplifies the management of edge applications and devices.
●
Familiar IT deployment
    patterns with Containerized Niagara, Azure IoT Certification, and AWS IoT Greengrass ease incorporation with cloud-based backend
    services of the enterprise in a variety of use cases.
●
Open APIs for Business
    Process Logic integration.
●
Familiar deployment pattern
    for both IT and OT personnel using untrained technicians facilitated by our attention to "zero-touch" approaches.
47
vTBA
●
Unique cellular-like Wi-Fi
    functionality, with roaming within the coverage of the VeeaHub products, gives operators and enterprise managers unprecedented visibility
    and control of the people places and things in their network.
●
Cloud Control provides
    flexible service policy definitions, billing models and network partitioning.
●
Works with a broad range
    of IP and non-IP devices and wired and wireless devices (e.g., Wi-Fi, Bluetooth, Zigbee/Thread, LoRaWAN) unlocking the potential
    for offering managed services for every type of endpoint.
●
Secure separation of traffic
    from different or designated groups of devices into Trust Domains increasing security with ZTNA for all services.
●
Virtualizes Access Points
    to drive down connection costs and increase affordability. Enables CPE-less deployment models reducing ongoing operation expense.
Competitive Strengths
To our knowledge, the Veea
Edge Platform and the key building block the VeeaHub is the only edge computing product that infuses a single physical device with the
traits of a networking device, IoT gateway, Linux server, storage and security gateway. The Veea Edge Platform has several key differentiating
features, including:
●
Rapid scaling through meshing
    of multiple nodes to expand connectivity coverage, adding more computing power, memory or storage capacity. vMesh is more extensible
    than mesh networking offered in comparable consumer or enterprise products
●
High degree of integration
    reduces the number of hardware elements needed to deliver solutions, reducing initial capital outlay, installation costs and reducing
    ongoing management complexity and other operating costs (power consumption).
●
VeeaWare OS with patented
    software architecture supporting a virtualized software environment and Secured Docker container for distributed computing with applications
    orchestrated over a connectivity mesh, that provides for an application and microservices mesh, with hyperconverged networking at
    the edge.
●
Flexible choice of wired
    and wireless interfaces results in reduced installation cost and time.
●
Pervasive security, to
    virtually segment traffic at a device or group level.
●
Zero-touch installation
    supports pre-provisioning of devices before installation.
●
Non-skilled installers
    can mount the systems locally and then automatic or semi-automatic configuration is done from the cloud.
●
Standards-based approach
    with fixed and wireless technologies for interoperability into globally deployed wired and wireless infrastructure. Proven integrations
    to a wide variety of industry leading platforms, including Microsoft's Azure, AWS IoT Greengrass, Tridium's Niagara Framework,
    and LoRaWAN ChirpStack.
●
Unique implementation of
    fully integrated LoRaWAN Gateway that runs at the edge without cloud-dependency.
●
Unified Cloud management
    platform combines network and device management with applications management through the Control Center Other platforms focus on
    network or applications management but not all three
●
Comprehensive remote management
    tools for deployment, configuration, and over the air updates and troubleshooting
48
Intellectual Property
We have a significant patent
portfolio of over 117 exclusively owned patents, as summarized in the table below. These patents cover jurisdictions in the United States,
United Kingdom, Europe, South Korea, Japan, and India. All of our current-issued patents are projected to expire between 2036 and 2047.
We also have 28 patent applications pending.
Qualcomm Inc. ("
Qualcomm
")
has licensed, on a non-exclusive basis, certain intellectual property to us under multiple agreements covering the sales of our products
that incorporate the licensed IP. The royalty fees payable to Qualcomm are generally calculated based on a percentage of net sales in
territories where the licensed IP is protected by a patent. The Qualcomm licenses expire in April 2025 and 2029, respectively, and automatically
renew if we continue to sell products incorporating the licensed IP. We are also a party to a non-exclusive license agreement with Cable
Television Laboratories, Inc. ("
CableLabs
") covering the worldwide sales of our vTBA product. The rights granted
under the CableLabs license apply to any fields of use and royalty, and royalty fees payable to CableLabs are calculated based on a percentage
of net sales. The term of the CableLabs license lasts until the last to expire of any patents licensed under the agreement.
We also rely upon trade
secrets, know-how, and continuing technological innovation to develop and maintain our competitive position. We seek to protect our proprietary
rights through a variety of methods, including confidentiality agreements and proprietary information agreements with suppliers, employees,
consultants, and others who may have access to proprietary information, under which they are bound to assign to us their inventions.
Patent Family
Country
Patent
    No.
Issue
    Date
Expiration
    Date
DYNAMIC
    ROUTER FUNCTIONALITY IN CELLULAR NETWORKS
United States
9/955,404
24-Apr-2018
14-Oct-2036
DYNAMIC
    ROUTER FUNCTIONALITY IN CELLULAR NETWORKS
Germany
60 2016 012 782.2
24-Apr-2019
13-Oct-2036
DYNAMIC
    ROUTER FUNCTIONALITY IN CELLULAR NETWORKS
France
3157304
24-Apr-2019
13-Oct-2036
DYNAMIC
    ROUTER FUNCTIONALITY IN CELLULAR NETWORKS
Italy
3157304
24-Apr-2019
13-Oct-2036
DYNAMIC
    ROUTER FUNCTIONALITY IN CELLULAR NETWORKS
Spain
3157304
24-Apr-2019
13-Oct-2036
DYNAMIC
    ROUTER FUNCTIONALITY IN CELLULAR NETWORKS
Great Britain
3157304
24-Apr-2019
13-Oct-2036
DYNAMIC
    ROUTER FUNCTIONALITY IN CELLULAR NETWORKS
United States
10,069,739
04-Sep-2018
08-Nov-2036
DYNAMIC
    ROUTER FUNCTIONALITY IN CELLULAR NETWORKS
Germany
60 2016 020 735.4
18-Sep-2019
13-Oct-2036
DYNAMIC
    ROUTER FUNCTIONALITY IN CELLULAR NETWORKS
Spain
3157207
18-Sep-2019
13-Oct-2036
DYNAMIC
    ROUTER FUNCTIONALITY IN CELLULAR NETWORKS
France
3157207
18-Sep-2019
13-Oct-2036
DYNAMIC
    ROUTER FUNCTIONALITY IN CELLULAR NETWORKS
Italy
3157207
18-Sep-2019
13-Oct-2036
DYNAMIC
    ROUTER FUNCTIONALITY IN CELLULAR NETWORKS
Great Britain
3157207
18-Sep-2019
13-Oct-2036
DYNAMIC ROUTER FUNCTIONALITY IN CELLULAR NETWORKS
United States
10,085,195
25-Sep-2018
11-Nov-2036
DYNAMIC
    ROUTER FUNCTIONALITY IN CELLULAR NETWORKS
EP
EP3157208B
29-May-2024
13-Oct-2036
DYNAMIC
    ROUTER FUNCTIONALITY IN CELLULAR NETWORKS
United States
10,368,286
30-Jul-2019
10-Feb-2037
DYNAMIC
    ROUTER FUNCTIONALITY IN CELLULAR NETWORKS
Germany
60 2016 004 769.1
15-Aug-2018
13-Oct-2036
DYNAMIC
    ROUTER FUNCTIONALITY IN CELLULAR NETWORKS
France
3157305
15-Aug-2018
13-Oct-2036
DYNAMIC
    ROUTER FUNCTIONALITY IN CELLULAR NETWORKS
Italy
3157305
15-Aug-2018
13-Oct-2036
49
DYNAMIC
    ROUTER FUNCTIONALITY IN CELLULAR NETWORKS
Spain
3157305
15-Aug-2018
13-Oct-2036
DYNAMIC
    ROUTER FUNCTIONALITY IN CELLULAR NETWORKS
Great Britain
3157305
15-Aug-2018
13-Oct-2036
COMMUNICATION
    UNIT EMPLOYED AS A REMOTE ROUTER AND METHOD FOR ENFORCEMENT
Germany
3169096
16-Sep-2020
07-Nov-2036
COMMUNICATION
    UNIT EMPLOYED AS A REMOTE ROUTER AND METHOD FOR ENFORCEMENT
Spain
3169096
16-Sep-2020
07-Nov-2036
COMMUNICATION
    UNIT EMPLOYED AS A REMOTE ROUTER AND METHOD FOR ENFORCEMENT
France
3169096
16-Sep-2020
07-Nov-2036
COMMUNICATION
    UNIT EMPLOYED AS A REMOTE ROUTER AND METHOD FOR ENFORCEMENT
Italy
502020000114245
16-Sep-2020
07-Nov-2036
COMMUNICATION UNIT EMPLOYED AS A REMOTE ROUTER AND METHOD FOR ENFORCEMENT
Great Britain
3169096
16-Sep-2020
07-Nov-2036
CONTENT
    TRANSFER FUNCTIONALITY BEYOND OR WITHIN CELLULAR NETWORKS
United States
10,917,928
09-Feb-2021
15-Mar-2037
CONTENT
    TRANSFER FUNCTIONALITY BEYOND OR WITHIN CELLULAR NETWORKS
Germany
3223545
06-Jan-2021
15-Mar-2037
CONTENT
    TRANSFER FUNCTIONALITY BEYOND OR WITHIN CELLULAR NETWORKS
Spain
3223545
06-Jan-2021
15-Mar-2037
CONTENT
    TRANSFER FUNCTIONALITY BEYOND OR WITHIN CELLULAR NETWORKS
France
3223545
06-Jan-2021
15-Mar-2037
CONTENT
    TRANSFER FUNCTIONALITY BEYOND OR WITHIN CELLULAR NETWORKS
Italy
3223545
06-Jan-2021
15-Mar-2037
CONTENT
    TRANSFER FUNCTIONALITY BEYOND OR WITHIN CELLULAR NETWORKS
Great Britain
3223545
06-Jan-2021
15-Mar-2037
MOBILE
    WIRELESS COMMUNICATION UNIT AND METHOD FOR CONTENT TRANSFER
United States
11,050,671
29-Jun-2021
07-Jun-2037
MOBILE
    WIRELESS COMMUNICATION UNIT AND METHOD FOR CONTENT TRANSFER
Germany
3264697
06-Apr-2022
06-Jun-2037
MOBILE
    WIRELESS COMMUNICATION UNIT AND METHOD FOR CONTENT TRANSFER
France
3264697
06-Apr-2022
06-Jun-2037
MOBILE
    WIRELESS COMMUNICATION UNIT AND METHOD FOR CONTENT TRANSFER
Spain
3264697
06-Apr-2022
06-Jun-2037
MOBILE WIRELESS COMMUNICATION UNIT AND METHOD FOR CONTENT TRANSFER
Italy
3264697
06-Apr-2022
06-Jun-2037
MOBILE
    WIRELESS COMMUNICATION UNIT AND METHOD FOR CONTENT TRANSFER
Great Britain
3264697
06-Apr-2022
06-Jun-2037
WIRELESS
    COMMUNICATION UNIT AND METHOD FOR SHARING DELAY TOLERANT CONTENT
United States
10,230,637
12-Mar-2019
28-Apr-2037
WIRELESS
    COMMUNICATION UNIT AND METHOD FOR SHARING DELAY TOLERANT CONTENT
Germany
60 2017 019
    214.7
08-Jul-2020
15-Mar-2037
50
WIRELESS
    COMMUNICATION UNIT AND METHOD FOR SHARING DELAY TOLERANT CONTENT
France
3220612
08-Jul-2020
15-Mar-2037
WIRELESS
    COMMUNICATION UNIT AND METHOD FOR SHARING DELAY TOLERANT CONTENT
Italy
3220612
08-Jul-2020
15-Mar-2037
WIRELESS
    COMMUNICATION UNIT AND METHOD FOR SHARING DELAY TOLERANT CONTENT
Spain
3220612
08-Jul-2020
15-Mar-2037
WIRELESS
    COMMUNICATION UNIT AND METHOD FOR SHARING DELAY TOLERANT CONTENT
Great Britain
3220612
08-Jul-2020
15-Mar-2037
WIRELESS
    COMMUNICATION UNITS AND WIRELESS COMMUNICATION SYSTEM AND METHODS TO SUPPORT BEACON TECHNOLOGY
United States
11889580
30-Jan-2024
17-Feb-2037
EDGE
    COMPUTING SYSTEM
United States
11,277,488
15-Mar-2022
02-Mar-2038
EDGE
    COMPUTING SYSTEM
Germany
3343363
27-Jul-2022
11-Dec-2037
EDGE
    COMPUTING SYSTEM
Spain
3343363
27-Jul-2022
11-Dec-2037
EDGE COMPUTING SYSTEM
France
3343363
27-Jul-2022
11-Dec-2037
EDGE
    COMPUTING SYSTEM
Great Britain
3343363
27-Jul-2022
11-Dec-2037
EDGE
    COMPUTING SYSTEM
Italy
3343363
27-Jul-2022
11-Dec-2037
EDGE
    COMPUTING SYSTEM
United States
11,095,713
17-Aug-2021
12-Nov-2038
EDGE
    COMPUTING SYSTEM
United States
11394771
19-Jul-2022
12-Dec-2037
EDGE
    COMPUTING SYSTEM
United States
11,606,419
14-Mar-2023
01-Jul-2041
ROUTER
    NODE, NETWORK AND METHOD TO ALLOW SERVICE DISCOVERY IN A NETWORK
United States
10491562
26-Nov-2019
05-Dec-2037
ROUTER
    NODE, NETWORK AND METHOD TO ALLOW SERVICE DISCOVERY IN A NETWORK
Germany
602017015130.0
22-Apr-2020
04-Dec-2037
ROUTER
    NODE, NETWORK AND METHOD TO ALLOW SERVICE DISCOVERY IN A NETWORK
Spain
3334126
22-Apr-2020
04-Dec-2037
ROUTER
    NODE, NETWORK AND METHOD TO ALLOW SERVICE DISCOVERY IN A NETWORK
Great Britain
3334126
22-Apr-2020
04-Dec-2037
ROUTER
    NODE, NETWORK AND METHOD TO ALLOW SERVICE DISCOVERY IN A NETWORK
France
3334126
22-Apr-2020
04-Dec-2037
ROUTER
    NODE, NETWORK AND METHOD TO ALLOW SERVICE DISCOVERY IN A NETWORK
Italy
3334126
22-Apr-2020
04-Dec-2037
ROUTER
    NODE, NETWORK AND METHOD TO ALLOW SERVICE DISCOVERY IN A NETWORK
United States
12,057,229
06-Aug-2024
21-Dec-2037
ROUTER NODE, NETWORK AND METHOD TO ALLOW SERVICE DISCOVERY IN A NETWORK
Germany
60 2017 011 602.5
12-Feb-2020
21-Dec-2037
ROUTER
    NODE, NETWORK AND METHOD TO ALLOW SERVICE DISCOVERY IN A NETWORK
Spain
3340579
12-Feb-2020
21-Dec-2037
ROUTER
    NODE, NETWORK AND METHOD TO ALLOW SERVICE DISCOVERY IN A NETWORK
France
3340579
12-Feb-2020
21-Dec-2037
ROUTER
    NODE, NETWORK AND METHOD TO ALLOW SERVICE DISCOVERY IN A NETWORK
Great Britain
3340579
12-Feb-2020
21-Dec-2037
ROUTER
    NODE, NETWORK AND METHOD TO ALLOW SERVICE DISCOVERY IN A NETWORK
Italy
3340579
12-Feb-2020
21-Dec-2037
51
ROUTER
    NODE, NETWORK AND METHOD TO ALLOW SERVICE DISCOVERY IN A NETWORK
Spain
3579587
02-Jun-2021
21-Dec-2037
ROUTER
    NODE, NETWORK AND METHOD TO ALLOW SERVICE DISCOVERY IN A NETWORK
Germany
3579587
02-Jun-2021
21-Dec-2037
ROUTER
    NODE, NETWORK AND METHOD TO ALLOW SERVICE DISCOVERY IN A NETWORK
France
3579587
02-Jun-2021
21-Dec-2037
ROUTER
    NODE, NETWORK AND METHOD TO ALLOW SERVICE DISCOVERY IN A NETWORK
Italy
3579587
02-Jun-2021
21-Dec-2037
ROUTER
    NODE, NETWORK AND METHOD TO ALLOW SERVICE DISCOVERY IN A NETWORK
Great Britain
3579587
02-Jun-2021
21-Dec-2037
EDGE
    COMPUTING CONTAINER SYSTEM
United States
10,944,851
09-Mar-2021
01-Jan-2039
EDGE
    COMPUTING CONTAINER SYSTEM
United States
11,159,647
26-Oct-2021
04-Feb-2041
EDGE COMPUTING CONTAINER SYSTEM
United States
11,159,647
26-Oct-2021
18-Dec-2038
Edge Communication Device
United States
D958778
26-Jul-2022
26-Jul-2037
Edge Communication Device
European
    Union
006478186-0001
17-May-2019
17-May-2044
Edge Communication Device
European
    Union
006478186-0002
17-May-2019
17-May-2044
Edge Communication Device
Great Britain
90064781860001
17-May-2019
17-May-2044
Edge Communication Device
Great Britain
90064781860002
17-May-2019
17-May-2044
Integrated
    antenna-heatsink for wireless device applications
United States
11,563,262
    B2
1/24/2023
9-Dec-40
Integrated
    antenna-heatsink for wireless device applications
United States
11,949,147
    B2
4/2/2024
9-Dec-40
Expandable
    product architecture bus for consumer electronics gateways
United States
11,695,438
7/4/2023
15-Sep-41
Module
    identification method for expandable gateway applications
United States
11,258,889
2/22/2022
26-Jan-41
Module
    identification method for expandable gateway applications
United States
11,641,413
    B2
5/2/2023
26-Jan-41
Resilient
    Antenna Securing Mechanism
United States
11,431,075
8/30/2022
25-Mar-41
Resilient
    Antenna Securing Mechanism
United States
11,837,773
5-Dec-23
14-Jan-41
Method
    and System for IoT Edge Computing using Containers
United States
11,838,794
5-Dec-23
30-Aug-41
Method
    and Procedure for miniaturing a multilayer PCB
United States
11,523,502
    B2
12/6/2022
6-May-41
Method
    and Procedure for miniaturing a multilayer PCB
United States
11,950,361
    B2
4/2/2024
6-May-41
Cable
    Pull Tab
United States
11,695,238
7/4/2023
31-Jul-41
Method
    and System for Secure Container Application Framework
United States
12,015,613
    B2
6/18/2024
2/4/1942
VHC25 heatsink and antenna structure
United
    States
D910,582
2/16/2021
16-Feb-36
VHC25
    heatsink and antenna structure
United
    States
D942,959
    S
2/8/2022
8-Feb-37
VHC25
    heatsink and antenna structure
United
    States
D910,583
2/16/2021
16-Feb-36
Stacker
    Electromagnetic Interference Shield
United
    States
D922337
6/15/2021
15-Jun-36
Stacker
    Electromagnetic Interference Shield
United
    States
D922338
6/15/2021
15-Jun-36
Stacker
    Base Module, LTE Stacker Module, Mase and Stacker combined
Brazil
BR302022001478-8
1/24/2023
23-Mar-47
Stacker
    Base Module, LTE Stacker Module, Mase and Stacker combined
Canada
211383
24-Jan-2024
3/24/2037
Stacker
    Base Module
China
ZL202230157775.5
19-Jul-2024
24-Mar-2037
Stacker
    Base Module
United
    States
6197727
23-Mar-2022
23-Mar-2047
Stacker
    Base Module
European
    Union
008916001-0001
3/30/2022
23-Mar-47
LTE
    Stacker Module
European
    Union
008916001-0002
3/30/2022
23-Mar-47
52
Stacker
    Base Module with LTE Stacker Module (combined)
European
    Union
008916001-0003
3/30/2022
23-Mar-47
Stacker
    Base Module with LTE Stacker Module (combined)
Great
    Britain
6197729
3/24/2022
23-Mar-47
Stacker
    Base Module
Great
    Britain
6197727
3/24/2022
23-Mar-47
LTE
    Stacker Module
Great
    Britain
6197728
3/24/2022
23-Mar-47
Stacker
    Base Module
India
361109-001
5/8/2023
24-Sep-36
Stacker
    Base Module
Japan
1733800
12/23/2022
24-Mar-47
Stacker
    Base Module, LTE Stacker Module, Mase and Stacker combined
South
    Korea
30-1222487
6/29/2023
23-Mar-42
Stacker
    Base Module, LTE Stacker Module, Mase and Stacker combined
South
    Korea
30-1245065
1/3/2024
23-Mar-2042
Stacker Base Module, LTE Stacker Module, Mase and Stacker combined
South
    Korea
30-1245066
1/3/2024
23-Mar-2042
Stacker Base Module
Mexico
69708
18-Apr-2024
22-Mar-2047
LTE Stacker Module
United States
6197728
23-Mar-2022
23-Mar-2047
LTE Stacker Module
India
361107-001
2/23/2023
28-Sep-36
LTE Stacker Module
Japan
1733801
12/23/2022
24-Mar-47
Stacker
    Base Module with LTE Stacker Module combined
United States
D1025047
3/22/2024
23-Mar-2047
Stacker
    Base Module with LTE Stacker Module (combined)
India
361108-001
5/4/2023
29-Sep-36
Stacker
    Base Module with LTE Stacker Module (combined)
Japan
1733802
12/23/2022
24-Mar-47
DYNAMIC
    ROUTER FUNCTIONALITY IN CELLULAR NETWORKS
United States
9/955,404
24-Apr-2018
14-Oct-2036
Manufacturing
We rely on two contract
manufacturers in Taiwan and China to manufacture our VeeaHub units.
Research and Development
Because the industry in
which the Company competes is characterized by rapid technological advances, the Company's ability to compete successfully depends
heavily upon its ongoing research and development activities.
Key focus of the Company's
research and development activities include (i) the use of AI to optimize network and applications distribution and performance at the
edge, (ii) support for elastic scaling and dynamic cloud to edge orchestration, (iii) real time radio and mesh tuning, (iv) partial and
full air-gapped deployment between the public cloud and the edge, (v) optimized AI model execution across devices, the Veea Edge Platform
and the cloud and (vi) fully integrated online ordering, fulfillment and activation to support large scale, hierarchical distribution
partners.
Facilities
We are headquartered in
New York City, New York. We have engineering offices in Iselin, New Jersey; Bath, United Kingdom; and Juvigny, France. We also maintain
sales and marketing offices in Paris, France and Mexico City, Mexico.
Employees
As of September 30, 2024,
we employed 45 full-time employees. None of our employees are represented by a collective bargaining agreement, nor have we experienced
any work stoppage. We consider our relations with our employees to be satisfactory. Our future success depends on our continuing ability
to attract and retain highly qualified employees and senior management personnel. In addition, we have independent contractors whose
services we are using on an as-needed basis to assist with our sales and marketing activities and engineering activities.
Legal Proceedings
From time to time, we may
be subject to legal proceedings and claims in the ordinary course of business. We are not presently a party to any legal proceedings
that are expected to have a material adverse impact on our financial position, results of operations or cash flows, nor have we been
to date since inception.
53
MANAGEMENT'S DISCUSSION
AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
The following discussion
and analysis of the financial condition and results of operations of Veea should be read together with the "Business" section
and our unaudited consolidated condensed financial statements for the three and nine months ended September 30, 2024 and 2023, our audited
financial statements as of the years ended December 31, 2023 and 2022, and related notes and other information included elsewhere in
this prospectus.
In addition to our historical
consolidated financial information, this discussion includes forward-looking information regarding our business, results of operations
and cash flows, and contractual obligations and arrangements that involve risks, uncertainties, and assumptions. Our actual results may
differ materially from any future results expressed or implied by such forward-looking statements as a result of various factors, including,
but not limited to, those discussed in the sections of this prospectus entitled "Cautionary Statement Regarding Forward-Looking
Information" and "Risk Factors" included elsewhere in this prospectus.
Unless the context otherwise
requires, references in this "Management's Discussion and Analysis of Financial Condition and Results of Operations"
to "Veea," "we", "us", "our", and the "Company" are intended to refer to
(i) following the Business Combination, the business and operations of Veea Inc. and its consolidated subsidiaries, and (ii) prior to
the Business Combination, Private Veea (the predecessor entity in existence prior to the consummation of the Business Combination) and
its consolidated subsidiaries.
Company Overview
The
Company is a provider of edge computing and communications devices (i.e., "VeeaHub" devices), applications and services hosted
on its edge Platform-as-a-Service ("ePaaS"). Veea Edge Platform ePaaS is an end-to-end platform that is both locally- and
cloud-managed. VeeaHub
Ò
products
are converged computing and communications (i.e., hyperconverged) indoor and outdoor devices, about the size of a Wi-Fi Access Point
(AP), that provide for networking and computing solutions for AI-assisted applications and solutions at the edge where people, places,
and things connect to the network.
Veea Edge Platform provides
for highly secure connectivity, computing, and IoT solutions through full stack platform for digital transformation of industries as
well as unserved or underserved communities that lack Internet connectivity and essential applications and services. It further enables
the formation of highly secure, but easily accessible, private clouds and networks across one or multiple user(s) or enterprise location(s)
across the globe. We have redefined and simplified edge computing and connectivity with Veea Edge Platform, easily deployable products
that fully integrate hardware, system software, technologies, and edge applications. We are demonstrating, globally, that the Platform
enables our partners and customers to champion digital transformations in multiple vertical markets.
Through our innovative Veea
Edge Platform, we have created a new product category that brings cloud capabilities close to the user, as an alternative to cloud computing,
with benefits in optimal latency, lower data transport costs, data privacy, security and ownership, Edge AI, "always-on"
availability at the edge for mission critical applications, and contextual awareness for people, devices and things connected to the
Internet. The Company was recognized in 2023 by Gartner for the innovativeness and capabilities of our Veea Edge Platfom and was named
a Leading Smart Edge Platform in 2023 and a Cool Vendor in Edge Computing in 2021. Veea was named in Market Reports World's its
research report published in October 2023 as one of the top 10 Edge AI solution providers alongside of IBM, Microsoft, and Amazon Web
Services ("AWS") among others.
54
Veea was founded in 2014
by Allen Salmasi, our Chief Executive Officer and a pioneering wireless technology leader. Mr. Salmasi helped to drive industry transformation
through his contributions to the development of CDMA/TDMA-based OmniTRACS, the largest mobile satellite messaging and position reporting
system with integrated IoT solutions during the 1980s and in the 1990s; 2G/3G technology and products at Qualcomm in 1990s; 4G technology
and products at NextWave during the 2000s, and hyper-converged edge computing and communications during the 2010s; and beyond with Veea.
At Veea, Mr. Salmasi has assembled a talented and experienced management and engineering team that includes former senior executives
of leading technology, telecom, SaaS, and wireless companies that possess a deep understanding of wireless technologies, mesh networking
and edge computing.
Veea
earns revenue primarily from the sale of its VeeaHub
Ò
devices,
licenses and subscriptions. Veea incurred net losses of approximately $33.3 million and $46.6 million for the three and nine months ended
September 30, 2024, respectively; net income and losses of approximately $2.0 million and $9.4 million for the three and nine months
ended September 30, 2023, respectively.Veea generated net revenue of approximately $51,000 and $108,000 for the three and nine months
ended September 30, 2024, respectively, approximately $9,000 and $40,000 for the three and nine months ended September 30, 2023, respectively.
Other than $9.0 million of revenue generated from the license of AdEdge™ in 2023, revenue has been immaterial for all periods presented
and represented revenue earned from paid pilots for our VeeaHub
Ò
devices.
Recent Developments
Business Combination
On September 13, 2024, Plum
consummated its previously announced Business Combination with Private Veea, pursuant to that certain Business Combination Agreement,
dated November 27, 2023, between Private Veea, Plum, and Plum Merger Sub (a Delaware corporation and wholly owned subsidiary of Plum).
The consummation of the Business Combination involved (i) Plum de-registering from the Register of Companies in the Cayman Islands by
way of continuation out of the Cayman Islands and into the State of Delaware, migrating to and domesticating as a Delaware corporation,
and (ii) the merger of Plum Merger Sub with and into Private Veea, pursuant to which, at the closing of the transactions contemplated
by the Business Combination Agreement, the separate corporate existence of Plum Merger Sub ceased, with Private Veea as the surviving
corporation becoming a wholly-owned subsidiary of Plum, pursuant to the terms of the Business Combination Agreement and in accordance
with the DGCL.
Following the closing of
the Business Combination, the Company owns 100% of the outstanding common stock of Private Veea and Plum changed its name from "Plum
Acquisition Corp. I" to "Veea Inc." and Veea Inc. changed its name to "VeeaSystems Inc."
The Business Combination
was accounted for as a "reverse recapitalization," with no goodwill or other intangible assets recorded, in accordance with
GAAP. A reverse recapitalization did not result in a new basis of accounting, and the financial statements of the combined entity represent
the continuation of the financial statements of Private Veea in many respects.
Under this method of accounting,
Plum was treated as the "acquired" company for financial reporting purposes. For accounting purposes, Private Veea was deemed
to be the accounting acquirer in the transaction and, consequently, the transaction was treated as a recapitalization of Private Veea
(i.e., a capital transaction involving the issuance of stock by Plum for the stock of Private Veea). Accordingly, the consolidated assets,
liabilities and results of operations of Private Veea became the historical financial statements of the combined company, and Plum's
assets, liabilities and results of operations were consolidated with the Company's beginning on the acquisition date. Operations
prior to the Business Combination were presented as those of Private Veea in future reports. The net assets of Private Veea were recognized
at carrying value, with no goodwill or other intangible assets recorded.
Private Placements
Simultaneously with the closing
of the Business Combination, the Company and Private Veea issued convertible notes under note purchase agreements (the "Note Purchase
Agreements") with certain accredited investors unaffiliated with Plum and Private Veea (each, an "Investor") for the
sale of unsecured subordinated convertible promissory notes (the "September 2024 Notes") as part of a private placement offering
of up to $15 million in purchase price for such September 2024 Notes in the aggregate (the "Financing Closing"). The Company
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, which is to be funded on or prior to November 15, 2024, subsequently extended to December
15, 2024. In addition to a September 2024 Note, each Investor received as a transfer from NLabs immediately prior to the Financing Closing
a number of shares of Private Veea Series A-1 Preferred Stock that upon the Closing became a number of registered shares of Common Stock
equal to such Investors' loan amount under their respective notes divided by $7.50 (the "Transferred Shares").
The Company and Private Veea
are co-borrowers under each September 2024 Note (together, the "Borrowers") and are jointly responsible for the obligations
to each Investor thereunder. Each September 2024 Note has a maturity date of 18 months after the Financing Closing but is prepayable
in whole or in part by the Borrowers at any time without penalty. The outstanding obligations under each September 2024 Note accrues
interest at a rate equal to the Secured Overnight Financing Rate plus 2% per annum, adjusted quarterly, but interest is only payable
upon the maturity date of the September 2024 Note 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 Borrowers. The September 2024 Notes and the Note Purchase Agreements do not include
any operational or financial covenants for the 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 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 Borrowers will be required to pay for the Investor's reasonable out-of-pocket collection
costs.
55
The outstanding obligations
under each September 2024 Note are convertible in whole or in part into shares of Common Stock (the "Conversion Shares")
at a conversion price of $7.50 per share (subject to equitable adjustment for stock splits, stock dividends and the like with respect
to the Common Stock after the Financing Closing) (the "Conversion Price") at any time after the Financing Closing at the
sole election of the Investor. The outstanding obligations under each September 2024 Note will automatically convert at the Conversion
Price if (i) the Company or its subsidiaries consummate one or more additional financings for equity or equity-linked securities for
at least $20 million in the aggregate or makes one or more significant acquisitions valued in the aggregate (based on the consideration
provided by the Company and its subsidiaries) to be at least $20 million, (ii) the Investors holding a majority of the aggregate outstanding
obligations under the September 2024 Notes expressly agree to convert all obligations under the September 2024 Notes or (iii) the Common
Stock trades with an average daily VWAP of at least $10.00 (subject to equitable adjustment for stock splits, stock dividends and the
like with respect to the Common Stock after the Financing Closing) for ten (10) consecutive trading days. The obligations under each
September 2024 Note will also automatically convert in connection with a Brokerage Transfer, as described below.
The September 2024 Notes and
the Conversion Shares are subject to a lock-up for a period of 6 months after the Financing Closing (subject to early release for a liquidation,
merger, share exchange or other similar transaction that results in all of the Company's stockholders having the right to exchange
their equity holdings in the Company for cash, securities or other property, and subject to customary permitted transfer exceptions).
The Transferred Shares are not be subject to any lock-up restrictions, but for a period of 6 months after the Closing they will be separately
designated by SPAC's transfer agent and kept as book entry shares on the transfer agent's records and will not be eligible
to be held by Depository Trust Company ("DTC") without the Investor first notifying the Company of its intent to transfer
any such Transferred Shares to a brokerage account and/or to be held by DTC or another nominee (a "Brokerage Transfer").
If the Investor provides such notice or otherwise has any Transferred Shares subject to a Brokerage Transfer within 6 months after the
Closing, a portion of the outstanding obligations under such Investor's Note will automatically convert into a number of Conversion
Shares equal to the number of Transferred Shares subject to such Brokerage Transfer, and the lock-up period for such Conversion Shares
will be extended for an additional 6 months to 12 months after the Financing Closing.
The Note Purchase Agreements
include customary registration rights.
Equity Line of Credit
On November 15, 2024, the Company
and White Lion signed a term sheet providing for the issuance by the Company to White Lion of up to $25 million of shares of the Company's
common stock. The Company anticipates closing the transactions contemplated by the term sheet on or about November 20, 2004. At the closing,
the Company and White Lion will enter into a common stock purchase agreement (the "Common Stock Purchase Agreement") and
related registration rights agreement. Pursuant to the Common Stock Purchase Agreement, the Company has the right to sell to White Lion
up to the lesser of (i) 25,000,000 shares of common stock ("ELOC Shares) and (ii) the Purchase Notice Limit (as defined in the
Common Stock Purchase Agreement), subject to certain limitations and conditions set forth in the Common Stock Purchase Agreement. The
Company expects to utilize proceeds from the Common Stock Purchase Agreement for working capital and other general corporate purposes.
Subject to the terms of the Common Stock Purchase Agreement, the Company will have the right from time to time at its sole discretion
until the 24th month following signing of the Common Stock Purchase Agreement, to direct White Lion to purchase up to a specified maximum
number of shares of common stock as set forth in the Common Stock Purchase Agreement by delivering written notice to White Lion prior
to the commencement of trading on any trading day. The Company will control the timing and amount of any sales of the common stock to
White Lion. Actual sales of shares to White Lion under the Common Stock Purchase Agreement will depend on a variety of factors to be
determined by the Company from time to time, including, among other things, market conditions, and the trading price of the common stock.
The Company and White Lion executed definitive agreements
for the equity line of credit on December 2, 2024. For more information, see "
Summary - Recent Developments
."
Components of Results of Operations
Revenue, net
The Company recognizes revenue
based on the satisfaction of distinct obligations to transfer goods and services to customers. The Company generates revenue from hardware
sales and the sale of licenses and subscriptions. The Company applies a five-step approach as defined in ASC 606, Revenue from Contracts
with Customers, in determining the amount and timing of revenue to be recognized: (1) identify the contract with a customer; (2) identify
the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance
obligations in the contract; and (5) recognize revenue when a corresponding performance obligation is satisfied. Most contracts with
customers are to provide distinct products or services within a single contract. However, if a contract is separated into more than one
performance obligation, the total transaction price is allocated to each performance obligation in an amount based on the estimated relative
standalone selling price.
For licenses of technology,
recognition of revenue is dependent upon whether the Company has delivered rights to the technology, and whether there are future performance
obligations under the contract. Revenue from non-refundable upfront payments is recognized when the license is transferred to the customer
and the Company has no other performance obligations. Revenue for licenses delivered under a subscription model having terms between
one and twelve-months are recognized over-time. Subscription revenue is generated through sales of monthly subscriptions. Customers pay
in advance for the licenses and subscriptions. Revenue is initially deferred and is recognized using the straight-line method over the
term of the applicable subscription period.
Cost of Goods Sold
Cost of goods sold consists
primarily of the cost of finished goods, components purchased for manufacturing and freight. Cost of goods sold also includes third-party
vendor costs related to cloud hosting fees.
56
Operating Expenses
We classify our operating
expenses into the following categories:
●
Product development
    expenses
. Product development expenses primarily consist of employee compensation, employee benefits, stock-based compensation
    related to technology developers and product management employees, as well as fees paid for outside services and materials.
●
Sales and marketing
    expenses
. Sales and marketing expenses consist of compensation and other employee-related costs for personnel engaged in selling,
    marketing and sales support functions. Selling expenses also include marketing and the costs associated with customer evaluations.
    The Company does not currently incur advertising costs.
●
General and administrative
    expenses
. General and administrative expenses consist of compensation expense (including stock-based compensation expense) for
    employees and executive management, and expenses associated with finance, tax, and human resources. General and administrative expenses
    also includes transaction costs, expenses associated with facilities, information technology, external professional services, legal
    costs and settlement of legal claims and other administrative expenses.
●
Depreciation and amortization
:
    Depreciation and amortization expense consists of depreciation of Veea's property and equipment and amortization of Veea's
    patents and other intellectual property.
●
Impairment:
Impairment
    consists of impairment charges related to our in-process research and development ("IPR&D").
Results of Operations
The following tables set
forth the results of our operations for the periods presented, as well as the changes between periods. The period-to-period comparison
of financial results is not necessarily indicative of future results.
For the three months ended September 30,
2024 compared to year ended September 30, 2023
The following table sets
forth Veea's unaudited statements of operations data for the three and nine months ended September 30, 2024 and 2023, respectively.
Veea has prepared the three and nine-month data on a consistent basis with the audited consolidated financial statements as of and for
the years ended December 31, 2023 and 2022 included in the Form S-4/A filed with the SEC on May 13, 2024. In the opinion of Veea's
management, the unaudited three- and nine-month financial information reflects all necessary adjustments, consisting only of normal recurring
adjustments, necessary for a fair presentation of this data.
For the Three Months Ended
$
%
September 30,
2024
September 30,
2023
Change
Revenues, net
$
50,683
$
9,009,254
$
(8,958,571
)
(99
)%
Cost of Goods Sold
14,997
24,307
(9,310
)
(38
)%
Gross profit
35,686
8,984,947
(8,949,261
)
(100
)%
Operating Expenses:
Product development
356,761
185,764
170,997
92
%
Sales and marketing
80,937
137,943
(57,006
)
(41
)%
General and administrative
1,989,095
5,232,482
(3,243,387
)
(62
)%
Transaction costs including those incurred with contingent
    earn-out share liability
55,038,544
-
55,038,544
100
%
Depreciation and amortization
67,730
75,318
(7,588
)
(10
)%
Total operating expenses
57,533,067
5,631,507
51,901,560
922
%
Income (loss) from operations
(57,497,381
)
3,353,440
(60,850,821
)
(1,815
)%
Other Income and (Expense):
Other income, net
8,739
397,976
(389,237
)
(98
)%
Income tax benefit
1,251,243
-
1,251,243
100
%
Loss on initial issuance of convertible note
(1,770,933
)
-
(1,770,933
)
100
%
Change in fair value of conversion option liability
607,067
-
607,067
100
%
Change in fair value of warrant liabilities
(220,373
)
-
(220,373
)
100
%
Change in fair value of earn our share liability
24,750,000
-
24,750,000
100
%
Other expense
(36
)
-
(36
)
IMM
Interest expense
(451,881
)
(1,789,617
)
1,337,736
(75
)%
Total other income and expense
24,173,826
(1,391,641
)
25,565,467
(1,837
)%
Net income (loss)
$
(33,323,555
)
$
1,961,799
$
(35,285,354
)
(1,799
)%
57
For the nine months ended September 30,
2024 compared to year ended September 30, 2023
For the Nine Months Ended
$
%
September 30,
2024
September 30,
2023
Change
Revenues, net
$
108,264
$
9,040,359
$
(8,932,095
)
(99
)%
Cost of Goods Sold
57,687
47,163
10,524
22
%
Gross profit
50,577
8,993,196
(8,942,619
)
(99
)%
Operating Expenses:
Product development
1,152,930
676,603
476,327
70
%
Sales and marketing
459,341
299,130
160,211
54
%
General and administrative
13,091,503
12,493,928
597,575
5
%
Transaction costs including those incurred with contingent
    earn-out share liability
55,038,544
-
55,038,544
100
%
Depreciation and amortization
205,111
734,306
(529,195
)
(72
)%
Total operating
    expenses
69,748,921
14,203,967
55,544,954
392
%
Loss from operations
(69,698,344
)
(5,210,771
)
(64,487,573
)
1,241
%
Other Income and (Expense):
Other income, net
21,398
242,461
(221,063
)
(91
)%
Income tax benefit
1,251,243
-
1,251,243
100
Loss on initial issuance of convertible note
(1,770,933
)
-
(1,770,933
)
100
%
Change in fair value of conversion option liability
607,067
-
607,067
100
%
Change in fair value of warrant liabilities
(220,373
)
-
(220,373
)
100
%
Change in fair value of earn our share liability
24,750,000
-
24,750,000
100
%
Other expense
(9,346
)
(15,134
)
5,788
(38
)%
Interest expense
(1,352,823
)
(4,425,764
)
3,072,941
(69
)%
Total other income and expense
23,276,233
(4,198,437
)
27,474,670
(654
)%
Net income (loss)
$
(46,620,619
)
$
(9,409,208
)
$
(37,211,411
)
395
%
Revenue, net
The Company generated net revenue
of $50,683 and $9,009,254 for the three months ended September 30, 2024 and 2023, respectively. The Company generated net revenue of
$108,264 and $9,040,359 for the nine months ended September 30, 2024 and 2023, respectively. Revenue has been principally earned from
paid pilots for our VeeaHub
®
devices. The decrease was due to $9 million income recognized in connection with the license
of AdEdge™ in 2023.
Our focus over the past
several years has been on field testing and refining our product to meet customer needs as well as market developments. As a result of
these efforts, we expect revenue to grow over the next several quarters through the sales of our hardware, licenses and subscriptions.
We are especially focused in four principal market opportunities: 1) Digital Equity and Inclusion, 2) Energy and Sustainability solutions
for Smart Buildings and Climate Smart Agriculture, 3) Convergence of Fixed, Wireless, and 5G Networks, and 4) Smart Retail and Smart
Warehouses.
Cost of Goods Sold
Cost of goods sold decreased
by approximately $9,310, or 38%, in the three months ended September 30, 2024 compared to the three months ended September 30, 2023.
Cost of goods sold increased by $10,524, or 22%, in the nine months ended September 30, 2024 compared to the nine months ended September
30, 2023. The increase is immaterial as it is related to the costs incurred to generate our revenue earned from paid pilots for our VeeaHub
®
devices.
58
Product Development Expense
Product development expense
increased by $170,997, or 92%, in the three months ended September 30, 2024 compared to the three months ended September 30, 2023. Product
development expense increased by $476,327, or 70%, in the nine months ended September 30, 2024 compared to the nine months ended September
30, 2023. The increase in product development expenses was due to increased internal development and additional costs incurred by outside
contractors related to products manufactured during the period.
Sales and Marketing Expense
Sales and marketing expense
decreased by $57,006, or 41%, in the three months ended September 30, 2024 compared to the three months ended September 30, 2023. Sales
and marketing expense increased by $160,211, or 54%, in the nine months ended September 30, 2024 compared to the nine months ended September
30, 2023. In the third quarter, management had reduced efforts in marketing as the focus was on the Business Combination completion.
The year-to-date increase was due primarily to an increase in customer evaluations and fees paid to third-party marketing firm during
the period.
General and Administrative Expense
General and administrative
expense decreased by $3.2 million, or 62%, in the three months ended September 30, 2024 compared to the three months ended September
30, 2023. General and administrative expense increased by $0.6 million, or 5%, in the nine months ended September 30, 2024 compared to
the nine months ended September 30, 2023. The decrease for the quarter is primarily related to the foreign exchange gain of $1.8 million
for the three months ended, as well as a reclassification of $1.4 million of transaction related expenses out of G&A in the period
the Business Combination occurred. The year-to-date overall increase was primarily due to an increase in net foreign exchange losses,
as well as an increase in professional and consulting fees relating to the Business Combination.
Transaction costs including those incurred
with contingent earn-out liability
Following the closing of the
Business Combination, holders of certain capital stock of Private Veea immediately prior to the closing will have the contingent right
to receive up to 4.5 million additional shares of the Company's common stock if certain trading-price based milestones of the Company's
common stock are achieved or a change of control transaction occurs during the ten-year period following the Closing. The initial value
of the contingent earn-out share liability of $53.6 million for the three and nine months ended September 30, 2024 is recorded as a transaction
cost within operating expenses. The fair value of the earn-out liabilities was estimated using Monte Carlo simulation utilizing assumptions
related to the contractual term of the instruments, estimated volatility, the price of the Common Stock and current interest rates. A
significant driver of the value of the earn-out at the close of the Business Combination was our closing stock price on September 13,
2024 which was $12.00. Additionally, the Company incurred approximately $1.4 million of professional fees relating to the Business Combination.
Depreciation and Amortization
Depreciation and amortization
decreased by $7,588, or 10%, in the three months ended September 30, 2024 compared to the three months ended September 30, 2023. Depreciation
and amortization decreased by $529,195, or 72%, in the nine months ended September 30, 2024 compared to the nine months ended September
30, 2023. The decrease was due to certain intangibles reaching the end of their useful lives.
59
Other income, net
Other income, net relates
to immaterial non-operating transactions incurred during the period. These amounts were immaterial for the three and nine months ended
September 30, 2024 and 2023.
UK R&D Tax Credit
The increase is related
to the receipt of an R&D tax credit of $1.2 million received by the Company's UK subsidiary.
Loss on initial issuance of convertible
note
The loss on initial measurement
of the convertible note was $1,770,993 for the three and nine months ended September 30, 2024. The Convertible Note Payable was entered
into in September 2024.
Change in fair value of derivative liabilities
Change in fair value of
derivative liabilities comprised of the fair value adjustment to the conversion option, Private Warrants, and earn-out shares at balance
sheet date. The gain on the change in fair value of conversion note option liability was $797,500 for the three and nine months ended
September 30, 2024 was determined using a Black-Scholes option pricing model. The loss of the change in fair value of warrant liabilities
was $220,373 for the three and nine months ended September 30, 2024 was determined based on the trading value of the public warrants.
The loss on the change in fair value of earn out share liability was $24.8 million for the three and nine months ended September 30,
2024 was determined using a Monte Carlo simulation. A significant driver of the value of the earn-out at the close of the Business Combination
was our closing stock price on September 30, 2024 which was $6.50. These derivative instruments were entered into in September 2024 related
to the Business Combination.
Other expense
Other expenses relate to
immaterial non-operating expenses incurred during the period. These amounts were immaterial for the three and nine months ended September
30, 2024 and 2023.
Interest expense
Interest expense decreased
by $1.3 million, or 75%, in the three months ended September 30, 2024 compared to the three months ended September 30, 2023. Interest
expense decreased by $3.1 million, or 69%, in the nine months ended September 30, 2024 compared to the nine months ended September 30,
2023. The decrease was due to loans coming to term or being converted into equity.
60
Year ended December 31, 2023 compared to
year ended December 31, 2022
Year ended December 31,
2023
2022
$
%
Change
Revenue, net
$
9,072,130
$
224,052
$
8,848,078
3949
%
Cost of Goods Sold
466,802
285,311
181,491
64
%
Gross Profit (loss)
8,605,328
(61,259
)
8,666,587
14,147
%
Operating Expenses:
Product development
693,448
3,226,773
(2,533,325
)
(79
)%
Sales and Marketing
215,332
384,217
(168,885
)
(44
)%
General and administrative
18,523,030
20,076,055
(1,553,025
)
(8
)%
Depreciation and amortization
818,203
1,879,398
(1,061,195
)
(56
)%
Total operating expenses
20,250,013
25,566,443
(5,316,430
)
(21
)%
Loss from operations
(11,644,685
)
(25,627,702
)
13,983,017
(55
)%
Other income and (expense):
Interest income
1,942
9,000
(7,058
)
(78
)%
Foreign currency gain (loss)
1,284,846
(2,193,685
)
3,478,531
(159
)%
Other Income, net
59,982
-
59,982
(100
)%
Paycheck protection program loan forgiveness
-
1,238,145
1,238,145
NM
Other expense
(21,857
)
(50,041
)
28,184
(56
)%
Interest Expense
(5,318,817
)
(8,575,756
)
3,256,939
(38
)%
Total other income and expense
(3,993,904
)
(9,572,337
)
5,578,433
(58
)%
Net loss
$
(15,638,589
)
$
(35,200,039
)
$
19,561,450
(56
)%
Revenue, net
The Company generated revenue
of $9.1 million and $0.2 million for the years ended December 31, 2023 and 2022, respectively. Other than $9 million
of revenue generated from the license of AdEdge™ in 2023, revenue has been immaterial for all periods presented and represented
revenue earned from paid pilots for our VeeaHub
®
devices.
Our focus over the past
several years has been testing and refining our product to meet customer needs as well as market research. As a result of these efforts,
we expect revenue to grow over the next several years through the sales of our hardware, licenses and subscriptions. We will be especially
focused in four principal market opportunities: 1) Digital Equity and Inclusion, 2) Energy and Sustainability solutions for Smart Buildings
and Climate Smart Agriculture, 3) Convergence of Fixed, Wireless, and 5G Networks, and 4) Smart Retail and Smart Warehouses.
Cost of Goods Sold
Cost of goods sold increased
by $0.2 million, or 64%, in the year ended December 31, 2023 compared to the year ended December 31, 2022. The increase was due to an
increase in our inventory reserves.
Product Development Expense
Product development expense
decreased by $2.5 million, or 79%, in the year ended December 31, 2023 compared to the year ended December 31, 2022. The decrease was
due to a decrease in product development expenses due in part to (1) the completion of certain development projects with outside contractors
that reached their conclusion and a reduction in ongoing associated costs, (2) a reduction in internal development costs related to products
manufactured during the period and (3) delays in completion by technology partners of their development efforts.
61
Sales and Marketing Expense
Sales and marketing expense
decreased by $.2 million, or 44%, in the year ended December 31, 2023 compared to the year ended December 31, 2022. The decrease was
due primarily to a reduction in costs paid to a third-party marketing firm.
General and Administrative Expense
General and administrative
expense decreased by $1.6 million, or 8%, in the year ended December 31, 2023 compared to the year ended December 31, 2022. The decrease
was due to reduced spending as a result of cost containment measures.
Depreciation and Amortization
Depreciation and amortization
decreased by $1.1 million, or 56%, in the year ended December 31, 2023 compared to the year ended December 31, 2022. The decrease was
due to certain intangibles reaching the end of their useful lives.
Interest income
Interest income relates
to interest on cash and cash equivalents. These amounts were immaterial for the years ended December 31, 2023 and 2022.
Foreign Currency gain (loss)
Foreign Currency loss increased
by $3.5 million, or 159%, in the year ended December 31, 2023 compared to the year ended December 31, 2022. The increase was due to a
change in foreign exchange rate related to agreements with our foreign subsidiaries. The Company maintains an intercompany revolving
loan agreement with its UK subsidiary and an intercompany services agreement with its French subsidiary. The advances under the loan
agreement are denominated in US dollars and reflected in local currency on the books and records of the subsidiary. Payments under the
intercompany agreement with the Company's French subsidiary are denominated in Euros and reflected in US dollars on the books and
records of the Company and local currency on the books and records of the subsidiary.
Other expense
Other expenses relate to
immaterial non-operating expenses incurred during the period. These amounts were immaterial for the years ended December 31, 2023
and 2022.
Interest expense
Interest expense decreased
by $3.3 million, or 38%, in the year ended December 31, 2023 compared to the year ended December 31, 2022. The decrease was related to
the conversion of convertible notes into shares of Series A-1 Preferred Stock at the end of 2022.
Liquidity and Capital Resources
To date, we have financed our
operations primarily through private placements of equity securities and debt to. We plan to fund our operations and capital funding
needs through a combination of private and public equity and debt offerings, or a combination thereof. Since our inception, we have incurred
significant operating losses and negative cash flows. As of September 30, 2024 and December 31, 2023, we had an accumulated deficit of
$216.9 million and $170.3 million, respectively.
62
As of September 30, 2024
and December 31, 2023, we had cash of $2.8 million and $6.0 million, respectively. As of September 30, 2024, we had $14.15 million outstanding
debt, of which approximately $1.45 million was outstanding under the Note Purchase Agreement and $12.7 million was outstanding under
our working capital facility.
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.
At the Closing of the Business
Combination, the Company converted approximately $16 million of related party debt to equity; and received $1.45 million in proceeds
from the issuance of its convertible promissory note with a commitment from an Investor for the remaining unfunded amount of approximately
$13.6 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 proceeds from Plum's trust account and received a cash tax refund 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 proceeds receivable under the $25 million Equity Line
of Credit with White Lion Capital, LLC and the anticipated return by year end of the Company's $5 million downpayment for certain
inventory purchased from iFREE Group Holdings Limited and, the Company expects it will be able to funds its operations over the next
twelve months. The Company may seek additional funding through debt or other equity financing arrangements, implement incremental expense
reduction measures or a combination thereof to continue financing its operations. Although management continues to pursue these plans,
there is no assurance that the Company will be successful in obtaining sufficient funding on terms acceptable to the Company to fund
continuing operations, if at all.
Comparison of the Nine Months Ended September
30, 2024 and 2023
The following table shows
Veea's cash flows provided by (used in) operating activities, investing activities and financing activities for the stated periods:
Nine Months ended September 30,
2024
2023
Variance
Operating activities
$
(19,829,558
)
$
(7,150,873
)
$
(12,678,685
)
Investing activities
(207,697
)
(99,241
)
(108,456
)
Financing activities
16,536,728
8,227,615
8,309,113
Operating Activities
Net cash used in operating
activities for the nine months ended September 30, 2024 was $19.8 million compared to $7.2 million for the nine months ended September
30, 2023, an increase of $12.6 million. The increase was primarily due to the $5.0 million deposit made for inventory and a $7.7 million
operating loss.
Investing Activities
Net cash used in investing activities
for the nine months ended September 30, 2024 decreased by $108,456 from the nine months ended September 30, 2023. The increase was primarily
due to purchase of additional property, equipment and intangible assets during the period.
Financing Activities
Net cash provided by financing
activities for the nine months ended September 30, 2024 was $16.5 million compared to $8.2 million for the nine months ended September
30, 2023, an increase of $8.3 million. The increase was primarily due to the receipt of $10.0 million of proceeds from the issuance of
preferred stock prior to the closing of the Business Combination, net of transaction costs, $3.7 million of proceeds from the Company
revolving credit line, $1.45 million proceeds from the issuance of the September 2024 Notes and $1.1 million proceeds from the reverse
recapitalization. In 2023, the Company's financing sources included a $5.0 million term loan from an unrelated third party, a $3.0
million convertible note from an unrelated third party and an additional $2.2 million in demand notes from a related party.
63
Comparison of the Years Ended December
31, 2023 and 2022
The following table shows
Veea's cash flows provided by (used in) operating activities, investing activities and financing activities for the stated periods:
Year ended
December 31,
2023
Year ended
December 31,
2022
Variance
Operating activities
$
(12,652,360
)
$
(22,025,362
)
$
9,372,732
Investing activities
(155,054
)
(249,264
)
94,210
Financing activities
18,573,694
21,525,000
(2,951,306
)
Operating Activities
Net cash used in operating
activities for the year ended December 31, 2023 was $12.6 million compared to $22.0 million for the year ended December 31,
2022, an increase of $9.4 million. The increase was primarily due to the license of AdEdge
™
.
Investing Activities
Net cash used in investing
activities for the year ended December 31, 2023 decreased by $0.1 million from the year ended December 31, 2022. The decrease
was immaterial and related primarily to the purchase of intangibles.
Financing Activities
Net cash provided by financing
activities for the year ended December 31, 2023 was $18.6 million compared to $21.5 million for the year ended December 31,
2022, a decrease of $2.9 million. The decrease was due to (1) a repayment of debt and (2) a decrease in the issuance of convertible
notes that was offset by an increase in the issuance of third-party debt.
Off-Balance Sheet Arrangements
We have not had any over
the past three fiscal years, and we currently do not have, any off-balance sheet arrangements as defined in the rules and regulations
of the SEC. To the extent we have any contingent assets or liabilities, these have been captured and audited within the accompanying
consolidated financial statements.
Critical Accounting Estimates
The preparation of financial
statements in conformity with GAAP requires Veea's management to make estimates and assumptions that affect the reported amount
of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenue and expenses during
the reported periods. Other than valuation of inventory, Veea does not currently have any critical accounting estimates that could have
a material impact on their financial statements. Veea has other key accounting policies, which involve the use of estimates, judgments
and assumptions that are significant to understanding its results, which are described in Note 3 to Veea's consolidated financial
statements as of and for the years ended December 31, 2023 and 2022 included in this Registration Statement beginning at page F-10.
Revenue Recognition
The Company recognizes revenue
based on the satisfaction of distinct obligations to transfer goods and services to customers. The Company generates revenue from hardware
sales and the sale of licenses and subscriptions. The Company applies a five-step approach as defined in ASC 606, Revenue from Contracts
with Customers, in determining the amount and timing of revenue to be recognized: (1) identify the contract with a customer; (2) identify
the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance
obligations in the contract; and (5) recognize revenue when a corresponding performance obligation is satisfied. Most contracts with
customers are to provide distinct products or services within a single contract. However, if a contract is separated into more than one
performance obligation, the total transaction price is allocated to each performance obligation in an amount based on the estimated relative
standalone selling price.
For licenses of technology,
recognition of revenue is dependent upon whether the Company has delivered rights to the technology, and whether there are future performance
obligations under the contract. Revenue from non-refundable upfront payments is recognized when the license is transferred to the customer
and the Company has no other performance obligations. Revenue for licenses delivered under a subscription model having terms between
one and twelve-months are recognized over-time. Subscription revenue is generated through sales of monthly subscriptions. Customers pay
in advance for the licenses and subscriptions. Revenue is initially deferred and is recognized using the straight-line method over the
term of the applicable subscription period.
Revenue from hardware sales
is recognized at a point-in-time, which is generally at the point in time when products have been shipped, right to payment has been
obtained and risk of loss has been transferred. Certain of the Company's product performance obligations include proprietary operating
system software, which typically is not considered separately identifiable. Therefore, sales of these products and the related software
are considered one performance obligation.
64
Revenue from all sale types
is recognized at the transaction price, the amount management expects to be entitled to in exchange for transferring goods or providing
services. Transaction price is calculated as selling price net of variable consideration which may include estimates for future returns,
price protection, warranties, and other customer incentive programs based upon the Company's expectation and historical experience.
The Company contracts with
customers under non-cancellable arrangements. While customers, including resellers, may cancel master purchase agreements under certain
circumstances, customers may not cancel or modify purchase orders placed under the terms of such master purchase agreements. Each purchase
order is therefore a contract with the customer, i.e., the purchase of a quantity of any given, single product; further, purchase orders
do not commit the customer to purchase any further volumes over time. Contract modifications do not carry revenue recognition implications
as no revenue is recognized until control over products, or intellectual property, as applicable, has transferred to the customer.
The Company has service
arrangements where net sales are recognized over time. These arrangements include a variety of post-contract support service offerings,
which are generally recognized over time as the services are provided, including maintenance and support services, and professional services
to help customers maximize their utilization of deployed systems.
A contract liability for deferred
revenue is recorded when consideration is received or is unconditionally due from a customer prior to transferring control of goods or
services to the customer under the terms of a contract. Deferred revenue balances typically result from advance payments received from
customers for product contracts or from billings in excess of revenue recognized on services arrangements. Deferred revenue balances
were not significant as of September 30, 2024, December 31, 2023 and December 31, 2022.
Inventory Valuation
The Company values inventory
at the lower of cost or net realizable value. Cost is computed using standard cost which approximates actual cost on a first-in, first-out
basis. At each reporting period, the Company assesses the value of its inventory and writes down the cost of inventory to its net realizable
value if required, for estimated excess or obsolescence. Factors influencing these adjustments include changes in future demand forecasts,
market conditions, technological changes, product life cycle and development plans, component cost trends, product pricing, physical
deterioration, and quality issues. The write down for excess or obsolescence is charged to the provision for inventory, which is a component
of Cost of goods sold in the Company's consolidated statements of operations and comprehensive loss. At the point of the loss recognition,
a new, lower cost basis for that inventory is established, and subsequent changes in facts and circumstances do not result in the restoration
or increase in that newly established cost basis.
Due to the judgmental nature
of inventory valuation, we may from time to time be required to adjust our assumptions as processes change and as we gain better information.
Although we continue to refine the assumptions, described above, on which we base our estimates, we cannot be sure that our estimates
are accurate indicators of future events. Accordingly, future adjustments may result from refining these estimates. Such adjustments
may be significant.
Goodwill
Goodwill represents the
excess of the aggregate purchase consideration over the fair value of the net assets acquired. Goodwill is reviewed for impairment on
an annual basis, or more frequently if events or changes in circumstances indicate that the carrying amount of goodwill may be impaired.
In conducting its annual impairment test, the Company first reviews qualitative factors to determine whether it is more likely than not
that the fair value of the reporting unit is less than its carrying amount. If factors indicate that the fair value of the reporting
unit is less than its carrying amount, the Company performs a quantitative assessment, and the fair value of the reporting unit is determined
by analyzing the expected present value of future cash flows. If the carrying value of the reporting unit continues to exceed its fair
value, the fair value of the reporting unit's goodwill is calculated and an impairment loss equal to the excess is recorded. The
Company's goodwill was recorded in connection with an acquisition consummated in June 2018. The Company considers goodwill to have
an indefinite life and is not amortized.
Impairment of Long-Lived Assets
Long-lived assets with finite
lives consist primarily of property and equipment, operating lease right-of-use assets, and intangible assets which are reviewed for
impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability
of assets to be held and used is measured by a comparison of the carrying amount of an asset to the undiscounted future net cash flows
expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future undiscounted cash flows, an impairment
charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset.
Stock-Based Compensation
The Company accounts for
stock-based compensation expense in accordance with ASC 718,
Compensation-Stock
Compensation ("ASC 718"). The Company
measures and recognizes compensation expense for all stock-based awards based on estimated fair values on the date of the grant, recognized
over the requisite service period. For awards that vest solely based on a service condition, the Company recognizes stock-based compensation
expense on a straight-line basis over the requisite service period. The Company accounts for forfeitures as they occur.
65
Convertible Note Payable
When the Company issues
convertible debt, it first evaluates the balance sheet classification of the convertible instrument in its entirety to determine (1)
whether the instrument should be classified as a liability under ASC 480, Distinguishing Liabilities from Equity, and (2) whether the
conversion feature should be accounted for separately from the host instrument. A conversion feature of a convertible debt instrument
would be separated from the convertible instrument and classified as a derivative liability if the conversion feature, were it a standalone
instrument, meets the definition of a "derivative" in ASC 815, Derivatives and Hedging. When a conversion feature meets the
definition of an embedded derivative, it would be separated from the host instrument and classified as a derivative liability carried
on the consolidated balance sheet at fair value, with any changes in its fair value recognized currently in the consolidated statements
of operations.
Contingent Financing Asset
The Company recorded a contingent
financing asset on the condensed consolidated balance sheets for the fair value of the Transferred Shares issued to Investors for the
unfunded portion of the September 2024 Notes.
Warrants
The Company accounts for
warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant's specific terms
and applicable authoritative guidance in FASB Accounting Standards Codification 480,
Distinguishing
Liabilities from Equity ("ASC
480") and ASC 815, Derivatives and Hedging ("ASC 815"). The assessment considers whether the warrants are freestanding
financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all
of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company's own ordinary
shares and whether the warrant holders could potentially require "net cash settlement" in a circumstance outside of the Company's
control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted
at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding.
For issued or modified warrants
that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in
capital at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants
are required to be recorded at their initial fair value on the date of issuance, and at their fair value on each balance sheet date thereafter.
Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss in the Company's consolidated statements
of operations.
Recent Accounting Pronouncements
A discussion of recent accounting
pronouncements applicable to Veea is described in Note 3, Summary of Significant Accounting Policies, which are described in Note 3 to
the unaudited financial statements of Veea as of September 30, 2024 and for the nine months then ended included with this prospectus.
Emerging Growth Company Status
Veea is an emerging growth
company as defined in the JOBS Act. The JOBS Act permits companies with emerging growth company status to take advantage of an extended
transition period to comply with new or revised accounting standards, delaying the adoption of these accounting standards until they
would apply to private companies. Veea has elected to use this extended transition period to enable it to comply with new or revised
accounting standards that have different effective dates for public and private companies until the earlier of the date it (i) is no
longer an emerging growth company or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS
Act. As a result, Veea's financial statements may not be comparable to companies that comply with the new or revised accounting
standards as of public company effective dates.
In addition, Veea intends
to rely on the other exemptions and reduced reporting requirements provided by the JOBS Act. Subject to certain conditions set forth
in the JOBS Act, if, as an emerging growth company, Veea intends to rely on such exemptions, it is not required to, among other things:
(i) provide an auditor's attestation report on our system of internal controls over financial reporting pursuant to Section 404(b)
of the Sarbanes-Oxley Act; (ii) provide all of the compensation disclosure that may be required of non-emerging growth public companies
under the Dodd-Frank Wall Street Reform and Consumer Protection Act; (iii) comply with any requirement that may be adopted by the Public
Company Accounting Oversight Board regarding mandatory audit firm rotation or a supplement to the auditor's report providing additional
information about the audit and the financial statements (auditor discussion and analysis); and (iv) disclose certain executive compensation-related
items such as the correlation between executive compensation and performance and comparisons of the Chief Executive Officer's compensation
to median employee compensation. Veea will remain an emerging growth company under the JOBS Act until the earliest of (i) the last day
of its first fiscal year following the fifth anniversary of the closing of the Plum Acquisition Initial Public Offering, (ii) the last
date of our fiscal year in which it has total annual gross revenue of at least $1.235 billion, (iii) the date on which it is deemed to
be a "large accelerated filer" under the rules of the SEC with at least $700.0 million of outstanding securities held by
non-affiliates or (iv) the date on which it have issued more than $1.0 billion in non-convertible debt securities during the previous
three-years.
Non-GAAP Financial Measures
To supplement our consolidated
financial statements, which are prepared and presented in accordance with GAAP, we use Adjusted EBITDA, as described below, to understand
and evaluate our core operating performance. These non-GAAP financial measures, which may differ from similarly titled measures used
by other companies, is presented to enhance investors' overall understanding of our financial performance and should not be considered
a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.
66
Adjusted EBITDA
The primary financial measure
we use is Adjusted EBITDA. EBITDA is defined as net (loss) income, before interest, taxes, depreciation, and amortization. We define
Adjusted EBITDA as net (loss) income excluding income tax provision, interest expense, net of interest income from related party loans,
depreciation and amortization, stock-based compensation expense and non-core expenses/losses (gains), including transaction-related costs,
litigation-related costs, management fees, change in fair value of warrant liability, change in fair value of earn-out share liabilities
and other expense, which includes asset impairments. Our management uses this measure internally to evaluate the performance of our business
and this measure is one of the primary metrics by which our internal budgets are based. We exclude the above items as some are non-cash
in nature, and others are non-recurring that they may not be representative of normal operating results. This non-GAAP financial measure
adjusts for the impact of items that we do not consider indicative of the operational performance of our business. While we believe that
this non-GAAP financial measure is useful in evaluating our business, this information should be considered as supplemental in nature
and is not meant as a substitute for the related financial information prepared and presented in accordance with GAAP.
The following table provides
a reconciliation of net loss to adjusted EBITDA to net loss for the periods presented:
For the Three Months
Ended
For the Nine Months
Ended
September 30,
2024
September 30,
2023
September 30,
2024
September 30,
2023
ADJUSTED EBITDA:
Net (loss) Income
$
(33,323,555
)
$
1,961,799
$
(46,620,619
)
$
(9,409,208
)
Adjustments:
UK R&D tax credit
(1,251,243
)
-
(1,251,243
)
-
Interest expense
451,881
1,789,617
1,352,823
4,425,764
Depreciation and amortization
67,730
75,318
205,111
734,306
EBITDA
(34,055,187
)
3,826,734
(46,313,928
)
(4,249,138
)
Other income, net
(8,739
)
(397,976
)
(21,398
)
(242,461
)
Other expense
36
-
9,346
15,134
Loss on initial issuance of convertible note
1,770,933
-
1,770,933
-
Change in fair value of conversion note option liability
(607,067
)
-
(607,067
)
-
Change in fair value of warrant liabilities
220,373
-
220,373
-
Change in fair value of earn out shares liability
(24,750,000
)
-
(24,750,000
)
-
Transaction costs incurred with contingent
    earn-out share liability
55,038,544
-
55,038,544
-
Share-based compensation
59,385
76,431
394,234
404,761
ADJUSTED EBITDA
$
(2,331,722
)
$
3,505,189
$
(14,258,963
)
$
(4,071,705
)
Quantitative and Qualitative Disclosures About
Market Risks
Foreign Exchange Risk
The currency of the primary
economic environment in which the operations of the Company and its U.S. subsidiaries are conducted is the United States dollar ("
USD
").
Accordingly, the Company and all of its U.S. subsidiaries use USD as their functional currency.
Transaction gains and losses
that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included
in the results of operations as incurred. Foreign currency transaction gain (loss), mainly related to intercompany loans to the UK denominated
in British Pound Sterling and intercompany agreements with our French subsidiary denominated in Euros, are included in other comprehensive
gain (loss).
Our financial results could
be affected by changes in foreign currency exchange rates, although foreign exchange risks have not been material to our financial position
or results of operations to date. We prepared a sensitivity analysis to determine the impact of hypothetical changes foreign currency
exchange rates have on our results of operations. The foreign currency rate analysis assumed a movement in the British Pound Sterling
by 10% relative to the U.S. Dollar on our results. Based upon the results of this analysis, a 10% change in the British Pound Sterling
would have resulted in an increase or decrease in our earnings for the year ended December 31, 2023 of approximately $0.1 million. Changes
in the Euro have not been material to our financial position or results of operations to date.
Interest Rate and Debt Risk
Not applicable
Properties
We are headquartered in New
York City, New York. We have engineering offices in Iselin, New Jersey; Bath, United Kingdom; and Juvigny, France. We also maintain a
sales and marketing office in Paris, France and Mexico City, Mexico.
67
EXECUTIVE
AND DIRECTOR COMPENSATION
This
section discusses the material components of the executive compensation program for Veea's executive officers who are named in
the "2022 Summary Compensation Table" below. As an "emerging growth company," as such term is defined under the
JOBS Act, Veea is not required to include a Compensation Discussion and Analysis section and has elected to comply with the scaled disclosure
requirements applicable to an emerging growth company. Unless the context otherwise requires, all references in this section to "Veea,"
"we," "our," "us," and the "Company" refer to Private Veea prior to the consummation
of the Business Combination and to Veea and its subsidiaries after the Business Combination. This discussion may contain forward-looking
statements that are based on Veea's current plans, considerations, expectations and determinations regarding future compensation
programs. The actual compensation programs that Veea will adopt may differ materially from the current or the currently planned programs
that are summarized in this discussion.
Executive
Compensation Summary
We
have also included the material elements of compensation awarded to, earned by or paid to other officers of the company that may be named
executive officers of the Business Combination. Together, these officers are referred to as our "
named executive officers
"
or "
NEOs
."
Other
than as set forth in the table and described more fully below, during the fiscal year ended December 31, 2023, Private Veea did not pay
any fees, make any equity awards or non-equity awards, or pay any other compensation to the named executive officers. The compensation
reported in this summary compensation table below is not necessarily indicative of how we will compensate our named executive officers
in the future. In connection with the Business Combination, each of our NEOs will enter into a new employment agreement with the Combined
Company, which agreements may provide for increased base salaries and target annual bonus opportunities. We expect that we will continue
to review, evaluate and modify our compensation framework as a result of becoming a publicly-traded company, and our compensation program
following the consummation of the Business Combination could vary significantly from our historical practices.
Summary
Compensation Table
Name and Principal Position
Year
Salary
($)
Bonus
($)
Equity
Awards
($)
All Other
Compensation
($)
Total
($)
Allen Salmasi
2023
-
-
-
-
-
Chief Executive Officer
2022
-
-
-
-
-
Janice K. Smith
2023
250,838
500
-
-
251,338
Chief Operating Officer
2022
311,289
-
241,002
-
552,291
Mark Tubinis
2023
210,708
500
-
-
211,208
Chief Commercial Officer
2022
221,250
-
44,237
-
265,487
Existing
NEO Employment Agreements
Allen
Salmasi, as founder and Chief Executive Officer of Veea, has largely controlled all significant decisions of Veea since its inception.
Because of this unique role, Mr. Salmasi previously was not a party to an employment agreement or letter agreement with Veea. The Company's
chief executive officer has received no salary or equity awards since 2014.
On
December 31, 2019, Private Veea entered into an offer letter with Mr. Tubinis, pursuant to which Mr. Tubinis began serving as Chief Commercial
Officer. The offer letter provides for an indefinite term of employment. Pursuant to the offer letter, Mr. Tubinis was entitled to an
initial annual salary of $210,000.
Ms.
Smith does not have a written employment agreement with Veea.
Pursuant
to their respective agreements, each of the NEOs is eligible to participate in a number of Company-sponsored benefit plans, programs
and arrangements.
68
Outstanding
Equity Awards at Fiscal Year End
The
following table provides information about the number of outstanding equity awards held by each of our named executive officers as of
December 31, 2023:
Name
Equity Incentive
Plan Awards:
Number of
Unearned
Units That Have
Not Vested
Equity Incentive
Plan Awards:
Market or
Payout Value of
Unearned
Units That Have
Not Vested
Allen Salmasi
-
-
Chief Executive Officer
Janice K. Smith
115,423
83,105
Chief Operating Officer
Mark Tubinis
71,186
51,254
Chief Commercial Officer
Long
Term Equity Compensation Plans
Veea maintains the Veea Inc.
2024 Incentive Award Plan (the "2024 Incentive Plan"), which became effective upon the Closing. 4,460,437 shares of Common
Stock have been initially reserved for issuance of awards under the 2024 Incentive Plan (the "Initial Limit"). The Initial
Limit is subject to increase over a ten-year period. The 2024 Incentive Plan provides for the grant of stock options, which may be ISOs
or non-statutory stock options ("NSOs"), stock appreciation rights ("SARs"), restricted shares, restricted stock
units and other stock or cash-based awards that the administrator determines are consistent with the purpose of the 2024 Incentive Plan.
As of September 30, 2024, the Company has 3,568,676 shares available for issuance under the 2024 Incentive Plan.
Veea also maintains the 2024
Employee Stock Purchase Plan (the "ESPP"), which become effective upon the Closing. An aggregate of 1,070,603 shares of Common
Stock have been reserved for issuance under the ESPP, which represents 3% of the aggregate number of shares of the Company's common
stock outstanding immediately after the Closing. This amount is subject to increase each year over a ten-year period. The ESPP provides
eligible employees with an opportunity to purchase Common Stock from the Company at a discount through accumulated payroll deductions.
The first purchase period has not begun as of September 30, 2024. Under the terms of the ESPP, the purchase price per share cannot be
less than 85% of the lower of the fair market value per share of the Common Stock on either the offering date or on the purchase date.
Health
and Welfare Plans
Our
NEOs are eligible to participate in the employee benefit plans that we offer to our employees generally, including medical, dental, vision,
life and accidental death and dismemberment, and short- and long-term disability benefits.
Director
Compensation
For the fiscal year ended December
31, 2023, Veea did not pay any compensation or make any equity awards to any directors.
The
Board reviews director compensation periodically to ensure that director compensation remains competitive such that Veea is able to recruit
and retain qualified directors. Veea intends to adopt a director compensation program that is designed to align compensation with its
business objectives and the creation of shareholder value, while enabling Veea to attract, retain, incentivize, and reward directors
who contribute to the long-term success of the Combined Company.
Executive
Compensation After the Business Combination
Veea
does not have written employment agreements with its NEOs.
Veea
intends to develop an executive compensation program that is designed to align compensation with Veea's business objectives and
the creation of stockholder value, while enabling Veea to attract, retain, incentivize and reward individuals who contribute to the long-term
success of Veea's decisions on the executive compensation program are made by the Compensation Committee.
69
MANAGEMENT
Our
officers and directors are as follows:
Name
Age
Position
Allen Salmasi
70
Chief Executive Officer, Chairman of the Board
Janice K. Smith
63
Chief Operating Officer and Interim Chief Financial Officer
Mark Tubinis
66
Chief Commercial Officer
Michael Salmasi
35
Chief Executive Officer of Veea Solutions Inc.; Director
Douglas Maine
76
Director
Kanishka Roy
49
Director
Alan Black
64
Director
Helder Autunes
61
Director
Gary Cohen
68
Director
Allen
Salmasi
is the Chairman of the Board and CEO at Veea. Prior to co-founding Veea in 2014, Mr. Salmasi was the Chairman, Chief Executive
Officer and President of NextWave Telecom Inc. and, its spin-off, NextWave Wireless Inc. ("
NextWave
"), a San
Diego-based company that he founded in 1996. In partnership with MCI Communications Corporation, NextWave developed and substantially
implemented the first Mobile Virtual Network Operator ("
MVNO
") service in the US. NextWave also acquired substantial
spectrum assets in the US and other countries between 1996 and 2007. NextWave Telecom was acquired by Verizon in 2005 and, its spin-off,
NextWave Wireless was acquired by AT&T in 2013. NextWave, through its wholly owned subsidiaries, also pioneered several products
and technologies that were acquired at various times such as an all IP-based packet-switched wireless broadband network equipment and
devices based on TD-CDMA and OFDMA waveforms (4G/5G) as well as mobile media and streaming software platform that was adopted by Google
for Android devices. During 2000s, its TD-CDMA was deployed in Eastern Europe as a "wireless Internet" network by Deutsche
Telekom and in New York metro area, with an upgrade to 4G LTE as a public safety network after 9/11 ("
NYCWiN
")
with Northrop Grumman. Beginning 1988, at Qualcomm Incorporated, he served in various positions as the first President of its wireless
business division (QCT), Chief Strategy Officer and a member of the Board of Directors, where he initiated and led the business development
activities for the first digital cellular products, including its chipset and handset developments and production, based on Code Division
Multiple Access ("
CDMA
") technology, which became the first global wireless standard as 3G and gave birth to
smartphones. Prior to Qualcomm, from 1983 to 1988, Mr. Salmasi was the Chief Executive Officer and President of Omninet Corporation,
which developed and launched OmniTRACS product and services in 1985. As the first large scale commercial application of spread spectrum
communications incorporating CDMA, OmniTRACS became the world's first and largest commercial terrestrial mobile satellite communications
service for two-way messaging, SCADA (IoT) and position reporting service. Omninet entered into a contract with Qualcomm, immediately
after its formation in 1985, to manufacture OmniTRACS and then merged with Qualcomm in 1988. He holds two Bachelor of Science degrees
with honors in Electrical Engineering and Business Management and Economics from Purdue University and two Master of Science degrees
in Electrical Engineering and Applied Mathematics from Purdue University and the University of Southern California, respectively.
Janice
K. Smith
is our Chief Operating Officer and Interim Chief Financial Officer. Ms. Smith joined Veea in 2018. From February 2014 to
June 2018, Ms. Smith was Chief Administrative Officer of NLabs Inc., an affiliate of Veea. Prior to joining NLabs, Ms. Smith was SVP,
Chief Risk Officer and Head of Governmental Affairs for Overseas Ship holding Group, Inc., the former largest NYSE-listed crude oil and
petroleum product transportation company, where she was responsible for the enterprise risk management function, establishing and executing
legislative agenda, including management of the firm's "PAC" and supervising outside lobbyists. Prior to OSG, Ms. Smith
was a corporate partner in the New York office of global law firm Proskauer Rose where her practice focused on mergers and acquisitions,
corporate finance and securities law transactions. Ms. Smith holds a BBA from Iona College, a JD from Fordham Law School and a Business
Certificate from Columbia University.
70
Mark
Tubinis
is our Chief Commercial Officer. Mr. Tubinis joined Veea in 2020. He is a seasoned technology executive recognized for
building and managing global product and services organizations. He has broad experience in virtualized and cloud-based fixed and mobile
service delivery (voice, video, data and IoT), and has worked in engineering management, product management, business development, and
strategic planning and partnering over his career. He served as SVP of SeaChange International, an OTC-listed supplier of video delivery
software, from October 2016 to January 2019; as the Chairman of the Board of Airfusion, a private AI driven data analytics company, from
2016 to 2020; and as a director of Classco, Inc., a specialist in Calling Line ID technologies, from 1996 to 2019. Since 2022, he has
served as an advisor of zTouch, LLC, a private AI based network optimization and automation company. At Alcatel-Lucent (via acquisition
of WaterCove Networks), Cedar Point Communications, Savant, SeaChange International and now Veea, Mr. Tubinis enjoys working with
industry thought leaders to deliver innovative, award-winning solutions. Mr. Tubinis holds an MSEE/Computer Engineering and Communications
from Massachusetts Institute of Technology (MIT) and a BSEE from Boston University.
Michael
Salmasi
serves as a member of the Board. Michael Salmasi is a co-founder of Veea Inc. and has served on its board of directors since
its inception. Michael has also served as CEO of Veea Solutions Inc., a subsidiary of Veea Inc., since 2013. In this role, Mr. Salmasi
plays a leading role in a variety of initiatives and engages with the company's business partners to deliver edge computing solutions
to customers in a range of projects, including Smart Retail, Smart Buildings, and Smart Agriculture. Prior to co-founding Veea Inc.,
Mr. Salmasi worked at UBS Financial Services from 2009 to 2012. Mr. Salmasi holds a Master of Business Administration from
New York University Stern School of Business.
Douglas
Maine
serves as a member of the Board. Mr. Maine joined International Business Machines Corporation ("
IBM
")
in 1998 as Chief Financial Officer following a 20-year career with MCI (now part of Verizon) where he was Chief Financial Officer from
1992-1998. He was named General Manager of ibm.com in 2000 and General Manager, Consumer Products Industry in 2003 and retired from IBM
in 2005. Mr. Maine previously served as a director of the following public companies: Acreage Holdings from 2018-2023; Albemarle Corporation
from 2015 to 2020, Orbital-ATK, Inc. from 2006-2017, BroadSoft, Inc. from 2006-2017 and Rockwood Holdings, Inc. from 2005-2015. Maine
is a former two-term member of the Standing Advisory Group of the Public Company Accounting Oversight Board. Mr. Maine holds a BS from
Temple University and an MBA from Hofstra University. Mr. Maine is also a Columbia Business School Executive in Residence.
Kanishka
Roy
serves as a member of the Board. Mr. Roy is a technology and finance veteran, with over 20 years of experience as a technology
investment banker, public company executive, and growth investor. From 2014 to 2019, Mr. Roy helped leading Software and Internet companies
with mergers and acquisitions (M&A) and capital markets transactions. Mr. Roy also served as the Global Head of Tech M&A Origination
for Morgan Stanley, where he was responsible for initiating large, industry-transforming mergers, helping clients take a long-term view
of the competitive landscape and implementing winning M&A playbooks to maximize shareholder value. Over his career, Mr. Roy has participated
in over $100 billion of M&A transactions. Most recently, from 2019 to 2020, he was Global CFO at SmartNews, a multi-billion-dollar
private AI company with over 20 million monthly average users, and led the strategic finance and growth of a rapidly growing company
across multiple geographies. Mr. Roy started his career as a software engineer at two software startups, both of which were acquired
by larger public companies, and also worked in executive strategy roles at IBM. Mr. Roy is also President, Chief Executive Officer,
Secretary, Treasurer, and board member of Plum Acquisition Corp. III, a special purpose acquisition company traded on Nasdaq. Mr. Roy
holds an undergraduate degree in Electrical & Computer Engineering and an MBA from the Tuck School of Business at Dartmouth.
Alan
Black
serves as a member of the Board.
Mr. Black founded Surfspray Capital, LLC in 2017 through which he has advised over
a dozen companies including Looker Data Sciences where he served on the Board and was Chair of the Audit Committee (acquired by Google
in 2019); Bill.com Holdings (2019 IPO), HashiCorp (2021 IPO), and private software companies including Intercom, Komodo Health, Mattermost,
Netlify, Nozomi Networks, and others. He brings more than 35 years of experience as an executive leading public and private software
enterprises, including IPO experience as CFO at Zendesk (2014 IPO) and Openwave Systems (1999 IPO). In between those companies, Mr. Black
was President and CEO of Intelliden (acquired by IBM in 2010). Mr. Black currently sits on the boards of Nextiva, Matillion, and Plum
Acquisition Corp. III. He holds a Bachelors of Commerce and a Graduate Diploma in Public Accountancy degrees from McGill University in
Montreal, Canada, and serves on McGill's Board of Advisors for the Western United States, co-chairing its Bursary Subcommittee.
Mr. Black is now retired from active membership in the Institute of Chartered Accountants of Ontario (Canada) and Society of Certified
Public Accountants (California), in which professional organizations he was a licensed member for over two decades.
71
Helder
Antunes
serves as a member of the Board. Mr. Antunes is an entrepreneur, technologist, and executive with over 30 years of experience
in Silicon Valley and around the world. Currently he serves as CEO of Crowdkeep, an Internet of Things (IoT) company specializing in
asset, people, and condition tracking across multiple industries. Mr. Antunes previously served as a Cisco executive for over 20 years,
crucial in leading corporate innovation and in the development of many of Cisco's many security products, such as IoS imbedded
security, Cisco Virtual Office (CVO), and Dynamic Multipoint VPN, as well as leading projects like Cisco Connected Car, founding the
OpenFog Consortium, and developing the reference architecture for all things IoT. A renowned expert in data security, Internet of Things
(IoT), fog computing, and disruptive innovation, Mr. Antunes speaks at numerous conferences and symposiums around the world every year
and has presented to the U.S. Congress, and the parliaments of countries like Norway and Portugal on the topics of technology and innovation.
Mr. Antunes has also served as an advisor to the Government of Portugal and the Regional Government of the Azores, counseling on the
topics of stimulating high tech development, fostering investment environments, and promoting science & technology education.
Gary
Cohen
serves as a member of the Board. Mr. Cohen is an experienced business leader with a background in global management. Mr. Cohen
currently serves on the Board of Trustees for Northwell Health. Mr. Cohen has previously served on the President's Council for
Union College, the Global Advisory Board of Ragon Institute of MGH, MIT and Harvard, the Global Advisory Council of African Leadership
University, US Advisory Council of African Leadership Academy, and Director and Treasurer of Gift of Hope USA. Mr. Cohen has been retired
since 2014. Prior to retirement, Mr. Cohen was employed with IBM Corporation from 1978 to 2014 (with an 18-month gap). During his time
at IBM Corporation, Mr. Cohen served as General Manager, Global Communications Sector, Chairman of IBM Africa, and Executive Leader of
Global Alliances, among other roles. Mr. Cohen led IBM Corporation's $12 billion business with telecommunications, energy and utilities,
and media and entertainment clients worldwide, with particular focus in leading the development in Africa. Prior to that Mr. Cohen served
as General Manager of IBM's Pervasive Computing (IoT) business unit and before that was Vice President of Strategy. Furthermore,
Mr. Cohen managed critical partnerships with businesses like SAP, Cisco, and Oracle. Mr. Cohen holds an MBA in Finance from New York
University and a Bachelor of Science in Economics and Psychology from Union College. Mr. Cohen is independent as defined under the applicable
Nasdaq rules. Mr. Cohen is qualified to serve on the board because of his long-time global business experience and leadership experiences.
Director
Independence
Nasdaq
listing rules require that a majority of the board of directors of a company listed on Nasdaq be composed of "independent directors,"
which is defined generally as a person other than an officer or employee of the company or its subsidiaries or any other individual having
a relationship, which, in the opinion of the company's board of directors, would interfere with the director's exercise of
independent judgment in carrying out the responsibilities of a director. The Company's Board has determined that each of Douglas
Maine, Kanishka Roy, Gary Cohen and Alan Black is an independent director under the Nasdaq listing rules and Rule 10A-3 of the Exchange
Act. In making these determinations, the Board considered the current and prior relationships that each non-employee director had with
Veea and has with the Company and all other facts and circumstances the Board deemed relevant in determining independence, including
the beneficial ownership of our Common Stock by each non-employee director.
Committees
of the Board of Directors
The
standing committees of Company's Board consists of an Audit Committee, a Compensation Committee, and a Nominating and Corporate
Governance Committee. The composition of each committee following the Business Combination is set forth below.
72
Audit
Committee
The
Company's Audit Committee has been established in accordance with Section 3(a)(58)(A) of the Exchange Act and consists of Douglas
Maine, Gary Cohen and Alan Black, each of whom is an independent director and is "financially literate" as defined under
the Nasdaq listing standards. Douglas Maine serves as chair of the Audit Committee. The Company's Board has determined that Mr.
Maine qualifies as an "audit committee financial expert," as defined under rules and regulations of the SEC.
Compensation
Committee
The
Company's Compensation Committee consists of Gary Cohen and Douglas Maine, each of whom is an independent director under Nasdaq's
listing standards, and Gary Cohen serves as chair of the Compensation Committee.
Nominating
and Corporate Governance Committee
The
Company's Nominating and Corporate Governance Committee consists of Kanishka Roy and Alan Black, each of whom is an independent
director under Nasdaq's listing standards, and Kanishka Roy serves as the chair of the Nominating and Corporate Governance Committee.
The Nominating and Corporate Governance Committee is responsible for overseeing the selection of persons to be nominated to serve on
the Board. The Nominating and Corporate Governance Committee considers persons identified by its members, management, shareholders, investment
bankers and others.
The
guidelines for selecting nominees, including nominees who will permit the Continuing Company to comply with applicable California and
Nasdaq diversity standards, are specified in the Nominating and Corporate Governance Committee Charter.
Compensation
Committee Interlocks and Insider Participation
None
of the members of the Company's compensation committee has ever been an executive officer or employee of the Company. None of the
Company's executive officers currently serve, or have served during the last completed fiscal year, on the compensation committee
or board of directors of any other entity that has one or more executive officers that will serve as a member of the Board or compensation
committee.
Role
of the Board in Risk Oversight/Risk Committee
Of
the key functions of the Board is informed oversight of the Company's risk management process. The Board does not have a standing
risk management committee, but rather administers this oversight function directly through the Board as a whole, as well as through various
standing committees of the Board that address risks inherent in their respective areas of oversight. For example, the Company's
audit committee is responsible for overseeing the management of risks associated with the Company's financial reporting, operational,
privacy and cybersecurity, competition, legal, regulatory, compliance and reputational matters; and the Company's compensation
committee oversees the management of risks associated with our compensation policies and programs.
Oversight
of Cybersecurity Risks
The
Company faces a number of risks, including cybersecurity risks and those other risks described under the section titled
"Risk
Factors"
included in this prospectus. The audit committee is responsible for overseeing the steps management has taken with
respect to cybersecurity risk exposure. As part of this oversight, the audit committee will receive regular reports from management of
the Company on cybersecurity risk exposure and the actions management has taken to limit, monitor or control such exposures at its regularly
scheduled meetings. Management will work with third party service providers to maintain appropriate controls. We believe this division
of responsibilities is the most effective approach for addressing the Company's cybersecurity risks and that the Board leadership
structure supports this approach.
73
Limitation
on Liability and Indemnification of Directors and Officers
The
Charter contains provisions that limit the liability of the directors and officers for damages to the fullest extent permitted by Delaware
law. Consequently, the directors will not be personally liable to the Company or its stockholders for monetary damages for breach of
fiduciary duty as a director, and the Company's officers will not be personally liable to the Company's stockholders for
monetary damages for breach of fiduciary duty as an officer, in each case except for any liability for:
●
any
                                            breach of the director's or officer's duty of loyalty to the Company or its stockholders;
●
any
                                            act or omission not in good faith or which involves intentional misconduct or a knowing violation
                                            of law;
●
any
                                            transaction from which the director or officer derived an improper personal benefit; and
●
an
                                            illegal dividend, stock repurchase or redemption under Section 174 of the DGCL.
The
Charter requires the Company to indemnify and advance expenses to, to the fullest extent permitted by applicable law, its directors,
officers and agents. The Company plans to maintain a directors' and officers' insurance policy pursuant to which the directors
and officers are insured against liability for actions taken in their capacities as directors and officers. Finally, the Charter prohibits
any retroactive changes to the rights or protections or increasing the liability of any director in effect at the time of the alleged
occurrence of any act or omission to act giving rise to liability or indemnification.
In
addition, the Company has entered into separate indemnification agreements with its directors and officers. These agreements, among other
things, require the Company to indemnify its directors and officers for certain expenses, including attorneys' fees, judgments,
fines and settlement amounts incurred by a director or officer in any action or proceeding arising out of their services as one of the
Company's directors or officers or any other company or enterprise to which the person provides services at the Company's
request.
We
believe these provisions in the Charter are necessary to attract and retain qualified persons as directors and officers for the Company.
Corporate
Governance Guidelines and Code of Business Conduct
The
Board has adopted Corporate Governance Guidelines that address items such as the qualifications and responsibilities of its directors
and director candidates and corporate governance policies and standards applicable. In addition, the Board has adopted a Code of Business
Conduct and Ethics that applies to all of its employees, officers and directors, including its Chief Executive Officer, Chief Financial
Officer and other executive and senior financial officers. The full text of the Company's Corporate Governance Guidelines and its
Code of Business Conduct and Ethics are posted on the Corporate Governance portion of the Company's website at
www.veea.com
.
Information contained on or accessible through the Company's website is not a part of this prospectus, and the inclusion of the
Company's website address in this prospectus is an inactive textual reference only. The Company intends to make any legally required
disclosures regarding amendments to, or waivers of, provisions of its code of ethics on its website rather than by filing a Current Report
on Form 8-K.
74
SECURITY
OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
MANAGEMENT OF THE COMPANY
The following table sets forth
information known to the Company regarding beneficial ownership of shares of the Company's Common Stock as of December 11, 2024
by:
●
each
    person known by the Company to be the beneficial owner of more than 5% of the Company's outstanding Common Stock;
●
each
    of the Company's named executive officers and directors; and
●
all
    executive officers and directors as a group.
Beneficial
ownership is determined according to the rules of the SEC, which generally provide that a person has beneficial ownership of a security
if he, she or it possesses sole or shared voting or investment power over that security, including options, warrants and certain other
derivative securities that are currently exercisable or will become exercisable within 60 days.
The percentage of beneficial
ownership is based on 35,766,411 shares of Common Stock issued and outstanding as of December 10, 2024.
In
accordance with SEC rules, shares of our Common Stock which may be acquired upon exercise of stock options or warrants which are currently
exercisable or which become exercisable within 60 days of the date of the Closing are deemed beneficially owned by the holders of such
options and warrants and are deemed outstanding for the purpose of computing the percentage of ownership of such person, but are not
treated as outstanding for the purpose of computing the percentage of ownership of any other person.
Unless
otherwise indicated, the business address of each of the entities, directors and executives in this table is 164 E. 83rd Street, New
York, New York, United States. Unless otherwise indicated and subject to community property laws and similar laws, the Company believes
that all parties named in the table below have sole voting and investment power with respect to all shares of Common Stock beneficially
owned by them.
Name and Address of Beneficial Owners
(1)
Number of
Shares of
Common
Stock
%
Directors and Executive Officers
Allen Salmasi (2)
15,885,484
44.6
%
Janice K. Smith (3)
147,868
*
Mark Tubinis (4)
52,518
*
Douglas Maine (5)
39,606
*
Helder Antunes (6)
40,000
*
Michael Salmasi
309,441
*
Kanishka Roy (7)
8,530,237
23.9
%
Gary Cohen
-
*
Alan Black
-
*
5% Stockholders
NLabs Inc.
12,148,921
34.1
%
Salmasi 2004 Trust
2,808,475
7.9
%
Harmonic Equity Partners (8)
3,640,000
10.2
%
iFree Global Investment Limited (9)
2,386,174
6.6
%
All directors and executive officers as a group (9 individuals)
21,012,263
64.8
%
*
Less
    than 1%.
(1)
Unless
    otherwise noted, the business address of each of the following entities or individuals is 164 E. 83rd Street, New York, New York,
    United States.
(2)
Consists
    of 12,148,921 shares held by NLabs Inc., an entity controlled by Mr. Salmasi and members of his immediate family, 2,808,475 shares
    held by Salmasi 2004 Trust, the trustee of which is a member of Mr. Salmasi's immediate family, 437,029 shares held directly
    by Mr. Salmasi and 491,059 shares held by Mr. Salmasi's spouse.
(3)
Includes
    options to purchase 70,366 shares of Common Stock.
(4)
Consists
    of options to purchase 52,518 shares of Common Stock.
(5)
Includes
    options to purchase 14,714 shares of Common Stock.
(6)
Includes
                                            20,000 shares of Common Stock issuable upon conversion of a convertible promissory note issued
                                            at the Closing of the Business Combination.
(7)
Includes
    (i) 50,000 shares of Common Stock held directly by Mr. Roy, and (ii) 4,507,346 shares of Common Stock and 3,972,891 shares of Common
    Stock issuable upon exercise of Private Warrants held by Plum Partners, LLC. Mr. Roy serves as President and Co-Chief Executive Officer
    of Plum Partners, LLC and exercises voting and dispositive power over the shares held by Plum Partners, LLC.
(8)
Includes
                                            1,820,000 shares of Common Stock issuable upon conversion of a convertible promissory note
                                            issued at the Closing of the Business Combination.
(9)
Includes 1,283,327 shares of Common Stock issuable upon exercise
                                     of Private Placement Warrants.
75
CERTAIN
RELATIONSHIPS AND RELATED PARTY TRANSACTIONS
Certain Relationships and Related Person
Transactions of Veea
Lease Arrangements
On March 1, 2014, Private
Veea entered into a sublease agreement with NLabs Inc., an affiliate of Private Veea's CEO ("
NLabs
")
for office space for an initial term of five years. In 2018, Private Veea renewed the sublease for an additional five-year term with
all other terms and conditions of the sublease remaining the same. The renewal term expired February 28, 2024 and was subsequently
extended to December 31, 2024. Rent for the office space is accrued and not paid in cash. The Company recognized rent expense of $61,200
and $61,200 in the three months ended September 30, 2024 and 2023, respectively, and $183,600 and $184,925 in the nine months ended September
30, 2024 and 2023, respectively, all of which is classified as general and administrative expenses in the Company's consolidated
statements of operations and comprehensive loss. Accrued and unpaid rent expense included in the Company's consolidated balance
sheet was $1,652,400 and $1,468,800, as of September 30, 2024 and December 31, 2023, respectively.
In April 2017, Private Veea
entered into a lease agreement with 83
rd
Street LLC to lease office space for an initial term of two years. In 2018, Private
Veea renewed the lease for an additional five-year term, with all other terms and conditions of the lease remaining the same. The renewal
term expired February 28, 2024 and was subsequently extended to December 31, 2024. Rent for the office space is accrued and not paid
in cash. The sole member of 83
rd
Street is the Salmasi 2004 Trust. The Salmasi 2004 Trust holds approximately 7.9% of Veea's
outstanding capital stock. Veea's CEO is the grantor of the Salmasi 2004 Trust. Veea recognized rent expense of $72,000 and $72,000
in the three months ended September 30, 2024 and 2023, respectively, and $216,000 and $184,925 in the nine months ended September 30,
2024 and 2023, respectively. Accrued and unpaid rent expense included in the Company's consolidated balance sheet was $1,872,000
and $1,656,000, as of September 30, 2024 and December 31, 2023, respectively.
Rent expense for the above
leases is reported as general and administrative expenses in Veea's consolidated statements of operations.
Related Party Debt
In 2021 and 2022, NLabs
made loans to Private Veea evidenced by promissory notes aggregating $9,500,000 (the "Bridge Notes"). The Bridge Notes bear
interest on the outstanding principal at a rate of 10% per annum, calculated on the basis of a 365-day year. Principal and accrued interest
are payable on the maturity date of the Notes. The original maturity date of the Bridge Notes was December 31, 2022, which was extended
to December 31, 2023 and has been subsequently extended to September 30, 2024. The Company accounted for the extension as a modification
of the Bridge Notes. The unpaid principal amount and accrued unpaid interest on the Bridge Notes are due and payable upon the date of
the first to occur of: (i) the maturity date and (ii) the consummation of a debt or equity financing transaction with an unrelated third
party. Interest expense for the three months ended September 30, 2024 and 2023 was $195,155 and $237,500, respectively. Interest expense
for the nine months ended September 30, 2024 and 2023 was $670,155 and $762,500, respectively.
In 2022 and 2023, NLabs
made loans to Private Veea evidenced by promissory notes in the aggregate principal amount of $3,098,000 (the "
Promissory
Notes
" and together with the Bridge Notes, the "
Related Party Notes
"). The Demand Notes bear
interest on the outstanding principal amount at a rate of 10% per annum, calculated on the basis of a 365-day year. Principal and interest
on the Promissory Notes is repayable upon the earlier of demand and December 31, 2023. The Demand Notes remained outstanding as of December
31, 2023 and subsequently extended to September 30, 2024. Interest expense for the three months ended September 30, 2024 and 2023 was
$63,709 and $78,087, respectively. Interest expense for the nine months ended September 30, 2024 and 2023 was $198,698 and $212,201,
respectively.
76
At the Closing, the Related
Party Notes were converted into shares of Common Stock at the Closing at a price of $5.00 per share of Common Stock, which shares were
not considered Existing Veea Shares and were in addition to the shares of Common Stock issued to holders of Existing Veea Shares. See
"
- Note Conversion Agreements
," below for more information regarding the conversion of the Related Party Notes.
In January 2023, Janice Smith,
Veea's Chief Operating Officer, made a loan to Private Veea in the aggregate principal amount of $50,000. The loan accrues interest
on the outstanding principal amount at a rate of 10% per annum. Principal and interest on the loans are repayable upon the earlier of
demand and December 31, 2023. The loan was repaid in full in March 16, 2023.
Common Stock Warrants
In consideration for the guarantee
by the Company's CEO of the Company's obligations under the 2021 Revolving Loan Agreement and a previously outstanding loan
agreement with First Republic Bank, the Company issued warrants to purchase an aggregate of 2,430,000 shares of the Company's
common stock (the "Loan Guarantee Warrants"). The exercise price of the warrants is $.01 per share. The warrants are exercisable
for a period of seven years. The warrants were equity classified and had a fair value of $2,189,014 on the date of grant which is recognized
as deferred cost and amortized to interest expense over the life of the loan agreements.
In December 2021, the Company
issued warrants to purchase 630,000 shares of common stock in connection with the Bridge Notes issued to NLabs (the "Tranche
1 Bridge Note Warrants"). The exercise price of the warrants is $.01 per share. The warrants are exercisable for a period of seven
years. The warrants were equity classified and had a relative fair value of $499,416 on the date of grant which was recognized as original
issue discount on the Bridge Notes in the year ended December 31, 2021.
In 2022, the Company issued
warrants to purchase 320,000 shares of common stock in connection with the Bridge Notes issued to NLabs (the "Tranche 2 Bridge
Note Warrants" and collectively with the Loan Guarantee Warrants and the Tranche 1 Bridge Note Warrants, the "Related Party
Common Stock Warrants"). The exercise price of the warrants is $.01 per share. The warrants are exercisable for a period of seven
years. The warrants were equity classified and had a fair value of approximately $253,816 on the date of grant which was recognized as
original issue discount on the Bridge Notes in the year ended December 31, 2022.
At Closing, the Related Party
Common Stock Warrants were exercised in whole, on a net basis, for 3,880,000 shares of Common Stock of Private Veea at a conversion price
of $0.01 per share for an aggregate purchase price of $38,800. A total of 21,798 shares of Common Stock were surrendered in payment of
the purchase price.
CEO Expenses
Veea incurred expenses relating
to ordinary course travel expenses of the Company's Chief Executive Officer and founder ("CEO") for travel made by
the CEO on behalf of the Company. As of September 30, 2024 and December 31, 2023, the Company had accrued expenses reimbursable to the
CEO in the aggregate amount of $119,075 and $179,075, respectively. During the nine months ended September 30, 2024, the Company paid
the CEO $150,000 in reimbursement of these expenses. The Company records the expenses as accrued expenses in the Company's consolidated
balance sheet.
Note Conversion Agreements
On September 13, 2024, in connection
with the consummation of the Business Combination, Private Veea, Plum and the holders of certain notes (the "Noteholders")
issued by Private Veea entered into Note Conversion Agreements, pursuant to which each Noteholder agreed that principal and accrued interest
under such notes shall convert into Common Stock at Closing at a per share value of $5.00, and that such shares shall be subject to a
five-month lock-up period. At the Closing, notes having an aggregate of $15,739,846 in principal and accrued interest were converted
into 3,147,970 shares of Common Stock.
Certain
Relationships and Related Person Transactions of Plum
Founder
Shares
On
January 13, 2021, the Plum Sponsor paid $25,000, or approximately $0.003 per share, to cover certain offering costs in consideration
for 8,625,000 Class B ordinary shares, par value $0.0001 per share (the "Founder Shares"). Up to 1,125,000 Founder Shares
were subject to forfeiture to the extent that the over-allotment option was not exercised in full by the underwriter. On April 14, 2021,
the underwriter partially exercised its over-allotment option buying 1,921,634 Units thus reducing the total number of share subject
to forfeiture to 644,591. On May 2, 2021, the underwriter's over-allotment option expired and 644,591 Founder Shares were forfeited
to the Company.
77
Plum
Sponsor and Plum's directors and executive officers agreed not to transfer, assign or sell any of their Founder Shares until earliest
of (A) 180 days after the completion of the initial Business Combination and (B) subsequent to the initial Business Combination, (x)
if the closing price of our Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share splits, share capitalizations,
reorganizations, recapitalizations and the like) for any 20 trading days within any 30 trading-day period commencing at least 150 days
after the initial Business Combination, or (y) the date on which the Company completes a liquidation, merger, share exchange, reorganization
or other similar transaction that results in all of the public shareholders having the right to exchange their Ordinary Shares for cash,
securities or other property (the "Lock-up"). Any permitted transferees would be subject to the same restrictions and other
agreements of the Plum Sponsor and the directors and executive officers with respect to any Founder Shares.
Private
Placement Warrants
Simultaneously
with the closing of the Initial Public Offering, the Plum Sponsor purchased an aggregate of 6,256,218 Private Placement Warrants
at a price of $1.50 per Private Placement Warrant in a private placement, generating gross proceeds of $9,384,327. No underwriting discounts
or commissions were paid with respect to sale of the Private Placement Warrants. The issuance of the Private Placement Warrants was made
pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended. The proceeds from
the Private Placement Warrants were added to the proceeds from the Initial Public Offering held in the Trust Account.
The
Private Placement Warrants are identical to the Warrants sold in our Initial Public Offering, except that the Private Placement Warrants
(including the underlying securities) are subject to certain transfer restrictions and the holders thereof are entitled to certain registration
rights, and, if held by the original holder or their permitted assigns, the Warrants (i) may be exercised on a cashless basis and (ii)
are not subject to redemption. If the Private Placement Warrants are held by holders other than the initial purchasers or their permitted
transferees, then the Warrants will be redeemable by Plum and exercisable by the holders on the same basis as the Public Warrants included
in the Units sold in Plum's Initial Public Offering.
Related
Party Loans
On
January 13, 2021, the Plum Sponsor agreed to loan the Company up to $300,000 to cover expenses related to the Initial Public Offering
pursuant to a promissory note (the "Note"). This loan was non-interest bearing and payable on the earlier of November 30,
2021, or the completion of the Initial Public Offering. As of December 31, 2022, the Company has no borrowings under the Note. Borrowings
under this note are no longer available.
In
addition, in order to finance transaction costs in connection with an intended Business Combination, the Plum Sponsor or an affiliate
of the Plum Sponsor, or certain of Plum's officers and directors, and third parties committed to loan Plum funds as may be required
("Working Capital Loans"). If Plum completed a Business Combination, Plum would repay the Working Capital Loans out of the
proceeds of the Trust Account released to it. In the event that a Business Combination did not close, the Company could use a portion
of the working capital held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would
be used to repay the Working Capital Loans. Up to $1,500,000 of the Working Capital Loans were convertible into Private Placement Warrants
of the post Business Combination entity at a price of $1.50 per warrant at the option of the lender. Such warrants would be identical
to the Private Placement Warrants. Except as set forth above, the terms of such Working Capital Loans, if any, have not been determined
and no written agreements exist with respect to such loans.
78
On
April 17, 2023, Plum issued an unsecured promissory note, dated effective as of March 17, 2023 (the "March 2023 Note"), in
the principal amount of up to $1,500,000 to Sponsor, which may be drawn down by Plum from time to time prior to the consummation of Plum's
Business Combination. An initial draw in the amount of $480,000 occurred on March 17, 2023. The March 2023 Note did not bear interest,
matured on the date of consummation of the Business Combination and was subject to customary events of default. The March 2023 Note would
be repaid only to the extent that Plum had funds available to it outside of its trust account established in connection with its Initial
Public Offering, and is convertible into Private Placement Warrants of Plum at a price of $1.50 per warrant at the option of the Plum
Sponsor.
On
July 25, 2023, Plum issued an unsecured promissory note (the "July 2023 Note"), in the principal amount of up to $1,090,000,
to Plum Sponsor, which may be drawn down by Plum from time to time prior to the consummation of Plum's Business Combination. The
July 2023 Note did not bear interest, matured on the date of consummation of the Business Combination and was subject to customary events
of default. The July 2023 Note would be repaid only to the extent that Plum had funds available to it outside of its trust account established
in connection with its Initial Public Offering and was convertible into Private Placement Warrants of Plum at a price of $1.50 per warrant
at the option of the Plum Sponsor.
On
September 11, 2024 the Company entered into an amendment to the Plum Partners Promissory Note where, upon consummation of a business
combination, the outstanding principal balance in excess of $250,000 were converted into Common Stock of the post-closing entity in an
amount of shares equal to the outstanding principal balance divided by $5.00 per share.
On
January 31, 2022, Plum issued an unsecured promissory note (the "Dinsdale Note") in the principal amount of $500,000 to Mike
Dinsdale. The Dinsdale Note did not bear interest and was repayable in full upon consummation of a Business Combination. Plum could draw
on the Dinsdale Note from time to time, in increments of not less than $50,000, until the earlier of March 18, 2023 or the date on which
Plum consummates a Business Combination. If Plum did not complete a Business Combination, the Dinsdale Note would not be repaid and all
amounts owed under it would be forgiven. Upon the consummation of a Business Combination, the Mr. Dinsdale had the option, but not the
obligation, to convert the principal balance of the Dinsdale Note, in whole or in part, into Private Placement Warrants (as defined in
that certain Warrant Agreement, dated March 18, 2021, by and between Plum and Continental Stock Transfer & Trust Company), at a price
of $1.50 per Private Placement Warrant. The Dinsdale Note was subject to customary events of default, the occurrence of which automatically
trigger the unpaid principal balance of the Dinsdale Note and all other sums payable with regard to the Dinsdale Note becoming immediately
due and payable. The Dinsdale Note was issued pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities
Act of 1933, as amended. On September 11, 2024 the Dinsdale Note was amended to provided that upon consummation of the Business Combination,
the outstanding principal balance would convert into Common Stock of the Company in an amount of shares equal to the outstanding principal
balance divided by $5.00 per share.
On
July 11, 2022, Plum issued an unsecured promissory note (the "Burns Note") in the principal amount of $500,000 to Ursula
Burns. The Burns Note did not bear interest and was repayable in full upon consummation of Plum's initial business combination.
Up to fifty percent (50%) of the principal of the Burns Note could be drawn down from time to time at Plum's option prior to August
25, 2022 and any or all of the remaining undrawn principal of the Burns Note could be drawn down from time to time at the Company's
option after August 25, 2022, in each case in increments of not less than $50,000. If Plum did not complete a Business Combination, the
Burns Note would not be repaid and all amounts owed under it would be forgiven. Upon the consummation of a Business Combination, Ms.
Burns had the option, but not the obligation, to convert the principal balance of the Burns Note, in whole or in part, into Private Placement
Warrants (as defined in that certain Warrant Agreement, dated March 18, 2021, by and between Plum and Continental Stock Transfer &
Trust Company), at a price of $1.50 per Private Placement Warrant. The Burns Note was subject to customary events of default, the occurrence
of which automatically trigger the unpaid principal balance of the Burns Note and all other sums payable with regard to the Burns Note
becoming immediately due and payable. On September 11, 2024 the Burns Note was amended to provided that upon consummation of the Business
Combination, the outstanding principal balance would convert into Common Stock of the Company in an amount of shares equal to the outstanding
principal balance divided by $5.00 per share.
79
On
March 16, 2023, Plum issued an unsecured promissory note in the total principal amount of up to $250,000 (the "Roy Note")
to Mr. Kanishka Roy, individually and as a member of Plum Sponsor. Mr. Roy funded the initial principal amount of $250,000 on March 16,
2023. The Roy Note did not bear interest and matured upon the consummation of Plum's initial business combination with one or more
businesses or entities. In the event Plum did not consummate a business combination, the Roy Note would be repaid upon Plum's liquidation
only from amounts remaining outside of Plum's trust account, if any. The Roy Note was subject to customary events of default, the
occurrence of which automatically trigger the unpaid principal balance of the Roy Note and all other sums payable with regard to the
Roy Note becoming immediately due and payable. On September 11, 2024 the Roy Note was amended to provided that upon consummation of the
Business Combination, the outstanding principal balance would convert into Common Stock of the Company in an amount of shares equal to
the outstanding principal balance divided by $5.00 per share.
Administrative
Support Agreement
Plum
entered into certain administrative support agreement, pursuant to which Plum paid the Plum Sponsor or an affiliate of the Plum Sponsor
for office space, secretarial and administrative services provided to members of the management team. In addition, Plum reimbursed the
Plum Sponsor for the reasonable costs of salaries and other services provided to Plum by the employees, consultants and or members of
the Plum Sponsor or its affiliates. For the year ended December 31, 2023, Plum incurred $120,000 in fees for office space, secretarial
and administrative services and $215,094 in fees for reimbursement of costs of salaries. For the year ended December 31, 2022, Plum incurred
$120,000, in fees for office space, secretarial and administrative services, respectively, of which such amounts are included in the
due to related party in the accompanying balance sheets and incurred $549,198 for reimbursement of costs of costs of salaries and other
services. For the period from January 11, 2021, through December 31, 2021, Plum incurred $851,053 in fees for these services, of which
$736,053 was for reimbursement of costs of salaries and other services and $115,000 was for office space, secretarial and administrative
services. Pursuant to its terms, the Administrative Support Agreement terminated upon Closing.
Certain
Relationships and Related Person Transactions of
the Combined Company
Effective
upon the consummation of the Business Combination, the board of directors of the Combined Company adopted a written related-party transactions
policy that conforms with the requirements for issuers having securities listed on Nasdaq. Under the policy, the Combined Company's
audit committee serves as the approval authority for related party transactions, provided that, if the related party is, or is associated
with, a member of the audit committee, the Combined Company's nominating and governance committee will serve as the approval authority
for such transaction. the Combined Company's legal department will compile and maintain a master list of related parties, disseminate
the master list to function and department leaders, the Chief Financial Officer and individuals responsible for accounts payable and
accounts receivable, and contracting personnel in the legal department. Any transaction that the Combined Company intends to undertake
with a related party will be submitted to the compliance officer for determination of what approvals are required under the related-party
transactions policy, and the compliance officer will refer to the approval authority any related party transaction he or she determines
should be considered for evaluation by the approval authority consistent with the policy. If the compliance officer becomes aware of
a transaction with a related party that has not been previously approved or previously ratified under the policy that required such approval,
the transaction will be submitted promptly to the approval authority for review.
80
SELLING
SECURITYHOLDER
The selling securityholder
may from time to time offer and sell any or all of the shares of Common Stock set forth below pursuant to this prospectus and any accompanying
prospectus supplement. All the securities offered in this prospectus may be resold for so long as the registration statement, of which
this prospectus forms a part, is available for use. When we refer to the "selling securityholder" in this prospectus, we
mean the person listed in the table below, and the pledgees, donees, transferees, assignees, successors, designees, and others who later
come to hold any of the selling securityholder's interest in the Common Stock other than through a public sale. The selling securityholder
may currently hold shares of our Common Stock registered pursuant to the registration statement of which this prospectus forms a part.
The below table provides
additional details regarding the selling securityholder. The percentages are based on 35,766,411 shares of Common Stock issued and outstanding
as December 10, 2024.
We cannot advise you as to
whether the selling securityholder will in fact sell any or all of such shares of Common Stock.
Selling
securityholder information for each additional selling securityholder, if any, will be set forth by prospectus supplement to the extent
required prior to the time of any offer or sale of such selling securityholder's securities pursuant to this prospectus. To the
extent permitted by law, a prospectus supplement may add, update, substitute, or change the information contained in this prospectus,
including the identity of each selling securityholder and the number of securities registered on its behalf. A selling securityholder
may sell or otherwise transfer all, some, or none of such securities in this offering. See "
Plan of Distribution
."
Unless
otherwise indicated, the business address of each of the following entities or individuals is: 164 East 83
rd
Street, New York,
New York.
Securities Beneficially
Owned
    Prior to
This
Offering
Securities to be
Sold in
This Offering
Securities Beneficially
Owned After
This Offering
Name of Selling Holders
Shares of
Common
Stock
Shares of
Common
Stock
Shares of
Common
Stock
%
White Lion Capital, LLC
(1)
0
9,193,579
-
-
*
Represents less than 1%.
(1)
The address of the selling
                                            stockholder is 17631 Ventura Blvd., Suite 1008, Encino, CA 91316.
81
DESCRIPTION
OF SECURITIES
The
following description summarizes certain important terms of our capital stock, including the provisions included in our Charter, Bylaws,
Certificate of Designation and the Warrant Agreement. This description is not complete and is qualified by reference to the full text
of our Charter, Bylaws, Certificate of Designation and the Warrant Agreement, which are included as exhibits to the registration statement
of which this prospectus is a part, as well as the applicable provisions of the DGCL.
Authorized
and Outstanding Capital Stock
The
Charter authorizes the issuance of 551,000,000 shares of capital stock, consisting of (i) 550,000,000 shares of the Common Stock
and (ii) 1,000,000 shares of the Preferred Stock.
As of December 10,
2024, Veea had 35,766,411 shares of Common Stock issued and outstanding, as well as 6,384,326 Public Warrants, 5,256,218 Private
Placement Warrants and 156,960 Assumed Warrants.
Common
Stock
Voting
Rights
Holders
of the Common Stock will be entitled to cast one vote per share of the Common Stock. Generally, holders of all classes of the Common
Stock vote together as a single class, and an action is approved by the stockholders if the number of votes cast in favor of the action
exceeds the number of votes cast in opposition to the action, subject to certain exceptions, while directors are elected by a plurality
of the votes cast. Holders of the Common Stock will not be entitled to cumulate their votes in the election of directors.
Dividend
rights
Subject
to the rights of the holders of the Preferred Stock and any other provisions of the Charter, as it may be amended from time to time,
holders of the Common Stock will be entitled to receive such dividends and other distributions in cash, stock or property of the Company
when, as and if declared thereon by the Board, in its discretion, from time to time out of assets or funds of the Company legally available
therefor. See "
- Preferred Stock
," below for more information regarding the dividend rights of the holders of the
Preferred Stock.
Preferred
Stock
The
Charter provides that the Board has the authority, without action by the stockholders, to designate and issue shares of preferred stock
in one or more classes or series, and the number of shares constituting any such class or series, and to fix the voting powers, designations,
preferences, limitations, restrictions and relative rights of each class or series of preferred stock, including, without limitation,
dividend rights, dividend rates, conversion rights, exchange rights, voting rights, rights and terms of redemption, dissolution preferences,
and treatment in the case of a merger, business combination transaction, or sale of the Company's assets, which rights may be greater
than the rights of the holders of the common stock. There will be no shares of preferred stock outstanding immediately upon consummation
of the Business Combination.
The
purpose of authorizing the Board to issue preferred stock and determine the rights and preferences of any classes or series of preferred
stock is to eliminate delays associated with a stockholder vote on specific issuances. The simplified issuance of preferred stock, while
providing flexibility in connection with possible acquisitions, future financings and other corporate purposes, could have the effect
of making it more difficult for a third party to acquire, or could discourage a third party from seeking to acquire, a majority of the
Company's outstanding voting stock. Additionally, the issuance of preferred stock may adversely affect the holders of the Common
Stock by restricting dividends on the Common Stock, diluting the voting power of the Common Stock or subordinating the dividend or liquidation
rights of the Common Stock. As a result of these or other factors, the issuance of preferred stock could have an adverse impact on the
market price of the Common Stock.
82
Warrants
Public
Warrants
There are currently outstanding
an aggregate of 6,384,326 Public Warrants, which entitle the holders to acquire 6,384,326 shares of the Common Stock.
Each
whole Public Warrant entitles the registered holder to purchase one share of the Common Stock at a price of $11.50 per share, subject
to adjustment as discussed below, at any time commencing 30 days after the Closing, provided that the Company has an effective registration
statement under the Securities Act covering the Common Stock issuable upon exercise of the Public Warrants and a current prospectus relating
to them is available (or the permits holders to exercise their Public Warrants on a cashless basis under the circumstances specified
in the Warrant Agreement) and such shares are registered, qualified or exempt from registration under the securities, or blue sky, laws
of the state of residence of the holder. Pursuant to the Warrant Agreement, a Public Warrant holder may exercise its Public Warrants
only for a whole number of shares of the Common Stock. This means only a whole Public Warrant may be exercised at a given time by a Public
Warrant holder. The Public Warrants will expire five years after the Closing, at 5:00 p.m., Eastern Time, or earlier upon redemption
or liquidation.
The
Company will not be obligated to deliver any shares pursuant to the exercise of a Public Warrant and will have no obligation to settle
such Public Warrant exercise unless a registration statement under the Securities Act with respect to the shares underlying the Public
Warrants is then effective and a prospectus relating thereto is current, subject to the Company satisfying its obligations described
below with respect to registration. No Public Warrant will be exercisable and the Company will not be obligated to issue a share upon
exercise of a Public Warrant unless the share issuable upon such Public Warrant exercise has been registered, qualified or deemed to
be exempt under the securities laws of the state of residence of the registered holder of the Public Warrants. In the event that the
conditions in the two immediately preceding sentences are not satisfied with respect to a Public Warrant, the holder of such Public Warrant
will not be entitled to exercise such Public Warrant and such Public Warrant may have no value and expire worthless. In no event will
we be required to net cash settle any Public Warrant.
Plum
has registered the shares of the Common Stock issuable upon the exercise of the Public Warrants. Pursuant to the Warrant Agreement, the
Company will be required to maintain a current prospectus relating to the shares issuable upon exercise of the Public Warrants until
the expiration of the Public Warrants in accordance with the provisions of the Warrant Agreement. If a registration statement covering
the shares of the Common Stock issuable upon exercise of the Public Warrants is not effective or the prospectus therein is not current
by the sixtieth (60
th
) business day after the Closing, Public Warrant holders may, until such time as there is an effective
registration statement and during any period when the Company will have failed to maintain an effective registration statement, exercise
Public Warrants on a "cashless basis" in accordance with Section 3(a)(9) of the Securities Act or another exemption. Notwithstanding
the above, if the shares of the Common Stock are at the time of any exercise of a Public Warrant not listed on a national securities
exchange such that they satisfy the definition of a "covered security" under Section 18(b)(1) of the Securities Act, the
Company may, at its option, require holders of Public Warrants who exercise their Public Warrants to do so on a "cashless basis"
in accordance with Section 3(a)(9) of the Securities Act and, in the event it so elects, the Company will not be required to file or
maintain in effect a registration statement, and in the event it does not so elect, the Company will use its commercially reasonable
efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.
Redemption
of Public Warrants for cash
Once
the Public Warrants become exercisable, the Company may call the Public Warrants for redemption for cash:
●
in
                                            whole and not in part;
●
at
                                            a price of $0.01 per public warrant;
●
upon
                                            not less than 30 days' prior written notice of redemption to each Public Warrant holder;
                                            and
●
if,
                                            and only if, the closing price of the Common Stock equals or exceeds $18.00 per share (as
                                            adjusted for share splits, share capitalizations, reorganizations, recapitalizations and
                                            the like) for any 20 trading-days within a 30 trading-day period ending three (3) business
                                            days before we send to the notice of redemption to the Public Warrant holders.
83
If
and when the Public Warrants become redeemable by us for cash, the Company may exercise its redemption right even if it is unable to
register or qualify the underlying securities for sale under all applicable state securities laws.
The
Company has established the last of the redemption criterion discussed above to prevent a redemption call unless there is at the time
of the call a significant premium to the Public Warrant exercise price. If the foregoing conditions are satisfied and the Company issues
a notice of redemption of the Public Warrants, each Public Warrant holder will be entitled to exercise his, her or its Public Warrant
prior to the scheduled redemption date. However, the price of the Common Stock may fall below the $18.00 redemption trigger price (as
adjusted for stock splits, stock capitalizations, reorganizations, recapitalizations and the like) as well as the $11.50 Public Warrant
exercise price after the redemption notice is issued.
Redemption
procedures and cashless exercise
If
we call the Public Warrants for redemption as described above, the Company will have the option to require any holder that wishes to
exercise his, her or its Public Warrant to do so on a "cashless basis." In determining whether to require all holders to
exercise their Public Warrants on a "cashless basis," the Company will consider, among other factors, its cash position,
the number of Public Warrants that are outstanding and the dilutive effect on its shareholders of issuing the maximum number of shares
of the Common Stock issuable upon the exercise of its Public Warrants. If the Company takes advantage of this option, all holders of
Public Warrants would pay the exercise price by surrendering their Public Warrants for that number of shares of the Common Stock equal
to the lesser of (A) the quotient obtained by dividing (x) the product of the number of shares of the Common Stock underlying the Public
Warrants, multiplied by the excess of the "fair market value" of the Common Stock over the exercise price of the Public Warrants
by (y) the fair market value and (B) 0.361. The "fair market value" will mean the average closing price of a share of the
Common Stock for the ten (10) trading days ending on the third (3) trading day prior to the date on which the notice of redemption is
sent to the holders of Public Warrants. If the Company takes advantage of this option, the notice of redemption will contain the information
necessary to calculate the number of shares of the Common Stock to be received upon exercise of the Public Warrants, including the "fair
market value" in such case. Requiring a cashless exercise in this manner will reduce the number of shares to be issued and thereby
lessen the dilutive effect of a warrant redemption. the Company believes this feature is an attractive option if it does not need the
cash from the exercise of the Public Warrants after the Business Combination. If the Company calls the Public Warrants for redemption
and it does not take advantage of this option, the holders of the Private Placement Warrants and their permitted transferees would still
be entitled to exercise their Private Placement Warrants for cash or on a cashless basis using the same formula described above that
other Public Warrant holders would have been required to use had all warrant holders been required to exercise their Warrants on a cashless
basis, as described in more detail below.
A
holder of a Public Warrant may notify the Company in writing in the event it elects to be subject to a requirement that such holder will
not have the right to exercise such Public Warrant, to the extent that after giving effect to such exercise, such person (together with
such person's affiliates), to the warrant agent's actual knowledge, would beneficially own in excess of 4.9% or 9.8% (as
specified by the holder) of the shares of the Common Stock outstanding immediately after giving effect to such exercise.
If
the number of outstanding shares of the Common Stock is increased by a share capitalization payable in the Common Stock, or by a split-up
of the Common Stock or other similar event, then, on the effective date of such share capitalization, split-up or similar event, the
number of shares of the Common Stock issuable on exercise of each Public Warrant will be increased in proportion to such increase in
the outstanding the Common Stock. A rights offering to holders of the Common Stock entitling holders to purchase the Common Stock at
a price less than the fair market value will be deemed a share capitalization of a number of the Common Stock equal to the product of
(i) the number of shares of the Common Stock actually sold in such rights offering (or issuable under any other equity securities sold
in such rights offering that are convertible into or exercisable for the Common Stock) and (ii) the quotient of (x) the price per share
of the Common Stock paid in such rights offering and (y) the fair market value. For these purposes (i) if the rights offering is for
securities convertible into or exercisable for shares of the Common Stock, in determining the price payable for the Common Stock, there
will be taken into account any consideration received for such rights, as well as any additional amount payable upon exercise or conversion
and (ii) fair market value means the volume weighted average price of shares of the Common Stock as reported during the ten (10) trading
day period ending on the trading day prior to the first date on which the Common Stock trade on the applicable exchange or in the applicable
market, regular way, without the right to receive such rights.
84
In
addition, if we, at any time while the Public Warrants are outstanding and unexpired, pay a dividend or make a distribution in cash,
securities or other assets to the holders of the Common Stock on account of such the Common Stock (or other securities into which the
Public Warrants are convertible), other than (a) as described above or (b) certain ordinary cash dividends, then the Public Warrant exercise
price will be decreased, effective immediately after the effective date of such event, by the amount of cash and/or the fair market value
of any securities or other assets paid on each share of the Common Stock in respect of such event.
If
the number of outstanding shares of the Common Stock is decreased by a consolidation, combination, reverse share split or reclassification
of common stock or other similar event, then, on the effective date of such consolidation, combination, reverse share split, reclassification
or similar event, the number of shares of common stock issuable on exercise of each Public Warrant will be decreased in proportion to
such decrease in outstanding share of common stock.
Whenever
the number of shares of the Common Stock purchasable upon the exercise of the Public Warrants is adjusted, as described above, the Public
Warrant exercise price will be adjusted by multiplying the warrant exercise price immediately prior to such adjustment by a fraction
(x) the numerator of which will be the number of shares of the Common Stock purchasable upon the exercise of the Public Warrants immediately
prior to such adjustment, and (y) the denominator of which will be the number of shares of the Common Stock so purchasable immediately
thereafter.
In
case of any reclassification or reorganization of the outstanding the Common Stock (other than those described above or that solely affects
the par value of such the Common Stock), or in the case of any merger or consolidation of the Company with or into another corporation
(other than a consolidation or merger in which we are the continuing corporation and that does not result in any reclassification or
reorganization of the outstanding the Common Stock), or in the case of any sale or conveyance to another corporation or entity of the
assets or other property of the Company as an entirety or substantially as an entirety in connection with which we are dissolved, the
holders of the Public Warrants will thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions
specified in the Public Warrants and in lieu of the Common Stock immediately theretofore purchasable and receivable upon the exercise
of the rights represented thereby, the kind and amount of common stock or other securities or property (including cash) receivable upon
such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the holder
of the Public Warrants would have received if such holder had exercised their Public Warrants immediately prior to such event. If less
than 70% of the consideration receivable by the holders of common stock in such a transaction is payable in the form of common stock
in the successor entity that is listed for trading on a national securities exchange or is quoted in an established over-the-counter
market, or is to be so listed for trading or quoted immediately following such event, and if the registered holder of the Public Warrant
properly exercises the Public Warrant within thirty (30) days following public disclosure of such transaction, the Public Warrant exercise
price will be reduced as specified in the Warrant Agreement based on the Black-Scholes Warrant Value (as defined in the Warrant Agreement)
of the Public Warrant. The purpose of such exercise price reduction is to provide additional value to holders of the Public Warrants
when an extraordinary transaction occurs during the exercise period of the Public Warrants pursuant to which the holders of the Public
Warrants otherwise do not receive the full potential value of the Public Warrants.
The
Public Warrants were issued in registered form under a Warrant Agreement between Continental Stock Transfer & Trust Company, as warrant
agent, and Plum. The Warrant Agreement provides that the terms of the Public Warrants may be amended without the consent of any holder
to cure any ambiguity or correct any defective provision, and that all other modifications or amendments will require the vote or written
consent of the holders of at least 50% of the then outstanding Public Warrants, and, solely with respect to any amendment to the terms
of Warrants we may issue in connection with the Business Combination or any other business combination, or Post-IPO Warrants (as defined
in the Warrant Agreement), at least 50% of the then outstanding Post-IPO Warrants. You should review a copy of the Warrant Agreement,
which will be filed as an exhibit to the registration statement of which this prospectus is a part, for a complete description of the
terms and conditions applicable to the Warrants.
85
The
Public Warrants may be exercised upon surrender of the Public Warrant certificate on or prior to the expiration date at the offices of
the warrant agent, with the exercise form on the reverse side of the Public Warrant certificate completed and executed as indicated,
accompanied by full payment of the exercise price (or on a cashless basis, if applicable), by certified or official bank check payable
to us, for the number of Public Warrants being exercised. The Public Warrant holders do not have the rights or privileges of holders
of the Common Stock and any voting rights until they exercise their Public Warrants and receive common stock. After the issuance of the
Common Stock upon exercise of the Public Warrants, each holder will be entitled to one vote for each share held of record on all matters
to be voted on by shareholders.
No
fractional shares will be issued upon exercise of the Public Warrants. If, upon exercise of the Public Warrants, a holder would be entitled
to receive a fractional interest in a share, the Company will, upon exercise, round down to the nearest whole number the number of shares
of the Common Stock to be issued to the Public Warrant holder.
The
Company has agreed that, subject to applicable law, any action, proceeding or claim against the Company arising out of or relating in
any way to the Warrant Agreement will be brought and enforced in the courts of the State of New York or the United States District Court
for the Southern District of New York, and the Company irrevocably submits to such jurisdiction, which jurisdiction will be the exclusive
forum for any such action, proceeding or claim. See "
Risk Factors
-
The Warrant Agreement designates the courts of the
State of New York or the United States District Court for the Southern District of New York as the sole and exclusive forum for certain
types of actions and proceedings that may be initiated by holders of its Warrants, which could limit the ability of Warrant holders to
obtain a favorable judicial forum for disputes with Plum
." This provision applies to claims under the Securities Act but does
not apply to claims under the Exchange Act or any claim for which the federal district courts of the United States of America are the
sole and exclusive forum.
Private
Placement Warrants
The
Private Placement Warrants (including the Common Stock issuable upon exercise of the Private Placement Warrants) will not be transferable,
assignable or salable until 30 days after the Closing (except, among other limited exceptions, to Plum officers and directors and other
persons or entities affiliated with the Plum Sponsor). The Private Placement Warrants have terms and provisions that are identical to
those of the Public Warrants, as described above.
Assumed Warrants
Duration
and Exercise Price
The Assumed Warrants have an
exercise price of $10.19 per share. The Assumed Warrants were immediately exercisable upon issuance and are exercisable for five years
after the date of issuance. The exercise price and number of shares of Common Stock issuable upon exercise are subject to appropriate
adjustment in the event of share dividends, share splits, reorganizations or similar events affecting our shares of Common Stock. Except
for certain exceptions, the exercise price is also subject to adjustment in the event of subsequent equity sales by the Company at a
price less than the then current exercise price of the Assumed Warrants.
Exercisability
The Assumed Warrants are exercisable,
at the option of the holder, in whole or in part, by delivering to us a duly executed exercise notice accompanied by payment in full
for the number of shares of Common Stock purchased upon such exercise (except in the case of a cashless exercise as discussed below).
Cashless
Exercise
In lieu of making the cash payment
otherwise contemplated to be made to us upon such exercise in payment of the aggregate exercise price, the holder may elect instead to
receive upon such exercise (either in whole or in part) the net number of shares of Common Stock determined according to a formula set
forth in the Assumed Warrants.
86
Liquidity
Event
In the event of any liquidity
event, as described in the Assumed Warrants and generally including any merger with or into another entity, sale of all or substantially
all of our assets, tender offer or exchange offer, or reclassification of our shares of Common Stock, then upon any subsequent exercise
of a Veea Warrant, the holder will have the right to receive as alternative consideration, for each share of Common Stock that would
have been issuable upon such exercise immediately prior to the occurrence of such fundamental transaction, the number of shares of Common
Stock of the successor or acquiring corporation or of our Company, if it is the surviving corporation, and any additional consideration
receivable upon or as a result of such transaction by a holder of the number of shares of Common Stock for which the Assumed Warrants
are exercisable immediately prior to such event.
Transferability
The Assumed Warrants may not
be sold, transferred, pledged or hypothecated unless the Company shall have been provided (at the Holder's expense) with an opinion
of counsel satisfactory in form and substance to the Company, or other evidence reasonably satisfactory to the Company, that such transfer
is not in violation of the Securities Act, or any applicable state securities laws.
Trading
Market
There is no established trading
market for the Assumed Warrants, and we do not expect a market to develop. We do not intend to apply for a listing for the Assumed Warrants
on any securities exchange or other nationally recognized trading system. Without an active trading market, the liquidity of the Assumed
Warrants will be limited.
Rights
as a Shareholder
Except as otherwise provided
in the Assumed Warrants or by virtue of the holders' ownership of shares of Common Stock, the holders of Assumed Warrants do not
have the rights or privileges of holders of our shares of Common Stock, including any voting rights, until such Veea Warrant holders
exercise their warrants.
Quorum;
Voting
The
holders of a majority of the voting power of the capital stock issued and outstanding and entitled to vote there at, present in-person
or represented by proxy, will constitute a quorum at all meetings of the stockholders for the transaction of business except as otherwise
required by law or provided by the Charter. If, however, such quorum will not be present or represented at any meeting of the stockholders,
the chairperson or holders of a majority of the voting power present in person or represented by proxy, will have power to adjourn the
meeting from time to time, without notice other than announcement at the meeting, until a quorum will be present or represented. At such
adjourned meeting at which a quorum will be present or represented, any business may be transacted which might have been transacted at
the meeting as originally noticed. If the adjournment is for more than thirty (30) days, a notice of the adjourned meeting will be given
to each stockholder entitled to vote at such adjourned meeting. If after the adjournment a new record date for determination of stockholders
entitled to vote is fixed for the adjourned meeting, the Board shall fix as the record date for determining stockholders entitled to
notice of such adjourned meeting the same or an earlier date as that fixed for determination of stockholders entitled to vote at the
adjourned meeting, and shall give notice of the adjourned meeting to each stockholder of record as of the record date so fixed for notice
of such adjourned meeting. The stockholders present at a duly called or convened meeting, at which a quorum is present, may continue
to transact business until adjournment, notwithstanding the withdrawal of enough stockholders to leave less than a quorum.
Except
as otherwise provided by statute or by applicable stock exchange rules, or by the Charter or the Bylaws, in all matters other than the
election of directors, the affirmative vote of the majority of the voting power of the shares present in person, by remote communication,
if applicable, or represented by proxy at the meeting and entitled to vote generally on the subject matter will be the act of the stockholders.
Except as otherwise provided by statute, the Charter or the Bylaws, directors will be elected by a plurality of the votes cast by stockholders
present in person, by remote communication, if applicable, or represented by proxy at the meeting.
87
Registration
Rights
At
the Closing, Plum, the Plum Sponsor and certain other security holders of Veea and certain of their respective affiliates, as applicable,
and the other parties thereto, entered into an Amended and Restated Registration Rights Agreement (the "
Registration Rights
Agreement
"), pursuant to which, among other things, the Company agreed to register for resale, pursuant to Rule 415 under
the Securities Act of 1933, as amended (the "
Securities Act
"), certain shares of the Common Stock and other
equity securities of the Company that are held by the parties thereto from time to time, and the Plum Sponsor, such holders and the other
parties thereto were granted certain registration rights, on the terms and subject to the conditions therein.
The
Plum Sponsor and such holders have been granted certain customary registration rights, demand rights and piggyback rights with respect
to their respective shares of the Common Stock.
Exclusive
Forum
The
Charter provides that, to the fullest extent permitted by law, unless the Company otherwise consents in writing, the Court of Chancery
shall be the sole and exclusive forum for (a) any derivative action or proceeding brought on behalf of the Company, (b) any action asserting
a claim of breach of a fiduciary duty owed by any director, officer or other employee of the Company to the Company or its stockholders,
(c) any action asserting a claim against the Company, its directors, officers or employees arising pursuant to any provision of the DGCL,
the Charter or the Bylaws, (d) any action to interpret, apply, enforce or determine the validity of any provisions of the Charter or
the Bylaws or (e) any action asserting a claim against the Company, its directors, officers or employees governed by the internal affairs
doctrine. Notwithstanding the foregoing, the federal district courts of the United States shall be the exclusive forum for the resolution
of any action, suit or proceeding asserting a cause of action arising under the Securities Act.
Anti-Takeover
Effects of Provisions of the Charter, the Bylaws and Applicable Law
Certain
provisions of the Charter, the Bylaws, and laws of the State of Delaware, where the Company is incorporated, may discourage or make more
difficult a takeover attempt that a stockholder might consider in his or her best interest. These provisions may also adversely affect
prevailing market prices for the Common Stock. The Company believes that the benefits of increased protection give the Company the potential
ability to negotiate with the proponent of an unsolicited proposal to acquire or restructure the Company and outweigh the disadvantage
of discouraging those proposals because negotiation of the proposals could result in an improvement of their terms.
Authorized
but Unissued Shares
Delaware
law does not require stockholder approval for any issuance of authorized shares. However, the listing requirements of Nasdaq, which would
apply if and so long as the Common Stock remains listed on Nasdaq, require stockholder approval of certain issuances equal to or exceeding
20% of the then outstanding voting power or then outstanding number of shares of the Common Stock. Additional shares that may be used
in the future may be issued for a variety of corporate purposes, including future public offerings, to raise additional capital, or to
facilitate acquisitions. The existence of authorized but unissued and unreserved common stock and preferred stock could make more difficult
or discourage an attempt to obtain control of the Company by means of a proxy contest, tender offer, merger, or otherwise.
Terms
of Office of Directors
The
Charter and the Bylaws provide that, subject to any rights of holders of preferred stock to elect additional directors under specified
circumstances, directors shall be divided into three classes, designated Class I, Class II and Class III, as nearly equal in number as
possible. Class I directors shall initially serve until the first annual meeting of stockholders following the initial effectiveness
of the Charter (the "
Classification Effective Time
"); Class II directors shall initially serve until the second
annual meeting of stockholders following the Classification Effective Time; and Class III directors shall initially serve until the third
annual meeting of stockholders following the Classification Effective Time. Commencing with the first annual meeting of stockholders
following the Classification Effective Time, directors of each class the term of which shall then expire shall be elected to hold office
for a three-year term and until the election and qualification of their respective successors in office. The Charter authorizes the Board
to assign members of the Board already in office to Class I, Class II or Class III, with such assignment becoming effective as of the
Classification Effective Time. Any such director shall hold office until the annual meeting at which his or her term expires and until
his or her successor shall be elected and qualified, or until his or her earlier death, resignation, retirement, disqualification or
removal from office.
88
Requirements
for Advance Notification of Stockholder Meetings, Nominations and Proposals
The
Bylaws establish advance notice procedures with respect to stockholder proposals and nomination of candidates for election as directors,
other than nominations made by or at the direction of the Board or a committee of the Board. In order to be "properly brought"
before a meeting, a stockholder will have to comply with advance notice requirements and provide the Company with certain information.
Generally, to be timely, a stockholder's notice must be received at the Company's principal executive offices not less than
90 days nor more than 120 days prior to the first anniversary of the immediately preceding annual meeting of stockholders. The Bylaws
also specify requirements as to the form and content of a stockholder's notice. These provisions may also defer, delay, or discourage
a potential acquirer from conducting a solicitation of proxies to elect the acquirer's own slate of directors or otherwise attempting
to influence or obtain control of the Company.
Limitations
on Stockholder Action by Written Consent
The
Charter provides that, subject to the terms of any series of preferred stock, any action required or permitted to be taken by the stockholders
of the Company must be effected at an annual or special meeting of the stockholders and may not be effected by written consent in lieu
of a meeting.
Amendment
of the Charter and the Combined Company Bylaws
The
DGCL provides generally that the affirmative vote of a majority of the outstanding shares entitled to vote thereon, voting together a
single class, is required to amend a corporation's charter, unless the charter requires a greater percentage. The Charter provides
that the number of authorized shares of any of the Common Stock or preferred stock may be increased or decreased (but not below the number
of shares thereof then outstanding) by the affirmative vote of the holders of a majority in voting power of the outstanding stock of
the Company entitled to vote thereon irrespective of the provisions of Section 242(b)(2) of the DGCL.
The
Charter provides that it may be amended by the Company in the manners provided therein or prescribed by statute. Generally, under the
DGCL, the affirmative vote of the holders of a majority of the voting power of the then-outstanding shares of capital stock of the Company
entitled to vote generally in the election of directors, voting together as a single class, will be required to amend or repeal, or adopt
any provision of the Charter; provided that certain provisions that require a supermajority vote under the Charter. The Charter provides
that that the affirmative vote of the holders of at least two-thirds (66 2/3%) of the voting power of all of the then outstanding shares
of voting stock of the Company is required for amendments of certain provisions of the Charter relating to: (i) classification and election
of our Board, removal of directors from office, and filling vacancies on the Board, (ii) actions taken by the stockholders of the Company,
(iii) exculpation of personal liability of a director of the Company and indemnification of persons serving as directors or officers
of the Company, (iv) forum for certain legal actions, (v) renunciation of certain corporate opportunities, and (vi) amendments to the
Charter and the Bylaws.
The
Charter also provides that the Board shall have the power to make, repeal, alter, amend and rescind, in whole or in part, the Bylaws
without the assent or vote of the stockholders in any manner not inconsistent with the laws of the State of Delaware or the Charter.
The holders of at least two-thirds (66⅔%) of the voting power of the outstanding shares of the Common Stock entitled to vote at
an election of directors, voting together as a single class shall also have the power to alter, amend or repeal, in whole or in part,
any provision of the Bylaws or to adopt any provision inconsistent therewith.
Business
Combinations
Under
Section 203 of the DGCL, a corporation will not be permitted to engage in a business combination with any interested stockholder for
a period of three (3) years following the time that such interested stockholder became an interested stockholder, unless:
(1)
prior
                                            to such time the board of directors of the corporation approved either the business combination
                                            or the transaction which resulted in the stockholder becoming an interested stockholder;
89
(2)
upon
                                            consummation of the transaction which resulted in the stockholder becoming an interested
                                            stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation
                                            outstanding at the time the transaction commenced, excluding for purposes of determining
                                            the voting stock outstanding (but not the outstanding voting stock owned by the interested
                                            stockholder) those shares owned (i) by persons who are directors and also officers and (ii)
                                            employee stock plans in which employee participants do not have the right to determine confidentially
                                            whether shares held subject to the plan will be tendered in a tender or exchange offer; or
(3)
at
                                            or subsequent to such time the business combination is approved by the board of directors
                                            and authorized at an annual or special meeting of stockholders, and not by written consent,
                                            by the affirmative vote of at least 66⅔% of the outstanding voting stock which is
                                            not owned by the interested stockholder.
Generally,
a "business combination" includes a merger, asset or stock sale or other transaction resulting in a financial benefit to
the interested stockholder. Subject to certain exceptions, an "interested stockholder" is a person who, together with that
person's affiliates and associates, owns, or within the previous three (3) years owned, 15% or more of the Company's outstanding
voting stock. For purposes of this section only, "voting stock" has the meaning given to it in Section 203 of the DGCL.
Since
the Company has not opted out of Section 203 of the DGCL, it will apply to the Company. As a result, this provision will make it more
difficult for a person who would be an "interested stockholder" to effect various business combinations with the Company
for a three (3) year period. This provision may encourage companies interested in acquiring the Company to negotiate in advance with
the Board because the stockholder approval requirement would be avoided if the Board approves either the business combination or the
transaction which results in the stockholder becoming an interested stockholder. These provisions also may have the effect of preventing
changes in the Board and may make it more difficult to accomplish transactions which stockholders may otherwise deem to be in their best
interests.
Cumulative
Voting
Under
Delaware law, the right to vote cumulatively does not exist unless the charter specifically authorizes cumulative voting. The Charter
does not authorize cumulative voting.
Limitations
on Liability and Indemnification of Officers and Directors
The
DGCL authorizes corporations to limit or eliminate the personal liability of directors of corporations and their stockholders for monetary
damages for breaches of directors' fiduciary duties, subject to certain exceptions. The Charter includes a provision that eliminates
the personal liability of directors for damages for any breach of fiduciary duty as a director where, in civil proceedings, the person
acted in good faith and in a manner that person reasonably believed to be in or not opposed to the best interests of the Company or,
in criminal proceedings, where the person had no reasonable cause to believe that his or her conduct was unlawful.
The
Bylaws provide that the Company must indemnify and advance expenses to the Company's directors and officers to the fullest extent
authorized by the DGCL. the Company also is expressly authorized to carry directors' and officers' liability insurance providing
indemnification for the directors, officers, and certain employees for some liabilities. The Company believes that these indemnification
and advancement provisions and insurance are useful to attract and retain qualified directors and executive officers.
The
limitation of liability, advancement and indemnification provisions in the Charter and Bylaws may discourage stockholders from bringing
lawsuit against directors for breach of their fiduciary duty. These provisions also may have the effect of reducing the likelihood of
derivative litigation against directors and officers, even though such an action, if successful, might otherwise benefit the Company
and its stockholders. In addition, your investment may be adversely affected to the extent the Company pays the costs of settlement and
damage awards against directors and officer pursuant to these indemnification provisions.
There
is currently no pending material litigation or proceeding involving any of the Company's directors, officers, or employees for
which indemnification is sought.
90
Dissenters'
Rights of Appraisal and Payment
Under
the DGCL, with certain exceptions, the Company's stockholders will have appraisal rights in connection with a merger or consolidation
of the Company. Pursuant to the DGCL, stockholders who properly request and perfect appraisal rights in connection with such merger or
consolidation will have the right to receive payment of the fair value of their shares as determined by the Court of Chancery.
Stockholders'
Derivative Actions
Under
the DGCL, any of the Company's stockholders may bring an action in the Company's name to procure a judgment in the Company's
favor, also known as a derivative action, provided that the stockholder bringing the action is a holder of the Combined Company's
shares at the time of the transaction to which the action relates or such stockholder's stock thereafter devolved by operation
of law.
Transfer
Agent and Registrar; Warrant Agent
The
Transfer Agent and registrar for our capital stock and the warrant agent for the Warrants is Continental Stock Transfer & Trust Company.
Listing
of Securities
Shares
of our Common Stock and Public Warrants are traded on Nasdaq under the symbols "VEEA" and "VEEAW" respectively.
91
SECURITIES
ACT AND CONTRACTUAL RESTRICTIONS ON RESALE OF SECURITIES
Rule
144
Pursuant
to Rule 144 under the Securities Act ("Rule 144"), a person who has beneficially owned restricted shares of our Common Stock
for at least six months would be entitled to sell their securities, provided that (i) such person is not deemed to have been one of the
Company's affiliates at the time of, or at any time during the three months preceding, a sale and (ii) the Company is subject to
the Exchange Act periodic reporting requirements for at least three months before the sale and has filed all required reports under Section
13 or 15(d) of the Exchange Act during the 12 months (or such shorter period as the Company was required to file reports) preceding the
sale.
Persons
who have beneficially owned restricted shares of our Common Stock for at least six months but who are the Company's affiliates
at the time of, or at any time during the three months preceding, a sale, would be subject to additional restrictions, by which such
person would be entitled to sell within any three-month period only a number of securities that does not exceed the greater of:
●
1%
                                            of the total number of shares of common stock or warrants then outstanding, as applicable;
                                            or
●
the
                                            average weekly reported trading volume of the common stock or warrants, as applicable, during
                                            the four calendar weeks preceding the filing of a notice on Form 144 with respect to the
                                            sale.
Sales
by the Company's affiliates under Rule 144 are also limited by manner of sale provisions and notice requirements and to the availability
of current public information about the Company.
Lock-Up
Agreement
On
September 13, 2024, in connection with the consummation of the Business Combination, certain directors, officers and shareholders of
Private Veea and the Plum Sponsor and certain shareholders of Plum entered into lock up agreements, pursuant to which they agreed not
to effect any sale or distribution of any Equity Securities of the Company issued pursuant to the Business Combination Agreement during
the 180-day lock-up period, subject to certain exceptions as described in the lock up agreements.
Amendment
to Polar Agreements
On
September 11, 2024, in connection with the consummation of the Business Combination, Plum, the Plum Sponsor and Polar Multi-Strategy
Fund ("Polar") entered into an amendment to the Satisfaction Agreement, dated June 20, 2024, between the parties (as amended,
the "Polar Agreement"). Pursuant to the Polar Agreement, all obligations of Plum and the Plum Sponsor owed to Polar pursuant
to certain subscription agreements were deemed satisfied upon (i) the transfer from Sponsor to Polar of 50,000 unrestricted shares of
Common Stock, (ii) the transfer from Sponsor to Polar of 1,381,904 shares of Common Stock subject to a lock-up period as described below,
and (iii) the transfer from Sponsor to Polar of 293,302 shares of Common Stock subject to forfeiture if the conditions applicable to
the Earnout Shares are not satisfied during the Earnout Period.
On
September 13, 2024, in connection with the consummation of the Business Combination, Plum and Polar entered into an amendment to the
Polar Lock-Up Agreement, dated June 25, 2024, between the parties (as amended, the "Polar Lock-Up Agreement"). Pursuant to
the Polar Lock-Up Agreement, Polar agreed not to effect any sale or distribution of the 1,381,904 shares transferred from the Plum Sponsor
for a four-month period following the Closing, subject to certain exceptions as described in the Polar Lock-Up Agreement.
Cohen
Lock-Up Agreement
On
September 11, 2024, in connection with the consummation of the Business Combination, Plum and J.V.B. Financial Group, LLC ("JVB"),
an affiliate of Cohen & Company Capital Markets, entered into a Lock-Up Agreement (the "Cohen Lock-Up Agreement"), pursuant
to which, among other things, JVB agreed not to effect any sale or distribution of 335,000 shares of Common Stock issued to JVB pursuant
to the Business Combination Agreement for a four-month period following the Closing, subject to certain exceptions as described in the
Cohen Lock-Up Agreement.
92
Closing
Agreement
On
September 13, 2024, in connection with the consummation of the Business Combination, Plum, Private Veea, the Merger Sub and the Plum
Sponsor entered into a Closing Agreement, pursuant to which, among other things, the parties (i) agreed to waive certain closing conditions
contemplated under the Business Combination Agreement, (ii) agreed that the Company shall assume certain unpaid liabilities of Plum incurred
during certain transactions prior to the consummation of the Business Combination, and (iii) agreed that holders of certain demand, bridge
and promissory notes shall convert the outstanding obligations into Common Stock prior to the Closing at a price of $5.00 per
share.
Polar
Satisfaction Agreement
As
previously disclosed, on March 16, 2023, the Plum Sponsor entered into a subscription agreement with Polar Multi-Strategy Master
("
Polar
"), which was amended on July 14, 2023, and on July 25, 2023, Plum entered into a second subscription
agreement with Polar and the Plum Sponsor.
On
September 11, 2024, in connection with the consummation of the Business Combination, Plum, the Plum Sponsor and Polar entered into an
amendment to the Satisfaction Agreement, dated June 20, 2024, between the parties (as amended, the "Polar Agreement"). Pursuant
to the Polar Agreement, all obligations of Plum and the Plum Sponsor owed to Polar pursuant to certain subscription agreements were deemed
satisfied upon (i) the transfer from Plum Sponsor to Polar of 50,000 unrestricted shares of Common Stock, (ii) the transfer from Plum
Sponsor to Polar of 1,381,904 shares of Common Stock subject to a lock-up period as described below, and (iii) the transfer from Plum
Sponsor to Polar of 293,302 shares of Common Stock subject to forfeiture if the conditions applicable to the Earnout Shares are not satisfied
during the Earnout Period.
On
September 13, 2024, in connection with the consummation of the Business Combination, Plum and Polar entered into an amendment to the
Polar Lock-Up Agreement, dated June 25, 2024, between the parties (as amended, the "Polar Lock-Up Agreement"). Pursuant to
the Polar Lock-Up Agreement, Polar agreed not to effect any sale or distribution of the 1,381,904 shares transferred from the Plum Sponsor
for a four-month period following the Closing, subject to certain exceptions as described in the Polar Lock-Up Agreement.
93
PLAN
OF DISTRIBUTION
The selling securityholder,
which as used herein includes donees, pledgees, transferees, distributees, or other successors-in-interest selling shares of our Common
Stock or interests in our Common Stock received after the date of this prospectus from the selling securityholder as a gift, pledge,
distribution, or other transfer, may, from time to time, sell, transfer, distribute, or otherwise dispose of certain of its shares of
Common Stock or interests in our Common Stock on any stock exchange, market, or trading facility on which shares of our Common Stock,
are traded or in private transactions. These dispositions may be at fixed prices, at prevailing market prices at the time of sale, at
prices related to the prevailing market prices, at varying prices determined at the time of sale, or at negotiated prices.
The selling securityholder
may use any one or more of the following methods when disposing of its securities or interests therein:
●
ordinary
                                            brokerage transactions and transactions in which the broker-dealer solicits purchasers;
●
one
                                            or more underwritten offerings;
●
block
                                            trades in which the broker-dealer will attempt to sell the securities as agent, but may position
                                            and resell a portion of the block as principal to facilitate the transaction;
●
purchases
                                            by a broker-dealer as principal and resale by the broker-dealer for its accounts;
●
an
                                            exchange distribution in accordance with the rules of the applicable exchange;
●
privately
                                            negotiated transactions;
●
distributions
                                            to its members, partners, or stockholders;
●
short
                                            sales effected after the date of the registration statement of which this prospectus forms
                                            a part is declared effective by the SEC;
●
through
                                            the writing or settlement of options or other hedging transactions, whether through an options
                                            exchange or otherwise;
●
in
                                            market transactions, including transactions on a national securities exchange or quotations
                                            service or over-the-counter market;
●
directly
                                            to one or more purchasers;
●
through
                                            agents;
●
broker-dealers
                                            who may agree with the selling securityholder to sell a specified number of such securities
                                            at a stipulated price per share or warrant; or
●
a
                                            combination of any such methods of sale.
The selling securityholder
may, from time to time, pledge or grant a security interest in some shares of our Common Stock owned by it and, if a selling securityholder
defaults in the performance of its secured obligations, the pledgees or secured parties may offer and sell such securities, from time
to time, under this prospectus, or under an amendment or supplement to this prospectus amending the list of the selling securityholder
to include the pledgee, transferee, or other successors-in-interest as the selling securityholder under this prospectus. The selling
securityholder also may transfer securities in other circumstances, in which case the transferees, pledgees, or other successors-in-interest
will be the selling beneficial owners for purposes of this prospectus.
In connection with the sale
of shares of our Common Stock or interests therein, the selling securityholder may enter into hedging transactions with broker-dealers
or other financial institutions, which may in turn engage in short sales of such securities in the course of hedging the positions they
assume. The selling securityholder may also sell shares of our Common Stock short and deliver these securities to close out its short
positions, or loan or pledge shares of our Common Stock to broker-dealers that in turn may sell these securities. The selling securityholder
may also enter into option or other transactions with broker-dealers or other financial institutions or the creation of one or more derivative
securities that require the delivery to such broker-dealer or other financial institution of shares of our Common Stock offered by this
prospectus, which shares such broker-dealer or other financial institution may resell pursuant to this prospectus (as supplemented or
amended to reflect such transaction).
94
The aggregate proceeds to
the selling securityholder from the sale of shares of our Common Stock offered by it will be the purchase price of such securities, less
discounts or commissions, if any. The selling securityholder reserves the right to accept and, together with its agents from time to
time, to reject, in whole or in part, any proposed purchase of shares of our Common Stock to be made directly or through agents. We will
not receive any of the proceeds from any offering by the selling securityholder.
The selling securityholder
also may in the future resell a portion of our Common Stock in open-market transactions in reliance upon Rule 144 under the Securities
Act (provided that they meet the criteria and conform to the requirements of that rule), or pursuant to other available exemptions from
the registration requirements of the Securities Act.
The selling securityholder
and any underwriters, broker-dealers, or agents that participate in the sale of shares of our Common Stock or interests therein may be
"underwriters" within the meaning of Section 2(11) of the Securities Act. Any discounts, commissions, concessions, or profit
they earn on any resale of such securities may be underwriting discounts and commissions under the Securities Act. If the selling securityholder
is an "underwriter" within the meaning of Section 2(11) of the Securities Act, then the selling securityholder will be subject
to the prospectus delivery requirements of the Securities Act. Underwriters and its controlling persons, dealers, and agents may be entitled,
under agreements entered into with us and the selling securityholder, to indemnification against and contribution toward specific civil
liabilities, including liabilities under the Securities Act.
To
the extent required, the number of shares of our Common Stock to be sold, the respective purchase prices and public offering prices,
the names of any agent, dealer, or underwriter, and any applicable discounts, commissions, concessions, or other compensation with respect
to a particular offer will be set forth in an accompanying prospectus supplement or, if appropriate, a post-effective amendment to the
registration statement that includes this prospectus.
To facilitate the offering
of securities offered by the selling securityholder, certain persons participating in the offering may engage in transactions that stabilize,
maintain, or otherwise affect the price of our Common Stock. This may include over-allotments or short sales, which involve the sale
by persons participating in the offering of more shares of Common Stock than were sold to them. In these circumstances, these persons
would cover such over-allotments or short positions by making purchases in the open market or by exercising their over-allotment option,
if any. In addition, these persons may stabilize or maintain the price of our Common Stock by bidding for or purchasing shares of Common
Stock in the open market or by imposing penalty bids, whereby selling concessions allowed to dealers participating in the offering may
be reclaimed if shares of Common Stock sold by them are repurchased in connection with stabilization transactions. The effect of these
transactions may be to stabilize or maintain the market price of our Common Stock at a level above that which might otherwise prevail
in the open market. These transactions may be discontinued at any time.
Under the Registration Rights
Agreement, we have agreed to indemnify the selling securityholder against certain liabilities that they may incur in connection with
the sale of the securities registered hereunder, including liabilities under the Securities Act, and to contribute to payments that the
selling securityholder may be required to make with respect thereto. In addition, we and the selling securityholder may agree to indemnify
any underwriter, broker-dealer, or agent against certain liabilities related to the selling of the securities, including liabilities
arising under the Securities Act.
We have agreed to maintain
the effectiveness of the registration statement of which this prospectus forms a part until all such securities have been sold under
such registration statement or under Rule 144 under the Securities Act or are no longer outstanding, or under other circumstances as
described in the Registration Rights Agreement. We have agreed to pay all expenses in connection with this offering, other than underwriting
fees, discounts, selling commissions, stock transfer taxes, and certain legal expenses. The selling securityholder will pay any underwriting
fees, discounts, selling commissions, stock transfer taxes, and certain legal expenses relating to the offering.
The selling securityholder
may use this prospectus in connection with resales of shares of our Common Stock. This prospectus and any accompanying prospectus supplement
will identify the selling securityholder, the terms of our Common Stock, and any material relationships between us and the selling securityholder.
The selling securityholder may be deemed to be an underwriter under the Securities Act in connection with shares of our Common Stock
it resells and any profits on the sales may be deemed to be underwriting discounts and commissions under the Securities Act. Unless otherwise
set forth in a prospectus supplement, the selling securityholder will receive all the net proceeds from the resale of shares of our Common
Stock.
A
selling securityholder that is an entity may elect to make an in-kind distribution of Common Stock to its members, partners, or stockholders
pursuant to the registration statement of which this prospectus forms a part by delivering a prospectus. To the extent that such members,
partners, or stockholders are not affiliates of ours, such members, partners, or stockholders would thereby receive freely tradable shares
of Common Stock pursuant to the distribution through a registration statement.
Except
as set forth above, we are required to pay all fees and expenses incident to the registration of shares of our Common Stock to be offered
and sold pursuant to this prospectus.
95
MATERIAL
U.S. FEDERAL INCOME TAX CONSIDERATIONS
The
following is a discussion of the material U.S. federal income tax considerations applicable to U.S. Holders and Non-U.S. Holders (each
as defined below) of the ownership and disposition of Common Stock. This discussion only applies to investors that will hold their Common
Stock as capital assets for U.S. federal income tax purposes (generally, property held for investment). This discussion does not discuss
all aspects of U.S. federal income taxation that may be relevant to particular investors in light of their particular circumstances or
status including:
●
the
                                            Plum Sponsor;
●
banks,
                                            financial institutions, or financial services entities;
●
broker-dealers;
●
S
                                            corporations;
●
taxpayers
                                            that are subject to the mark-to-market accounting rules;
●
tax-exempt
                                            entities;
●
governments
                                            or agencies or instrumentalities thereof;
●
tax-qualified
                                            retirement plans;
●
insurance
                                            companies;
●
regulated
                                            investment companies or real estate investment trusts;
●
expatriates
                                            or former long-term residents of the United States;
●
persons
                                            that will actually or constructively own five percent or more of the Company's voting
                                            stock or five percent or more of the total value of all classes of the Company's stock
                                            (except as specifically addressed below);
●
persons
                                            that acquire the Company's securities pursuant to an exercise of employee share options,
                                            in connection with employee share incentive plans, or otherwise as compensation;
●
persons
                                            that hold the Company's securities as part of a straddle, constructive sale, hedging,
                                            conversion or other integrated or similar transaction;
●
persons
                                            subject to the alternative minimum tax;
●
U.S.
                                            Holders whose functional currency is not the U.S. dollar;
●
controlled
                                            foreign corporations and passive foreign investment companies; and
●
accrual
                                            method taxpayers that file applicable financial statements as described in Section 451(b)
                                            of the Code.
This
discussion is based on U.S. federal income tax law as in effect on the date hereof. Such law is subject to change, possibly on a retroactive
basis, which may affect the U.S. federal income tax consequences described in this prospectus. There can be no assurance that future
legislation, regulations, administrative rulings, or court decisions will not adversely affect the accuracy of the statements in this
discussion. The Company has not sought, and does not intend to seek, a ruling from the IRS as to any U.S. federal income tax consideration
described in this prospectus. The IRS may disagree with the discussion in this prospectus, and its determination may be upheld by a court.
Furthermore, this discussion does not address any U.S. federal non-income tax laws, such as gift, estate, or Medicare contribution tax
laws, or U.S. state or local or non-U.S. tax laws.
This
discussion does not consider the U.S. federal income tax treatment of entities and arrangements treated as partnerships for U.S. federal
income tax purposes that hold Common Stock. If a partnership is a beneficial owner of Common Stock, the U.S. federal income tax treatment
of a partner in such partnership generally will depend on the status of such partner and the activities of such partner and such partnership.
If you are a partnership or a partner in a partnership that holds Common Stock, you are urged to consult your tax advisor regarding the
tax consequences to you of the ownership and disposition of Common Stock.
96
THE
FOLLOWING IS FOR INFORMATIONAL PURPOSES ONLY. EACH PROSPECTIVE INVESTOR IN
the COMMON STOCK
SHOULD CONSULT ITS TAX ADVISOR WITH RESPECT TO THE PARTICULAR TAX CONSEQUENCES TO SUCH HOLDER OF THE OWNERSHIP AND DISPOSITION OF SHARES
OF COMMON STOCK, INCLUDING THE EFFECTS OF U.S. FEDERAL, STATE, AND LOCAL AND NON-U.S. TAX LAWS.
U.S.
Holders
As
used in this prospectus, a "U.S. Holder" is a beneficial owner of Common Stock who or that is, for U.S. federal income tax
purposes:
●
an
                                            individual citizen or resident of the United States;
●
a
                                            corporation (or other entity that is treated as a corporation for U.S. federal income tax
                                            purposes) that is created or organized (or treated as created or organized) in or under the
                                            laws of the United States or any state thereof or the District of Columbia;
●
an
                                            estate the income of which is subject to U.S. federal income tax regardless of its source;
                                            or
●
a
                                            trust if (i) a U.S. court can exercise primary supervision over the administration of such
                                            trust and one or more United States persons (within the meaning of the Code) have the authority
                                            to control all substantial decisions of the trust or (ii) it has a valid election in place
                                            to be treated as a United States person.
The
following describes U.S. federal income tax considerations to a U.S. Holder relating to the ownership and disposition of shares of Common
Stock.
Distributions
on the Common Stock
In
general, distributions with respect to the Common Stock will be subject to tax as dividends to the extent paid out of the Company's
current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Such income will be includible in
the gross income of a U.S. Holder as ordinary income on the day actually or constructively received by such holder.
To
the extent that the amount of any distribution exceeds the Company's current and accumulated earnings and profits, as determined
under U.S. federal income tax principles, the excess will first be treated as a tax-free return of capital, causing a reduction (but
not below zero) in the adjusted tax basis of a U.S. Holder's Common Stock. The amount of any remaining excess will be subject to
tax as capital gain recognized on a sale or exchange as described below under "
U.S. Holders - Sale, Exchange or Other Dispositions
of Shares of Common Stock
."
Non-corporate
U.S. Holders will generally be eligible for reduced rates of taxation on any dividend paid out of current and accumulated earnings and
profits, provided that certain holding period and other requirements are satisfied. Corporate U.S. Holders will generally be eligible
for a 50% dividends-received deduction on any dividend paid out of current and accumulated earnings and profits, provided that certain
holding period and other requirements are satisfied.
A
dividend that exceeds certain thresholds in relation to a U.S. Holder's tax basis in the stock could be characterized as an "extraordinary
dividend" (as defined in Section 1059 of the Code). If a corporate U.S. Holder receives an extraordinary dividend, it will generally
be required to reduce (but not below zero) its basis in the shares of stock in respect of which the extraordinary dividend is paid by
the portion of such dividend that is not taxed because of the dividends-received deduction. If the amount of the basis reduction exceeds
the corporate U.S. Holder's tax basis in its stock, the excess will be treated as taxable gain. If a non-corporate U.S. Holder
receives an extraordinary dividend, it will be required to treat any loss on the sale of the shares of stock in respect of which such
extraordinary dividend is paid as a long-term capital loss to the extent of the extraordinary dividends received that qualify for the
reduced dividend tax rate described above.
U.S.
Holders should consult their own tax advisor regarding the availability of the reduced dividend tax rate or the dividends-received deduction
in light of their particular circumstances.
97
Sale,
Exchange or Other Disposition of Shares of Common Stock
A
U.S. Holder generally will recognize capital gain or loss upon a sale, exchange or other taxable disposition of shares of Common Stock.
Any such capital gain or loss generally will be long-term capital gain or loss if the U.S. Holder's holding period for the shares
of Common Stock so disposed of exceeds one year. Long-term capital gains recognized by non-corporate U.S. Holders will be eligible to
be taxed at reduced rates. The deductibility of capital losses is subject to limitations.
Generally,
the amount of gain or loss recognized by a U.S. Holder is an amount equal to the difference between (i) the sum of the amount of cash
and the fair market value of any property received in such disposition and (ii) the U.S. Holder's adjusted tax basis in its shares
of Common Stock so disposed of. A U.S. Holder's adjusted tax basis in its the Company securities generally will equal the U.S.
Holder's acquisition cost, subject to certain adjustments.
Non-U.S.
Holders
As
used in this prospectus, a "non-U.S. Holder" is a beneficial owner (other than a partnership or entity or arrangement treated
as a partnership for U.S. federal income tax purposes) of Common Stock who or that is not a U.S. Holder. The following describes U.S.
federal income tax considerations to a non-U.S. Holder relating to the ownership and disposition of shares of Common Stock.
Distributions
on the Common Stock
In
general, distributions with respect to the Common Stock will be subject to tax as dividends to the extent paid out of the Company's
current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Such income will be includible in
the gross income of a non-U.S. Holder as ordinary income on the day actually or constructively received by such holder. To the extent
that the amount of any distribution exceeds the Company's current and accumulated earnings and profits, as determined under U.S.
federal income tax principles, the excess will first be treated as a tax-free return of capital, causing a reduction (but not below zero)
in the adjusted tax basis of a non-U.S. Holder's Common Stock. The amount of any remaining excess will be treated as capital gain
realized on a sale or exchange as described below under "
- Sale, Exchange or Other Disposition of Shares of Common Stock
."
Taxable
dividends paid to a non-U.S. Holder of the Common Stock will generally be subject to withholding of U.S. federal income tax at a 30%
rate or lower rate as may be specified by an applicable income tax treaty. However, dividends that are effectively connected with the
conduct of a trade or business by a non-U.S. Holder within the United States (and, if required by an applicable income tax treaty, are
attributable to a U.S. permanent establishment) are not subject to withholding tax, provided certain certification and disclosure requirements
(generally on an IRS Form W-8ECI) are satisfied. Instead, such dividends are subject to U.S. federal income tax on a net income basis
in the same manner as if the non-U.S. Holder were a "United States person" as defined under the Code. Any such effectively
connected dividends received by a non-U.S. Holder that is treated as a foreign corporation for U.S. federal income tax purposes may be
subject to an additional "branch profits tax" at a 30% rate or such lower rate as may be specified by an applicable income
tax treaty.
A
non-U.S. Holder of the Common Stock who wishes to claim the benefits of an applicable income tax treaty will be required to provide IRS
Form W-8BEN or IRS Form W-8BEN-E (or other applicable form) and certify under penalty of perjury that such holder is not a United States
person as defined under the Code and is eligible for income tax treaty benefits. Special certification and other requirements apply to
certain non-U.S. Holders that are pass-through entities rather than corporations or individuals or that hold their interests through
certain intermediaries.
A
non-U.S. Holder of Common Stock eligible for a reduced rate of withholding tax pursuant to an income tax treaty may obtain a refund of
any excess amounts withheld by filing an appropriate claim for a refund with the IRS.
98
Sale,
Exchange or Other Disposition of Shares of Common Stock
A
non-U.S. Holder will generally not be subject to U.S. federal income tax on gain realized on a sale, exchange or other disposition of
shares of Common Stock unless:
(i)
such
                                            non-U.S. Holder is an individual that is considered to have been present in the United States
                                            for 183 days or more in the taxable year of such disposition and certain other requirements
                                            are met, in which case any gain realized will generally be subject to a flat 30% U.S. federal
                                            income tax;
(ii)
the
                                            gain is effectively connected with the conduct of a trade or business of such non-U.S. Holder
                                            in the United States (and if an income tax treaty applies, is attributable to a U.S. permanent
                                            establishment or fixed base maintained by such non-U.S. Holder), in which case such gain
                                            will be subject to U.S. federal income tax, net of certain deductions, at the same graduated
                                            individual or corporate rates applicable to U.S. Holders, and, if the non-U.S. Holder is
                                            a corporation, an additional "branch profits tax" (imposed at a rate of 30% or,
                                            if applicable, a lower treaty rate) may also apply; or
(iii)
the
                                            Company is or has been a "United States real property holding corporation" at
                                            any time during the shorter of the five-year period preceding such disposition and such non-U.S.
                                            Holder's holding period, and, in the case where a class of stock is regularly traded
                                            on an established securities market, the Non-U.S. Holder has owned, directly or constructively,
                                            more than 5% of such class of stock at any time within the shorter of the five-year period
                                            preceding the disposition or such Non-U.S. Holder's holding period for the shares of
                                            such class of stock. There can be no assurance that any class of stock will be treated as
                                            regularly traded on an established securities market for this purpose.
If
paragraph (iii) above applies to a non-U.S. Holder, gain recognized by such non-U.S. Holder on the sale, exchange, or other disposition
of shares of Common Stock will be subject to tax at generally applicable U.S. federal income tax rates. In addition, a buyer of such
shares of Common Stock from a non-U.S. Holder may be required to withhold U.S. income tax at a rate of 15% of the amount realized upon
such disposition. The Company will be classified as a "United States real property holding corporation" if the fair market
value of its "United States real property interests" equals or exceeds 50% of the sum of the fair market value of its worldwide
real property interests and its other assets used or held for use in a trade or business, as determined for U.S. federal income tax purposes.
The Company does not expect it to be classified as a "U.S. real property holding corporation" in the foreseeable future.
However, such determination is factual and in nature and subject to change and no assurance can be provided as to whether the Company
will be a U.S. real property holding corporation with respect to a non-U.S. Holder at any future time.
Information
Reporting Requirements and Backup Withholding
Information
returns will be filed with the IRS in connection with payments of dividends on and the proceeds from a sale or other disposition of shares
of Common Stock, and U.S. backup withholding on such payments may be possible. Backup withholding generally will not apply, however,
to a U.S. Holder if the U.S. Holder is a corporation or other exempt recipient or the U.S. Holder provides a correct taxpayer identification
number and certifies that it is not subject to backup withholding. A non-U.S. Holder may have to comply with certification procedures
to establish that it is not a United States person for U.S. federal income tax purposes or otherwise establish an exemption in order
to avoid information reporting and backup withholding requirements or to claim a reduced rate of withholding under an applicable income
tax treaty. Backup withholding is not an additional tax. The amount of any backup withholding from a payment to a holder will be allowed
as a credit against such holder's U.S. federal income tax liability and may entitle such holder to a refund, provided that the
required information is furnished by such holder to the IRS in a timely manner.
Foreign
Account Tax Compliance Act
Sections
1471 through 1474 of the Code and the Treasury Regulations and administrative guidance promulgated thereunder ("FATCA") generally
impose withholding at a rate of 30% in certain circumstances on dividends in respect of securities (including Common Stock) that are
held by or through certain foreign financial institutions (including investment funds), unless any such institution (i) enters into,
and complies with, an agreement with the IRS to report, on an annual basis, information with respect to interests in, and accounts maintained
by, the institution that are owned by certain U.S. persons and by certain non-U.S. entities that are wholly or partially owned by U.S.
persons and to withhold on certain payments, or (ii) if required under an intergovernmental agreement between the United States and an
applicable foreign country, reports such information to its local tax authority, which will exchange such information with the U.S. authorities.
An intergovernmental agreement between the United States and an applicable foreign country may modify these requirements. Accordingly,
the entity through which Common Stock are held will affect the determination of whether such withholding is required. Similarly, dividends
in respect of Common Stock held by an investor that is a non-financial non-U.S. entity that does not qualify under certain exceptions
will generally be subject to withholding at a rate of 30%, unless such entity either (i) certifies to the applicable withholding agent
that such entity does not have any "substantial United States owners" or (ii) provides certain information regarding the
entity's "substantial United States owners," which will in turn be provided to the U.S. Department of Treasury.
All
investors should consult their tax advisors regarding the possible implications of FATCA on their investment in Common Stock.
99
EXPERTS
The
financial statements of Plum Acquisition Corp. I as of December 31, 2023 and 2022, for the years ended December 31, 2023, and 2022,
included in this prospectus have been audited by Marcum LLP, independent registered public accounting firm, as set forth in their report
thereon (which contains an explanatory paragraph relating to substantial doubt about the ability of Plum Acquisition Corp. I to continue
as a going concern as described in Note 1 to the financial statements), appearing elsewhere in this prospectus, and are included in reliance
on the report of such firm given upon their authority as experts in accounting and auditing.
The
financial statements of Veea Inc. as of December 31, 2023 and 2022 and for the years then ended included in this prospectus have been
so included in reliance upon the report of PKF O'Connor Davies, LLP, independent registered public accounting firm, upon the authority
of said firm as experts in accounting and auditing.
LEGAL
MATTERS
The
validity of the securities offered hereby will be passed upon for us by Ellenoff Grossman & Schole LLP.
WHERE
YOU CAN FIND MORE INFORMATION
We
file annual, quarterly, and current reports, proxy statements, and other information with the SEC. We have also filed a registration
statement on Form S-1, including exhibits, under the Securities Act with respect to the securities offered by this prospectus. This prospectus
is part of the registration statement, but does not contain all of the information included in the registration statement or the exhibits
filed with the registration statement. For further information about us and the securities offered hereby, we refer you to the registration
statement and the exhibits filed with the registration statement. Statements contained in this prospectus regarding the contents of any
contract or any other document that is filed as an exhibit to the registration statement are not necessarily complete, and each such
statement is qualified in all respects by reference to the full text of such contract or other document filed as an exhibit to the registration
statement.
Our
SEC filings are available to the public on the internet at a website maintained by the SEC located at
http://www.sec.gov
. Those
filings are also available to the public on, or accessible through, our website under the heading "Investor Relations" at
https://www.veea.com/
. Information contained on our website is not a part of this prospectus and the inclusion of our website
address in this prospectus is an inactive textual reference only.
100
INDEX
TO FINANCIAL STATEMENTS
VEEA
INC.
Page
Audited
    Financial Statements
Report
    of Independent Registered Public Accounting Firm
F-2
Consolidated
    Balance Sheets
F-4
Consolidated
    Statements of Operations
F-5
Consolidated
    Statements of Comprehensive Loss
F-6
Consolidated
    Statements of Stockholders' Equity (Deficit)
F-7
Consolidated
    Statements of Cash Flows
F-8
Notes
    to Consolidated Financial Statements
F-9
Page
Condensed
    Consolidated Balance Sheets as of September 30, 2024 (Unaudited) and December 31, 2023
F-37
Unaudited
    Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023
F-38
Unaudited
    Condensed Consolidated Statements of Comprehensive Loss for the three and nine months ended September 30, 2024 and 2023
F-39
Unaudited
    Condensed Consolidated Statements of Changes in Stockholders' Deficit for the three and nine months ended September 30, 2024
    and 2023
F-40
Unaudited
    Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023
F-42
Notes
    to Unaudited Condensed Consolidated Financial Statements
F-43
PLUM
                                            ACQUISITION CORP. I
Page
Audited Financial Statements
Report
    of Independent Registered Public Accounting Firm (PCAOB Firm ID Number: 688)
F-67
Consolidated
    Balance Sheets
F-68
Consolidated
    Statements of Operations
F-69
Consolidated
    Statements of Changes in Shareholders' Deficit
F-70
Consolidated
    Statements of Cash Flows
F-71
Notes
    to Consolidated Financial Statements
F-72
F-
1
Report
of Independent Registered Public Accounting Firm
To the Stockholders and the Board of Directors
of Veea Inc.
Opinion on the Consolidated Financial Statements
We have audited the accompanying
consolidated balance sheets of Veea Inc. and Subsidiaries (the "Company") as of December 31, 2023 and 2022, and the
related consolidated statements of operations, comprehensive loss, stockholder's equity (deficit), and cash flows for each of the
two years in the period ended December 31, 2023, and the related notes (collectively referred to as the "consolidated
financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial
position of the Company as of December 31, 2023 and 2022, and the results of its operations and its cash flows for each of the two years
in the period ended December 31, 2023, in conformity with accounting principles generally accepted in the United States of
America.
Emphasis of Matter — Revenue Concentration
Approximately 99% of the
Company's 2023 revenue is derived from one customer. Our opinion is not modified with respect to this matter.
Basis for Opinion
These consolidated financial
statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's
consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting
Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance
with the U.S. federal securities laws and the applicable rules and regulations of and the PCAOB.
We conducted our audits
in accordance with the auditing standards of the PCAOB and in accordance with auditing standards generally accepted in the United States
of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated
financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were
we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an
understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the
Company's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing
procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and
performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts
and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that
our audits provide a reasonable basis for our opinion.
F-
2
Critical Audit Matter
The critical audit matter
communicated below is a matter arising from the current period audit of the consolidated financial statements that were communicated
or required to be communicated to those charged with governance and that: (1) relate to accounts or disclosures that are material
to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication
of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are
not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts
or disclosures to which they relate.
Valuation of Inventory
As described in Note 4,
to the financial statements, the Company's inventory, net at December 31, 2023, was $7.4 million. Inventory consists
primarily of finished goods and is valued at the lower of cost and net realizable value. The Company records a provision for aged, obsolete,
or unsellable inventory, which can involve a high degree of judgment. The Company annually reviews its inventory and identifies factors
which may include future demand, market conditions, technological changes, product life cycle and development plans, component cost trends,
product pricing, physical deterioration and quality issues.
The valuation of inventory
was identified as a critical audit matter because of the significant assumptions management makes with regards to its valuation of inventory
and the increased extent of effort required performing audit procedures to evaluate the reasonableness of management's assumptions
and estimates.
The primary procedures we
performed to address this critical audit matter included:
●
Performed independent
                                            test counts of the Company's physical inventory.
●
Obtained an understanding
                                            of management's process over the valuation of inventory.
●
Evaluated the
                                            reasonableness of the significant assumptions by testing inventory costs based on historical
                                            third-party purchases.
●
Evaluated the
                                            appropriateness of management's methodologies used, as well as the significant assumptions
                                            and inputs, in developing their assessment of net realizable value and their estimated reserve
                                            for inventory, by comparing significant assumptions used by management to historical information,
                                            independent calculations, evidence obtained in other areas of the audit, recent selling prices
                                            and costs.
●
Tested the mathematical
                                            accuracy of the calculations performed along with assessing the completeness and accuracy
                                            of the information used in the calculations.
/s/ PKF O'Connor Davies, LLP
New York, New York
April 2, 2024, except for Note 17, as to which the date is May 8, 2024.
We have served as the Company's auditor since August 8,
2023.
PCAOB ID No. 127
* * * * *
F-
3
Veea
Inc. and Subsidiaries
Consolidated Balance Sheets
As of December 31, 2023 and 2022
As of December 31,
2023
2022
ASSETS
Current Assets
Cash
$
6,010,075
$
185,881
Receivables
52,838
24,995
Inventory, net
7,375,621
7,547,974
Prepaid expenses and other current assets
513,670
124,886
Total current assets
13,952,204
7,883,736
Property and equipment, net
376,667
577,269
Goodwill
4,797,078
4,576,572
Intangible assets, net
628,477
1,064,612
Right-of-use lease assets
545,411
1,338,620
Investments
451,874
625,940
Security deposits
85,595
96,287
Total assets
$
20,837,306
$
16,163,036
LIABILITIES & STOCKHOLDERS'
    EQUITY (Deficit)
Current liabilities
Revolving line of credit
$
9,000,000
$
14,000,000
Related party notes, net of discount
12,598,000
10,350,000
Convertible notes, related party
—
9,069,516
Accrued interest, related party
2,272,993
2,842,902
Accounts payable
1,077,898
4,403,471
Accrued expenses
4,741,495
4,385,398
Investor deposits
2,048,776
—
Operating lease liablilities – current
    portion
445,850
861,033
Total current liabilities
32,185,012
45,912,320
Operating lease liabilities
119,424
548,439
Total liabilities
32,304,436
46,460,759
Stockholders' Equity (Deficit)
Series A preferred stock, $
.00001
par value,
35,920,813
shares authorized,
35,920,813
shares issued and outstanding at December 31, 2023 and 2022
359
359
Series A-1 preferred stock, $
.00001
par value,
44,228,636
shares authorized,
40,569,493
and
35,054,036
shares issued and outstanding at December 31, 2023 and 2022, respectively
405
351
Series A-2 preferred stock, $
.00001
par value,
41,000,000
shares authorized,
12,660,067
and -
nil
- shares issued and outstanding at December 31, 2023 and 2022, respectively
126
—
Common stock, $
0.00001
par value,
146,000,000
shares authorized,
7,243,514
and
7,203,514
shares issued and outstanding at December 31, 2023 and 2022, respectively
72
72
Additional paid-in capital
159,476,012
123,779,186
Accumulated deficit
(
170,282,750
)
(
154,644,161
)
Accumulated other comprehensive income
    (loss)
(
661,354
)
772,034
Equity attributable to Veea, Inc.
(
11,467,130
)
(
30,092,159
)
Noncontrolling interest
—
(
205,564
)
Total stockholders' equity (deficit)
(
11,467,130
)
(
30,297,723
)
Total liabilities and stockholders'
    equity (deficit)
$
20,837,306
$
16,163,036
The accompanying notes
are an integral part of these financial statements
F-
4
Veea
Inc. and Subsidiaries
Consolidated Statements of Operations
Years Ended December 31, 2023 and 2022
Years Ended December 31,
2023
2022
Revenue, net
$
9,072,130
$
224,052
Cost of Goods Sold
466,802
285,311
Gross profit (loss)
8,605,328
(
61,259
)
Operating Expenses:
Product development
693,448
3,226,773
Sales and marketing
215,332
384,217
General and administrative
18,523,030
20,076,055
Depreciation and amortization
818,203
1,879,398
Total operating expenses
20,250,013
25,566,443
Loss from operations
(
11,644,685
)
(
25,627,702
)
Other Income and (Expense):
Interest income
1,942
9,000
Foreign currency gain (loss)
1,284,846
(
2,193,685
)
Paycheck protection program loan forgiveness
—
1,238,145
Other income, net
59,982
Other expense
(
21,857
)
(
50,041
)
Interest expense
(
5,318,817
)
(
8,575,756
)
Total other income and expense
(
3,993,904
)
(
9,572,337
)
Net loss
(
15,638,589
)
(
35,200,039
)
Net loss attributable to non-controlling
    interests
—
(
32,950
)
Net loss attributable
    to Veea, Inc.
$
(
15,638,589
)
$
(
35,167,089
)
Net loss per common share attributable to Veea, Inc. basic and
    diluted
$
(
2.16
)
$
(
4.89
)
Weighted average shares outstanding basic and diluted
7,235,733
7,203,514
The accompanying notes
are an integral part of these financial statements
F-
5
Veea
Inc. and Subsidiaries
Consolidated Statements of Comprehensive Loss
Years Ended December 31, 2023 and 2022
Years Ended December 31,
2023
2022
Net loss
$
(
15,638,589
)
(
35,200,039
)
Net loss attributable to non-controlling
    interests
—
(
32,950
)
Net loss attributable to Veea, Inc.
(
15,638,589
)
(
35,167,089
)
Other Comprehensive gain (loss):
Foreign currency translation adjustment
(
1,433,388
)
1,331,813
Comprehensive loss
(
17,071,977
)
(
33,835,276
)
Other comprehensive gain attributable
    to non-controlling interests
—
11,361
Comprehensive gain (loss) attributable
    to Veea, Inc.
$
(
17,071,977
)
$
(
33,846,637
)
The accompanying notes
are an integral part of these financial statements
F-
6
Veea
Inc. and Subsidiaries
Consolidated Statements of Stockholders' Equity (Deficit)
Years Ended December 31, 2023 and 2022
Series A-2
Preferred Stock
Series A-1
Preferred Stock
Series A
Preferred Stock
Common
    Stock
Additional
Paid-in-
Accumulated
Comprehensive
Non-
Controlling
Stockholders'
Shares
Amount
Shares
Amount
Shares
Amount
Shares
Amount
Capital
Deficit
Gain
    (Loss)
Interest
Deficit
Balance,
    December 31, 2021
—
$
—
—
$
—
35,920,813
$
359
$
7,203,514
$
72
$
52,572,201
$
(
119,477,072
)
$
(
559,779
)
$
(
183,975
)
$
(
67,648,194
)
Series A-1
    Preferred Stock Issuances
—
—
35,094,893
351
—
—
—
—
70,107,721
—
—
—
70,108,072
Stock
    based compensation due to common stock purchase options
—
—
—
—
—
—
—
—
845,448
—
—
—
845,448
Issuance
    of warrants in connection with related party bridge notes
—
—
—
—
—
—
—
—
253,816
—
—
—
253,816
Foreign
    currency translation gain
—
—
—
—
—
—
—
—
—
—
1,331,813
11,361
1,343,174
Net
    Loss
—
—
—
—
—
—
—
—
—
(
35,167,089
)
—
(
32,950
)
(
35,200,039
)
Balance,
    December 31, 2022
—
$
—
35,094,893
$
351
35,920,813
$
359
$
7,203,514
$
72
$
123,779,186
$
(
154,644,161
)
$
772,034
$
(
205,564
)
$
(
30,297,723
)
Conversion
    of covertbible notes and accrued interest
—
—
5,474,600
54
—
—
—
—
10,949,143
—
—
—
10,949,197
Issuance
    of warrants in connection with term note
—
—
—
—
—
—
—
—
2,010,298
—
—
—
2,010,298
Conversion
    of promissory notes to Series A-2 Preferred Stock
1,681,024
17
—
—
—
—
—
—
3,076,257
—
—
—
3,076,274
Conversion
    of vendor payable to Series A-2 Preferred Stock
1,049,248
10
—
—
—
—
—
—
1,920,114
—
—
—
1,920,124
Series A-2
    Preferred Stock Issuances, net of transaction costs
9,929,795
99
—
—
—
—
—
—
17,256,426
—
—
—
17,256,525
Common
    stock issued upon exercise of stock options
—
—
—
—
—
—
40,000
—
4
—
—
—
4
Stock
    based compensation due to common stock purchase options
—
—
—
—
—
—
—
—
484,584
—
—
—
484,584
Foreign
    currency translation (loss)
—
—
—
—
—
—
—
—
—
—
(
1,433,388
)
—
(
1,433,388
)
Change
    in ownership percentage of non-controlling interest
—
—
—
—
—
—
—
—
—
—
—
205,564
205,564
Net
    Loss
—
—
—
—
—
—
—
—
—
(
15,638,589
)
—
—
(
15,638,589
)
Balance,
    December 31, 2023
12,660,067
$
126
40,569,493
$
405
35,920,813
$
359
7,243,514
$
72
$
159,476,012
$
(
170,282,750
)
$
(
661,354
)
$
—
$
(
11,467,130
)
The accompanying notes
are an integral part of these financial statements
F-
7
Veea
Inc. and Subsidiaries
Consolidated Statements of Cash Flows
Years Ended December 31, 2023 and 2022
Years ended December 31,
2023
2022
Cash flows from operating activities
Net loss
$
(
15,638,589
)
$
(
35,200,039
)
Adjustments to reconcile net loss to net cash used for operating
    activities:
Depreciation and amortization
818,203
1,879,398
Amortization of debt issuance costs
2,010,298
753,232
Impairment loss on investment
174,066
—
Stock based compensation
484,584
845,448
Gain on forgiveness of Paycheck Protection Program loan
—
(
1,238,145
)
Unrealized foreign currency transaction(gain) loss
(
1,332,914
)
2,097,545
Provision for inventory obsolescence
320,335
363,747
Amortization of operating lease right of use assets
793,209
739,694
Loss on write off of property and equipment
—
15,907
Interest expense
979,611
5,583,322
Changes in operating assets and liabilities:
Accounts receivable
(
27,843
)
(
24,995
)
Inventories
(
147,982
)
(
3,190,047
)
Prepaid and other current assets
(
388,673
)
1,200,682
Security deposit
12,176
28,751
Accounts payable
(
1,591,487
)
2,661,911
Accrued expenses
340,525
357,747
Accrued interest
1,386,048
1,885,495
Operating lease payments
(
844,198
)
(
785,015
)
Net cash used in operating activities
(
12,652,631
)
(
22,025,362
)
Cash flows from investing activities
Purchase of property and equipment
(
34,966
)
(
30,768
)
Purchase of intangible assets and trademarks
(
120,088
)
(
218,496
)
Net cash used in investing activities
(
155,054
)
(
249,264
)
Cash flows from financing activities
Repayment of debt
(
10,979,611
)
—
Proceeds from issuance of unrelated party convertible notes
3,000,000
12,000,000
Proceeds from issuance of convertible bridge notes – related
    party
—
3,200,000
Proceeds of term loan
5,000,000
Proceeds from demand notes – related party
2,248,000
850,000
Proceeds from the exercise of stock options for common stock
4
—
Proceeds from the issuance of Series A-1 convertible preferred
    stock
—
475,000
Proceeds from the issuance of Series A-2 preferred stock,
    net of transaction costs
17,256,525
—
Proceeds from prepaid investor subscriptions
2,048,776
—
Proceeds from demand notes
—
5,000,000
Net cash provided by financing activities
18,573,694
21,525,000
Effect of exchange
    rate changes on cash
58,184
(
15,533
)
Net increase (decrease) in cash and cash
    equivalents
5,824,194
(
765,159
)
Cash and cash equivalents at beginning
    of year
185,881
951,040
Cash and cash equivalents at end of year
$
6,010,075
$
185,881
Non-cash activities
Conversion of principal on convertible notes to preferred stock – Series A-1
$
8,993,240
$
57,676,825
Conversion of interest on convertible notes to preferred stock – Series A-1
$
1,955,957
$
11,706,247
Deferred financing costs incurred pursuant to issuance of equity
    warrants
$
—
$
253,816
Conversion of notes payable to Series A-2 Preferred Shares
$
3,076,274
$
—
Conversion of vendor payable to Series A-2 Preferred Shares
$
1,920,124
$
—
Supplemental cash flow information
Taxes paid
$
13,070
$
30,403
Interest paid
$
892,336
$
353,604
The accompanying notes
are an integral part of these financial statements
F-
8
Veea
Inc. and Subsidiaries
Notes to Consolidated Financial Statements
Years Ended December 31, 2023 and 2022
1 — DESCRIPTION OF BUSINESS
Veea Inc. (together with
subsidiaries collectively, "Veea" or the "Company") has developed a Smart platform that is capable of delivering
a wide range of services by intelligently connecting everyone and everything that is IoT-enabled, while making it possible for commercial
and social connections through its platform to offer more contextual, transactional and relevant data. The Company is a highly differentiated
Platform-as-a-Service (PaaS) company with a suite of innovative products and services that can serve many of Smart industries at the
network edge.
The Company has three wholly
owned subsidiaries, and located in the United Kingdom ("U.K.")with 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 €
1
per 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 $
194
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 Company's Series A-2 Preferred Stock) will have the contingent right to receive
up to
4.5
million additional shares of Combined Company common stock if certain trading-price based milestones of the Combined Company's
common stock are achieved during the ten-year period following the Closing, as set forth in the Business Combination Agreement. Proceeds
from the proposed Business Combination and financing transactions are expected to support the Combined Company in its business plans.
Current equity holders of
the Company are expected to own a majority of the outstanding capital stock of the Combined Company immediately after the Closing and
the Company will appoint a majority of the members of the board of directors of the Combined Company in accordance with the terms of
the Business Combination Agreement. The parties expect the Business Combination to be consummated during the first half of 2024, following
satisfaction of certain closing conditions set forth in the Business Combination Agreement, including, without limitation, approval by
shareholders of Plum and stockholders of the Company, the effectiveness of a registration statement to be filed by Plum with the Securities
and Exchange Commission in connection with the transaction, the expiration of any HSR Act waiting period and other customary closing
conditions.
F-
9
Veea Inc. and Subsidiaries
Notes to Consolidated Financial Statements
Years Ended December 31, 2023 and 2022
2 — LIQUIDITY AND MANAGEMENT'S PLAN
During the years ended
December 31, 2023 and 2022, the Company has incurred net losses of $
15,638,589
and $
35,200,039
, respectively, and had an accumulated
deficit of $
170,282,750
as of December 31, 2023. 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. In October 2023, the Company commenced a private placement for the sale of its newly designated Series A-2
Preferred Stock, par value $
.00001
per share (the "Series A-2 Preferred Stock"). As of December 31, 2023, the Company has
(1) issued
12,660,067
shares of Series A-2 Preferred Stock in consideration 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.
These estimates, judgments, and assumptions impact the reported amounts of assets, liabilities, revenue, and expenses, and the related
disclosure of contingent assets and liabilities. Actual results could differ from these estimates. Changes in such estimates could affect
amounts reported in future periods. On an ongoing basis, the Company evaluates its estimates and judgments including those related to:
liquidity and going concern, the useful lives and recoverability of property and equipment and definite-lived intangible assets; the
recoverability of goodwill and indefinite-lived intangible assets; the carrying value of accounts receivable, including the determination
of the allowance for credit losses; inventory, including the determination of allowances for estimated excess or obsolescence; the fair
value of warrants; the fair value of acquisition-related contingent consideration arrangements; unrecognized tax benefits; legal contingencies;
the incremental borrowing rate for the Company's leases; and the valuation of stock-based compensation, among others.
F-
10
Veea Inc. and Subsidiaries
Notes to Consolidated Financial Statements
Years Ended December 31, 2023 and 2022
3 — SUMMARY OF
SIGNIFICANT ACCOUNTING POLICIES
(cont.)
Emerging Growth Company Status
Following the consummation
of the proposed business combination transaction with Plum, the Company is expected to be a publicly traded company and an emerging growth
company ("EGC"), as defined in the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"). Under
the JOBS Act, EGCs can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until those
standards apply to private companies. In anticipation of the closing the business combination transaction with Plum, the Company has
elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates
for public and private companies until the earlier of the date that it (i) is no longer an EGC or (ii) affirmatively and irrevocably
opts out of the extended transition period provided in the JOBS Act. As a result, the consolidated financial statements may not be comparable
to the financial statements of companies that comply with the new or revised accounting pronouncements as of dates effective for public
companies.
Refer to Note 1 — Description of the Business for further information regarding the proposed
business combination transaction.
Segment Information
The Company operates as
a single operating segment. The chief operating decision maker is the Company's Chief Executive Officer, who makes resource allocation
decisions and assesses performance based on financial information presented on a consolidated basis, accompanied by disaggregated revenue
information. Accordingly, the Company has determined that it has a single reportable segment and operating segment.
Fair Value Measurement
Fair value is defined as
the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an
orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value maximize the
use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy is based on three levels of inputs, of
which the first two are considered observable and the last is considered unobservable:
Level 1
—
Observable inputs obtained from independent sources, such
    as quoted market prices for identical assets and liabilities in active markets.
Level 2
—
Other inputs, which are observable directly or indirectly, such as
    quoted market prices for similar assets or liabilities in active markets, quoted market prices for identical or similar assets or
    liabilities in markets that are not active, and inputs that are derived principally from or corroborated by observable market data.
Level 3
—
Unobservable inputs for which there is little or no market data and
    require the Company to develop its own assumptions, based on the best information available in the circumstances, about the assumptions
    market participants would use in pricing the assets or liabilities.
The Company issued preferred
stock warrants and common stock warrants classified as equity securities which do not require recurring fair value measurement.
See
Note 9 — Stock-Based Compensation
for the assumptions used in estimating the fair value of such common stock warrants.
F-
11
Veea Inc. and Subsidiaries
Notes to Consolidated Financial Statements
Years Ended December 31, 2023 and 2022
3 — SUMMARY OF
SIGNIFICANT ACCOUNTING POLICIES
(cont.)
Recurring Fair Value Measurements
The following methods and
assumptions were used to estimate the fair value of each class of financial assets and liabilities for which it is practicable to estimate
fair value:
Money market funds — The
carrying amount of money market funds approximates fair value and is classified within Level 1 because the fair value is determined through
quoted market prices.
The Company's remaining
financial instruments that are measured at fair value on a recurring basis consist primarily of cash, accounts receivable, accounts payable,
accrued expenses, and other current liabilities. The Company believes their carrying values are representative of their fair values due
to their short-term maturities.
Cash and Cash Equivalents
Cash balances are held in
U.S. and European banks. Cash balances held in the U.S. are insured by the Federal Deposit Insurance Corporation subject to
certain limitations. The Company maintains its cash balances in highly rated financial institutions. At times, cash balances may exceed
federally insurable limits.
Restricted Cash
The Company is not subject
to any contractual agreement that contains restrictions on the Company's use or withdrawal of its cash or cash equivalents.
Revenue Recognition
The Company recognizes revenue
based on the satisfaction of distinct obligations to transfer goods and services to customers. The Company generates revenue from hardware
sales and the sale of licenses and subscriptions. The Company applies a five-step approach as defined in ASC 606, Revenue from Contracts
with Customers, in determining the amount and timing of revenue to be recognized: (1) identify the contract with a customer; (2) identify
the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the
performance obligations in the contract; and (5) recognize revenue when a corresponding performance obligation is satisfied. Most
contracts with customers are to provide distinct products or services within a single contract. However, if a contract is separated into
more than one performance obligation, the total transaction price is allocated to each performance obligation in an amount based on the
estimated relative standalone selling price.
The Company earns revenue
from the sale of its VeeaHub
®
devices, licenses and subscriptions. The Company generated revenue of $
9,072,130
and $
224,052
for the years ended December 31, 2023 and 2022, respectively. Other than $
9
million of revenue generated from the license
of AdEdge
™
in 2023, revenue has been immaterial for all periods presented and represented revenue earned from paid
pilots for our VeeaHub
®
devices.
For licenses of technology,
recognition of revenue is dependent upon whether the Company has delivered rights to the technology, and whether there are future performance
obligations under the contract. Revenue from non-refundable upfront payments is recognized when the license is transferred to the customer
and the Company has no other performance obligations. Revenue for licenses delivered under a subscription model having terms between
one and twelve-months are recognized over-time. Subscription revenue is generated through sales of monthly subscriptions. Customers pay
in advance for the licenses and subscriptions. Revenue is initially deferred and is recognized using the straight-line method over the
term of the applicable subscription period.
Revenue from hardware sales
is recognized at a point-in-time, which is generally at the point in time when products have been shipped, right to payment has been
obtained and risk of loss has been transferred. Certain of the Company's product performance obligations include proprietary operating
system software, which typically is not considered separately identifiable. Therefore, sales of these products and the related software
are considered one performance obligation.
F-
12
Veea Inc. and Subsidiaries
Notes to Consolidated Financial Statements
Years Ended December 31, 2023 and 2022
3 — SUMMARY OF
SIGNIFICANT ACCOUNTING POLICIES
(cont.)
Revenue from all sale types
is recognized at the transaction price, the amount management expects to be entitled to in exchange for transferring goods or providing
services. Transaction price is calculated as selling price net of variable consideration which may include estimates for future returns,
price protection, warranties, and other customer incentive programs based upon the Company's expectation and historical experience.
The Company contracts with
customers under non-cancellable arrangements. While customers, including resellers, may cancel master purchase agreements under certain
circumstances, customers may not cancel or modify purchase orders placed under the terms of such master purchase agreements. Each purchase
order is therefore a contract with the customer, i.e., the purchase of a quantity of any given, single product; further, purchase orders
do not commit the customer to purchase any further volumes over time. Contract modifications do not carry revenue recognition implications
as no revenue is recognized until control over products, or intellectual property, as applicable, has transferred to the customer.
The Company has service
arrangements where net sales are recognized over time. These arrangements include a variety of post-contract support service offerings,
which are generally recognized over time as the services are provided, including maintenance and support services, and professional services
to help customers maximize their utilization of deployed systems.
A contract liability for
deferred revenue is recorded when consideration is received or is unconditionally due from a customer prior to transferring control of
goods or services to the customer under the terms of a contract. Deferred revenue balances typically result from advance payments received
from customers for product contracts or from billings in excess of revenue recognized on services arrangements. Deferred revenue balances
were not significant as of December 31, 2023 and December 31, 2022.
Disaggregation of Revenue
The following tables summarize
revenue from contracts with customers for the year ended December 31, 2023 and 2022, respectively:
Years Ended December 31,
2023
2022
Hardware, net
$
22,612
$
188,244
License
9,006,716
6,531
Subscription
243
5,366
Others
42,559
23,911
Total revenue
$
9,072,130
$
224,052
Years Ended December 31,
2023
2022
United States
$
52,133
$
175,327
Republic of Korea
13,878
34,362
Rest of the world
9,006,119
14,363
Total revenue
$
9,072,130
$
224,052
Warranties
The Company accrues the
estimated cost of product warranties at the time of recognizing revenue. The Company's standard product warranty terms generally
include post-sales support and repairs or replacement of a product at no additional charge for a specified period of time. The Company
actively monitors and evaluates the quality of its component suppliers. The estimated warranty obligation is based on contractual warranty
terms, repair costs, and the Company's baseline experience. The Company's standard warranty terms are twelve months.
Warranty expense was not significant for the years ended December 31, 2023 and December 31, 2022.
F-
13
Veea Inc. and Subsidiaries
Notes to Consolidated Financial Statements
Years Ended December 31, 2023 and 2022
3 — SUMMARY OF
SIGNIFICANT ACCOUNTING POLICIES
(cont.)
Accounts Receivable
Trade accounts receivable
are recognized and carried at billed amounts less an allowance for credit losses. The Company adopted the Current Expected Credit Losses
("CECL") guidance effective January 1, 2023. The Company maintains the allowance for estimated losses resulting from
the inability of the Company's customers to make required payments. The allowance represents the current estimate of lifetime expected
credit losses over the remaining duration of existing accounts receivable considering current market conditions and supportable forecasts
when appropriate. The estimate is a result of the Company's ongoing evaluation of collectability, customer creditworthiness, historical
levels of credit losses, and future expectations. Credit loss expense and allowance for credit losses were not significant as of, and
for the years ended, December 31, 2023 and December 31, 2022.
Inventory
The Company values inventory
at the lower of cost or net realizable value. Cost is computed using standard cost which approximates actual cost on a first-in, first-out
basis. At each reporting period, the Company assesses the value of its inventory and writes down the cost of inventory to its net realizable
value if required, for estimated excess or obsolescence. Factors influencing these adjustments include changes in future demand forecasts,
market conditions, technological changes, product life cycle and development plans, component cost trends, product pricing, physical
deterioration, and quality issues. The write down for excess or obsolescence is charged to the provision for inventory, which is a component
of Cost of Goods Sold in the Company's consolidated statements of operations and comprehensive loss. At the point of the loss recognition,
a new, lower cost basis for that inventory is established, and subsequent changes in facts and circumstances do not result in the restoration
or increase in that newly established cost basis.
Cost of Goods Sold
Cost of goods sold consists
primarily of the cost of finished goods, components purchased for manufacturing and freight. Cost of goods sold also includes third-party
vendor costs related to cloud hosting fees.
Shipping and Handling
The Company considers shipping
and handling to customers to represent activities performed in fulfilling the contract with the customer. When shipping is charged to
the customer, the Company nets such charges against actual shipping costs incurred.
Tax Collected from Customers
Taxes imposed by governmental
authorities on the Company's revenue producing activities, such as sales taxes, are excluded from net sales.
Research and Development
Research and development
("R&D") costs that do not meet the criteria for capitalization are expensed as incurred. R&D costs primarily consist
of employee compensation, employee benefits, stock-based compensation related to technology developers and product management employees,
as well as fees paid for outside services and materials.
Sales and Marketing
Sales and marketing costs
consist of compensation and other employee related costs for personnel engage in selling and marketing, and sales support functions.
Selling expenses also include marketing, and the costs associated with customer evaluations. The Company does not incur advertising costs.
F-
14
Veea Inc. and Subsidiaries
Notes to Consolidated Financial Statements
Years Ended December 31, 2023 and 2022
3 — SUMMARY OF
SIGNIFICANT ACCOUNTING POLICIES
(cont.)
General and Administrative Expense
General and administrative
expense consists of compensation expense (including stock-based compensation expense), executive management, finance, legal, tax, and
human resources. General and administrative expense also include transaction costs, expenses associated with facilities, information
technology, external professional services, legal costs and settlement of legal claims and other administrative expenses.
Property and Equipment, net
Property and equipment,
net is stated at cost and depreciated on a straight-line basis of five to seven years for furniture and fixtures and five years
for computer equipment. Leasehold improvements are capitalized and amortized over the shorter of their useful lives or remaining lease
term. Repair and maintenance costs are charged to operations in the periods incurred. Upon retirement or sale, costs and related accumulated
depreciation or amortization are removed from the balance sheets and the resulting gain or loss is included in operating expense in the
Company's consolidated statements of operations and comprehensive loss.
Goodwill
Goodwill represents the excess
of the aggregate purchase consideration over net assets acquired. Goodwill is reviewed for impairment on an annual basis, or more frequently
if events or changes in circumstances indicate that the carrying amount of goodwill may be impaired. In conducting its annual impairment
test, the Company first reviews qualitative factors to determine whether it is more likely than not that the fair value of the reporting
unit is less than its carrying amount. If factors indicate that the fair value of the reporting unit is less than its carrying amount,
the Company performs a quantitative assessment, and the fair value of the reporting unit is determined by analyzing the expected present
value of future cash flows. If the carrying value of the reporting unit continues to exceed its fair value, the fair value of the reporting
unit's goodwill is calculated and an impairment loss equal to the excess is recorded. The Company's goodwill was recorded
in connection with an acquisition consummated in June 2018. The Company considers goodwill to have an indefinite life and is not
amortized. As of December 31, 2023 and 2022, no events have occurred that would require impairment of goodwill.
Impairment of Long-Lived Assets
Long-lived assets with finite
lives consist primarily of property and equipment, operating lease right-of-use assets, and intangible assets which are reviewed for
impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability
of assets to be held and used is measured by a comparison of the carrying amount of an asset to the undiscounted future net cash flows
expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future undiscounted cash flows, an impairment
charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset.
Stock-Based Compensation
The Company accounts for
stock-based compensation expense in accordance with ASC 718,
Compensation-Stock Compensation ("ASC 718
").
The Company measures and recognizes compensation expense for all stock-based awards based on estimated fair values on the date of the
grant, recognized over the requisite service period. For awards that vest solely based on a service condition, the Company recognizes
stock-based compensation expense on a straight-line basis over the requisite service period. The Company accounts for forfeitures as
they occur.
F-
15
Veea Inc. and Subsidiaries
Notes to Consolidated Financial Statements
Years Ended December 31, 2023 and 2022
3 — SUMMARY OF
SIGNIFICANT ACCOUNTING POLICIES
(cont.)
Income Taxes
Effective June 8, 2018,
the Company converted from an S Corporation to a C Corporation for federal and state income tax purposes. Accordingly, prior to the conversion
to a C corporation, the Company did not record deferred tax assets or liabilities or have any net operating loss carryforwards. The Company
is required to file tax returns in the U.S. federal jurisdiction and various states and local municipalities. Veea Systems Ltd.
is governed by, and is required to file tax returns under, the Income Tax Law of the U.K. with a statutory income tax rate of
19
%. In
2021, the Company established Veea SAS, a French entity with a statutory income tax rate of
25
%.
Significant judgment is
required in determining the Company's uncertain tax positions. For any period presented, it is not expected that there will be
a significant change in uncertain tax positions for the years ended December 31, 2023 and December 31, 2022, respectively.
Foreign Operations and Foreign Currency Translation
The currency of the primary
economic environment in which the operations of the Company and its U.S. subsidiaries are conducted is the United States dollar
("USD"). Accordingly, the Company and all of its U.S. subsidiaries use USD as their functional currency. The results
of the Company's non-U.S. subsidiaries, whose functional currency are the local currencies of the economic environment in
which they operate, are translated into USD in accordance with GAAP.
Assets and liabilities are
translated at year-end exchange rates, while revenues and expenses are translated at average exchange rates during the year. Differences
resulting from translation are presented in equity as accumulated other comprehensive loss. Transaction gains and losses that arise from
exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the results of
operations as incurred. Foreign currency transaction gain (loss), mainly related to intercompany transactions, is included in the consolidated
statements of operations. For the years ended December 31, 2023 and December 31, 2022 such amounts were $
1,284,846
and
$(
2,193,685
), respectively.
Comprehensive Loss
Comprehensive loss consists
of two components, net loss and other comprehensive income (loss), net. Other comprehensive income (loss), net is defined as revenue,
expenses, gains, and losses that under GAAP are recorded as an element of stockholders' deficit but are excluded from net loss.
The Company's other comprehensive loss consists of foreign currency translation adjustments that result from the consolidation
of its foreign subsidiaries and is reported net of tax effects.
Investments
The Company holds non-marketable
equity and other investments ("privately held investments") which are included in noncurrent assets in the Company's
consolidated balance sheet. The Company monitors these investments for impairments and makes adjustments in carrying values if management
determines that an impairment charge is required based primarily on the financial condition and near-term prospects of these investments.
Concentration of Risks
Financial instruments that
potentially subject the Company to a significant concentration of credit risk consist primarily of cash and cash equivalents, and accounts
receivable. Cash balances may exceed the Federal Deposit Insurance Corporation ("FDIC") insurance limit of $
250,000
. The
Company has not experienced any losses in such accounts.
F-
16
Veea Inc. and Subsidiaries
Notes to Consolidated Financial Statements
Years Ended December 31, 2023 and 2022
3 — SUMMARY OF
SIGNIFICANT ACCOUNTING POLICIES
(cont.)
For the year ended December 31,
2023 one customer accounted for
99.2
% of the Company's revenue. For the year ended December 31, 2022, no customer accounted
for
10
% or more of the Company's revenue. For the year ended December 31, 2023, one supplier accounted for
39.3
% of the Company's
total supplier purchases. For the year ended December 31, 2022, two suppliers accounted for
37.1
% and
35.8
%, respectively, of the
Company's total supplier purchases.
As of December 31,
2023, two customers accounted for
36.3
% and
23.4
% of the Company's accounts receivable, and no vendor accounted for 10% or more
of the Company's accounts payable balance. As of December 31, 2022, four customers accounted for
30.5
%,
26.8
%,
10.6
% and
10.6
%
of the Company's accounts receivable, and one vendor accounted for
49.5
% of the Company's accounts payable balance.
Earnings per Share
Basic net loss per share
is calculated by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding
during the year. Diluted net loss per share is based upon the diluted weighted-average number of shares outstanding during the year.
Diluted net loss per share gives effect to all potentially dilutive common share equivalents, including stock options, and warrants,
to the extent they are dilutive.
Refer to Note 13 — Earnings Per Share
.
Warrants
The Company accounts for
warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant's specific terms
and applicable authoritative guidance in FASB Accounting Standards Codification 480, Distinguishing Liabilities from Equity ("ASC 480")
and ASC 815, Derivatives and Hedging ("ASC 815"). The assessment considers whether the warrants are freestanding
financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants
meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company's
own ordinary shares and whether the warrant holders could potentially require "net cash settlement" in a circumstance outside
of the Company's control, among other conditions for equity classification. This assessment, which requires the use of professional
judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding.
For issued or modified warrants
that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in
capital at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants
are required to be recorded at their initial fair value on the date of issuance, and at their fair value on each balance sheet date thereafter.
Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss in the Company's consolidated statements
of operations.
Reclassification of Prior Year Presentation
Certain prior year amounts
have been reclassified for consistency with the current period presentation. In 2022, amortization of debt issuance costs of approximately
$
0.8
million was show in depreciation and amortization. In accordance with ASC 835, Interest Expenses, this has been reclassified
to Interest Expense. These reclassifications had no effect on the reported results of operations.
Accounting Pronouncements Recently Adopted
In June 2016, the FASB
issued ASU 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial
Instruments, which amends the FASB's guidance on the impairment of financial instruments. Topic 326 adds to GAAP an impairment
model (known as the "current expected credit loss model") that is based on expected losses rather than incurred losses. ASU 2016-13
is effective for the Company's annual and interim periods beginning after December 15, 2022 with early adoption permitted.
The Company adopted ASU 2016-13 beginning January 1, 2023. The adoption of ASU 2016-13 did not have a material impact
on the Company's consolidated financial statements.
F-
17
Veea Inc. and Subsidiaries
Notes to Consolidated Financial Statements
Years Ended December 31, 2023 and 2022
3 — SUMMARY OF
SIGNIFICANT ACCOUNTING POLICIES
(cont.)
In October 2021, the
FASB issued ASU 2021-08, "Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities
from Contracts with Customers," which requires entities to apply Topic 606 to recognize and measure contract assets and contract
liabilities in a business combination as if it had originated the contracts. The standard is effective for public companies for fiscal years,
and interim periods within those fiscal years, beginning after December 15, 2022. We adopted the ASU on January 1, 2023
and will apply the guidance prospectively for future acquisitions.
In September 2022,
the FASB issued ASU 2022-04, "Liabilities — Supplier Finance Programs (Subtopic 405-50): Disclosure of
Supplier Finance Program Obligations," which requires entities that use supplier finance programs in connection with the purchase
of goods and services to disclose sufficient information about the program. The amendments do not affect the recognition, measurement
or financial statement presentation of obligations covered by supplier finance programs. The standard is effective for public companies
for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022, except for the amendment
on roll-forward information, which is effective for fiscal years beginning after December 15, 2023. We adopted the ASU on January 1,
2023.
Recent Accounting Pronouncements Not Yet Adopted
In June 2022, the FASB
issued ASU 2022-03, "Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual
Sale Restrictions," which clarifies that contractual sale restrictions are not considered in measuring fair value of equity securities
and requires additional disclosures for equity securities subject to contractual sale restrictions. The standard is effective for public
companies for fiscal years beginning after December 15, 2023. Early adoption is permitted. This accounting standard update
is not expected to have a material impact on our consolidated financial statements as the amendments align with our existing policy.
In November 2023, the
FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures," which
will add required disclosures of significant expenses for each reportable segment, as well as certain other disclosures to help investors
understand how the chief operating decision maker ("CODM") evaluates segment expenses and operating results. The new standard
will also allow disclosure of multiple measures of segment profitability if those measures are used to allocate resources and assess
performance. The amendments will be effective for public companies for fiscal years beginning after December 15, 2023, and
interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. We are currently evaluating
the impact of this accounting standard update on our consolidated financial statements.
In December 2023, the
FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures," which requires disaggregated
information about a reporting entity's effective tax rate reconciliation as well as information on income taxes paid. The standard
is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation
decisions. The standard will be effective for public companies for fiscal years beginning after December 15, 2024. Early adoption
is permitted. We are currently evaluating the impact of this accounting standard update on our consolidated financial statements.
F-
18
Veea Inc. and Subsidiaries
Notes to Consolidated Financial Statements
Years Ended December 31, 2023 and 2022
4 — BALANCE SHEET COMPONENTS
Inventory
Inventory consists of the
following:
As of December 31,
2023
2022
Inventory
$
7,392,919
$
7,315,754
Inventory allowance
(
1,145,548
)
(
825,213
)
Consigned parts
1,128,250
1,057,433
Total
$
7,375,621
$
7,547,974
Property and Equipment, net
Property and equipment,
net, consist of the following:
As of December 31,
2023
2022
Furniture and fixtures
$
683,994
$
664,943
Computer equipment
300,526
294,536
Leasehold improvements
390,742
390,742
Total property and equipment gross
1,375,262
1,350,221
Less – Accumulated depreciation
(
998,595
)
(
772,952
)
Total property and equipment net
$
376,667
$
577,269
Total depreciation expense
for the years ended December 31, 2023 and 2022 totaled $
237,537
and $
269,137
, respectively.
Accrued Expenses and Other Current Liabilities
Accrued expenses and other
current liabilities consist of the following:
As of December 31,
2023
2022
Payroll and payroll related expenses
$
503,629
$
324,230
Rent expenses – related party
3,124,800
2,592,000
Consulting expenses
268,684
356,982
CEO expenses
179,075
789,575
Other accrued expenses and current liabilities
665,308
322,611
Total accrued expenses and other current
    liabilities
$
4,741,495
$
4,385,398
5 — GOODWILL AND INTANGIBLE ASSETS
Goodwill
The following is a summary
of activity in goodwill for the years ended December 31, 2023 and 2022:
Balance at December 31, 2021
$
5,124,398
Foreign exchange transactions
(
547,826
)
Balance at December 31, 2022
$
4,576,572
Foreign exchange transaction
220,506
Balance at December 31, 2023
$
4,797,078
F-
19
Veea Inc. and Subsidiaries
Notes to Consolidated Financial Statements
Years Ended December 31, 2023 and 2022
5 — GOODWILL AND
INTANGIBLE ASSETS
(cont.)
Intangible assets consist
of the following:
As of December 31, 2023
Amortization
Period
Beginning
Cost
Additions
Disposals
Ending
Cost
Accumulated
Amortization
Accumulated
Impairment
Net Book
Value
Patents
5
–
15
years
$
7,220,776
$
111,450
—
$
7,332,226
$
(
6,703,750
)
$
—
$
628,477
IPR&D
5
years
5,015,694
—
—
5,015,694
(
3,554,784
)
(
1,460,910
)
—
Other intellectual assets
5
years
969,278
—
—
969,278
(
969,278
)
—
—
Intangible assets, net
$
13,205,748
$
111,450
$
—
$
13,317,198
$
(
11,227,812
)
$
(
1,460,910
)
$
628,477
As of December 31, 2022
Amortization
Period
Beginning
Cost
Additions
Disposals
Ending
Cost
Accumulated
Amortization
Accumulated
Impairment
Net Book
Value
Patents
5
–
15
years
$
7,002,280
$
218,496
—
$
7,220,776
$
(
6,156,164
)
$
—
$
1,064,612
IPR&D
5
years
5,015,694
—
—
5,015,694
(
3,554,784
)
(
1,460,910
)
—
Other intellectual assets
5
years
969,278
—
—
969,278
(
969,278
)
—
—
Intangible assets, net
$
12,987,252
$
218,496
$
—
$
13,205,748
$
(
10,680,226
)
$
(
1,460,910
)
$
1,064,612
Intangible assets primarily
consist of patents, patent applications, and in-process research and development ("IPR&D") and other identifiable intangible
assets. Intangible assets are generally amortized on a straight-line basis over the periods of benefit. The Company's patents have
estimated remaining economic useful lives ranging from
5
-
15
years. Management reviews intangible assets for impairment when
events and circumstances warrant. During the year ended December 31, 2023, no events have occurred that required impairment of intangible
assets.
Intangible asset amortization
expense, including impairment charges, for the years ended December 31, 2023 and 2022 totaled $
547,586
and $
1,228,336
, respectively.
Future estimated amortization expense for the Company's intangible assets is approximately as follows:
Future estimated amortization as of December 31,
    2023:
2024
$
52,549
2025
52,549
2026
52,549
2027
52,549
2028
52,549
Thereafter
365,733
$
628,478
6 — DEBT
Total outstanding debt of
the Company is comprised of the following, including convertible notes and other related party debt:
As of December 31, 2023
As of December 31, 2022
Principal
Accrued Interest
Total
Principal
Accrued Interest
Total
Revolving Loan Facility
$
9,000,000
$
—
$
9,000,000
$
14,000,000
$
14,000,000
Convertible Notes, related party (Note 10)
—
—
—
9,069,516
1,829,683
10,899,199
Other related party debt (Note 10)
12,598,000
2,272,993
14,870,993
10,350,000
1,013,219
11,363,219
$
21,598,000
$
2,272,993
$
23,870,993
$
33,419,516
$
2,842,902
$
36,262,418
F-
20
Veea Inc. and Subsidiaries
Notes to Consolidated Financial Statements
Years Ended December 31, 2023 and 2022
6 — DEBT
(cont.)
Revolving Loan Facility
In June 2021, the Company
entered into a revolving loan agreement with First Republic Bank (the "Bank") providing up to $
14,000,000
of advances (the
"2021 Revolving Loan Agreement"). The advances accrue interest at a variable rate based on an index rate established by reference
to the average 12-month trailing
one
-year US treasuries plus a spread of
1.80
% per annum and a minimum floor rate of
1.5
% per annum.
The Company was not required to provide collateral for the advances or comply with any covenants. The advances were secured by a lien
on certain personal assets of the CEO.
The Company issued common
stock warrants to NLabs in consideration for the CEO's guaranteeing the advances.
Refer to Note 10 — Related
Party Transactions, Common Stock Warrants.
The 2021 Revolving Loan Agreement provided for an initial maturity date of May 15,
2022 with one (1) one-year extension to May 15, 2023. The Company requested an extension of the maturity date to May 15,
2024. While the Company remains in discussions with the Bank, the extension was not formalized prior to the maturity date and the Company
is in default under the 2021 Revolving Loan Agreement. The Company has received no notices of default from the Bank, nor has the Bank
commenced enforcement actions. In December 2023, the Company repaid $
5,000,000
of the principal balance of the outstanding advances.
Term Note
In March 2023, the
Company entered into a $
5,000,000
term loan agreement with an unrelated third party lender. The loan agreement was secured by a lien
on the Company's assets and guaranteed by the Company's CEO. The full amount of the loan was drawn at closing. The original
maturity date of the loan was August 31, 2023 and was subsequently extended to October 31, 2023. The Company initially issued
warrants to the lender to purchase
3,300,000
shares of the Company's Series A-1 Preferred Stock (the "Initial Warrants").
The exercise price of the Initial Warrants is $
2.00
per share. The term of Initial Warrant covering
2,500,000
of the
3,300,000
shares
expires upon repayment of the loan (the "Repayment Warrant"). The term of the remaining Initial Warrants covering
800,000
shares is
five
years. Prior to original maturity of the term loan agreement, the maturity date was extended to October 31,
2023. Upon extension of the maturity date, the Company issued warrants to purchase
400,000
shares of Series A-1 Preferred Stock
(the "Extension Warrants"). The exercise price of the Extension Warrants is $
.01
per share and the warrant term is
five
years.
The Company repaid the outstanding principal and accrued interest on the secured term loan on November 10, 2023, in the amount of
$
3,064,897
. In connection with the repayment, the lender's liens were released and the Repayment Warrant expired.
Convertible Notes
In July 2023, the Company
issued a $
3,000,000
convertible note to iFREE Group (HK) Limited ("iFree"). The interest rate on the note is
8
%. The note
("iFree Note") matures September 30, 2024. The note is (i) optionally convertible at any time at the holder's
election and (ii) automatically converts upon the closing of a qualified financing, defined to be the receipt by the Company of
at least $
15,000,000
proceeds (including debt conversion) from the issuance of equity or equity-related securities. Upon the Company's
receipt of $
12,000,000
proceeds from the issuance and sale of shares of its Series A-2 Preferred Stock private placement, a qualified
financing under the iFree Note occurred and the note automatically converted into shares of Series A-2 Preferred Stock of the Company.
The aggregate amount of principal and interest equaled $
3,076,274
and converted into
1,681,024
shares of Series A-2 Preferred Stock.
7 — INVESTMENTS
The Company accounts for
its private company investments without readily determinable fair values under the cost method. These investments, for which the Company
is not able to exercise significant influence over any one individual investee, is measured and accounted for using an alternative measurement
basis of a) the security's carrying value at cost, b) less any impairment and c) plus or minus any qualifying observable price
changes.
F-
21
Veea Inc. and Subsidiaries
Notes to Consolidated Financial Statements
Years Ended December 31, 2023 and 2022
7 — INVESTMENTS
(cont.)
Observable price changes
or impairments recognized on the Company's private company investments would be classified as a Level 3 financial instrument within
the fair value hierarchy based on the nature of the fair value inputs. Any adjustments to the carrying values are recognized in other
income expense, net in the Company's consolidated statements of operations and comprehensive loss. As of December 31, 2023,
the Company performed the qualitative assessment for impairment of its investments. Based on this qualitative assessment, impairment
indicators were present for one of its investments therefore the company performed an analysis to estimate its fair value and recognized
an impairment loss of $
174,000
due to a change in the fair value. As of December 31, 2023 and 2022, the carrying value of the Company's
private company investments, including impairment, for the years ended was $
451,874
and $
625,940
, respectively, and was classified
as Investments on the Company's consolidated balance sheet as these investments did not have a stated contractual maturity date.
8 — STOCKHOLDERS' EQUITY
Authorized and Outstanding Capital Stock
In October 2023, the
Company commenced a private placement (the "Series A-2 Private Placement") of its newly designated Series A-2 Preferred
Stock, par value $
.00001
per share (the "Series A-2 Preferred Stock"). The Series A-2 Preferred Stock ranks pari
passu with the Series A-1 Preferred Stock in the event of a liquidation, dissolution or winding up, or deemed liquidation of the
Company. As of December 31, 2023, the Company has (1) issued
12,660,067
shares of Series A-2 Preferred Stock in consideration 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.
As of December 31,
2023, the number of authorized, issued and outstanding stock is as follows:
As of December 31, 2023
Authorized
Shares
Shares
Issued and
Outstanding
Net Carrying
Value
Aggregate
Liquidation
Preference
Series A-2 Preferred Stock
41,000,000
12,660,067
$
23,167,923
$
23,167,923
Series A-1 Preferred Stock
44,228,636
40,569,493
$
81,138,985
$
81,138,985
Series A Preferred Stock
35,920,813
35,920,813
$
46,210,448
$
55,318,051
Common Stock
146,000,000
7,243,514
$
2,511,553
—
As of December 31, 2022
Authorized
Shares
Shares
Issued and
Outstanding
Net Carrying
Value
Aggregate
Liquidation
Preference
Series A-1 Preferred Stock
62,579,193
35,054,036
$
70,108,072
$
70,108,072
Series A Preferred Stock
35,920,813
35,920,813
$
46,210,448
$
55,318,051
Common Stock
117,742,034
7,203,514
$
2,511,549
—
Dividends
The holders of the Company's
common stock and preferred stock are entitled to receive dividends when and as declared by the Company's Board of Directors. No
dividends were declared or paid in the years ended December 31, 2023 and December 31, 2022.
F-
22
Veea Inc. and Subsidiaries
Notes to Consolidated Financial Statements
Years Ended December 31, 2023 and 2022
8 — STOCKHOLDERS'
EQUITY
(cont.)
Preferred Stock
The Company's Fourth Amended
and Restated Certificate of Incorporation has designated three series of preferred stock: the Series A Preferred Stock, par value
$
.00001
per share (the "Series A Preferred Stock"), the Series A-1 Preferred Stock, par value $
.00001
per share
(the "Series A-1 Preferred Stock"), and the Series A-2 Preferred Stock, par value $
.00001
per share (the "Series A-2
Preferred Stock" collectively, with the the Series A-1 Preferred Stock, the "Preferred Stock").
Voting
The Preferred Stock is entitled
to cast the number of votes equal to the number of whole shares of Common Stock into which the shares of Preferred Stock are convertible
as of the record date for determining stockholders entitled to vote.
Election of Directors
The holders of record of
shares of Series A-2 Preferred Stock have no right to elect directors. The holders of record of shares of Series A-1 Preferred
Stock, exclusively and as a separate class, are entitled to elect one director of the Company. The holders of record of shares of Series A
Preferred Stock, exclusively and as a separate class, are entitled to elect two directors of the Corporation. The holders of record of
shares of Common Stock, exclusively and as a separate class, shall be entitled to elect two directors of the Corporation.
Optional Conversion
Each share of Preferred
Stock is convertible, at the option of the holder thereof, at any time into shares of Common Stock on a 1:1 basis.
Mandatory Conversion
Upon either (a) the
closing of the sale of shares of the Company's common stock to the public at a price equal to two hundred percent (
200
%) of the
issuance price of the Company's Series A-1 Preferred Stock (subject to appropriate adjustment in the event of any stock dividend,
stock split, combination or other similar recapitalization), in a firm-commitment underwritten public offering pursuant to an effective
registration statement under the Securities Act of 1933, as amended, that results in the Company receiving at least $
25
million
of gross proceeds, net of the underwriting discount and commissions, to the Company and in connection with such offering the Company's
common stock is listed for trading on a nationally-recognized exchange or another exchange or marketplace approved the Company's
board of directors or (b) the date and time, or the occurrence of an event, specified by vote or written consent of 66 2/3% of the
outstanding Preferred Stock (voting or acting as a single class), then (i) all outstanding shares of Preferred Stock shall automatically
be converted into shares of Common Stock, at the then effective conversion rate applicable of the Preferred Stock and (ii) the redeemed
shares may not be reissued by the Company.
Liquidation, Dissolution and Winding Up
The Series A-2 Preferred
Stock and the Series A-1 Preferred Stock are entitled to receive their respective liquidation preference, on a pro rata basis,
from the proceeds of a liquidation, dissolution or winding up before payment of available proceeds on the Series A Preferred Stock,
up to $
1.83
per share for the Series A-2Preferred Stock and up to $
2.00
per share for the Series A-1 Preferred Stock (subject,
in each case, to appropriate adjustment in the event of a stock split, stock dividend, combination, reclassification, or similar event).
After payment to the holders of the Series A-2 Preferred Stock and the holders of the Series A-1 Preferred Stock, the
Series A Preferred Stock is entitled to receive its liquidation preference from the proceeds of a liquidation, dissolution or winding
up before payment of available proceeds on the Series A Preferred Stock up to $1.54 per share (subject to appropriate adjustment
in the event of a stock split, stock dividend, combination, reclassification, or similar event). Thereafter, the Preferred Stock participates
pro rata with the Common Stock in the remaining proceeds.
F-
23
Veea Inc. and Subsidiaries
Notes to Consolidated Financial Statements
Years Ended December 31, 2023 and 2022
8 — STOCKHOLDERS'
EQUITY
(cont.)
Deemed Liquidation
The Series A-2 Preferred
Stock and the Series A-1 Preferred Stock are entitled to receive their respective liquidation preference, on a
pro rata
basis,
from the proceeds of (1) a merger or consolidation that results in a change of control of the Company, (2) a sale or other
disposition of the assets of the Company and its subsidiaries (taken as a whole) or (3) a sale or other disposition of one or more
subsidiaries of the Company representing substantially all of the assets of the Company and its subsidiaries, taken as a whole (each
such transaction being, a "Deemed Liquidation") before payment to the Series A Preferred Stock, up to $
1.83
per share
for the Series A-2 Preferred Stock and up to $
2.00
per share for the Series A-1 Preferred Stock (subject, in each case, to
appropriate adjustment stock split, stock dividend, combination, reclassification, or similar event). Thereafter, the Series A Preferred
Stock is entitled to receive its liquidation preference from the Deemed Liquidation before payment to the Common Stock up to $
1.54
per
share (subject to appropriate adjustment in the event of a stock split, stock dividend, combination, reclassification, or similar event).
After payment to the Preferred Stock, the remaining proceeds of the Deemed Liquidation are payable to the Common Stock on a
pro rata
basis.
Redemption
The Preferred Stock is not
mandatorily redeemable
except
in the event of a Deemed Liquidation that does not result in a dissolution of the Company. The redemption
features are contingent upon the occurrence of certain events which are under the control of the Company, therefore the Preferred Stock
is classified as permanent equity on the consolidated balance sheet.
Protective Provisions
The affirmative consent of at
least 66 2/3% of the outstanding Preferred Stock consenting or voting (as the case may be) together as a single class on an as converted
basis is required: (i) to liquidate, dissolve or wind-up the business and affairs of the Company, or consolidation or a Deemed Liquidation
Event, or consent to any of the foregoing; (ii) amend, alter or repeal any provision of the Certificate of Incorporation or Bylaws
in a manner that adversely affects the powers, preferences or special rights of the Preferred Stock; (iii) create, or authorize
the creation of, issue or obligate itself to issue shares of, any additional class or series of capital stock (or any security convertible
or exercisable or exchangeable for any class or series of capital stock) unless the same ranks junior to or
pari passu
with the
Preferred Stock with respect to the distribution of assets on the liquidation, dissolution or winding up of the Company, the payment
of dividends, rights of redemption and voting rights, or increase the authorized number of shares of any series of Preferred Stock or
increase the authorized number of shares of any additional class or series of capital stock unless the same ranks junior to or
pari
passu
with the Preferred Stock with respect to the distribution of assets on the liquidation, dissolution or winding up of the Company,
the payment of dividends, rights of redemption and voting rights, or reclassify, alter or amend any existing class or series of capital
stock that is junior to, or
pari passu
with, the Preferred Stock; or (iv) purchase or redeem (or permit any subsidiary to
purchase or redeem) or pay or declare any dividend or make any distribution on, any shares of capital stock of the Company other than
(i) redemptions of or dividends or distributions on the Preferred Stock as expressly authorized in the Certificate of Incorporation,
(ii) repurchases of stock from former employees, officers, directors, consultants or other persons who performed services for the
Company or any subsidiary pursuant to written agreements giving the Company the right to repurchase such security in connection with
the cessation of such employment or service at the lower of the original purchase price or the then-current fair market value thereof
or (iv) as approved by the board of directors of the Company.
F-
24
Veea Inc. and Subsidiaries
Notes to Consolidated Financial Statements
Years Ended December 31, 2023 and 2022
8 — STOCKHOLDERS'
EQUITY
(cont.)
Holders of the Company's
Preferred Stock are parties to a stockholders' agreement that contains customary provisions relating to the right of certain stockholders
to delegate members to the board of directors of the Company, restrictions on transfer, rights of first refusal on equity issuance by
the Company and "drag-along rights" granted to the Company.
9 — STOCK-BASED COMPENSATION
The Company maintains
two
equity incentive plans under which employees, nonemployee directors and consultants of the Company, its affiliates and/or subsidiaries
may be offered the opportunity to acquire shares of the Company's common stock.
2014 Equity Incentive Plan
On September 1, 2014,
the Company's Board of Directors adopted the Max
2
Inc. Equity Incentive Plan ("2014 Plan"). Upon adoption
of the 2014 Plan, the aggregate number of shares of Common Stock reserved for awards under the Plan were
1,250,000
.
The table below summarizes
the activities of the 2014 Plan during the years ended December 31, 2023 and 2022:
Number
of Options
(in Shares)
Weighted
Average
Exercise
Price
Weighted
Average
Remaining
Contractual
Terms
(in Years)
Aggregate
Intrinsic
Values
Balances as of January 1, 2022
385,531
$
0.0001
5.68
$
335,373
Granted
—
—
Exercised
—
—
Forfeited or cancelled
—
—
Balances as of December 31, 2022
385,531
0.0001
4.68
277,544
Granted
—
—
Exercised
(
40,000
)
0.0001
28,796
Forfeited or cancelled
—
—
Balances as of December 31, 2023
345,531
$
0.0001
3.68
$
615,011
Options vested and exerciseable – December 31, 2023
345,531
$
0.0001
3.68
$
615,011
Options vested and exerciseable – December 31, 2022
385,531
$
0.0001
4.68
$
277,544
The Company had no stock
compensation expense related to the 2014 Plan stock options for the years ended December 31, 2023 and 2022. The Company had
no unrecognized expense related to unvested options outstanding as of December 31, 2023.
Veea Inc. 2018 Equity Incentive Plan
On September 6, 2018,
the Company's Board of Directors adopted the Veea Inc. 2018 Equity Incentive Plan ("2018 Plan"). Upon adoption of the
2018 Plan
4,900,000
shares of the Company's common stock were reserved for the issuance of incentive awards. In January 2021,
the 2018 Plan was amended to increase the total number of authorized shares reserved for issuance to
12,492,910
.
F-
25
Veea Inc. and Subsidiaries
Notes to Consolidated Financial Statements
Years Ended December 31, 2023 and 2022
9 — STOCK-BASED
COMPENSATION
(cont.)
The table below summarizes
the activities of the 2018 Plan during the years ended December 31, 2023 and 2022:
Number
of Options
(in Shares)
Weighted
Average
Exercise
Price
Weighted
Average
Remaining
Contractual
Terms
(in Years)
Aggregate
Intrinsic
Values
Balances as of January 1, 2022
7,048,675
$
0.54
7.52
$
2,332,498
Granted
1,286,641
0.59
Exercised
—
—
Forfeited or cancelled
(
997,723
)
0.54
Balances as of December 31, 2022
7,337,593
0.55
6.82
1,278,419
Granted
152,800
0.59
Exercised
—
—
Forfeited or cancelled
(
446,144
)
0.56
Balances as of December 31, 2023
7,044,249
$
0.55
5.85
$
8,674,871
Options vested and exercisable – December 31, 2023
3,684,387
$
0.55
6.31
$
4,527,387
Options vested and exercisable – December 31, 2022
3,338,817
$
0.55
6.98
$
318,041
The aggregate intrinsic
value is the fair market value on the reporting date less the exercise price for each option.
The fair value of each stock
option award is estimated on the date of the grant using the Black-Scholes option-pricing model. For options granted during the years
ended December 31, 2023 and 2022, respectively, the weighted average estimated fair value using the Black-Scholes option pricing
model was $
0.58
and $
0.66
per option, respectively.
Stock compensation expense
related to the 2018 Plan common stock options for the years ended December 31, 2023 and 2022 was $
485,000
and $
845,000
, respectively,
which is included in general and administrative in the Company's consolidated statements of operations and comprehensive loss.
Total unrecognized expense related to unvested options outstanding as of December 31, 2023 was $
394,000
which will be recognized
over a weighted average period of
1.99
years.
The Company estimates the
fair value of each stock award on the grant date using the Black-Scholes option-pricing model.
The assumptions used to calculate the
fair value of the options granted during the years ended December 31, 2023 and 2022 are as follows:
2023
2022
Expected volatility
87.70
% –
108.44
%
84.24
% –
87.55
%
Expected term in years
6.06
–
6.11
5.27
–
6.11
Expected dividend yield
0.00
%
0.00
%
Risk-free interest rate
3.39
% –
4.24
%
2.86
% –
3.85
%
Fair value of common stock
$
1.78
$
0.72
F-
26
Veea Inc. and Subsidiaries
Notes to Consolidated Financial Statements
Years Ended December 31, 2023 and 2022
9 — STOCK-BASED
COMPENSATION
(cont.)
The fair value of each stock
option granted is estimated using the Black-Scholes option-pricing model using the single-option award approach. The following assumptions
are used in the Black-Scholes option-pricing model:
Risk-Free Interest Rate
— The
risk-free interest rate is based on the implied yield available on the date of grant on U.S. Treasury zero-coupon securities issued
with a term that is equal to the option's expected term at the grant date.
Expected Volatility
— The
Company estimates the volatility for option grants by evaluating the average historical volatility of a peer group of companies for the
period immediately preceding the option grant for a term that is approximately equal to the option's expected term.
Expected Term
— The
expected term represents the period over which options granted are expected to be outstanding using the simplified method, as the Company's
historical share option exercise experience does not provide a reasonable basis upon which to estimate the expected term. The simplified
method deems the term to be the average of the time-to-vesting and contractual life of the stock-based awards.
Dividend Yield
— The
Company has not declared or paid dividends to date and does not anticipate declaring dividends. As such, the dividend yield has been
estimated to be
zero
.
Warrants
The table below represents
the activity related to the Company's equity-classified warrants during the years ended December 31, 2023 and 2022:
Number of
Common Stock –
Warrant
Shares
Weighted
Average
Exercise
Price
Number of
Preferred
Stock –
Warrant
Shares
Weighted
Average
Exercise
Price
Outstanding, December 31, 2021
3,560,000
$
0.01
—
—
Granted
320,000
$
0.01
—
—
Exercised
—
—
—
—
Forfeited or cancelled
—
—
—
—
Outstanding, December 31, 2022
3,880,000
$
0.01
—
$
—
Granted
—
—
3,700,000
1.78
Exercised
—
—
—
—
Forfeited or cancelled
—
—
(
2,500,000
)
(
2.00
)
Outstanding, December 31, 2023
3,880,000
$
0.01
1,200,000
$
1.34
The Company estimated the
fair value of the warrants on the grant date using the Black-Scholes option-pricing model.
The assumptions used to calculate the fair
value of the warrants granted during the Years Ended December 31, 2023 and 2022 are as follows:
For the years ended
December 31,
2023
2022
Expected volatility
87
–
102
%
67
%
Expected life in years
0.45
–
5.0
years
7
years
Expected dividend yield
—
—
Risk-free interest rate
3.59
% –
4.73
%
1.67
% –
2.85
%
F-
27
Veea Inc. and Subsidiaries
Notes to Consolidated Financial Statements
Years Ended December 31, 2023 and 2022
10 — RELATED PARTY TRANSACTIONS
Lease Arrangements
On March 1, 2014, the
Company entered into a sublease agreement with NLabs Inc., an affiliate of the CEO and that holds approximately
38.5
% of the Company's
outstanding capital stock ("NLabs") for office space for an initial term of
5 years
. In 2018, the Company renewed the
sublease for an additional
5
-year term with all other terms and conditions of the sublease remaining the same. The renewal term expires
February 28, 2024.
The expiration date of the
Lease Agreement was extended to June 30, 2024. Refer to Note 17 — Subsequent Events. The Company accrues rent for the
office space. The Company recognized rent expense of $
237,025
in each of the years ended December 31, 2023 and 2022, all of
which is classified as general and administrative expenses in the Company's consolidated statements of operations and comprehensive
loss. Accrued and unpaid rent expense included in the Company's consolidated balance sheet was $
1,468,800
and $
1,224,000
, as of
December 31, 2023 and 2022, respectively.
In April 2017 the Company
entered into a lease agreement with 83
rd
Street LLC to lease office space for an initial term of
2 years
. In 2018, the
Company renewed the lease for an additional
5
-year term, with all other terms and conditions of the lease remaining the same. The renewal
term expires February 28, 2024. The expiration date of Lease Agreement was extended to June 30, 2024.
Refer to Note 17 — Subsequent
Events.
The sole member of 83
rd
Street is the Salmasi 2004 Trust (the "Trust"). As of December 31, 2023,
the Trust holds approximately
15
% of the Company's outstanding capital stock. The Company's CEO is the grantor of the Trust.
The Company accrues rent for the office space. The Company recognized rent expense of $
246,567
in each of the years ended December 31,
2023 and 2022, all of which is classified as general and administrative expenses in the Company's consolidated statements of operations
and comprehensive loss. Accrued and unpaid rent expense included in the Company's consolidated balance sheet was $
1,656,000
and
$
1,368,000
, as of December 31, 2023 and 2022, respectively.
Convertible Notes, related party
In February 2023, convertible
notes issued to Korea Information and Communications Co., Ltd. ("KICC") totaling $
10,949,199
, which included interest accrued
and compounded through December 31, 2022, converted into
5,474,599
shares of Series A-1 Preferred Stock. The convertible notes
were issued to KICC under convertible note purchase agreement entered into in 2019 with other holders, including NLabs, and in exchange
for deposits made by KICC under certain agreements between KICC and the Company covering the purchase by KICC of VeeaHub
®
units. The convertible notes issued to the other holders under the 2019 purchase agreement previously converted into shares of Series A-1
Preferred Stock on December 21, 2022.
Other Related Party Debt
December 31, 2023
December 31, 2022
Principal
Accrued
Interest
Total
Principal
Accrued
Interest
Total
NLabs Bridge Notes
$
9,500,000
$
1,957,863
$
11,457,863
$
9,500,000
$
1,007,863
$
10,507,863
NLabs Promissory Note
3,098,000
295,644
3,393,644
850,000
5,356
855,356
$
12,598,000
$
2,253,507
$
14,851,507
$
10,350,000
$
1,013,219
$
11,363,219
In 2021 and 2022, NLabs
made loans to the Company evidenced by promissory notes aggregating $
9,500,000
(the "Bridge Notes"). The Bridge Notes bear
interest on the outstanding principal at a rate of
10
% per annum, calculated on the basis of a 365-day year. Principal and accrued interest
are payable on the maturity date of the Notes. The original maturity date of the Bridge Notes was December 31, 2022, which was extended
to December 31, 2023. The maturity date of the Bridge Notes was extended to June 30, 2024.
Refer to Note 17 — Subsequent
Events.
The Company accounted for the extension as a modification of the Bridge Notes. The unpaid principal amount and accrued unpaid
interest on the Bridge Notes are due and payable upon the date of the first to occur of: (i) the maturity date and (ii) the
consummation of a debt or equity financing transaction with an unrelated third party. Interest expense for the years ended December 31,
2023 and 2022 was $
1,000,000
and $
843,690
, respectively.
F-
28
Veea Inc. and Subsidiaries
Notes to Consolidated Financial Statements
Years Ended December 31, 2023 and 2022
10 — RELATED
PARTY TRANSACTIONS
(cont.)
In 2022 and 2023, NLabs
made loans to the Company evidenced by promissory notes in the aggregate principal amount of $
3,098,000
(the "Promissory Notes").
The Demand Notes bear interest on the outstanding principal amount at a rate of
10
% per annum, calculated on the basis of a 365-day year.
Principal and interest on the Promissory Notes is repayable upon the earlier of demand and December 31, 2023. The Demand Notes remained
outstanding as of December 31, 2023. The maturity date of the Demand Notes was extended to June 30, 2024
Refer to Note 17
— Subsequent Events.
Interest expense for the years ended December 31, 2023 and December 31, 2022 was $
290,288
and $
5,356
, respectively.
Under the terms of the Business
Combination Agreement with Plum, at closing the Bridge Notes and Demand Notes will be converted into newly-issued Plum securities at
a price of $
10.00
per share. Shares issued upon conversion of the Bridge Notes and the Demand Notes are not included as part of the consideration
issued to holders of Company's capital stock.
In January 2023, the
Company's Chief Operating Officer made a loan to the Company in the aggregate principal amount of $
50,000
. The loan accrues interest
on the outstanding principal amount at a rate of
10
% per annum. Principal and interest on the loans are repayable upon the earlier of
demand and December 31, 2023. The Company repaid the outstanding principal amount of the loan on March 16, 2023 in the amount
of $
50,000
.
Common Stock Warrants
In consideration for the
guarantee by the Company's CEO of the Company's obligations under the 2021 Revolving Loan Agreement and a previously outstanding
loan agreement with First Republic Bank, the Company issued warrants to purchase an aggregate of
2,430,000
shares of the Company's
common stock. The exercise price of the warrants is $
.01
per share. The warrants are exercisable for a period of seven years. The
warrants were equity classified and had a fair value of $
2,189,014
on the date of grant which is recognized as deferred cost and amortized
to interest expense over the life of the loan agreements.
In December 2021, the
Company issued warrants to purchase
630,000
shares of common stock in connection with the Bridge Notes issued to NLabs. The exercise
price of the warrants is $
.01
per share. The warrants are exercisable for a period of seven years. The warrants were equity classified
and had a relative fair value of $
499,416
on the date of grant which was recognized as original issue discount on the Bridge Notes in
the year ended December 31, 2021.
In 2022, the Company issued
warrants to purchase
320,000
shares of common stock in connection with the Bridge Notes issued to NLabs. The exercise price of the warrants
is $
.01
per share. The warrants are exercisable for a period of seven years. The warrants were equity classified and had a fair
value of approximately $
253,816
on the date of grant which was recognized as original issue discount on the Bridge Notes in the year
ended December 31, 2022.
CEO Expenses
The Company incurred expenses
relating to ordinary course travel expenses of the Company's Chief Executive Officer and founder ("CEO") for travel
made by the CEO on behalf of the Company. As of December 31, 2023 and 2022, the Company had accrued expenses reimbursable to the
CEO in the aggregate amount of $
179,075
and $
789,575
, respectively. During 2023, the Company paid the CEO $
795,000
in reimbursement of
these expenses. The Company records the expenses as accrued expenses in the Company's consolidated balance sheet. In January 2024,
the Company reimbursed the CEO for his previously incurred travel expenses in an amount equal to $
150,000
.
F-
29
Veea Inc. and Subsidiaries
Notes to Consolidated Financial Statements
Years Ended December 31, 2023 and 2022
11 — COMMITMENTS
AND CONTINGENCIES
Purchase Commitments with Contract Manufacturers and Suppliers
As of December 31,
2023, the Company had no unconditional purchase obligations for the purchase of goods or services from suppliers and contract manufacturers.
Unconditional purchase obligations are obligations that are enforceable and legally binding on the Company and specify all significant
terms, including quantities to be purchased, fixed, minimum or variable price provisions and the approximate timing of the transaction.
Unconditional purchase obligations exclude agreements that are cancellable without penalty.
Leases
The Company leases office
space in the U.S., including office space from related parties as disclosed in
Note 10 — Related Party Transactions
.
These leases expire at various dates through
2025
. Under the terms of the various lease agreements, the Company may bear certain costs
such as maintenance, insurance and taxes. Lease agreements may provide for increasing rental payments at fixed intervals. The Company's
CEO has guaranteed the obligations under the office space leased in New Jersey. The Company also leases offices in the United Kingdom
and France, under short-term arrangements of twelve months or less.
Years ended December 31,
2023
2022
Lease cost:
Operating lease cost
Other than related parties
$
352,911
$
352,911
Related parties
483,592
483,592
Total
836,503
836,503
Short-term lease cost
Other than related parties
35,749
180,998
Related parties
—
—
Total
35,749
180,998
Variable lease cost
Other than related parties
27,917
36,076
Related parties
—
—
Total
27,917
36,076
Total lease cost
$
900,169
$
1,053,577
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases
Other than related parties
$
354,691
$
349,024
Related parties
—
—
Total
$
354,691
$
349,024
Weighted-average remaining lease term-operating leases
Other than related parties
1.3
years
2.3
years
Related parties
.
2
years
1.2
years
Aggregate
1.2
years
1.9
years
Weighted average discount rate-operating leases
Other than related parties
1.79
%
1.79
%
Related parties
10.00
%
10.00
%
Aggregate
3.07
%
5.29
%
F-
30
Veea Inc. and Subsidiaries
Notes to Consolidated Financial Statements
Years Ended December 31, 2023 and 2022
11 — COMMITMENTS
AND CONTINGENCIES
(cont.)
Operating lease liabilities
are based on the net present value of the remaining lease payments over the remaining lease term. In determining the net present value
of its lease payments, the Company used an estimated incremental borrowing rate that is applicable to the Company based on the information
available at the later of the lease commencement date, lease modification date, or the date of adoption of ASC 842.
As of December 31,
2023, the maturities of the Company's operating lease liabilities were as follows:
Year
Other than
related parties
Related
parties
Total
2024
$
360,359
$
88,800
$
449,159
2025
121,851
—
121,851
Total lease payments
482,210
88,800
571,010
Less: imputed interest
(
5,369
)
(
367
)
(
5,736
)
Present value of lease liabilities
$
476,841
$
88,433
$
565,274
Operating lease liabilities, current
$
357,417
$
88,433
$
445,850
Operating lease liabilities, noncurrent
119,424
—
119,424
$
476,841
$
88,433
$
565,274
Warranties
The Company accrues the
estimated cost of product warranties at the time of recognizing revenue. The Company's standard product warranty terms generally
include post-sales support and repairs or replacement of a product at no additional charge for a specified period of time. The Company
engages in product quality programs and processes, including actively monitoring and evaluating the quality of its component suppliers.
The estimated warranty obligation is based on contractual warranty terms, repair costs, current period product shipments and product
failure rates. Warranty terms are generally limited to twelve months.
Indemnifications
In the normal course of
business, the Company has indemnification obligations to other parties, including customers, lessors, and parties to other transactions
with us, with respect to certain matters. The Company has agreed to indemnify against losses arising from a breach of representations
or covenants or out of intellectual property infringement or other claims made against certain parties. These agreements may limit the
time or circumstances within which an indemnification claim can be made and the amount of the claim.
It is not possible to determine
the maximum potential amount for claims made under the indemnification obligations due to uncertainties in the litigation process, coordination
with and contributions by other parties and the defendants in these types of cases, and the unique facts and circumstances involved in
each particular case and agreement. To date, the Company has made no indemnity payments. In addition, the Company has entered into indemnification
agreements with its officers and directors, and its Amended and Restated Bylaws contain similar indemnification obligations to its agents.
Litigation
In November 2020 the
Company engaged an independent contractor basis ("Contractor") to provide legal services to the Company. The Company subsequently
terminated the Contractor in early 2021. In April 2021, the Contractor commenced a legal action against the Company alleging discrimination
and retaliation as a result of the Contractor's disability and/or perceived disability. The Contractor sought three years
of contract payments in the amount of $
600,000
. The Company timely submitted a claim under its Employment Practices Liability insurance.
In accordance with the terms of the Company's policy, the insurance carrier assumed defense of the litigation. Due to the
early stage of the litigation, as well as uncertainties in the litigation due to the proceeding being stayed in 2021, the Company could
not estimate the outcome as of December 31, 2021. In July 2023, the litigation was submitted to mediation and ultimately confidentially
settled. The Company's portion of the settlement amount totaled the amount of the recorded reserve and settlement amounts in excess
of the Company's deductible were paid by the Company's insurance carrier.
F-
31
Veea Inc. and Subsidiaries
Notes to Consolidated Financial Statements
Years Ended December 31, 2023 and 2022
11 — COMMITMENTS
AND CONTINGENCIES
(cont.)
Other Commitments
In connection with the Business
Combination transaction, Veea agreed to pay certain legal expenses contingent upon the closing of the Business Combination. As of December 31,
2023, the amount of the deferred fees totaled approximately $
104,000
.
12 — FAIR VALUE MEASUREMENTS
Money Market Funds
The Money Market Funds are
classified within Level 1 as these securities are traded on an active public market. As of December 31, 2023, the Company held approximately
$
120,000
in money market funds. The Company held
no
money market funds at December 31, 2022.
13 — EARNINGS PER SHARE
The computation of basic
and dilutive net loss per share attributable to common stockholders for the years ended December 31, 2023 and December 31,
2022 are as follows:
Years Ended December 31,
2023
2022
Numerator:
Net loss attributable to Veea Inc.
$
(
15,638,589
)
$
(
35,167,089
)
Denominator:
Weighted-average common shares outstanding – and
    diluted
7,235,733
7,203,514
Earnings per share:
Net loss attributable to Veea Inc. per share – basic
    and diluted
(
2.16
)
(
4.89
)
The following outstanding
balances of securities have been excluded from the calculation of diluted weighted average common shares outstanding and diluted net
loss per share for the years ended December 31, 2023 and 2022 because the effect of including them would have been antidilutive.
Years Ended December 31,
2023
2022
Convertible notes
—
5,474,599
Preferred Stock
Series A-2 Preferred Stock
12,660,067
—
Series A-1 Preferred Stock
40,569,493
35,054,035
Series A Preferred Stock
35,920,813
35,920,813
Preferred Stock warrants
1,200,000
—
Common Stock warrants
3,880,000
3,880,000
Stock options issued under 2014 Plan
345,531
385,531
Stock options issued under 2018 Plan
7,044,249
7,337,593
Total
101,620,153
88,052,571
F-
32
Veea Inc. and Subsidiaries
Notes to Consolidated Financial Statements
Years Ended December 31, 2023 and 2022
14 — SEGMENTATION
As described in Note 3,
the Company operates as one reportable segment — sale of smart computing hubs and related subscriptions and licenses.
The following table summarizes
revenues by geographic area and as a percentage of revenue:
Years Ended December 31,
2023
2022
Amount
Percent
Amount
Percent
Americas
$
52,133
1
%
$
175,327
78.30
%
EMEA
1,275
0
%
14,363
6.40
%
APAC
18,721
0
%
34,362
15.30
%
Hong Kong
9,000,000
99
%
—
—
Total revenue, net
$
9,072,129
100
%
$
224,052
100
%
Major Customers
For the year ended December 31,
2023 one customer accounted for
99.5
% of the Company's revenue. For the year ended December 31, 2022, no customer accounted
for
10
% or more of the Company's revenue.
Long-lived Assets
The majority of the Company's
assets as of December 31, 2023 and 2022 were attributable to its U.S. operations. The Company's long-lived assets are
based on the physical location of the assets.
The following table presents
the Company's long-lived assets, which consist of property and equipment, net, operating lease right-of-use assets and intangible
assets information for geographic areas:
As of December 31,
2023
2022
Long-Lived Assets
United States
ROU Asset
$
545,411
$
1,338,620
PP&E, net
339,936
534,235
Goodwill
4,797,078
—
Intangible Assets, net
628,476
557,288
Total
$
6,310,902
$
2,430,143
Rest of World
PP&E, net
$
36,731
$
43,034
Intangible Assets, net
—
507,324
Total
$
36,731
$
550,358
Total long-lived assets
$
6,347,633
$
2,980,501
Refer to Note 3
— Summary of Significant Accounting Policies — Revenue Recognition for additional revenue information for
geographic areas
.
F-
33
Veea Inc. and Subsidiaries
Notes to Consolidated Financial Statements
Years Ended December 31, 2023 and 2022
15 — INCOME TAXES
Net loss for the years
ended December 31, 2023 and 2022, was as follows:
Years ended December 31,
2023
2022
Domestic
$
(
9,557,067
)
$
(
27,041,252
)
Foreign
(
6,081,522
)
(
8,158,787
)
Net Loss
$
(
15,638,589
)
$
(
35,200,039
)
Provision for income taxes
for the years ended December 31, 2023 and 2022, consisted of the following:
Years ended December 31,
2023
2022
Current tax provision
Federal
$
—
$
—
State and local
7,141
10,276
Foreign
67,356
9,985
Total current tax provision
74,497
20,261
Deferred tax provision
Federal
—
—
State and local
—
—
Foreign
—
—
Total deferred tax provision
—
—
Total provision for income taxes
$
74,497
$
20,261
Deferred tax assets (liabilities)
consist of the following:
Years ended December 31,
2023
2022
Deferred tax assets
Stock options issued for services
$
135,604
$
—
Net Operating Loss Carryforwards
27,783,834
23,213,473
Section 174 Expenditures
1,243,418
604,219
R&D Tax Credits
6,406,470
2,244,842
Other
469,896
94,384
Total gross deferred tax assets
36,039,222
26,156,918
Less Valuation Allowance
(
35,566,934
)
(
26,156,918
)
Net deferred tax assets
472,288
—
Deferred tax liabilities
Fixed Assets
101,757
—
Right of Use Asset
(
113,698
)
—
Amortization
13,080
—
Unrealized Fx gain (loss)
(
473,427
)
—
Total gross deferred tax liabilities
(
472,288
)
—
Net deferred tax liabilities
$
—
$
—
F-
34
Veea Inc. and Subsidiaries
Notes to Consolidated Financial Statements
Years Ended December 31, 2023 and 2022
15 — INCOME
TAXES
(cont.)
The reconciliation of federal
statutory income tax rate to our effective income tax rate is as follows:
Years ended December 31,
2023
2022
Federal income tax at the Statutory Rate
21.00
%
21.00
%
Permanent Items
(
0.21
)%
(
0.95
)%
Foreign
7.80
%
—
%
State Taxes
24.10
%
(
0.03
)%
Return to Provision
0.09
%
—
%
Other
6.79
%
(
1.86
)%
Change in valuation allowance
(
60.27
)%
(
18.15
)%
Total tax benefit
—
%
—
%
As of December 31,
2023, the Company had federal net operating loss carryforwards of approximately $
101,966,000
which will be carried forward indefinitely.
In addition, the Company has state net operating loss carryforwards of approximately $
10,749,000
with varying expiration dates as determined
by each state.
As of December 31,
2023, The Company had foreign net operating loss carryforwards of approximately $
22,182,000
and $
16,200,000
as of December 31, 2023
and 2022, respectively, which have no expiration.
As of December 31,
2023, Company had federal R&D credit carryforwards of approximately $
3,207,000
which will begin to expire in 2038 for federal tax
purposes.
At December 31, 2023
the Company had state R&D credit carryforwards of approximately $
5,124,000
for state tax purposes which will not expire.
IRC Section 382 imposes
limitations on the use of net operating loss carryovers when the stock ownership of
one
or more
5
% shareholders (shareholders owning
5
% or more of the Company's outstanding capital stock) has increased on a cumulative basis by more than 50 percentage points. As
of December 31, 2023, the Company has not completed IRC Section 382 analysis. An IRC Section 382 limitation calculation
will be performed prior to the usage of tax attributes.
The Company's effective
tax rate could also fluctuate due to changes in the valuation of its deferred tax assets or liabilities, or by changes in tax laws, regulations,
and accounting principles.
The Company has evaluated
both positive and negative evidence and determined that all of its deferred tax assets for the UK & French subsidiaries will
not be realized within foreseeable future. As a result, the valuation allowance sets against both subsidiaries deferred tax assets.
Beginning January 1,
2022, the Tax Cuts and Jobs Act (the "Tax Act") eliminated the option to deduct research and development expenditures in
the current year and requires taxpayers to capitalize such expenses pursuant to Internal Revenue Code ("IRC") Section 174.
The capitalized expenses are amortized over a five-year period for domestic expenses. As a result of this provision of the Tax Act, deferred
tax assets related to capitalized research expenses increased by $
663,935
in 2023, partially offset by amortization on research expenses.
F-
35
Veea Inc. and Subsidiaries
Notes to Consolidated Financial Statements
Years Ended December 31, 2023 and 2022
16 — EMPLOYEE 401(k) PLAN
The Company sponsors a 401(k) plan
(the "Plan") to provide retirement benefits for its employees.
As allowed under Section 401(k) of
the Internal Revenue Code, the Plan provides for tax-deferred salary contributions and after-tax contributions for eligible employees.
The Plan provides for tax-deferred salary contributions and after-tax contributions for eligible employees. Employee contributions are
limited to a maximum annual amount as set periodically by the Internal Revenue Code. The Company matches pretax and Roth employee contributions
up to
4
% of eligible earnings that are contributed by employees. All matching contributions vest immediately. The Company's matching
contributions to the Plan for the years ended December 31, 2023 and December 31, 2022 totaled approximately $
158,000
and
$
184,000
, respectively.
17 — SUBSEQUENT EVENTS
The Company evaluated subsequent
events from December 31, 2023, the date of these financial statements, through May 8, 2024, the date on which the financial statements
were issued (the "Issuance Date"), for events requiring recording or disclosure in the financial statements as of and for
the year ended December 31, 2023. The Company concluded that no events have occurred that would require recognition or disclosure
in the financial statements, except as described below.
On January 15, 2024, the
Company entered into a Purchase Agreement with iFREE Group Holdings Limited ("iFree") to purchase up to
6,250
next generation
TROLLEE™ smart retail carts (the "Units"), for a purchase price per unit not to exceed $
800
. The Company paid iFree
a deposit of $
5
million for the Units, which shall be refunded to the Company if the Units are not delivered to the Company on or before
June 30, 2024. iFree granted the Company a security interest in the Units until delivery to the Company.
On February 1, 2024, the
Company extended the maturity date of the outstanding Bridge Notes held by NLabs until March 31, 2024; and on March 29, 2024, the maturity
date was subsequently extended to June 30, 2024. All other terms of the Bridge Notes remain the same.
On February 1, 2024, the
Company extended the maturity date of the outstanding Demand Notes held by affiliates of the Company until March 31, 2024; and on March
29, 2024, the maturity date was subsequently extended to June 30, 2024. All other terms of the Demand Notes remain the same.
On February 14, 2024, the
expiration date of the sublease with NLabs covering a portion of the Company's New York corporate office was extended to March
31, 2024; and on March 29, 2024, the expiration date was subsequently extended to June 30, 2024. All other terms of the sublease remain
the same, including rent and additional rent.
On February 14, 2024, the
expiration date of the lease agreement with 83
rd
Street LLC covering a portion of the Company's New York corporate office
was extended to March 31, 2024; and on March 29, 2024, the expiration date was subsequently extended to June 30, 2024. All other terms
of the sublease remain the same, including rent and additional rent.
Through May 8, 2024, the
total cash proceeds received by the Company from the sale of Series A-2 Preferred Stock totaled approximately $
30.8
million, with approximately
$
12.7
million of the total raised since January 1, 2024. Further, through May 8, 2024, the Company has issued approximately
2.8
million
shares of Series A-2 Preferred Stock in connection with the coversion of debt and other obligations totaling approximately $
5.1
million.
F-
36
VEEA
INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED BALANCE SHEETS
September 30,
December 31,
2024
2023
(unaudited)
ASSETS
Cash
$
2,802,970
$
6,010,075
Receivables, net
84,709
52,838
Inventory, net
7,977,277
7,375,621
Contingent financing asset
21,680,000
—
Prepaid and other current assets
5,618,900
513,670
Total current assets
38,163,856
13,952,204
Property and equipment, net
252,153
376,667
Goodwill
5,076,791
4,797,078
Intangible assets, net
757,697
628,477
Right-of-use assets
204,915
545,411
Investments
452,642
451,874
Security deposits
87,171
85,595
TOTAL ASSETS
$
44,995,225
$
20,837,306
LIABILITIES AND STOCKHOLDERS' EQUITY
Revolving line of credit
$
12,700,000
$
9,000,000
Related party notes, net of discount
—
12,598,000
Accrued interest, related party
—
2,272,993
Accounts payable
1,638,738
1,077,898
Accrued expenses
6,249,523
4,741,495
Investor deposits
—
2,048,776
Deferred payables, current
204,445
—
Operating lease liabilities, current
211,345
445,850
Total current liabilities
21,004,051
32,185,012
Convertible note payable, net
45,648
—
Convertible note option liability
293,866
—
Warrant liabilities
1,261,492
—
Contingent earn-out share liability (Note 4)
28,850,000
—
Deferred payables
1,545,278
—
Operating lease liabilities
—
119,424
TOTAL LIABILITIES
53,000,335
32,304,436
STOCKHOLDERS' EQUITY
Preferred stock, $
0.0001
par value;
1,000,000
shares authorized;
none
issued and outstanding
—
—
Common Stock, $
0.0001
par value,
500,000,000
shares authorized,
35,686,757
and
19,635,912
shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively
3,568
1,964
Additional paid-in capital
210,665,277
159,475,010
Accumulated deficit
(
216,903,369
)
(
170,282,750
)
Accumulated other comprehensive loss
(
1,770,586
)
(
661,354
)
TOTAL STOCKHOLDERS'
    DEFICIT
(
8,005,110
)
(
11,467,130
)
TOTAL LIABILITIES AND
    STOCKHOLDERS' EQUITY
$
44,995,225
$
20,837,306
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
F-
37
VEEA
INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
For the
Three Months Ended
September 30,
For the
Nine Months Ended
September 30,
2024
2023
2024
2023
Revenue, net
$
50,683
$
9,009,254
$
108,264
$
9,040,359
Cost of goods sold
14,997
24,307
57,687
47,163
Gross profit
35,686
8,984,947
50,577
8,993,196
Operating Expenses:
Product development
356,761
185,764
1,152,930
676,603
Sales and marketing
80,937
137,943
459,341
299,130
General and administrative, net
1,989,095
5,232,482
13,091,503
12,493,928
Transaction costs including those incurred with contingent
    earn-out share liability (Note 4)
55,038,544
—
55,038,544
—
Depreciation and amortization
67,730
75,318
205,111
734,306
Total operating expenses
57,533,067
5,631,507
69,947,429
14,203,967
Income (loss) from operations
(
57,497,381
)
3,353,440
(
69,896,852
)
(
5,210,771
)
Other income and (expense):
Other income, net
8,739
397,976
21,398
242,461
UK R&D tax credit
1,251,243
—
1,251,243
—
Loss on initial issuance of convertible note
(
1,770,933
)
—
(
1,770,933
)
—
Change in fair value of convertible note option liability
607,067
—
607,067
—
Change in fair value of warrant liabilities
(
220,373
)
—
(
220,373
)
—
Change in fair value of earn-out share liability (Note 4)
24,750,000
—
24,750,000
—
Other expense
(
36
)
—
(
9,346
)
(
15,134
)
Interest expense
(
451,881
)
(
1,789,617
)
(
1,352,823
)
(
4,425,764
)
Total other income
    and (expense)
24,173,826
(
1,391,641
)
23,276,233
(
4,198,437
)
Net (loss) income
$
(
33,323,555
)
$
1,961,799
$
(
46,620,619
)
$
(
9,409,208
)
Basic and diluted weighted average shares
    outstanding, common stock
22,292,374
16,427,124
20,217,081
16,065,664
Basic and diluted net (loss) income per Common Stock
$
(
1.49
)
$
0.12
$
(
2.31
)
$
(
0.59
)
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
F-
38
VEEA
INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
For the
Three Months Ended
September 30,
For
                                            the
Nine Months Ended
September 30,
2024
2023
2024
2023
Net (loss) income
$
(
33,323,555
)
$
1,961,799
$
(
46,620,619
)
$
(
9,409,208
)
Other comprehensive income (loss):
Foreign currency translation adjustment
(
1,597,335
)
894,234
(
1,109,232
)
(
118,750
)
Comprehensive (loss) income
$
(
34,920,890
)
$
2,856,033
$
(
47,729,851
)
$
(
9,527,958
)
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
F-
39
VEEA
INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)
(Unaudited)
FOR
THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024
Series
    A-2
Preferred Stock
Series
    A-1
Preferred Stock
Series
    A
Preferred Stock
Legacy
    Veea Common Stock
Common
    Stock
Additional
Paid-in-
Accumulated
Accumulated
Other
Comprehensive
Total
Stockholders'
Shares
Amount
Shares
Amount
Shares
Amount
Shares
Amount
Shares
Amount
Capital
Deficit
Income
    (Loss)
Deficit
Balance, December 31, 2023
12,660,067
$
126
40,569,493
$
405
35,920,813
$
359
7,243,514
$
72
-
$
-
$
159,476,012
$
(
170,282,750
)
$
(
661,354
)
$
(
11,467,130
)
Retroactive
    application of Business Combination (Note 1)
(
12,660,067
)
(
126
)
(
40,569,493
)
(
405
)
(
35,920,813
)
(
359
)
(
7,243,514
)
(
72
)
19,635,912
1,964
(
1,002
)
-
Balance,
    December 31, 2023, recasted
-
-
-
-
-
-
-
-
19,635,912
1,964
159,475,010
(
170,282,750
)
(
661,354
)
(
11,467,130
)
Class
    A Common Stock Issuances, net of transaction costs
-
-
-
-
-
-
-
-
1,675,502
168
11,955,239
-
-
11,955,407
Conversion
    of vendor payable to Common Stock
-
-
-
-
-
-
-
-
10,456
1
78,422
-
-
78,423
Stock
    based compensation for stock options
-
-
-
-
-
-
-
-
-
-
62,670
-
-
62,670
Foreign
    currency translation gain
-
-
-
-
-
-
-
-
-
-
-
-
365,381
365,381
Net
    Loss
-
-
-
-
-
-
-
-
-
-
-
(
6,018,994
)
-
(
6,018,994
)
Balance,
    March 31, 2024
-
-
-
-
-
-
-
-
21,321,870
2,133
171,571,341
(
176,301,744
)
(
295,973
)
(
5,024,243
)
Common
    stock issuances, net of transaction costs
-
-
-
-
-
-
-
7,297
-
54,725
-
-
54,725
Conversion
    of vendor payable to Common Stock
-
-
-
-
-
-
-
-
17,198
2
128,983
-
-
128,985
Common
    stock issued upon exercise of stock options
-
-
-
-
-
-
-
-
10,748
1
25,483
-
-
25,484
Stock
    based compensation for stock options
-
-
-
-
-
-
-
-
-
-
272,179
-
-
272,179
Foreign
    currency translation gain
-
-
-
-
-
-
-
-
-
-
-
-
122,722
122,722
Net
    Loss
-
-
-
-
-
-
-
-
-
-
-
(
7,278,070
)
-
(
7,278,070
)
Balance,
    June 30, 2024
-
$
-
-
$
-
-
$
-
-
$
-
21,357,113
$
2,136
$
172,052,711
$
(
183,579,814
)
$
(
173,251
)
$
(
11,698,218
)
Stock
    based compensation for stock options
-
-
-
-
-
-
-
-
-
-
59,385
-
-
59,385
Common
    stock issued upon exercise of stock options, pre Business Combination
-
-
-
-
-
-
-
-
19,618
2
53,998
-
-
54,000
Exercise
    of Common Stock Warrants - related party
-
-
-
-
-
-
-
-
756,912
76
(
76
)
-
-
-
Issuance
    of Common Stock in exchange for services in connection with A-2 Preferred Stock Issuances, recasted
-
-
-
-
-
-
-
-
615,385
61
(
61
)
-
-
-
Issuance
    of Common Stock upon conversion of debt at Business Combination (Note 1)
-
-
-
-
-
-
-
-
3,147,970
315
15,739,531
-
-
15,739,846
Issuance
    of Common Stock upon conversion of Sponsor and related party notes and warrants at Business Combination (Note 1)
-
-
-
-
-
-
-
-
817,453
82
2,205,415
-
-
2,205,497
Issuance
    of Common Stock to Plum Sponsors and Investors at Business Combination (Note 1)
-
-
-
-
-
-
-
-
6,102,562
610
241,638
-
-
242,248
Issuance
    of Common Stock to Plum Shareholders at Business Combination (Note 1)
603,077
60
(
6,901,658
)
(
6,926,598
)
Issuance
    of Common Stock related to new financing (Note 1)
-
-
-
-
-
-
-
-
2,000,000
200
23,999,800
-
-
24,000,000
Common
    Stock issued for services
-
-
-
-
-
-
-
-
241,667
24
3,214,596
-
-
3,214,620
Common
    stock issued upon exercise of stock options, post Business Combination
-
-
-
-
-
-
-
-
25,000
2
(
2
)
-
-
-
Foreign
    currency translation loss
-
-
-
-
-
-
-
-
-
-
-
-
(
1,597,335
)
(
1,597,335
)
Net
    Loss
-
-
-
-
-
-
-
-
-
-
-
(
33,323,555
)
-
(
33,323,555
)
Balance,
    September 30, 2024
-
$
-
-
$
-
-
$
-
-
$
-
35,686,757
$
3,568
$
210,665,277
$
(
216,903,369
)
$
(
1,770,586
)
$
(
8,005,110
)
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
F-
40
FOR
THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2023
Series
    A-2
Preferred Stock
Series
    A-1
Preferred Stock
Series
    A
Preferred Stock
Legacy
    Veea Common Stock
Common
    Stock
Additional
Paid-in-
Accumulated
Accumulated
Other
Comprehensive
Total
Stockholders'
Shares
Amount
Shares
Amount
Shares
Amount
Shares
Amount
Shares
Amount
Capital
Deficit
Income
    (Loss)
Deficit
Balance,
    December 31, 2022
-
$
-
35,094,893
$
351
35,920,813
$
359
7,203,514
$
72
-
$
-
$
123,779,186
$
(
154,849,725
)
$
772,034
$
(
30,297,723
)
Retroactive
    application of Business Combination (Note 1)
(
35,094,893
)
$
(
351
)
(
35,920,813
)
$
(
359
)
(
7,203,514
)
$
(
72
)
15,345,255
$
1,535
$
(
753
)
$
-
$
-
$
(
0
)
Balance,
    December 31, 2022, recasted
-
-
-
-
-
-
-
-
15,345,255
1,535
123,778,433
(
154,849,725
)
772,034
(
30,297,723
)
Conversion
    of convertible notes and accrued interest
-
-
-
-
-
-
-
-
1,074,022
107
10,949,090
-
-
10,949,197
Issuance
    of Legacy Veea warrants
-
-
-
-
-
-
-
-
-
-
1,682,750
-
-
1,682,750
Common
    Stock issued upon exercise of stock options
-
-
-
-
-
-
-
-
7,847
1
3
-
-
4
Stock
    based compensation for stock options
-
-
-
-
-
-
-
-
-
-
194,689
-
-
194,689
Foreign
    currency translation gain
-
-
-
-
-
-
-
-
-
-
-
-
251,456
251,456
Net
    Loss
-
-
-
-
-
-
-
-
-
-
-
(
4,300,233
)
-
(
4,300,233
)
Balance,
    March 31, 2023
-
-
-
-
-
-
-
-
16,427,124
1,643
136,604,965
(
159,149,958
)
1,023,490
(
21,519,860
)
Stock
    based compensation for stock options
-
-
-
-
-
-
-
-
-
-
133,640
-
-
133,640
Foreign
    currency translation (loss)
-
-
-
-
-
-
-
-
-
-
-
-
(
1,264,440
)
(
1,264,440
)
Net
    Loss
-
-
-
-
-
-
-
-
-
-
-
(
7,070,774
)
-
(
7,070,774
)
Balance,
    June 30, 2023
-
$
-
-
$
-
-
$
-
-
$
-
16,427,124
$
1,643
$
136,738,605
$
(
166,220,732
)
$
(
240,950
)
$
(
29,721,434
)
Issuance
    of Legacy Veea warrants
-
-
-
-
-
-
-
-
-
-
327,548
-
-
327,548
Stock
    based compensation for stock options
-
-
-
-
-
-
-
-
-
-
76,431
-
-
76,431
Foreign
    currency translation gain
-
-
-
-
-
-
-
-
-
-
-
-
894,234
894,234
Net
    Loss
-
-
-
-
-
-
-
-
-
-
-
1,961,799
-
1,961,799
Balance,
    September 30, 2023
-
-
-
-
-
-
-
-
16,427,124
1,643
137,142,584
(
164,258,933
)
653,284
(
26,461,423
)
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
F-
41
VEEA
INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Nine Months ended
September 30,
2024
2023
Cash flows from operating activities
Net loss
$
(
46,620,619
)
$
(
9,409,208
)
Adjustments to reconcile net loss to net cash used for operating activities:
Depreciation and amortization
205,111
734,306
Amortization of debt issuance costs
45,648
1,824,270
Loss on initial issuance of debt
1,770,933
-
Change in fair value of convertible note option liability
(
607,067
)
-
Change in fair value of warrant liabilities
220,373
-
Earn-out liability initial loss
53,600,000
Change in fair value of earn out share liabilities
(
24,750,000
)
-
Interest income on investment
(
768
)
-
Stock based compensation
394,234
404,761
Interest expense on convertible notes converted
868,853
-
Unrealized foreign currency transaction(gain) loss
(
1,686,348
)
(
158,825
)
Amortization of operating lease right of use assets
340,496
589,617
Changes in operating assets and liabilities:
Receivables
(
31,736
)
(
23,651
)
Inventories
(
602,235
)
49,595
Prepaid and other current assets
(
5,034,546
)
(
129,265
)
Security deposit
-
8,842
Accounts payable
793,161
(
1,732,713
)
Accrued expenses
1,618,881
269,973
Accrued interest
-
1,048,928
Operating lease payments
(
353,929
)
(
627,503
)
Net cash used in operating activities
(
19,829,558
)
(
7,150,873
)
Cash flows from investing activities
Purchase of property and equipment
(
33,439
)
(
15,651
)
Purchase of intangible assets and trademarks
(
174,258
)
(
83,590
)
Net cash used in investing activities
(
207,697
)
(
99,241
)
Cash flows from financing activities
Proceeds from issuance of third-party convertible notes
1,450,000
3,000,000
Proceeds of term loan payable
-
5,000,000
Payment of unrelated party debt
-
(
2,020,389
)
Proceeds from revolving line of credit
3,700,000
-
Proceeds from notes - related party
-
2,298,000
Payment of notes - related party
-
(
50,000
)
Proceeds from reverse recapitalization
1,103,640
-
Proceeds from lock-up share release
242,248
-
Proceeds from the exercise of stock options for common stock
79,484
4
Proceeds from the issuance of common stock, net of transaction costs
9,961,356
-
Net cash provided by financing activities
16,536,728
8,227,615
Effect of exchange rate changes on cash
293,421
1,224
Net increase (decrease) in cash and cash equivalents
(
3,207,105
)
978,725
Cash and cash equivalents at beginning of year
6,010,075
185,881
Cash and cash equivalents at end of year
$
2,802,970
$
1,164,606
Non-cash activities
Initial measurement of debt discount on the convertible note
$
(
1,450,000
)
$
-
Conversion of related party notes to Common Stock
$
2,205,497
$
-
Initial measurement of the convertible note option liability
$
1,450,000
$
-
Conversion of principal on related party notes to Common Stock
$
12,598,000
$
9,069,516
Conversion of interest on replated notes to Common Stock
$
3,141,846
$
1,879,686
Legacy Warrants issued with term note payable
$
-
$
1,682,750
Issuance of Common Stock related to convertible note payable
$
24,000,000
$
-
Conversion of vendor payable to Common Stock
$
3,422,028
$
-
Supplemental cash flow information
Interest paid
$
504,431
$
353,025
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
F-
42
Veea
Inc. and Subsidiaries
Notes to the Condensed
Consolidated Financial Statements
For the Three and Nine
Months Ended September 30, 2024 and 2023
1
- DESCRIPTION
OF BUSINESS
The
Company is a provider of edge computing and communications devices (i.e., "VeeaHub
Ò
"
devices), applications and services hosted on its edge Platform-as-a-Service ("ePaaS"). Veea Edge Platform ePaaS is an end-to-end
platform that is both locally- and cloud-managed. VeeaHub
Ò
products
are converged computing and communications (i.e., hyperconverged) indoor and outdoor devices, about the size of a Wi-Fi Access Point
(AP), that provide for networking and computing solutions for AI-assisted applications and solutions at the edge where people, places,
and things connect to the network.
Veea
Edge Platform
Ô
provides
for highly secure connectivity, computing, and IoT solutions through full stack platform for digital transformation of industries as
well as unserved or underserved communities that lack Internet connectivity and essential applications and services. It further enables
the formation of highly secure, but easily accessible, private clouds and networks across one or multiple user(s) or enterprise location(s)
across the globe. We have redefined and simplified edge computing and connectivity with Veea Edge Platform
Ô
,
easily deployable products that fully integrate hardware, system software, technologies, and edge applications. We are demonstrating,
globally, that the Veea Edge Platform
Ô
enables
our partners and customers to champion digital transformations in multiple vertical markets.
Through our innovative Veea Edge Platform,
we have created a new product category that brings cloud capabilities close to the user, as an alternative to cloud computing, with benefits
in optimal latency, lower data transport costs, data privacy, security and ownership, Edge AI, "always-on" availability at
the edge for mission critical applications, and contextual awareness for people, devices and things connected to the Internet. The Company
was recognized in 2023 by Gartner as a Leading Smart Edge Platform for the innovativeness and capabilities of our Veea Edge Platform
and a Cool Vendor in Edge Computing in 2021. Veea was named in Market Reports World's in its research report published in October
2023 as one of the top 10 Edge AI solution providers alongside of IBM, Microsoft, Amazon Web Services among others.
On
September 13, 2024 Plum Acquisition Corp. I. ("Plum"), a special purpose acquisition company, Veea Inc., a Delaware corporation
("Legacy Veea") consummated its previously announced Business Combination, pursuant to that certain Business Combination
Agreement, dated November 27, 2023 (as amended on June 13, 2024 and September 13, 2024, the "Business Combination Agreement"),
between Plum, Legacy Veea, and Plum Merger Sub, a Delaware corporation) ("Plum Merger Sub"). In connection with the consummation
of the Business Combination (the "Closing") (i) Plum de-registered from the Register of Companies in the Cayman Islands by
way of continuation out of the Cayman Islands and into the State of Delaware, migrating to and domesticating as a Delaware corporation
(the "Domestication"), and (ii) the merger (the "Merger") of Plum Merger Sub with and into Legacy Veea was completed
and the separate corporate existence of Plum Merger Sub ceased, with Legacy Veea as the surviving corporation becoming a wholly owned
subsidiary of Plum. Following the Closing Plum changed its name from "Plum Acquisition Corp. I" to "Veea Inc."
(hereinafter "Veea" or "the Company" 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.
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
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 of the Company's $
5
million downpayment for certain inventory purchased from iFREE Group Holdings Limited, the Company
expects it will be able to funds its operations over the next twelve months. The Company may seek additional funding through debt or
other equity financing arrangements, implement incremental expense reduction measures or a combination thereof to continue financing
its operations. Although management continues to pursue these plans, there is no assurance that the Company will be successful in obtaining
sufficient funding on terms acceptable to the Company to fund continuing operations, if at all. See
Note 17 "Subsequent Events"
for further information regarding the Equity Line of Credit.
The Company's condensed consolidated
financial statements have been prepared assuming the Company will continue as a going concern, which contemplates, among other things,
the realization of assets and satisfaction of liabilities in the normal course of business. The condensed consolidated financial statements
do not include adjustments to reflect the possible future effects on the recoverability and classification of recorded assets or the
amounts of liabilities that might be necessary should the Company be unable to continue as a going concern.
3
- SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation
The
                                            accompanying unaudited condensed consolidated financial statements have been prepared in
                                            accordance with accounting principles generally accepted in the United States of America
                                            ("GAAP") and the rules and regulations of the U.S. Securities and Exchange Commission
                                            (the "SEC") for interim financial information. Accordingly, certain information
                                            and footnote disclosures normally included in consolidated financial statements in accordance
                                            with GAAP have been omitted. In the opinion of management, all adjustments considered necessary
                                            for a fair presentation have been included.
All significant intercompany
balances and transactions have been eliminated in consolidation.
The condensed consolidated balance
sheet at December 31, 2023 has been derived from the audited consolidated financial statements at that date, but does not include all
disclosures, including notes, required by GAAP for complete financial statements. The unaudited interim condensed consolidated financial
statements should be read in conjunction with the consolidated financial statements and accompanying footnotes included in the Company's
Annual Report on Form S-1 for its year ended December 31, 2023.
Basis of Accounting
The
accompanying condensed consolidated financial statements have been prepared on the accrual basis in accordance with accounting principles
generally accepted under GAAP.
Use of Estimates
Management of the Company is required
to make certain estimates, judgments, and assumptions during the preparation of its condensed consolidated financial statements in accordance
with GAAP. The Company believes that these estimates, judgments and assumptions are reasonable under the circumstances. These estimates,
judgments, and assumptions impact the reported amounts of assets, liabilities, revenue, and expenses, and the related disclosure of contingent
assets and liabilities. Actual results could differ from these estimates. Changes in such estimates could affect amounts reported in
future periods. On an ongoing basis, the Company evaluates its estimates and judgments including those related to: liquidity and going
concern, the useful lives and recoverability of property and equipment and definite-lived intangible assets; the recoverability of goodwill
and indefinite-lived intangible assets; the carrying value of accounts receivable, including the determination of the allowance for credit
losses; inventory, including the determination of allowances for estimated excess or obsolescence; the fair value of warrants; the fair
value of acquisition- related contingent consideration arrangements; unrecognized tax benefits; legal contingencies; the incremental
borrowing rate for the Company's leases; and the valuation of stock-based compensation, among others.
Reclassification
Certain amounts from prior period
financial statements have been reclassified to align with the presentation used in the current condensed consolidated financial statements
for comparative purposes. These reclassifications had no material effect on the Company's previously issued financial statements.
Emerging Growth Company Status
The Company is an emerging growth
company, as defined in the JOBS Act. Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards
issued subsequent to the enactment of the JOBS Act, until such time as those standards apply to private companies. The Company has elected
to use this extended transition period for complying with new or revised accounting standards that have different effective dates for
public and private companies until the earlier of the date that it (i) is no longer an emerging growth company or (ii) affirmatively
and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, these financial statements may not
be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates.
F-
44
Veea Inc. and Subsidiaries
Notes to the Condensed
Consolidated Financial Statements
For the Three and Nine
Months Ended September 30, 2024 and 2023
Segment Information
The Company operates as a single operating
segment. The chief operating decision maker is the Company's Chief Executive Officer, who makes resource allocation decisions and
assesses performance based on financial information presented on a consolidated basis, accompanied by disaggregated revenue information.
Accordingly, the Company has determined that it has a single reportable segment and operating segment.
Fair Value Measurement
Fair value is defined as the price
that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction
between market participants on the measurement date. Valuation techniques used to measure fair value maximize the use of observable inputs
and minimize the use of unobservable inputs. The fair value hierarchy is based on three levels of inputs, of which the first two are
considered observable and the last is considered unobservable:
Level 1
-
Observable
                                            inputs obtained from independent sources, such as quoted market prices for identical assets
                                            and liabilities in active markets.
Level 2
-
Other
                                            inputs, which are observable directly or indirectly, such as quoted market prices for similar
                                            assets or liabilities in active markets, quoted market prices for identical or similar assets
                                            or liabilities in markets that are not active, and inputs that are derived principally from
                                            or corroborated by observable market data.
Level 3
-
Unobservable
                                            inputs for which there is little or no market data and require the Company to develop its
                                            own assumptions, based on the best information available in the circumstances, about the
                                            assumptions market participants would use in pricing the assets or liabilities.
The
Company issued preferred stock warrants and common stock warrants classified as equity securities which do not require recurring fair
value measurement.
Refer to Note 9 – Incentive Plans
for the assumptions used in estimating the fair value of such common
stock warrants
.
Recurring Fair Value Measurements
The following methods and assumptions
were used to estimate the fair value of each class of financial assets and liabilities for which it is practicable to estimate fair value:
Money market funds — The carrying
amount of money market funds approximates fair value and is classified within Level 1 because the fair value is determined through quoted
market prices.
Private Warrants – The carrying
value of the warrants is classified within Level 2 because the fair value is determined through quoted market prices, which are valued
using the closing market price of the public warrants as the private placement warrants have terms and provisions that are identical
to those of the public warrants.
Contingent Financing Asset –
The initial measurement of the Contingent Financing Asset is classified within Level 1 because the fair value is determined through quoted
market prices.
Convertible Note Option Liability
- The initial measurement and carrying value of the conversion option is classified within Level 3 because the fair value is determined
through an option pricing model.
Earn-Out - The initial measurement
and carrying value is classified within Level 3 because the fair value is determined through Monte Carlo simulation.
The Company's remaining financial
instruments that are measured at fair value on a recurring basis consist primarily of cash, accounts receivable, accounts payable, accrued
expenses, and other current liabilities. The Company believes their carrying values are representative of their fair values due to their
short-term maturities.
Business Combinations
The Company evaluates whether acquired
net assets should be accounted for as a business combination or an asset acquisition by first applying a screen test to determine whether
substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable
assets. If so, the transaction is accounted for as an asset acquisition. If not, the Company applies its judgement to determine whether
the acquired net assets meets the definition of a business by considering if the set includes an acquired input, process, and the ability
to create outputs.
F-
45
Veea Inc. and Subsidiaries
Notes to the Condensed
Consolidated Financial Statements
For the Three and Nine
Months Ended September 30, 2024 and 2023
The Company accounts for business
combinations using the acquisition method when it has obtained control. The Company measures goodwill as the fair value of the consideration
transferred including the fair value of any non-controlling interest recognized, less the net recognized amount of the identifiable assets
acquired and liabilities assumed, all measured at their fair value as of the acquisition date. Transaction costs, other than those associated
with the issuance of debt or equity securities, that the Company incurs in connection with a business combination are expensed as incurred.
Any contingent consideration (i.e.,
Earn-out liabilities) is measured at fair value at the acquisition date. For contingent consideration that do not meet all the criteria
for equity classification, such contingent consideration are required to be recorded at their initial fair value at the acquisition date,
and on each balance sheet date thereafter. Changes in the estimated fair value of liability-classified contingent consideration are recognized
on the consolidated statements of operations in the period of change.
When the initial accounting for a
business combination has not been finalized by the end of the reporting period in which the transaction occurs, the Company reports provisional
amounts. Provisional amounts are adjusted during the measurement period, which does not exceed one year from the acquisition date. These
adjustments, or recognition of additional assets or liabilities, reflect new information obtained about facts and circumstances that
existed at the acquisition date that, if known, would have affected the amounts recognized at that date.
Cash and Cash Equivalents
Cash balances are held in U.S. and
European banks. Cash balances held in the U.S. are insured by the Federal Deposit Insurance Corporation subject to certain limitations.
The Company maintains its cash balances in highly rated financial institutions. At times, cash balances may exceed federally insurable
limits.
Restricted Cash
The Company is not subject to any
contractual agreement that contains restrictions on the Company's use or withdrawal of its cash or cash equivalents.
Revenue Recognition
The Company recognizes revenue based
on the satisfaction of distinct obligations to transfer goods and services to customers. The Company generates revenue from hardware
sales and the sale of licenses and subscriptions. The Company applies a five-step approach as defined in ASC 606, Revenue from Contracts
with Customers, in determining the amount and timing of revenue to be recognized: (1) identify the contract with a customer; (2) identify
the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance
obligations in the contract; and (5) recognize revenue when a corresponding performance obligation is satisfied. Most contracts with
customers are to provide distinct products or services within a single contract. However, if a contract is separated into more than one
performance obligation, the total transaction price is allocated to each performance obligation in an amount based on the estimated relative
standalone selling price.
The Company earns revenue from the
sale of its VeeaHub® devices, licenses and subscriptions. The Company generated revenue of $
50,683
and $
9,009,254
for the three months
ended September 30, 2024 and 2023, respectively. The Company generated revenue of $
108,264
and $
9,040,359
for the nine months ended September
30, 2024 and 2023, respectively. Other than $
9
million of revenue generated from the license of AdEdge™ in 2023, revenue has been
immaterial for all periods presented and represented revenue earned from paid pilots for our VeeaHub® devices.
For licenses of technology, recognition
of revenue is dependent upon whether the Company has delivered rights to the technology, and whether there are future performance obligations
under the contract. Revenue from non-refundable upfront payments is recognized when the license is transferred to the customer and the
Company has no other performance obligations. Revenue for licenses delivered under a subscription model having terms between one and
twelve-months are recognized over-time. Subscription revenue is generated through sales of monthly subscriptions. Customers pay in advance
for the licenses and subscriptions. Revenue is initially deferred and is recognized using the straight-line method over the term of the
applicable subscription period.
F-
46
Veea Inc. and Subsidiaries
Notes to the Condensed
Consolidated Financial Statements
For the Three and Nine
Months Ended September 30, 2024 and 2023
Revenue from hardware sales is recognized
at a point-in-time, which is generally at the point in time when products have been shipped, right to payment has been obtained and risk
of loss has been transferred. Certain of the Company's product performance obligations include proprietary operating system software,
which typically is not considered separately identifiable. Therefore, sales of these products and the related software are considered
one performance obligation.
Revenue from all sale types is recognized
at the transaction price, the amount management expects to be entitled to in exchange for transferring goods or providing services. Transaction
price is calculated as selling price net of variable consideration which may include estimates for future returns, price protection,
warranties, and other customer incentive programs based upon the Company's expectation and historical experience.
The Company contracts with customers
under non-cancellable arrangements. While customers, including resellers, may cancel master purchase agreements under certain circumstances,
customers may not cancel or modify purchase orders placed under the terms of such master purchase agreements. Each purchase order is
therefore a contract with the customer, i.e., the purchase of a quantity of any given, single product; further, purchase orders do not
commit the customer to purchase any further volumes over time. Contract modifications do not carry revenue recognition implications as
no revenue is recognized until control over products, or intellectual property, as applicable, has transferred to the customer.
The Company has service arrangements
where net sales are recognized over time. These arrangements include a variety of post-contract support service offerings, which are
generally recognized over time as the services are provided, including maintenance and support services, and professional services to
help customers maximize their utilization of deployed systems.
A contract liability for deferred
revenue is recorded when consideration is received or is unconditionally due from a customer prior to transferring control of goods or
services to the customer under the terms of a contract. Deferred revenue balances typically result from advance payments received from
customers for product contracts or from billings in excess of revenue recognized on services arrangements. Deferred revenue balances
were not significant as of September 30, 2024 and December 31, 2023.
Warranties
The
Company accrues the estimated cost of product warranties at the time of recognizing revenue. The Company's standard product warranty
terms generally include post-sales support and repairs or replacement of a product at no additional charge for a specified period of
time. The Company actively monitors and evaluates the quality of its component suppliers. The estimated warranty obligation is based
on contractual warranty terms, repair costs, and the Company's baseline experience. The Company's standard warranty terms
are twelve months. Warranty expense was not significant for the three and nine months ended September 30, 2024 and 2023.
Accounts Receivable
Trade accounts receivable are recognized
and carried at billed amounts less an allowance for credit losses. The Company adopted the Current Expected Credit Losses ("CECL")
guidance effective January 1, 2023. The Company maintains the allowance for estimated losses resulting from the inability of the Company's
customers to make required payments. The allowance represents the current estimate of lifetime expected credit losses over the remaining
duration of existing accounts receivable considering current market conditions and supportable forecasts when appropriate. The estimate
is a result of the Company's ongoing evaluation of collectability, customer creditworthiness, historical levels of credit losses,
and future expectations. Credit loss expense and allowance for credit losses were not significant as of September 30, 2024 and December
31, 2023, and for the three and nine months ended September 30, 2024 and 2023.
F-
47
Veea Inc. and Subsidiaries
Notes to the Condensed
Consolidated Financial Statements
For the Three and Nine
Months Ended September 30, 2024 and 2023
Inventory
The Company values inventory at the
lower of cost or net realizable value. Cost is computed using standard cost which approximates actual cost on a first-in, first-out basis.
At each reporting period, the Company assesses the value of its inventory and writes down the cost of inventory to its net realizable
value if required, for estimated excess or obsolescence. Factors influencing these adjustments include changes in future demand forecasts,
market conditions, technological changes, product life cycle and development plans, component cost trends, product pricing, physical
deterioration, and quality issues. The write down for excess or obsolescence is charged to the provision for inventory, which is a component
of Cost of Goods Sold in the Company's consolidated statements of operations and comprehensive loss. At the point of the loss recognition,
a new, lower cost basis for that inventory is established, and subsequent changes in facts and circumstances do not result in the restoration
or increase in that newly established cost basis.
Cost of Goods Sold
Cost of goods sold consists primarily
of the cost of finished goods, components purchased for manufacturing and freight. Cost of goods sold also includes third-party vendor
costs related to cloud hosting fees.
Shipping and Handling
The Company considers shipping and
handling to customers to represent activities performed in fulfilling the contract with the customer. When shipping is charged to the
customer, the Company nets such charges against actual shipping costs incurred.
Tax Collected from Customers
Taxes imposed by governmental authorities
on the Company's revenue producing activities, such as sales taxes, are excluded from net sales.
Research and Development
Research and development ("R&D")
costs that do not meet the criteria for capitalization are expensed as incurred. R&D costs primarily consist of employee compensation,
employee benefits, stock-based compensation related to technology developers and product management employees, as well as fees paid for
outside services and materials.
Sales and Marketing
Sales and marketing costs consist
of compensation and other employee related costs for personnel engage in selling and marketing, and sales support functions. Selling
expenses also include marketing, and the costs associated with customer evaluations. The Company does not incur advertising costs.
General and Administrative Expense
General
and administrative expense consists of compensation expense (including stock-based compensation expense), executive management, finance,
legal, tax, and human resources. General and administrative expense also include transaction costs, expenses associated with facilities,
information technology, external professional services, legal costs and settlement of legal claims, unrealized foreign currency transaction
gain/loss and other administrative expenses.
F-
48
Veea Inc. and Subsidiaries
Notes to the Condensed
Consolidated Financial Statements
For the Three and Nine
Months Ended September 30, 2024 and 2023
Property and Equipment, net
Property and equipment, net is stated
at cost and depreciated on a straight-line basis of five to seven years for furniture and fixtures and five years for computer equipment.
Leasehold improvements are capitalized and amortized over the shorter of their useful lives or remaining lease term. Repair and maintenance
costs are charged to operations in the periods incurred. Upon retirement or sale, costs and related accumulated depreciation or amortization
are removed from the balance sheets and the resulting gain or loss is included in operating expense in the Company's consolidated
statements of operations and comprehensive loss.
Goodwill
Goodwill represents the excess of
the aggregate purchase consideration over the fair value of the net assets acquired. Goodwill is reviewed for impairment on an annual
basis, or more frequently if events or changes in circumstances indicate that the carrying amount of goodwill may be impaired. In conducting
its annual impairment test, the Company first reviews qualitative factors to determine whether it is more likely than not that the fair
value of the reporting unit is less than its carrying amount. If factors indicate that the fair value of the reporting unit is less than
its carrying amount, the Company performs a quantitative assessment, and the fair value of the reporting unit is determined by analyzing
the expected present value of future cash flows. If the carrying value of the reporting unit continues to exceed its fair value, the
fair value of the reporting unit's goodwill is calculated and an impairment loss equal to the excess is recorded. The Company's
goodwill was recorded in connection with an acquisition consummated in June 2018. The Company considers goodwill to have an indefinite
life and is not amortized. As of September 30, 2024 and December 31, 2023, no events have occurred that would require impairment of goodwill.
Impairment of Long-Lived Assets
Long-lived assets with finite lives
consist primarily of property and equipment, operating lease right-of-use assets, and intangible assets which are reviewed for impairment
whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets
to be held and used is measured by a comparison of the carrying amount of an asset to the undiscounted future net cash flows expected
to be generated by the asset. If the carrying amount of an asset exceeds its estimated future undiscounted cash flows, an impairment
charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset.
Stock-Based Compensation
The Company accounts for stock-based
compensation expense in accordance with ASC 718,
Compensation-Stock Compensation ("ASC 718
"). The Company measures
and recognizes compensation expense for all stock-based awards based on estimated fair values on the date of the grant, recognized over
the requisite service period. For awards that vest solely based on a service condition, the Company recognizes stock-based compensation
expense on a straight-line basis over the requisite service period. The Company accounts for forfeitures as they occur.
Income Taxes
Effective June 8, 2018, the Company
converted from an S Corporation to a C Corporation for federal and state income tax purposes. Accordingly, prior to the conversion to
a C corporation, the Company did not record deferred tax assets or liabilities or have any net operating loss carryforwards. The Company
is required to file tax returns in the U.S. federal jurisdiction and various states and local municipalities. Veea Systems Ltd. is governed
by, and is required to file tax returns under, the Income Tax Law of the U.K. with a statutory income tax rate of
19
%. In 2021, the Company
established Veea SAS, a French entity with a statutory income tax rate of
25
%.
Significant
judgment is required in determining the Company's uncertain tax positions. It is not expected that there will be a significant
change in uncertain tax positions for the nine months ended September 30, 2024 and for the year ended December 31, 2023, respectively.
Foreign Operations and Foreign
Currency Translation
The currency of the primary economic
environment in which the operations of the Company and its U.S. subsidiaries are conducted is the United States dollar ("USD").
Accordingly, the Company and all of its U.S. subsidiaries use USD as their functional currency. The results of the Company's non-U.S.
subsidiaries, whose functional currency are the local currencies of the economic environment in which they operate, are translated into
USD in accordance with GAAP.
F-
49
Veea Inc. and Subsidiaries
Notes to the Condensed
Consolidated Financial Statements
For the Three and Nine
Months Ended September 30, 2024 and 2023
Assets
and liabilities are translated at year-end exchange rates, while revenues and expenses are translated at average exchange rates during
the year. Differences resulting from translation are presented in equity as accumulated other comprehensive loss. Transaction gains and
losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included
in the results of operations as incurred. Foreign currency transaction (gain) loss, mainly related to intercompany transactions, is included
in the consolidated statements of operations. For the three months ended September 30, 2024 and September 30, 2023 transactions (gain)
loss were $(
1,831,743
) and $
926,965
, respectively. For the nine months ended September 30, 2024 and September 30, 2023 such amounts were
$(
1,343,640
) and $(
86,019
), respectively.
Comprehensive Loss
Comprehensive loss consists of two
components, net loss and other comprehensive income (loss), net. Other comprehensive income (loss), net is defined as revenue, expenses,
gains, and losses that under GAAP are recorded as an element of stockholders' deficit but are excluded from net loss. The Company's
other comprehensive loss consists of foreign currency translation adjustments that result from the consolidation of its foreign subsidiaries
and is reported net of tax effects.
Investments
The Company holds non-marketable equity
and other investments ("privately held investments") which are included in noncurrent assets in the Company's consolidated
balance sheet. The Company monitors these investments for impairments and makes adjustments in carrying values if management determines
that an impairment charge is required based primarily on the financial condition and near-term prospects of these investments.
Concentration of Risks
Financial instruments that potentially
subject the Company to a significant concentration of credit risk consist primarily of cash and cash equivalents, and accounts receivable.
Cash balances may exceed the Federal Deposit Insurance Corporation ("FDIC") insurance limit of $
250,000
. The Company has
not experienced any losses in such accounts.
Earnings per Share, recasted
Basic net loss per share is calculated
by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during
the year. Diluted net loss per share is based upon the diluted weighted-average number of shares outstanding during the year. Diluted
net loss per share gives effect to all potentially dilutive common share equivalents, including stock options, and warrants, to the extent
they are dilutive.
Refer to Note 14 – Earnings Per Share
.
Convertible Note Payable
When the Company issues convertible
debt, it first evaluates the balance sheet classification of the convertible instrument in its entirety to determine (1) whether the
instrument should be classified as a liability under ASC 480, Distinguishing Liabilities from Equity, and (2) whether the conversion
feature should be accounted for separately from the host instrument. A conversion feature of a convertible debt instrument would be separated
from the convertible instrument and classified as a derivative liability if the conversion feature, were it a standalone instrument,
meets the definition of a "derivative" in ASC 815, Derivatives and Hedging. When a conversion feature meets the
definition of an embedded derivative, it would be separated from the host instrument and classified as a derivative liability carried
on the consolidated balance sheet at fair value, with any changes in its fair value recognized currently in the consolidated statements
of operations.
See Note 7 "Debt" for further information.
Contingent Financing Asset
The
Company recorded a contingent financing asset on the condensed consolidated balance sheets for the fair value of the Transferred Shares
issued to Investors for the unfunded portion of the Convertible Notes Payable.
See Note 7 "Debt" for further information.
Warrants
The Company accounts for warrants
as either equity-classified or liability-classified instruments based on an assessment of the warrant's specific terms and applicable
authoritative guidance in FASB Accounting Standards Codification 480, Distinguishing Liabilities from Equity ("ASC 480")
and ASC 815, Derivatives and Hedging ("ASC 815"). The assessment considers whether the warrants are freestanding financial
instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements
for equity classification under ASC 815, including whether the warrants are indexed to the Company's own ordinary shares and whether
the warrant holders could potentially require "net cash settlement" in a circumstance outside of the Company's control,
among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the
time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding.
F-
50
Veea Inc. and Subsidiaries
Notes to the Condensed
Consolidated Financial Statements
For the Three and Nine
Months Ended September 30, 2024 and 2023
For issued or modified warrants that
meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital
at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are
required to be recorded at their initial fair value on the date of issuance, and at their fair value on each balance sheet date thereafter.
Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss in the Company's consolidated statements
of operations.
The Company accounts for the Public
and Private warrants in accordance with guidance contained in ASC 815-40. Such guidance provides that because the Public warrants meet
the criteria for equity treatment. Such guidance provides that because the Private warrants do not meet the criteria for equity treatment
thereunder, each warrant must be recorded as a liability
See Note 10 "Warrants" for further information.
Accounting Pronouncements Recently
Adopted
In June 2016, the FASB issued ASU
2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which amends
the FASB's guidance on the impairment of financial instruments. Topic 326 adds to GAAP an impairment model (known as the "current
expected credit loss model") that is based on expected losses rather than incurred losses. ASU 2016-13 is effective for the Company's
annual and interim periods beginning after December 15, 2022 with early adoption permitted. The Company adopted ASU 2016-13 beginning
January 1, 2023. The adoption of ASU 2016-13 did not have a material impact on the Company's condensed consolidated financial statements.
In October 2021, the FASB issued ASU
2021-08, "Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers,"
which requires entities to apply Topic 606 to recognize and measure contract assets and contract liabilities in a business combination
as if it had originated the contracts. The standard is effective for public companies for fiscal years, and interim periods within those
fiscal years, beginning after December 15, 2022. We adopted the ASU on January 1, 2023 and will apply the guidance prospectively for
future acquisitions.
In
September 2022, the FASB issued ASU 2022-04, "Liabilities—Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier
Finance Program Obligations," which requires entities that use supplier finance programs in connection with the purchase of goods
and services to disclose sufficient information about the program. The amendments do not affect the recognition, measurement or financial
statement presentation of obligations covered by supplier finance programs. The standard is effective for public companies for fiscal
years, and interim periods within those fiscal years, beginning after December 15, 2022, except for the amendment on roll-forward information,
which is effective for fiscal years beginning after December 15, 2023. We adopted the ASU on January 1, 2023, and the adoption did not
have a material impact on the Company's condensed consolidated financial statements.
Recent Accounting Pronouncements
Not Yet Adopted
In December 2023, the FASB issued
ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU requires that an entity disclose specific categories
in the effective tax rate reconciliation as well as reconciling items that meet a quantitative threshold. Further, the ASU requires additional
disclosures on income tax expense and taxes paid, net of refunds received, by jurisdiction. The new standard is effective for annual
periods beginning after December 15, 2024 on a prospective basis with the option to apply it retrospectively. Early adoption is permitted.
The adoption of this guidance will result in the Company being required to include enhanced income tax related disclosures. The Company
is currently evaluating the impact this standard will have on its condensed consolidated financial statements.
In November 2023, the FASB issued
ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU includes amendments that expand
the existing reportable segment disclosure requirements and requires disclosure of (i) significant expense categories and amounts by
reportable segment as well as the segment's profit or loss measure(s) that are regularly provided to the chief operating decision
maker (the "CODM") to allocate resources and assess performance; (ii) how the CODM uses each reported segment profit or loss
measure to allocate resources and assess performance; (iii) the nature of other segment balances contributing to reported segment profit
or loss that are not captured within segment revenues or expenses; and (iv) the title and position of the individual or name of the group
or committee identified as the CODM. This guidance requires retrospective application to all prior periods presented in the financial
statements and is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after
December 15, 2024. Early adoption is permitted. The adoption of this guidance will result in the Company being required to include enhanced
disclosures relating to its reportable segments. The Company is currently evaluating the impact this standard will have on its condensed
consolidated financial statements.
4 – REVERSE
RECAPITALIZATION
As
discussed in Note 1, "Organization and Business Operations", the Business Combination was consummated on September 13, 2024,
which, for accounting purposes, was treated as the equivalent of Legacy Veea issuing stock for the net assets of Plum, accompanied by
an equity recapitalization of Legacy Veea. Under this method of accounting, Plum was treated as the acquired company for financial accounting
and reporting purposes under GAAP. This determination was primarily based on the assumption that:
●
Legacy
                                            Veea's current shareholders will hold a majority of the voting power of New Plum ("New
                                            Plum") post Business Combination
F-
51
Veea
Inc. and Subsidiaries
Notes
to the Condensed Consolidated Financial Statements
For
the Three and Nine Months Ended September 30, 2024 and 2023
●
effective
                                            upon the Business Combination, the post-combination Board will consist of seven (7) directors,
                                            including five (5) directors designated by Legacy Veea, one (1) director designated by Plum
                                            and one (1) director mutually agreed upon by Plum and Legacy Veea;
●
Legacy
                                            Veea's operations will substantially comprise the ongoing operations of New Plum; and
●
Legacy
                                            Veea's senior management will comprise the senior management of New Plum.
Another
determining factor was that Plum does not meet the definition of a "business" pursuant to ASC 805-10-55, Business Combinations
("ASC 805"), and thus, for accounting purposes, the Business Combination will be accounted for as a reverse recapitalization,
within the scope of ASC 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 condensed consolidated statements of cash flows and the condensed
consolidated statement of changes in stockholders' equity for the period ended September 30, 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
22,133,643
Issuance of new financing shares
2,000,000
Conversion of debt for Common Stock
3,147,970
Conversion of Sponsor Notes for Common Stock
817,453
Common Stock issued for services
857,052
Common Stock immediately after the Business Combination
35,661,757
The number of Veea shares was determined
as follows:
Legacy
Veea
Shares
Veea
Shares after
conversion
ratio
Legacy Veea Series A-2 Preferred Stock
19,670,118
4,799,511
Legacy Veea Series A-1 Preferred Stock
41,179,790
8,078,761
Legacy Veea Series A Preferred Stock
35,920,813
7,047,041
Legacy Veea Common Stock
7,398,303
1,451,419
Legacy Veea Common Stock Warrants
3,858,202
756,912
Total
108,027,226
22,133,644
Public
                                            and private placement warrants
The
6,384,326
Public Warrants issued
at the time of Plum's initial public offering, and
6,256,218
warrants issued in connection with private placement at the time of
Plum's initial public offering (the "Private Placement Warrants") remained outstanding and became warrants for the
Company.
F-
52
Veea Inc. and Subsidiaries
Notes to the Condensed
Consolidated Financial Statements
For the Three and Nine
Months Ended September 30, 2024 and 2023
Earnout Share Liability
Following the closing of the Business
Combination, holders of certain capital stock of Legacy Veea immediately prior to the closing will have the contingent right to receive
up to
4.5
million additional shares of the Company's Common Stock if certain trading-price based milestones of the Company's
common stock are achieved or a change of control transaction occurs during the ten-year period following the Closing.
Under accounting principles, the Company's
obligation to issue the earn out shares is recorded as a contingent liability (the "Earn-Out Share Liability") in the Company's
financial statements and the initial value of the Earn-out Share Lability is recorded as a transaction cost within operating expense
in the Company's financial statements.  For each subsequent reporting period, changes in the fair value of the Earn-Out Share
Liability will be reported in the Company's financial statements.
Veea Transaction related expenses
The below table represents the amount
of Veea Inc. related transaction expenses included in operating expenses as of September 30, 2024:
September 30,
2024
Legal expenses
$
1,000,000
Professional fees
413,544
Listing fee - NASDAQ
25,000
Total
$
1,438,544
5 – BALANCE SHEET COMPONENTS
Inventory
Inventory consists of the following:
September 30,
2024
December 31,
2023
Inventory
$
7,352,841
$
7,392,919
Inventory allowance
(
353,161
)
(
1,145,548
)
Consigned parts
977,597
1,128,250
Total
$
7,977,277
$
7,375,621
Prepaid and other current assets
Prepaid and other current assets consists
of the following:
September 30,
2024
December 31,
2023
Prepaid expenses
$
258,178
$
177,027
iFree – inventory purchase deposit
5,000,000
—
Production deposit
336,643
336,643
Other current assets
24,079
—
Total
$
5,618,900
$
513,670
On
January 15, 2024, the Company entered into a Purchase Agreement with iFREE Group Holdings Limited ("iFree") to purchase up
to
6,250
next generation TROLLEE™ smart retail carts (the "Units"), for a purchase price per Unit not to exceed $
800
.
The Company paid iFree a deposit of $
5
million for the Units, which is to be refunded to the Company if the Units are not delivered to
the Company on or before June 30, 2024. iFree granted the Company a security interest in the Units until delivery to the Company. The
units were not delivered by June 30, 2024. On September 11, 2024 the Company and iFree signed an agreement providing for the return of
the Company's downpayment by November 15, 2024, which is being extended to year end December 31, 2024. Upon the return of the Company's
downpayment the Purchase Agreement will terminate.
Property and Equipment, net
Property and equipment, net consists
of the following:
September 30,
2024
December 31,
2023
Furniture and fixtures
$
704,660
$
683,763
Computer equipment
320,130
300,101
Leasehold improvements
390,742
390,742
Total property and equipment gross
1,415,712
1,374,606
Less – Accumulated depreciation
(
1,163,559
)
(
997,939
)
Total property and equipment net
$
252,153
$
376,667
Total depreciation expense for the
three months ended September 30, 2024 and 2023 totaled approximately $
56,000
and $
64,000
, respectively.
Total depreciation expense for the
nine months ended September 30, 2024 and 2023 totaled approximately $
166,000
and $
181,000
, respectively.
F-
53
Veea Inc. and Subsidiaries
Notes to the Condensed
Consolidated Financial Statements
For the Three and Nine
Months Ended September 30, 2024 and 2023
Accrued Expenses and Other Current
Liabilities
Accrued expenses and other current
liabilities consist of the following:
September 30,
2024
December 31,
2023
Payroll and payroll related expenses
$
769,793
$
503,629
Rent expenses – related party
3,524,400
3,124,800
Legal expenses
833,333
325,000
Consulting expenses
80,917
268,684
CEO expenses
119,075
179,075
Other accrued expenses and current liabilities
922,005
340,307
Total accrued expenses and other current liabilities
$
6,249,523
$
4,741,495
6 – GOODWILL AND INTANGIBLE ASSETS
Goodwill
The following is a summary of activity
in goodwill for the three and nine months ended September 30, 2024 and 2023:
September 30,
2024
Balance at December 31, 2023
$
4,797,078
Foreign exchange transactions
16,156
Balance at March 31, 2024
4,813,234
Foreign exchange transaction
(
20,085
)
Balance at June 30, 2024
4,793,149
Foreign exchange transaction
283,642
Balance at September 30, 2024
$
5,076,791
September 30,
2023
Balance at December 31, 2022
$
4,576,572
Foreign exchange transaction
(
18,790
)
Balance at March 31, 2023
4,557,782
Foreign exchange transaction
235,329
Balance at June 30, 2023
4,811,901
Foreign exchange transaction
68,492
Balance at September 30, 2023
$
4,626,274
Intangibles
Intangible assets consist of the following:
As of September 30, 2024
Amortization
    Period
Costs as
    of
January 1, 2024
Additions
Disposals
Ending
Costs
Accumulated
Amortization
Accumulated
Impairment
Net Book
Value
Patents
5
-
15
years
$
7,332,227
$
174,258
$
-
$
7,506,485
$
(
6,748,788
)
$
-
$
757,697
IPR&D
5
years
5,015,694
-
-
5,015,694
(
3,554,784
)
(
1,460,910
)
-
Other intellectual assts
5
years
969,278
-
-
969,278
(
969,278
)
-
-
Intangible assets, net
$
13,317,199
$
174,258
$
-
$
13,491,457
$
(
11,272,850
)
$
(
1,460,910
)
$
757,697
F-
54
Veea Inc. and Subsidiaries
Notes to the Condensed
Consolidated Financial Statements
For the Three and Nine
Months Ended September 30, 2024 and 2023
As of December 31, 2023
Amortization
Costs as of
January 1,
Ending
Accumulated
Accumulated
Net Book
Period
2023
Additions
Disposals
Costs
Amortization
Impairment
Value
Patents
5
-
15
years
$
7,220,776
$
111,451
$
-
$
7,332,227
$
(
6,703,750
)
$
-
$
628,477
IPR&D
5
years
5,015,694
-
-
5,015,694
(
3,554,784
)
(
1,460,910
)
-
Other intellectual assts
5
years
969,278
-
-
969,278
(
969,278
)
-
-
Intangible assets, net
$
13,205,748
$
111,451
$
-
$
13,317,199
$
(
11,227,812
)
$
(
1,460,910
)
$
628,477
Intangible assets primarily consist
of patents, patent applications, and in-process research and development ("IPR&D") and other identifiable intangible
assets. Intangible assets are generally amortized on a straight-line basis over the periods of benefit. The Company's patents have
estimated remaining economic useful lives ranging from
5
-
15
years. Management reviews intangible assets for impairment when events and
circumstances warrant. During the nine months ended September 30, 2024 and 2023, no events have occurred that required additional impairment
of intangible assets.
Intangible asset amortization expense,
for the three months ended September 30, 2024 and 2023 totaled approximately $
11,000
and $
534,000
, respectively.
Intangible asset amortization expense,
for the nine months ended September 30, 2024 and 2023 totaled approximately $
39,000
and $
553,000
, respectively.
Future estimated amortization expense
for the Company's intangible assets is approximately as follows:
Future estimated amortization as of September
    30, 2024
Remainder of 2024
$
13,447
2025
55,444
2026
55,444
2027
55,444
2028
55,444
Thereafter
522,474
$
757,697
7 - DEBT
Total outstanding debt of the Company
is comprised of the following, including convertible notes and other related party debt:
September 30, 2024
Principal
Debt
Discount
Accrued
Interest
Total
Revolving Loan Facility
$
12,700,000
$
—
$
—
$
12,700,000
Convertible note payable
1,450,000
(
1,404,352
)
—
45,648
Total
$
14,150,000
$
(
1,404,352
)
$
—
$
12,745,648
December 31, 2023
Principal
Debt
Discount
Accrued Interest
Total
Revolving Loan Facility
$
9,000,000
$
—
$
—
$
9,000,000
Other related party debt (Note 11)
12,598,000
—
2,272,993
14,870,993
Total
$
21,598,000
$
—
$
2,272,993
$
23,870,993
F-
55
Veea Inc. and Subsidiaries
Notes to the Condensed
Consolidated Financial Statements
For the Three and Nine
Months Ended September 30, 2024 and 2023
Revolving Loan Facility
In
June 2021, the Company entered into a revolving loan agreement with First Republic Bank ("First Republic"), which was subsequently
acquired by JPMorgan Chase, (the "Bank") providing up to $
14,000,000
of advances (the "2021 Revolving Loan Agreement").
The advances accrue interest at a variable rate based on an index rate established by reference to the average 12-month trailing
one
-year
US treasuries plus a spread of
1.80
% per annum and a minimum floor rate of
1.5
% per annum. The Company was not required to provide collateral
for the advances or comply with any covenants. The advances were secured by a lien on certain personal assets of the CEO. In consideration
for the security provided by the CEO, the Company issued common stock warrants to NLabs a significant shareholder of the Company ("NLabs")
in consideration for the CEO's guaranteeing the advances.
Refer to Note 11 – Related Party Transactions, Common Stock
Warrants.
The original maturity date of the
2021 Revolving Loan Agreement was
May 15, 2022
, which has been mutually extended to May 15, 2025. In December 2023, the Company repaid
$
5,000,000
of the principal balance of the outstanding advances. During 2024, the Company drew $
3.7
million on the revolving loan. Following
consummation of the Business Combination, the Company and the Bank began discussions regarding transfer of the loan to the Bank's
commercial loan portfolio from the First Republic transferred loan portfolio. During the interim, the remaining undrawn amount of $
2.3
million may not be borrowed by the Company until transfer.
Convertible Note Payable
On and around September 12, 2024, the
Company, Legacy Veea, and NLabs Inc. entered into note purchase agreements (the "Note Purchase Agreements") with certain
accredited investors unaffiliated with Plum and Legacy Veea (each, an "Investor") for the sale of unsecured subordinated
convertible promissory notes (the "September 2024 Notes") as part of a private placement offering of up to $
15
million in
purchase price for such September 2024 Notes in the aggregate. The sale of the September 2024 Notes (the "Financing Closing")
occurred simultaneously with the Closing of the Business Combinationat the Financing Closing and a commitment from an Investor, of which
the Company received $
3
million to date. In addition to a September 2024 Note, each Investor received as a transfer from NLabs immediately
prior to the Financing Closing a number of shares of Legacy Veea's Series A-1 Preferred Stock that upon the Closing became a number
of registered shares of Common Stock equal to such Investors' loan amount under their respective notes divided by $
7.50
(the "Transferred
Shares"). As of September 30, 2024,
2,000,000
Transfer Shares were delivered to Investors. These Transfer Shares were recorded
at fair value at the date of transfer of approximately $
21.6
million and represent a substantial discount on the September 2024 Notes.
As the Company has received $
1.45
million of the total expected $
15
million proceeds, a proportional amount ($
19.5
million) of the substantial
discount has been deferred and recorded as a deferred financing asset until the remaining debt proceeds are received.
The Company and Private Veea are co-borrowers
under each September 2024 Note (together, the "Borrowers") and are jointly responsible for the obligations to each Investor
thereunder. Each September 2024 Note has a maturity date of
18
months after the Financing Closing but is prepayable in whole or in part
by the Borrowers at any time without penalty. The outstanding obligations under each September 2024 Note accrues interest at a rate equal
to the Secured Overnight Financing Rate plus
2
% per annum, adjusted quarterly, but interest is only payable upon the maturity date of
the September 2024 Note 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 Borrowers. The September 2024 Notes and the Note Purchase Agreements do not include any operational or financial
covenants for the 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 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 Borrowers will be required to pay for the Investor's reasonable out-of-pocket collection costs.
The outstanding obligations under each
September 2024 Note are convertible in whole or in part into shares of Common Stock (the "Conversion Shares") at a conversion
price of $
7.50
per share (subject to equitable adjustment and the like with respect to the Common Stock after the Financing Closing)
(the "Conversion Price") at any time after the Financing Closing at the sole election of the Investor. The outstanding obligations
under each September 2024 Note will automatically convert at the Conversion Price if (i) the Company or its subsidiaries consummate one
or more additional financings for equity or equity-linked securities for at least $
20
million in the aggregate or makes one or more significant
acquisitions valued in the aggregate (based on the consideration provided by the Company and its subsidiaries) to be at least $
20
million,
(ii) the Investors holding a majority of the aggregate outstanding obligations under the September 2024 Notes expressly agree to convert
all obligations under the September 2024 Notes or (iii) the Common Stock trades with an average daily VWAP of at least $
10.00
(subject
to equitable adjustment and the like with respect to the Common Stock after the Financing Closing) for
ten
(10) consecutive trading
days
.
The obligations under each September 2024 Note will also automatically convert in connection with a Brokerage Transfer, as described
below.
F-
56
Veea Inc. and Subsidiaries
Notes to the Condensed
Consolidated Financial Statements
For the Three and Nine
Months Ended September 30, 2024 and 2023
The September 2024 Notes and the Conversion
Shares are subject to a lock-up for a period of 6 months after the Financing Closing (subject to early release for a liquidation, merger,
share exchange or other similar transaction that results in all of the Company's stockholders having the right to exchange their
equity holdings in the Company for cash, securities or other property, and subject to customary permitted transfer exceptions). The Transferred
Shares are not be subject to any lock-up restrictions, but for a period of 6 months after the Closing they will be separately designated
by SPAC's transfer agent and kept as book entry shares on the transfer agent's records and will not be eligible to be held
by DTC without the Investor first notifying the Company of its intent to transfer any such Transferred Shares to a brokerage account
and/or to be held by DTC or another nominee (a "Brokerage Transfer"). If the Investor provides such notice or otherwise has
any Transferred Shares subject to a Brokerage Transfer within 6 months after the Closing, a portion of the outstanding obligations under
such Investor's Note will automatically convert into a number of Conversion Shares equal to the number of Transferred Shares subject
to such Brokerage Transfer, and the lock-up period for such Conversion Shares will be extended for an additional 6 months to 12 months
after the Financing Closing.
The Company reviewed the conversion
feature granted in the notes under ASC 815 and concluded that the conversion price was based on a variable (enterprise value) that was
not an input to the fair value of a "fixed-for-fixed" option as defined under FASB ASC Topic No. 815 – 40
and is therefore considered a conversion option liability that should be bifurcated from the debt host. As the fair value of the conversion
option liability exceeded the net proceeds received, in accordance with ASC 470-20, the Company recorded the conversion option liability
at fair value with the excess of the fair value over the net proceeds received recognized as a loss in earnings.
See Note 13 "Fair
Value Measurements" for further information
.
8 – INVESTMENTS
The Company accounts for its private
company investments without readily determinable fair values under the cost method. These investments, for which the Company is not able
to exercise significant influence over any one individual investee, is measured and accounted for using an alternative measurement basis
of a) the security's carrying value at cost, b) less any impairment and c) plus or minus any qualifying observable price changes.
Observable price changes or impairments recognized on the Company's private company investments would be classified as a Level
3 financial instrument within the fair value hierarchy based on the nature of the fair value inputs. Any adjustments to the carrying
values are recognized in other income, net in the Company's consolidated statements of operations and comprehensive loss. As of
December 31, 2023, the Company performed the qualitative assessment for impairment of its investments. Based on this qualitative assessment,
impairment indicators were present for one of its investments therefore the company performed an analysis to estimate its fair value
and recognized an impairment loss of $
174,000
due to a change in the fair value. As of September 30, 2024 and December 31, 2023, the
carrying value of the Company's private company investments, including impairment, for the periods ended was $
452,642
and $
451,874
,
respectively, and was classified as Investments on the Company's consolidated balance sheet as these investments did not have a
stated contractual maturity date.
9 – STOCK INCENTIVE
PLANS
In September 2014, the Company's
Board of Directors adopted the Max2 Inc. Equity Incentive Plan ("2014 Plan"). Upon adoption of the 2014 Plan, the aggregate
number of shares of Common Stock reserved for awards under the Plan were
1,250,000
.
In September 2018, the Company's
Board of Directors adopted the Veea Inc. 2018 Equity Incentive Plan ("2018 Plan"). Upon adoption of the 2018 Plan
4,900,000
shares
of the Company's common stock were reserved for the issuance of incentive awards. In January 2021, the 2018 Plan was amended to
increase the total number of authorized shares reserved for issuance to
12,492,910
.
On June 4, 2024, the stockholders of the
Company approved the Veea Inc. 2024 Incentive Award Plan (the "2024 Incentive Plan"), which became effective upon the Closing.
The Company initially reserved
4,460,437
shares of Common Stock for the issuance of awards under the 2024 Incentive Plan ("Initial
Limit"). The Initial Limit represents 10% of the aggregate number of shares of the Company's common stock outstanding
immediately after the Closing plus the number of shares of common stock issuable under the 2014 Plan and the 2016 Plan and is subject
to increase each year over a ten-year period.
The 2024 Incentive Plan provides for the
grant of stock options, which may be ISOs or non-statutory stock options ("NSOs"), stock appreciation rights ("SARs"),
restricted shares, restricted stock units and other stock or cash-based awards that the Administrator determines are consistent with
the purpose of the 2024 Incentive Plan. As of September 30, 2024, the Company has
3,568,676
awards remaining for issuance.
On June 4, 2024, the stockholders of the
Company approved Veea Inc. 2024 Employee Stock Purchase Plan (the "ESPP"), which become effective upon the Closing. An aggregate
of
1,070,603
shares of the Company's Common Stock has been reserved for issuance or transfer pursuant to rights granted under
the ESPP ("Aggregate Number"). The Aggregate Number represents
3
% of the aggregate number of shares of the Company's
common stock outstanding immediately after the Closing and is subject to increase each year over a ten-year period. The ESPP provides
eligible employees with an opportunity to purchase common stock from the Company at a discount through accumulated payroll deductions.
The ESPP will be implemented through a series of offerings of purchase rights to eligible employees. Under the ESPP, the Company's
Board of Directors may specify offerings but generally provides for a duration of 12 months. The first purchase period has not begun
as of September 30, 2024. The purchase price will be specified pursuant to the offering, but cannot, under the terms of the ESPP, be
less than 85% of the lower of the fair market value per share of the Company's common stock on either the offering date or
on the purchase date.
The aggregate intrinsic value is the
fair market value on the reporting date less the exercise price for each option.
F-
57
Veea Inc. and Subsidiaries
Notes to the Condensed
Consolidated Financial Statements
For the Three and Nine
Months Ended September 30, 2024 and 2023
The fair value of each stock option
award is estimated on the date of the grant using the Black-Scholes option-pricing model. For options granted during the nine months
ended September 30, 2024 and 2023, respectively, the weighted average estimated fair value using the Black-Scholes option pricing model
was $
1.49
and $
0.46
per option, respectively.
Stock compensation expense related
to the 2018 Plan common stock options for the three months ended September 30, 2024 and 2023 was $
59,385
and $
76,431
, respectively and
for the nine months ended September 30, 2024 and 2023 was $
394,234
and $
404,761
respectively, which is included in general and administrative
in the Company's consolidated statements of operations and comprehensive loss. Total unrecognized expense related to unvested options
outstanding as of September 30, 2024 was $
218,324
which will be recognized over a weighted average period of
1.70
years.
The fair value of each stock option
granted is estimated using the Black-Scholes option-pricing model using the single-option award approach.
The following assumptions are used
in the Black-Scholes option-pricing model:
Risk-Free Interest Rate
- The
risk-free interest rate is based on the implied yield available on the date of grant on U.S. Treasury zero-coupon securities issued with
a term that is equal to the option's expected term at the grant date.
Expected Volatility
- The Company
estimates the volatility for option grants by evaluating the average historical volatility of a peer group of companies for the period
immediately preceding the option grant for a term that is approximately equal to the option's expected term.
Expected Term
- The expected
term represents the period over which options granted are expected to be outstanding using the simplified method, as the Company's
historical share option exercise experience does not provide a reasonable basis upon which to estimate the expected term. The simplified
method deems the term to be the average of the time-to-vesting and contractual life of the stock-based awards.
Dividend Yield
- The Company
has not declared or paid dividends to date and does not anticipate declaring dividends. As such, the dividend yield has been estimated
to be
zero
.
10 – WARRANTS
As part of Plum's initial
public offering ("IPO"), Plum issued warrants to third-party investors where each whole warrant entitles the holder to purchase
one
share of the Company's common stock at an exercise price of $
11.50
per share (the "Public Warrants"). Simultaneously
with the closing of the IPO, Plum completed the private sale of warrants (the "Private Placement Warrants" and together with
the Public Warrants, the "Warrants") where each Private Placement Warrant allows the holder to purchase
one
share of the
Company's common stock at $
11.50
per share. At September 30, 2024, there are
6,384,326
Public Warrants and
6,256,218
Private Placement
Warrants outstanding.
The Public Warrants become exercisable
at $
11.50
per share, subject to adjustment, at any time commencing
30 days
after ; provided that the Company has an effective registration
statement under the Securities Act covering the shares of Common Stock issuable upon exercise of the Public Warrants and a current prospectus
relating to them is available (or the Company permits holders to exercise their warrants on a cashless basis under the circumstances
specified in the warrant agreement) and such shares are registered, qualified or exempt from registration under the securities, or blue
sky, laws of the state of residence of the holder. The warrants will expire
five
years after the completion of the Business Combination
or earlier upon redemption or liquidation.
The Company has agreed that as soon
as practicable, but in no event later than twenty business days after the closing of the Business Combination, it will use commercially
reasonable efforts to file with the SEC a registration statement for the registration, under the Securities Act, of the shares of Common
Stock issuable upon exercise of the warrants, and the Company will use its commercially reasonable efforts to cause the same to become
effective within
60
business days after the closing of the Business Combination, and to maintain the effectiveness of such registration
statement and a current prospectus relating to those shares of Common Stock until the warrants expire or are redeemed, as specified in
the warrant agreement, provided that if the shares of Common Stock are at the time of any exercise of a warrant not listed on a national
securities exchange such that they satisfy the definition of a "covered security" under Section 18(b)(1) of the
Securities Act, the Company may, at its option, require holders of the Public Warrants who exercise their warrants to do so on a "cashless
basis" in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, it will not
be required to file or maintain in effect a registration statement, but the Company will use its commercially reasonably efforts to register
or qualify the shares under applicable blue sky laws to the extent an exemption is not available. If a registration statement covering
the shares of Common Stock issuable upon exercise of the warrants is not effective by the 60th day after the closing of the Business
Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company
will have failed to maintain an effective registration statement, exercise warrants on a "cashless basis" in accordance with
Section 3(a)(9) of the Securities Act or another exemption, but the Company will use its commercially reasonably efforts to
register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. In such event, each holder
would pay the exercise price by surrendering the warrants for that number of shares of Common Stock equal to the lesser of
(A) the
quotient obtained by dividing (x) the product of the number of shares of Common Stock underlying the warrants, multiplied by the
excess of the "fair market value" (as defined below) less the exercise price of the warrants by (y) the fair market
value and (B) 0.361. The "fair market value" as used in this paragraph shall mean the volume weighted average price
of the shares of Common Stock for the 10 trading days ending on the trading day prior to the date on which the notice of exercise
is received by the warrant agent.
In no event will the Company be
required to net cash settle any warrant. In the event that a registration statement is not effective for the exercised warrants, the
purchaser of a unit containing such warrant will have paid the full purchase price for the unit solely for the shares of Common Stock
underlying such Warrant.
F-
58
Veea Inc. and Subsidiaries
Notes to the Condensed
Consolidated Financial Statements
For the Three and Nine
Months Ended September 30, 2024 and 2023
Redemption of Warrants When the
Price per Share of Common Stock Equals or Exceeds $
18.00
Once the Warrants become exercisable,
the Company may redeem the outstanding Warrants (except with respect to the Private Placement Warrants):
●
in whole and not in part;
●
at a price of $
0.01
per warrant;
●
upon not less than
30
days' prior written notice of redemption to each warrant holder; and
●
if, and only if, the last reported sale price of our Common Stock equals or exceeds $
18.00
per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant) for any
20
trading days within a
30
-trading day period ending three trading days before the Company sends the notice of redemption to the warrant holders.
Redemption of Warrants When the
Price per Share of Common Stock Equals or Exceeds $
10.00
Once the Warrants become exercisable,
the Company may redeem the outstanding Warrants:
●
in whole and not in part;
●
at $
0.10
per warrant upon a minimum of
30
days' prior written notice of redemption provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares, based on the redemption date and the "fair market value" (as defined above) of our Common Stock;
●
if, and only if, the closing price of our Common Stock equals or exceeds $
10.00
per public share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant) for any
20
trading days within the
30
-trading day period ending three trading days before the Company sends the notice of redemption to the warrant holders; and
●
if the closing price of our Common Stock for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders is less than $
18.00
per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant), the Private Placement Warrants must also be concurrently called for redemption on the same terms as the outstanding Public Warrants, as described above.
The Private Placement Warrants were
initially issued in the same form as the Public Warrants with the exception that the Private Warrants: (i) would not be redeemable by
the Company and (ii) may be exercised for cash or on a cashless baseless so long as they are held by the initial purchasers or their
permitted transferees, the Private Warrants will be redeemable by the Company and exercisable by the holders on the same basis as the
Public Warrants.
The Public Warrants were initially
classified as a derivative liability instrument. Upon the closing of the Business Combination, the Public Warrants in accordance with
the guidance contained in ASC 815 are no longer precluded from equity classification. Equity-classified contracts are initially measured
at fair value (or allocated value). Subsequent changes in fair value are not recognized as long as the contracts continue to be classified
in equity.
The Company continues to recognize the
Private Placement Warrants as liabilities at fair value as of the Closing Date, with an offsetting entry to additional paid-in capital
and adjusts the carrying value of the instruments to fair value through other income (expense) on the condensed consolidated statement
of operations at each reporting period until they are exercised. As of September 30, 2024, the Private Placement Warrants are presented
within warrants sheet.
Legacy Veea Warrants
Upon the closing of the Business
Combination the Company's equity-classified Common stock warrants were recasted and fully exercised.
Upon the closing of the Business Combination the Company's
equity-classified Preferred stock warrants were recasted and adjusted for the anti-dilutive shares leaving the Company with
79,654
shares
in the money. The Public Warrants were initially classified as a derivative liability instrument
F-
59
Veea Inc. and Subsidiaries
Notes to the Condensed
Consolidated Financial Statements
For the Three and Nine
Months Ended September 30, 2024 and 2023
11 – RELATED
PARTY TRANSACTIONS
Lease Arrangements
On March 1, 2014, the Company entered
into a sublease agreement with NLabs Inc., an affiliate of the CEO and that holds approximately
38.5
% of the Company's outstanding
capital stock ("NLabs") for office space for an initial term of
5
years. In 2018, the Company renewed the sublease for an
additional
5
-year term with all other terms and conditions of the sublease remaining the same. The renewal term extended to December
31, 2024.
In February 2024, the Lease Agreement
was extended. The Company accrues rent for the office space. The Company recognized rent expense of $
61,200
and $
61,200
in
the three months ended September 30, 2024 and 2023, respectively, and $
183,600
and $
184,925
in the nine months ended September
30, 2024 and 2023, respectively, all of which is classified as general and administrative expenses in the Company's consolidated
statements of operations and comprehensive loss. Accrued and unpaid rent expense included in the Company's consolidated balance
sheet was $
1,652,400
and $
1,468,800
, as of September 30, 2024 and December 31, 2023, respectively.
In April 2017 the Company entered into
a lease agreement with 83
rd
Street LLC to lease office space for an initial term of
2
years. In 2018, the Company renewed
the lease for an additional
5
-year term, with all other terms and conditions of the lease remaining the same. The renewal term expires
February 28, 2024 and was subsequently extended to December 31, 2024. The sole member of 83rd Street is the Salmasi 2004 Trust (the "Trust").
As of December 31, 2023, the Trust holds approximately
15
% of the Company's outstanding capital stock. The Company's CEO
is the grantor of the Trust. The Company accrues rent for the office space. The Company recognized rent expense of $
72,000
all of which
is classified as general and administrative expenses in the Company's consolidated statements of operations and comprehensive loss
Related Party Debt
In 2021 and 2022, NLabs made loans to
the Company evidenced by promissory notes aggregating $
9,500,000
(the "Bridge Notes"). The Bridge Notes bear interest
on the outstanding principal at a rate of
10
% per annum, calculated on the basis of a 365-day year. Principal and accrued interest
are payable on the maturity date of the Notes. The original maturity date of the Bridge Notes was December 31, 2022, which was extended
to December 31, 2023 and has been subsequently extended to September 30, 2024. The Company accounted for the extension as a modification
of the Bridge Notes. The unpaid principal amount and accrued unpaid interest on the Bridge Notes are due and payable upon the date of
the first to occur of: (i) the maturity date and (ii) the consummation of a debt or equity financing transaction with an unrelated third
party. Interest expense for the three months ended September 30, 2024 and 2023 was $
195,155
and $
237,500
, respectively. Interest
expense for the nine months ended September 30, 2024 and 2023 was $
670,155
and $
762,500
, respectively.
F-
60
Veea Inc. and Subsidiaries
Notes to the Condensed
Consolidated Financial Statements
For the Three and Nine
Months Ended September 30, 2024 and 2023
In 2022 and 2023, NLabs made loans to
the Company evidenced by promissory notes in the aggregate principal amount of $
3,098,000
(the "Promissory Notes" and collectively
with the Bridge Notes, the "Related Party Notes"). The Demand Notes bear interest on the outstanding principal amount at
a rate of
10
% per annum, calculated on the basis of a 365-day year. Principal and interest on the Promissory Notes is repayable upon
the earlier of demand and December 31, 2023. The Demand Notes remained outstanding as of December 31, 2023 and subsequently extended
to September 30, 2024. Interest expense for the three months ended September 30, 2024 and 2023 was $
At the Closing, the Related Party
Notes were converted into shares of Common Stock at the Closing at a price of $
5.00
per share of Common Stock, which shares were not
considered Existing Veea Shares and were in addition to the shares of Common Stock issued to holders of Existing Veea Shares.
See
Note 4 "Recapitalization" for further information regarding the conversion of the Related Party Notes.
CEO Expenses
The Company incurred expenses relating
to ordinary course travel expenses of the Company's Chief Executive Officer and founder ("CEO") for travel made by
the CEO on behalf of the Company. As of September 30, 2024 and December 31, 2023, the Company had accrued expenses reimbursable to the
CEO in the aggregate amount of $
119,075
and $
179,075
, respectively. During the nine months ended June 30, 2024, the Company paid the
CEO $
150,000
in reimbursement of these expenses. The Company records the expenses as accrued expenses in the Company's consolidated
balance sheet.
12 – COMMITMENTS
AND CONTINGENCIES
Purchase Commitments with Contract
Manufacturers and Suppliers
As of June 30, 2024, the Company had
no
unconditional purchase obligations for the purchase of goods or services from suppliers and contract manufacturers. Unconditional
purchase obligations are obligations that are enforceable and legally binding on the Company and specify all significant terms, including
quantities to be purchased, fixed, minimum or variable price provisions and the approximate timing of the transaction. Unconditional
purchase obligations exclude agreements that are cancellable without penalty.
Leases
The Company leases office space in
the U.S., including office space from related parties as disclosed in
Note 11 - Related Party Transactions
. These leases expire
at various dates through
2025
. Under the terms of the various lease agreements, the Company may bear certain costs such as maintenance,
insurance and taxes. Lease agreements may provide for increasing rental payments at fixed intervals. The Company's CEO has guaranteed
the obligations under the office space leased in New Jersey.
The Company also leases offices in the United Kingdom and France, under
short-term arrangements of twelve months or less.
Nine Months ended
September 30,
2024
2023
Lease cost:
Operating lease costs
Other than related parties
$
269,915
$
265,664
Related parties
391,399
361,713
Total
661,314
627,377
Short-term lease cost
Other than related parties
30,817
134,206
Related parties
-
-
Total
30,817
134,206
Variable lease cost
Other than related parties
9,893
28,325
Related parties
-
-
Total
9,893
28,325
Total lease cost
$
702,024
$
789,908
F-
61
Veea Inc. and Subsidiaries
Notes to the Condensed
Consolidated Financial Statements
For the Three and Nine
Months Ended September 30, 2024 and 2023
Nine Months ended
September 30,
2024
2023
Cash paid for amounts included in the measurement of lease liabilities
Operating lease costs
Other than related parties
$
269,915
$
265,664
Related parties
-
129,955
Total
$
269,915
$
395,619
Weight-average remaining lease term-operating leases
Other than related parties
0.6
years
1.2
years
Related Parties
- years
0.3
years
Aggregate
0.6
years
1.2
years
Weight-average discount rate-operating leases
Other than related parties
1.79
%
1.79
%
Related Parties
N/A
10.00
%
Aggregate
1.79
%
4.01
%
Operating lease liabilities are based
on the net present value of the remaining lease payments over the remaining lease term. In determining the net present value of its lease
payments, the Company used an estimated incremental borrowing rate that is applicable to the Company based on the information available
at the later of the lease commencement date, lease modification date, or the date of adoption of ASC 842.
As of September 30, 2024, the
maturities of the Company's operating lease liabilities were as follows:
Year
Other than
related
parties
Related
Parties
Total
Remainder of 2024
$
120,434
$
-
$
120,434
2025
121,851
-
121,851
Total lease payments
242,285
-
242,285
Less: imputed interest
(
30,940
)
-
(
30,940
)
Present values of lease liabilities
$
211,345
$
-
$
211,345
Operating lease liabilities current
211,345
-
211,345
Operating lease liabilities noncurrent
-
-
-
$
211,345
$
-
$
211,345
Warranties
The Company accrues the estimated
cost of product warranties at the time of recognizing revenue. The Company's standard product warranty terms generally include
post-sales support and repairs or replacement of a product at no additional charge for a specified period of time. The Company engages
in product quality programs and processes, including actively monitoring and evaluating the quality of its component suppliers. The estimated
warranty obligation is based on contractual warranty terms, repair costs, current period product shipments and product failure rates.
Warranty terms are generally limited to twelve months.
Indemnifications
In the normal course of business,
the Company has indemnification obligations to other parties, including customers, lessors, and parties to other transactions with us,
with respect to certain matters. The Company has agreed to indemnify against losses arising from a breach of representations or covenants
or out of intellectual property infringement or other claims made against certain parties. These agreements may limit the time or circumstances
within which an indemnification claim can be made and the amount of the claim.
It is not possible to determine the
maximum potential amount for claims made under the indemnification obligations due to uncertainties in the litigation process, coordination
with and contributions by other parties and the defendants in these types of cases, and the unique facts and circumstances involved in
each particular case and agreement. To date, the Company has made no indemnity payments. In addition, the Company has entered into indemnification
agreements with its officers and directors, and its Amended and Restated Bylaws contain similar indemnification obligations to its agents.
F-
62
Veea Inc. and Subsidiaries
Notes to the Condensed
Consolidated Financial Statements
For the Three and Nine
Months Ended September 30, 2024 and 2023
Litigation
In the normal course of business,
the Company may become involved in various lawsuits and legal proceedings. While the ultimate results of these matters cannot be predicted
with certainty, management does not expect them to have a material adverse effect on the financial position or results of operations
of the Company.
Other Commitments
In connection with the Business Combination
transaction, Veea agreed to pay certain legal expenses contingent upon the closing of the Business Combination. As of September 30, 2024,
the amount of the deferred fees totaled approximately $
1,750,000
.
13 – FAIR VALUE
MEASUREMENTS
Recurring Fair Value Measurements
The Company's initial value
of the warrant liability was based on a valuation model utilizing management judgment and pricing inputs from observable and unobservable
markets with less volume and transaction frequency than active markets and classified as level 3. The subsequent measurement of the Private
Warrants is classified as Level 2 because these warrants are economically equivalent to the Public warrants, based on the terms
of the Private Warrant agreement, and as such their value is principally derived by the value of the Public Warrants. Significant deviations
from these estimates and inputs could result in a material change in fair value. For the three and nine months ended September 30, 2024,
there were no transfers amongst level 1, 2, and 3 values during the period.
The conversion feature of the Convertible
Promissory Notes is measured at fair value using a Monte Carlo model that fair values the conversion option.
The following table presents fair
value information as of September 30, 2024 and December 31, 2023, of the Company's financial assets and liabilities that were accounted
for at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine
such fair value.
September 30, 2024
Total
Level 1
Level 2
Level 3
Assets
Money Market Funds
$
2,750
$
2,750
$
—
$
—
Liabilities
Private warrant liability
1,261,492
—
1,261,492
—
Convertible note option liability
293,866
—
—
293,866
Earn out share liability
28,850,000
—
—
28,850,000
Total
$
30,408,108
$
2.750
$
1,261,492
$
29,143,866
Convertible
Note Option liability
The Company established the initial
fair value for the Convertible Note Option liability as of September 13, 2024, which was the date the Convertible Note was executed.
On September 30, 2024, the fair value was remeasured using an option pricing model. The option pricing model was used to value the Convertible
Note Option Liability for the initial periods and subsequent measurement periods.
The Convertible Note Option liability
was classified within Level 3 of the fair value hierarchy at the initial measurement dates and as of September 13, 2024 and September
30, 2024 due to the use of unobservable inputs.
The key inputs into the option pricing model for the Convertible Note Option Liability
were as follows at September 13, 2024 initial value, and at September 30, 2024:
September 30,
2024
September 13,
2024
Stock Price
$
6.50
$
12.00
Expected term (years)
1.45
1.5
Volatility
75.0
%
70.0
%
Risk-Free Rate
3.82
%
3.79
%
Interest rate
6.96
%
7.33
%
F-
63
Veea Inc. and Subsidiaries
Notes to the Condensed
Consolidated Financial Statements
For the Three and Nine
Months Ended September 30, 2024 and 2023
Three and nine months ended
September
    30, 2024
Balance, beginning of period
$
-
Initial value, September 13, 2024
900,933
Change in fair value
(
607,067
)
Balance, end of period
$
293,866
Earn-out Share
Liability
Following the closing of the Business
Combination, holders of certain capital stock of Legacy Veea immediately prior to the closing will have the contingent right to receive
up to
4.5
million additional shares of the Company's Common Stock if certain trading-price based milestones of the Company's
common stock are achieved or a change of control transaction occurs during the ten-year period following the Closing. The Company's
obligation to issue the earn out shares is recorded as a contingent liability (the "Earn-Out Share Liability") in the Company's
financial statements. The initial value of the contingent earn-out share liability of $
53.6
million is recorded as a transaction cost
within operating expenses for the three and nine months ended September 30, 2024. The fair value of the Earn-out Share Liabilities was
estimated using Monte Carlo simulation utilizing assumptions related to the contractual term of the instruments, estimated volatility,
the and current interest rates. A significant driver of the value of the Earn-out Share Liabilities at the close of the Business Combination
was our closing stock price on September 13, 2024 which was $
12.00
.
The following table presents the changes
in fair value of the earn-out liabilities:
For the three and nine months
September 30,
2024
Liability at January 1, 2024
$
-
Initial value, September 13, 2024
53,600,000
Change in fair value
(
24,750,000
)
Balance as of September 30, 2024
$
28,850,000
The key inputs for the Earn-out Share
Liability were as follows at September 13, 2024 initial value, and at September 30, 2024:
September 30,
2024
September 13,
2024
Stock Price
$
6.50
$
12.00
Expected term (years)
10
10
Volatility
75.0
%
70.0
%
Risk-Free Rate
3.81
%
3.66
%
14 – EARNINGS
PER SHARE
The computation of basic and dilutive
net loss per share attributable to common stockholders for the three and nine months ended September 30, 2024 and 2023 are as follows:
Nine Months ended
September 30,
2024
2023
Numerator:
Net loss
$
(
46,620,619
)
$
(
9,409,208
)
Denominator:
Weighted-average common shares outstanding – basic and diluted
20,217,081
16,065,664
Earnings per share – basic and diluted:
Net loss
$
(
2.31
)
$
(
0.59
)
F-
64
Veea Inc. and Subsidiaries
Notes to the Condensed
Consolidated Financial Statements
For the Three and Nine
Months Ended September 30, 2024 and 2023
Three Months ended
September
    30,
2024
2023
Numerator:
Net loss
$
(
33,323,555
)
$
1,961,799
Denominator:
Weighted-average common shares outstanding - basic
22,292,374
16,427,124
Earnings per share - basic:
Net income (loss)
$
(
1.49
)
$
0.12
Three Months ended
September
    30,
2024
2023
Numerator:
Net loss
$
(
33,323,555
)
$
1,961,799
Denominator:
Weighted-average common shares outstanding - diluted
22,292,374
16,427,124
Earnings per share - diluted:
Net income (loss)
$
(
1.49
)
$
0.12
15 – SEGMENTATION
As described in Note 3, the Company
operates as one reportable segment - sale of smart computing hubs and related subscriptions and licenses.
Major Customers
For the three months ended September
30, 2024 two customers accounted for
10
% and
50
% of the Company's revenue. For the nine months ended September 30, 2024 one customer
accounted for
26
% of the Company's revenue. For the three and nine months ended September 30, 2023, one customer accounted for
approximately
99
% of the Company's revenue.
Long-lived Assets
The majority of the Company's
assets as of September 30, 2024 and December 31, 2023 were attributable to its U.S. operations. The Company's long-lived assets
are based on the physical location of the assets.
The following table presents the Company's
long-lived assets, which consist of property and equipment, net, operating lease right-of-use assets and intangible assets information
for geographic areas:
As of
September 30,
As of
December 31,
2024
2023
Long-Lived Assets
United States
ROU Asset
$
204,915
$
545,411
PP&E, net
217,995
339,936
Goodwill
5,076,791
4,797,078
Intangible Assets, net
757,697
628,477
Total
$
6,257,398
$
6,310,902
Rest of World
PP&E, net
34,158
36,731
Intangible Assets, net
-
-
Total
$
34,158
$
36,731
Total long-lived assets
$
6,291,556
$
6,347,633
F-
65
Veea Inc. and Subsidiaries
Notes to the Condensed
Consolidated Financial Statements
For the Three and Nine
Months Ended September 30, 2024 and 2023
16 – EMPLOYEE
401(k) PLAN
The Company sponsors a 401(k) plan
(the "Plan") to provide retirement benefits for its employees.
As allowed under Section 401(k) of
the Internal Revenue Code, the Plan provides for tax-deferred salary contributions and after-tax contributions for eligible employees.
The Plan provides for tax-deferred salary contributions and after-tax contributions for eligible employees. Employee contributions are
limited to a maximum annual amount as set periodically by the Internal Revenue Code. The Company matches pretax and Roth employee contributions
up to
4
% of eligible earnings that are contributed by employees. All matching contributions vest immediately. The Company's matching
contributions to the Plan for the nine months ended September 30, 2024 and December 31, 2023 totaled $
116,879
and $
80,234
, respectively.
17 – SUBSEQUENT
EVENTS
The Company evaluated subsequent events
from September 30, 2024, the date of these financial statements, through financial statements were issued (the "Issuance Date"),
for events requiring recording or disclosure in the financial statements as of and for the nine months ended September 30, 2024. The
Company concluded that no events have occurred that would require recognition or disclosure in the financial statements, except as described
below.
Equity Line of Credit
On November 15, 2024, the Company and
White Lion Capital, LLC ("White Lion") signed a term sheet providing for the issuance by the Company to White Lion of up
to $
25
million of shares of the Company's common stock. The Company anticipates closing the transactions contemplated by the
term sheet on or about November 20, 2024. At the closing, the Company and White Lion will enter into a common stock purchase agreement
(the "Common Stock Purchase Agreement") and related registration rights agreement (the "White Lion Registration Rights
Agreement"). Pursuant to the Common Stock Purchase Agreement, the Company, has the right to sell to White Lion up to the lesser
of (i)
25,000,000
shares of common stock ("ELOC Shares) and (ii) the Purchase Notice Limit (as defined in the Common
Stock Purchase Agreement), subject to certain limitations and conditions set forth in the Common Stock Purchase Agreement. As of the
Issuance Date, the Company has not filed a Registration Statement on Form S-1 registering the resale of the ELOC Shares. The Company
expects to utilize proceeds from the Common Stock Purchase Agreement for working capital and other general corporate purposes. Subject
to the terms of the Common Stock Purchase Agreement, the Company will have the right from time to time at its sole discretion until the
24th month following signing of the Common Stock Purchase Agreement, to direct White Lion to purchase up to a specified maximum number
of shares of common stock as set forth in the Common Stock Purchase Agreement by delivering written notice to White Lion prior to the
commencement of trading on any trading day. The Company will control the timing and amount of any sales of the common stock to White
Lion. Actual sales of shares to White Lion under the Common Stock Purchase Agreement will depend on a variety of factors to be determined
by the Company from time to time, including, among other things, market conditions, and the trading price of the common stock.
F-
66
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To
the Stockholders and Board of Directors of
Plum
Acquisition Corp. I
Opinion
on the Financial Statements
We
have audited the accompanying balance sheets of Plum Acquisition Corp. I (the "Company") as of December 31, 2023 and 2022,
the related statements of operations, changes in shareholders' deficit and cash flows for the years ended December 31, 2023 and
2022, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements
present fairly, in all material respects, the financial position of the Company as of December 31, 2023 and 2022, and the results of
its operations and its cash flows for the years ended December 31, 2023 and 2022, in conformity with accounting principles generally
accepted in the United States of America.
Explanatory
Paragraph – Going Concern
The
accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As more fully described
in Note 1 to the financial statements, the Company's business plan is dependent upon the consummation of a business combination
and it lacks the financial resources it needs to sustain operations for a reasonable period of time, which is considered to be one year
from the issuance date of the financial statements. Further, if the Company does not complete a business combination by June 18, 2024
or obtain approval for an extension of this deadline, it will be required to cease all operations except for the purpose of liquidating.
These conditions raise substantial doubt about the Company's ability to continue as a going concern. Management's plans in
regard to these matters are also described in Note 1. The financial statements do not include any adjustments that might result from
the outcome of this uncertainty.
Basis
for Opinion
These
financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's
financial statements based on our audit
s
. We are a public accounting firm registered with the Public Company Accounting Oversight
Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S.
federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We
conducted our audit
s
in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit
s
to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or
fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting.
As part of our audit
s
we are required to obtain an understanding of internal control over financial reporting but not for the
purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly,
we express no such opinion.
Our
audit
s
included performing procedures to assess the risks of material misstatement of the financial statements, whether due to
error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the financial statements. Our audit
s
also included evaluating the accounting principles
used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe
that our audit
s
provide a reasonable basis for our opinion.
/s/
Marcum
llp
Marcum
llp
We
have served as the Company's auditor since 2021.
New
York, NY
March 1, 2024
F-
67
PLUM
ACQUISITION CORP. I
BALANCE
SHEETS
December 31,
December 31,
2023
2022
ASSETS
Cash
$
94,703
$
86,401
Prepaid
    expenses
50,853
43,631
Total
    current assets
145,556
130,032
Investments held
    in Trust Account
35,555,976
323,911,642
TOTAL
    ASSETS
$
35,701,532
$
324,041,674
LIABILITIES,
    REDEEMABLE ORDINARY SHARES AND SHAREHOLDERS' DEFICIT
Accounts
    payable and accrued expenses
$
4,587,330
$
2,640,756
Due
    to related party
331,291
235,000
Convertible
    promissory note – related party
1,000,000
1,000,000
Promissory
    Note – related party
250,000
—
Subscription
    liability
1,567,406
—
Total
    current liabilities
7,736,027
3,875,756
Warrant
    liabilities
1,643,271
379,217
Deferred
    underwriting commissions liabilities
—
11,172,572
TOTAL
    LIABILITIES
9,379,298
15,427,545
COMMITMENTS
    AND CONTINGENCIES (NOTE 8)
Class A ordinary shares subject to possible redemption,
3,255,593
and
31,921,634
shares at $
10.92
and $
10.15
redemption value as of December 31, 2023 and 2022, respectively
35,555,976
323,911,642
SHAREHOLDERS'
    DEFICIT
Preference shares, $
0.0001
par value;
1,000,000
shares authorized;
none
issued and outstanding
—
—
Class A ordinary shares, $
0.0001
par value;
500,000,000
shares authorized;
7,980,409
and
0
shares issued and outstanding (excluding 3,255,593 and 31,921,634 shares subject to possible redemption) as of December 31, 2023 and 2022, respectively
799
—
Class B ordinary shares, $
0.0001
par value;
50,000,000
shares authorized;
0
and
7,980,409
shares issued and outstanding as of December 31, 2023 and 2022, respectively
—
799
Additional paid-in capital
6,098,498
—
Accumulated
    deficit
(
15,333,039
)
(
15,298,312
)
TOTAL
    SHAREHOLDERS' DEFICIT
(
9,233,742
)
(
15,297,513
)
TOTAL
    LIABILITIES, REDEEMABLE ORDINARY SHARES AND SHAREHOLDERS' DEFICIT
$
35,701,532
$
324,041,674
The
accompanying notes are an integral part of these financial statements.
F-
68
PLUM
ACQUISITION CORP. I
STATEMENTS
OF OPERATIONS
For
    the Year
Ended
December 31,
For
    the Year
Ended
December 31,
2023
2022
Formation
    and operating expenses
$
3,098,285
$
4,074,437
Loss
    from operations
(
3,098,285
)
(
4,074,437
)
Other
    (expense) income:
Change
    in fair value of warrant liabilities
(
1,264,054
)
8,973,522
Change
    in fair value of FPA
308,114
—
Issuance
    of FPA
(
308,114
)
—
Reduction
    of deferred underwriter fee payable
328,474
—
Interest
    Expense - Debt Discount
(
759,768
)
—
Termination
    Fee
—
1,000,000
Interest
    income – trust account
4,758,906
4,679,040
Total
    other (expense) income, net
3,063,558
14,652,562
Net
    (loss) income
$
(
34,727
)
$
10,578,125
Weighted
    average shares outstanding, Class A ordinary shares subject to possible redemption
9,858,573
31,921,634
Basic and diluted net (loss) income per ordinary share, Class A ordinary shares subject to possible redemption
$
(
0.00
)
$
0.27
Weighted
    average shares outstanding, Class A ordinary shares
2,405,055
—
Basic and diluted net (loss) income per ordinary share, Class A ordinary shares
$
(
0.00
)
$
—
Weighted
    average shares outstanding, Class B ordinary shares
5,575,354
7,980,409
Basic and diluted net (loss) income per ordinary share, Class B ordinary shares
$
(
0.00
)
$
0.27
The
accompanying notes are an integral part of these financial statements.
F-
69
PLUM
ACQUISITION CORP. I
STATEMENTS
OF CHANGES IN SHAREHOLDERS' DEFICIT
FOR
THE YEAR ENDED DECEMBER 31, 2023 AND 2022
Class A
ordinary shares
Class B
ordinary shares
Additional
Paid-in
Accumulated
Shareholders'
Shares
Amount
Shares
Amount
Capital
Deficit
Deficit
Balance
    as of December 31, 2021
—
$
—
7,980,409
$
799
$
—
$
(
21,181,135
)
$
(
21,180,336
)
Remeasurement
    adjustment of carrying value to Class A ordinary shares to redemption value
—
—
—
—
—
(
4,695,302
)
(
4,695,302
)
Net
    income
—
—
—
—
—
10,578,125
10,578,125
Balance
    as of December 31, 2022
—
—
7,980,409
799
—
(
15,298,312
)
(
15,297,513
)
Reduction
    of deferred underwriter fees
—
—
—
—
10,844,098
—
10,844,098
Conversion
    of Class B shares to Class A shares
7,980,409
799
(
7,980,409
)
(
799
)
—
—
—
Remeasurement
    adjustment of Class A ordinary shares to redemption value
—
—
—
—
(
5,898,905
)
—
(
5,898,905
)
Issuance
    of Subscription Shares
—
—
—
—
1,153,305
—
1,153,305
Net
    loss
—
—
—
—
—
(
34,727
)
(
34,727
)
Balance
    as of December 31, 2023
7,980,409
$
799
—
$
—
$
6,098,498
$
(
15,333,039
)
$
(
9,233,742
)
The
accompanying notes are an integral part of these financial statements.
F-
70
PLUM
ACQUISITION CORP. I
STATEMENTS
OF CASH FLOWS
For
    the Year
Ended
December 31,
For
    the Year
Ended
December 31,
2023
2022
Cash Flows from Operating
    Activities:
Net
    (loss) income
$
(
34,727
)
$
10,578,125
Adjustments
    to reconcile net (loss) income to net cash used in operating activities:
Interest
    earned on investments held in Trust Account
(
4,758,906
)
(
4,679,040
)
Change
    in fair value of warrant liabilities
1,264,054
(
8,973,522
)
Reduction
    of deferred underwriter fees
(
328,474
)
—
Issuance
    of FPA
308,114
—
Change
    in fair value of FPA
(
308,114
)
—
Interest
    expense - debt discount
759,768
—
Changes
    in operating assets and liabilities:
Prepaid
    expense
(
7,222
)
348,794
Due
    to related party
96,291
120,000
Accounts
    payable and accrued expenses
1,946,574
1,584,820
Net
    cash used in operating activities
(
1,062,642
)
(
1,020,823
)
Cash
    Flows from Investing Activities:
Extension
    payment deposit in Trust
(
1,140,000
)
—
Cash
    withdrawn for redemptions
294,254,572
—
Net
    cash provided by investing activities
293,114,572
—
Cash
    Flows from Financing Activities:
Redemption
    of Class A ordinary shares
(
294,254,572
)
—
Proceeds
    from subscription liability
1,960,944
—
Proceeds
    from promissory note – related party
250,000
1,000,000
Net
    cash (used in) provided by financing activities
(
292,043,628
)
1,000,000
Net
    Change in Cash
8,302
(
20,823
)
Cash
    – Beginning of period
86,401
107,224
Cash
    – End of period
$
94,703
$
86,401
Non-Cash
    investing and financing activities:
Subsequent
    measurement of Class A ordinary shares to redemption amount
$
5,898,905
$
4,695,302
Issuance
    of Subscription Shares
$
1,153,306
$
—
The
accompanying notes are an integral part of these financial statements.
F-
71
PLUM
ACQUISITION CORP. I
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER
31, 2023 AND 2022
NOTE 1 —
ORGANIZATION AND BUSINESS OPERATIONS
Plum
Acquisition Corp. I (the "Company" or "Plum") was incorporated as a Cayman Islands exempted company on January 11,
2021. The Company was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, recapitalization,
reorganization or similar business combination with
one
or more businesses or entities (the "Business Combination"). The
Company will not be limited to a particular industry or geographic region in its identification and acquisition of a target company.
The Company is an emerging growth company and, as such, the Company is subject to all of the risks associated with emerging growth companies.
As previously reported, on November 27, 2023 The Company executed a Business Combination Agreement with Veea Inc. The Company and Veea
are working toward closing their Business Combination.
As
of December 31, 2023, the Company had not commenced any operations. All activity for the period from January 11, 2021 (inception)
through December 31, 2023 relates to the Company's formation and the initial public offering ("IPO"), which is described
below, and subsequent to the Initial Public Offering, identifying a target company for a business combination. The Company believes it
will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company
will generate non-operating income in the form of interest income on investments in the Company's Trust account and will recognize
changes in the fair value of the warrant liabilities as other income (expense).
The
Company's Sponsor is Plum Partners, LLC, a Delaware limited liability company (the "Sponsor"). The registration statement
for the Company's IPO was declared effective on March 15, 2021 (the "Effective Date"). On March 18, 2021,
the Company consummated the initial public offering (the "Public Offering" or "IPO") of
30,000,000
units (the
"Units), at $
10.00
per Unit, generating gross proceeds of $
300,000,000
, which is discussed in Note 3.
Simultaneously
with the closing of the IPO, the Company consummated the sale of
6,000,000
warrants (the "Private Placement Warrants"), at
a price of $
1.50
per Private Placement Warrant, which is discussed in Note 4. Each warrant entitles the holder to purchase
one
Class A
ordinary share at a price of $
11.50
per share, generating gross proceeds of $
9,000,000
, which is described in Note 4.
The
Company granted the underwriter a
45
-day option from March 18, 2021 to purchase up to an additional
4,500,000
Units to cover
over-allotments, if any, at the IPO price less the underwriting discounts and commissions.
The
underwriter partially exercised the over-allotment option on April 14, 2021 and purchased
1,921,634
Units at $
10.00
per Unit.
Simultaneously with the issuance and sale of the Units on April 14, 2021, the Company consummated the private placement with the
Sponsor for an aggregate of
256,218
warrants to purchase Class A Ordinary Shares for $
1.50
per warrant generating total proceeds
of $
384,327
. On April 14, 2021, $
19,216,340
, net of the underwriter discount, was deposited in the Company's Trust account.
A
total of $
19,216,340
was placed in a U.S.-based trust account maintained by Continental Stock Transfer & Trust Company, acting as
trustee. Transaction costs of the IPO and the exercise of the over-allotment option amounted to $
18,336,269
consisting of $
6,384,327
of underwriting discount, $
11,172,572
of deferred underwriting discount, and $
779,370
of other offering costs. Of the transaction costs,
$
538,777
is included in transaction costs on consolidated the statements of operations and $
17,797,492
is included in consolidated statements
of changes in shareholders' deficit.
Following
the closing of the Public Offering on March 18, 2021 and the partial exercise of the underwriter's over-allotment option,
$
319,216,340
(approximately $
10.00
per Unit) from the net proceeds of the sale of the Units in the Public Offering, including the proceeds
from the sale of the Private Placement Warrants, was deposited in a trust account ("Trust Account") located in the United
States at Goldman Sachs, with Continental Stock Transfer & Trust Company acting as trustee, and was invested in money market
funds meeting certain conditions under Rule 2a-7 under the Investment Company Act which invests only in direct U.S. government treasury
obligations. Except with respect to interest earned on the funds held in the Trust Account that may be released to the Company to pay
its taxes, if any, the proceeds from the IPO and the sale of the Private Placement Warrants will not be released from the Trust Account
(1) to the Company, until the completion of our initial Business Combination, or (2) to the Public Shareholders, until the
earliest of (i) the completion of the initial Business Combination, and then only in connection with those Class A ordinary
shares that such shareholders properly elected to redeem, subject to the limitations described herein, (ii) the redemption of any
public shares properly tendered in connection with a shareholder vote to amend the Company's amended and restated memorandum and
articles of association (A) to modify the substance or timing of the Company's obligation to provide holders of its Class A
ordinary shares the right to have their shares redeemed in connection with the initial Business Combination or to redeem
100
% of the
public shares if the Company does not complete its initial Business Combination within the combination period or (B) with respect
to any other provision relating to the rights of holders of the Class A ordinary shares, and (iii) the redemption of the public
shares if the Company has not consummated its Business Combination within the Combination Period, subject to applicable law. Public Shareholders
who redeem their Class A ordinary shares in connection with a shareholder vote described in clause (ii) in the preceding sentence
shall not be entitled to funds from the Trust Account upon the subsequent completion of an initial Business Combination or liquidation
if the Company has not consummated an initial Business Combination within the Combination Period, with respect to such Class A ordinary
shares so redeemed. The proceeds deposited in the Trust Account could become subject to the claims of the Company's creditors,
if any, which could have priority over the claims of the Public Shareholders (as defined below).
F-
72
The
Company will provide shareholders (the "Public Shareholders") of its Class A ordinary shares, par value $
0.0001
, sold
in the IPO (the "Public Shares"), with the opportunity to redeem all or a portion of their Public Shares upon the completion
of a Business Combination either (i) in connection with a shareholder meeting called to approve the Business Combination or (ii) without
a shareholder vote by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a Business Combination
or conduct a tender offer will be made by the Company, solely in its discretion. The Public Shareholders will be entitled to redeem all
or a portion of their Public Shares upon the completion of the initial Business Combination at a per-share price, payable in cash, equal
to the aggregate amount then on deposit in the Trust Account calculated as of two business days prior to the consummation of the
initial Business Combination, including interest earned on the funds held in the Trust Account and not previously released to the Company
to pay the Company's taxes, if any, divided by the number of then-outstanding Public Shares, subject to certain limitations. The
amount in the Trust Account is initially anticipated to be $
10.00
per Public Share.
These
Public Shares have been classified as temporary equity upon the completion of the IPO in accordance with the Financial Accounting Standards
Board's ("FASB") Accounting Standards Codification ("ASC") Topic 480 "Distinguishing Liabilities
from Equity." In such case, the Company will proceed with a Business Combination if the Company receives the approval of an
ordinary resolution.
The
Company will have until June 18, 2024, to complete an initial Business Combination. However, if the Company is unable to complete a Business
Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as
promptly as reasonably possible but not more than
ten
business days thereafter, redeem the public shares, at a per-share price,
payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the
Trust Account and not previously released to the Company to pay its taxes, if any (less up to $
100,000
of interest to pay dissolution
expenses), divided by the number of the then-outstanding public shares, which redemption will completely extinguish Public Shareholders'
rights as shareholders (including the right to receive further liquidating distributions, if any), and (iii) as promptly as reasonably
possible following such redemption, subject to the approval of the Company's remaining shareholders and its board of directors,
liquidate and dissolve, subject in the case of clauses (ii) and (iii), to the Company's obligations under Cayman Islands law
to provide for claims of creditors and the requirements of other applicable law.
Extraordinary
General Meeting and Redemption of Shares
On
March 15, 2023, Plum held an Extraordinary General Meeting of its Shareholders (1) to amend Plum's amended and restated
memorandum and articles of association (the "Articles") to extend the date (the "Termination Date") by which
Plum has to consummate a business combination (the "Articles Extension") from March 18, 2023 (the "Original Termination
Date") to June 18, 2023 (the "Articles Extension Date") and to allow Plum, without another shareholder vote, to
elect to extend the Termination Date to consummate a business combination on a monthly basis for up to nine times by an additional
one month each time after the Articles Extension Date, by resolution of Plum's board of directors if requested by the Sponsor,
and upon five days' advance notice prior to the applicable Termination Date, until March 18, 2024, or a total of up to
twelve months after the Articles Extension Date, unless the closing of Plum's initial business combination shall have occurred
prior to such date (the "Extension Amendment Proposal") and (2) to amend the Articles to eliminate from the Articles
the limitation that Plum may not redeem Class A ordinary shares to the extent that such redemption would result in Plum having net
tangible assets (as determined in accordance with Rule 3a 51-1(g)(1)of the Securities Exchange Act of 1934, as amended) of less
than $
5,000,001
(the "Redemption Limitation") in order to allow Plum to redeem Public Shares irrespective of whether such
redemption would exceed the Redemption Limitation (the "Redemption Limitation Amendment Proposal"). The shareholders of Plum
approved the Extension Amendment Proposal and the Redemption Limitation Amendment Proposal at the Shareholder Meeting and on March 15,
2023, Plum filed the amendment to the Articles with the Registrar of Companies of the Cayman Islands.
In
connection with the vote to approve the Extension Amendment Proposal, the holders of
26,693,416
Class A ordinary shares properly
exercised their right to redeem their shares for cash at a redemption price of $
10.23
per share, for an aggregate Redemption amount of
$
273,112,311.62
.
The
Sponsor, officers and directors have agreed to (i) waive their redemption rights with respect to their Founder Shares, (ii) waive
their redemption rights with respect to their Founder Shares and public shares in connection with a shareholder vote to approve an amendment
to the Company's amended and restated memorandum and articles of association (A) that would modify the substance or timing
of the Company's obligation to provide holders of the Class A ordinary shares the right to have their shares redeemed in connection
with the initial Business Combination or to redeem
100
% of its public shares if the Company does not complete our initial Business Combination
within the Combination Period or (B) with respect to any other provision relating to the rights of holders of the Class A ordinary
shares, (iii) waive their rights to liquidating distributions from the Trust Account with respect to any Founder Shares they hold
if the Company fails to consummate an initial Business Combination within the Combination Period (although they will be entitled to liquidating
distributions from the Trust Account with respect to any public shares they hold if the Company fails to complete its initial Business
Combination within the prescribed time frame) and (iv) vote their Founder Shares and public shares in favor of our initial Business
Combination.
F-
73
On
September 13, 2023, Plum held an Extraordinary General Meeting of its Shareholders ("September Shareholder Meeting") (1)
to amend the Articles to extend Articles Extension Termination Date from the Articles Extension Date to December 18, 2023 (the "Second
Articles Extension Date") and to allow the Company, without another shareholder vote, to elect to extend the Termination Date to
consummate a business combination on a monthly basis for up to six times by an additional one month each time after the Second Articles
Extension Date, by resolution of the Company's board of directors if requested by the Sponsor, and upon five days' advance
notice prior to the applicable Termination Date, until June 18, 2024, or a total of up to nine months after the Termination Date, unless
the closing of the Company's initial business combination shall have occurred prior to such date (the "Second Extension Amendment
Proposal") and (2) to authorize a reduction in the funds held in the Trust Account to an amount equal to $
20,000,000.00
(the "Trust
Reduction"), which amount will be used to compulsorily redeem up to
3,228,218
Public Shares at a per-share price, payable in cash,
equal to the aggregate amount then on deposit in the Trust Account as of two business days prior to the redemption date, including interest
(which interest shall be net of taxes payable), divided by the number of then-outstanding public shares ("Trust Reduction Proposal").
The shareholders of the Company approved the Second Extension Amendment Proposal and the Trust Reduction Proposal at the Shareholder
Meeting and on September 13, 2023, the Company filed the amendment to the Articles with the Registrar of Companies of the Cayman Islands.
In
connection with the vote to approve the Second Extension Amendment Proposal, (i) the Sponsor, as the sole holder of Class B Ordinary
Shares, voluntarily elected to convert all Class B Ordinary Shares to Class A Ordinary Shares on a one-for-one basis in accordance with
the Memorandum and Articles of Association (the "Class B Conversion") and (ii) the holders of
1,972,625
Class A ordinary
shares properly exercised their right to redeem their shares for cash at a redemption price of $
10.72
per share, for an aggregate redemption
amount of $
21,142,260.78
(the "Redemption"). Upon completion of the Class B Conversion and the Redemption,
7,980,409
shares
of Class A common stock, excluding
3,255,593
shares of Class A Ordinary Shares subject to possible redemption, and no shares of Class
B common stock remain issued and outstanding.
As
approved by its stockholders at the extraordinary general meeting (the "EGM"), the Company filed an Amended and Restated
Memorandum and Articles of Association (the "A&R Charter") on October 25, 2023, which (i) extended the date by which
the Company has to consummate a business combination to December 18, 2023 and (ii) allowed the Company, without another shareholder vote,
to elect to extend the Termination Date (as defined in the Proxy Statement) to consummate a business combination on a monthly basis for
up to six times by an additional one month each time after December 18, 2023 (or such shorter period as necessary to comply with applicable
listing requirements), by resolution of the Company's board of directors, if requested by Plum Partners, LLC, and upon five days
advance notice prior to the applicable termination date, until June 18, 2024, or a total of up to nine months after September 18, 2023,
unless the closing of a business combination shall have occurred prior thereto.
An
aggregate of
1,972,625
Class A ordinary shares of the Company were tendered for redemption in connection with the shareholders'
vote at the EGM.
Liquidity,
Capital Resources, and Going Concern
The
Company's liquidity needs up to March 18, 2021 had been satisfied through a capital contribution from the Sponsor of $
25,000
(see
Note 5) for the Founder Shares. In addition, in order to finance transaction costs in connection with a Business Combination, the
Company's Sponsor or an affiliate of the Sponsor or certain of the Company's officers and directors, and third parties have
committed to provide the Company Working Capital Loans (see Note 5). As of December 31, 2023 and 2022, the Company had $
1,000,000
outstanding under Working Capital Loans.
As
of December 31, 2023, the Company had $
94,703
in its operating bank account and a working capital deficit $
7,590,471
.
In
connection with the Company's assessment of going concern considerations in accordance with FASB ASC 205-40, Presentation of Financial
Statements—Going Concern", management has determined that the Company has and will continue to incur significant costs in
pursuit of its acquisition plans which raises substantial doubt about the Company's ability to continue as a going concern. Moreover,
we may need to obtain additional financing either to complete our initial Business Combination or because we become obligated to redeem
a significant number of our Public Shares upon consummation of our initial Business Combination, in which case we may issue additional
securities or incur debt in connection with such Business Combination. Subject to compliance with applicable securities laws, we would
only complete such financing simultaneously with the completion of our initial Business Combination. If we are unable to complete our
initial Business Combination because we do not have sufficient funds available to us, we will be forced to cease operations and liquidate
the Trust Accounts. In addition, following our initial Business Combination, if cash on hand is insufficient, we may need to obtain additional
financing in order to meet our obligations.
Further,
management has determined that if the Company is unable to complete a Business Combination by June 18, 2024 (the "Combination Period"),
then the Company will cease all operations except for the purpose of liquidating. The date for mandatory liquidation and subsequent dissolution
as well as the Company's working capital deficit raise substantial doubt about the Company's ability to continue as a going
concern. No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to liquidate after
the Combination Period. The Company intends to complete a Business Combination before the mandatory liquidation date.
F-
74
NOTE
2 — RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS
Restatement
Background
In
connection with the preparation of the Company's consolidated financial statements as of December 31, 2023, management determined
it should restate its previously reported condensed consolidated financial statements for the periods ended March 31, 2023, June 30,
2023, and September 30, 2023. The Company previously accounted for its subscription liability as a liability classified derivative instrument
which resulted in the Company remeasuring the derivative instrument at fair value at each reporting period with the changes in fair value
recorded within earnings. The need for the restatement arose out of the results of certain financial analysis the Company performed in
the course of preparing a response to a comment letter received by the United States Securities and Exchange Commission on February 1,
2024, related to the Company's Registration Statement on Form S-4 filed January 5, 2024. As a result of this analysis, the Company
concluded that the transaction underlying the subscription liability was representative of the issuance of multiple freestanding instruments
in a bundled transaction which should not have been remeasured at fair value at each reporting period and should have been accounted
for using the relative fair value method of accounting in accordance with ASC 470 as previously concluded during the Company's
assessment of the Subscription Agreement. The error occurred as a result of the lack of certain financial analysis and management review
in the course of preparing its consolidated financial statements during the periods previously identified above. As a result of the error,
the subscription liability and corresponding debt discount recorded within the condensed consolidated balance sheets was overstated,
and the change in fair value recorded within the condensed consolidated statements of operations resulted in the recognition of additional
(expense) and income for certain periods as identified above. This resulted in an adjustment to the carrying value of debt discount,
net of amortization, subscription liability, additional paid-in capital and accumulated deficit on the condensed balance sheet with the
offset recorded to change in fair value of subscription liability and interest expense – debt discount on the condensed statement
of operations.
In
connection with the changes listed above, the Company also restated its earnings per share.
The
restatement had no impact on the Company's cash position or amount held in the trust account.
The
relevant unaudited interim financial information for the quarterly periods ended March 30, 2023, June 30, 2023, and September 30, 2023,
is included in Note 11, Quarterly Financial Information (Unaudited). The categories of misstatements and their impact on the previously
issued financial statements are described in more detail in the tables below.
As
previously disclosed, the Company determined that its subscription liability, net of debt discount as of the aforementioned periods had
been misstated. The Company concluded that the impact of applying correction for these errors and misstatements on the aforementioned
financial statements is material.
Description
of Misstatements
Misstatements
Associated with Subscription Liability
(a)
Subscription liability
The
Company previously accounted for its subscription liability as a liability classified derivative instrument which resulted in the Company
remeasuring the derivative instrument at fair value at each reporting period with the changes in fair value recorded within earnings.
However, the subscription liability should not have been remeasured at fair value at each reporting period and should have been accounted
for using the relative fair value method of accounting in accordance with ASC 470. The subscription liability recorded within the condensed
consolidated balance sheets was overstated, and the change in fair value recorded within the condensed consolidated statements of operations
resulted in the recognition of additional (expense) and income for certain periods as identified above.
(b)
Debt discount
The
debt discount corresponding to the subscription liability recorded within the condensed consolidated balance sheets was overstated, and
the amortization of the debt discount within the condensed consolidated statements of operations resulted in the recognition of additional
(expense) and income for certain periods as identified above.
(c)
Additional paid-in capital
The
correction of the subscription liability resulted in an increase in additional paid-in capital.
(d)
Accumulated deficit
The
correction of the subscription liability and debt discount resulted in additional (expense) and income for certain periods as identified
above.
F-
75
Description
of Restatement Tables
The
impact of the revision on the Company's financial statements is reflected in the following table:
As
    Reported
Adjustment
As
    Restated
Unaudited Condensed Consolidated
    Balance Sheet as of September 30, 2023
Debt
    discount
$
4,372,334
$
(
4,372,334
)
$
—
Total
    assets
$
39,589,273
$
(
4,372,334
)
$
35,216,939
Subscription
    liability
$
9,191,162
$
(
9,191,162
)
$
—
Subscription
    liability, net of debt discount
$
—
$
1,060,112
$
1,060,112
Total
    current liabilities
$
14,676,822
$
(
8,131,050
)
$
6,545,772
Total
    liabilities
$
15,435,255
$
(
8,131,050
)
$
7,304,205
Additional
    paid-in capital
$
5,404,501
$
914,776
$
6,319,277
Accumulated
    deficit
$
(
16,347,949
)
$
2,843,940
$
(
13,504,009
)
Total
    shareholders' deficit
$
(
10,942,649
)
$
3,758,716
$
(
7,183,933
)
Total
    liabilities, redeemable ordinary shares and shareholders' deficit
$
39,589,273
$
(
4,372,334
)
$
35,216,939
As
    Reported
Adjustment
As
    Restated
Unaudited Condensed Consolidated
    Balance Sheet as of June 30, 2023
Debt
    discount
$
2,479,445
$
(
2,479,445
)
$
—
Total
    assets
$
57,707,827
$
(
2,479,445
)
$
55,228,382
Subscription liability
$
1,946,467
$
(
1,946,467
)
$
—
Subscription
    liability, net of debt discount
$
—
$
467,274
$
467,274
Total
    current liabilities
$
7,382,247
$
(
1,479,193
)
$
5,903,054
Total
    liabilities
$
7,805,705
$
(
1,479,193
)
$
6,326,512
Additional
    paid-in capital
$
6,488,812
$
423,601
$
6,912,413
Accumulated
    deficit
$
(
11,742,106
)
$
(
1,423,853
)
$
(
13,165,959
)
Total
    shareholders' deficit
$
(
5,252,495
)
$
(
1,000,252
)
$
(
6,252,747
)
Total
    liabilities, redeemable ordinary shares and shareholders' deficit
$
57,707,827
$
(
2,479,445
)
$
55,228,382
As
    Reported
Adjustment
As
    Restated
Unaudited Condensed Consolidated
    Balance Sheet as of March 31, 2023
Subscription
    liability
$
800,746
$
(
800,746
)
$
—
Subscription
    liability, net of debt discount
$
—
$
251,880
$
251,880
Total
    current liabilities
$
6,533,748
$
(
548,866
)
$
5,984,882
Total
    liabilities
$
8,935,451
$
(
548,866
)
$
8,386,585
Additional
    paid-in capital
$
7,275,132
$
256,635
$
7,531,767
Accumulated
    deficit
$
(
16,010,590
)
$
292,231
$
(
15,718,359
)
Total
    shareholders' deficit
$
(
8,734,659
)
$
548,866
$
(
8,185,793
)
As
    Reported
Adjustment
As
    Restated
Unaudited
    Condensed Consolidated Statement of Operations for the three months ended September 30, 2023
Interest
    expense – debt discount
$
(
2,467,496
)
$
2,188,483
$
(
279,013
)
Change
    in fair value of subscription liability
$
(
2,079,310
)
$
2,079,310
$
—
Total
    other (expense) income, net
$
(
4,252,471
)
$
4,267,793
$
15,322
Net
    income (loss)
$
(
4,605,843
)
$
4,267,793
$
(
338,050
)
Basic and diluted net (loss) income per ordinary share, Class A ordinary shares subject to possible redemption
$
(
0.36
)
$
0.33
$
(
0.03
)
Basic and diluted net (loss) income per ordinary share, Class A ordinary shares
$
(
0.36
)
$
0.33
$
(
0.03
)
Basic and diluted net (loss) income per ordinary share, Class B ordinary shares
$
(
0.36
)
$
0.33
$
(
0.03
)
As
    Reported
Adjustment
As
    Restated
Unaudited
    Condensed Consolidated Statement of Operations for the nine months ended September 30, 2023
Interest
    expense – debt discount
$
(
3,815,529
)
$
3,401,585
$
(
413,944
)
Change
    in fair value of subscription liability
$
557,645
$
(
557,645
)
$
—
Total
    other (expense) income, net
$
1,035,971
$
2,843,940
$
3,879,911
Net
    income (loss)
$
(
1,049,638
)
$
2,843,940
$
1,794,302
Basic and diluted net (loss) income per ordinary share, Class A ordinary shares subject to possible redemption
$
(
0.05
)
$
0.14
$
0.09
Basic and diluted net (loss) income per ordinary share, Class A ordinary shares
$
(
0.05
)
$
0.14
$
0.09
Basic and diluted net (loss) income per ordinary share, Class B ordinary shares
$
(
0.05
)
$
0.14
$
0.09
F-
76
As
    Reported
Adjustment
As
    Restated
Unaudited
    Condensed Consolidated Statement of Operations for the three months ended June 30, 2023
Interest
    expense – debt discount
$
(
1,045,564
)
$
939,148
$
(
106,416
)
Change
    in fair value of subscription liability
$
2,655,232
$
(
2,655,232
)
$
—
Total
    other (expense) income, net
$
4,847,438
$
(
1,716,084
)
$
3,131,354
Net
    income (loss)
$
4,268,484
$
(
1,716,084
)
$
2,552,400
Basic and diluted net income per ordinary share, Class A ordinary shares subject to possible redemption
$
0.20
$
(
0.08
)
$
0.12
Basic and diluted net income per ordinary share, Class B ordinary shares
$
0.20
$
(
0.08
)
$
0.12
As
    Reported
Adjustment
As
    Restated
Unaudited
    Condensed Consolidated Statement of Operations for the six months ended June 30, 2023
Interest expense
    – debt discount
$
(
1,348,033
)
$
1,213,102
$
(
134,931
)
Change in fair value of subscription
    liability
$
2,636,955
$
(
2,636,955
)
$
—
Total other (expense) income,
    net
$
5,288,442
$
(
1,423,853
)
$
3,864,589
Net income (loss)
$
3,556,206
$
(
1,423,853
)
$
2,132,353
Basic and diluted net income per ordinary share, Class A ordinary shares subject to possible redemption
$
0.15
$
(
0.06
)
$
0.09
Basic and diluted net income per ordinary share, Class B ordinary shares
$
0.15
$
(
0.06
)
$
0.09
As
    Reported
Adjustment
As
    Restated
Unaudited
    Condensed Consolidated Statement of Operations for the three months ended March 31, 2023
Interest
    expense – debt discount
$
(
302,469
)
$
273,954
$
(
28,515
)
Change
    in fair value of subscription liability
$
(
18,277
)
$
18,277
$
—
Total
    other (expense) income, net
$
441,004
$
292,231
$
733,235
Net
    income (loss)
$
(
712,278
)
$
292,231
$
(
420,047
)
Basic and diluted net (loss) income per ordinary share, Class A ordinary shares subject to possible redemption
$
(
0.02
)
$
0.01
$
(
0.01
)
Basic and diluted net (loss) income per ordinary share, Class B ordinary shares
$
(
0.02
)
$
0.01
$
(
0.01
)
As
    Reported
Adjustment
As
    Restated
Unaudited
    Condensed Consolidated Statement of Changes in Shareholders' Deficit for the three months ended September 30, 2023
Additional
    paid-in capital
$
5,404,501
$
914,776
$
6,319,277
Accumulated
    deficit
$
(
16,347,949
)
$
2,843,940
$
(
13,504,009
)
Issuance
    of subscription shares
$
—
$
491,176
$
491,176
Net
    income (loss)
$
(
4,605,843
)
$
4,267,793
$
(
338,050
)
Total
    stockholders' deficit
$
(
10,942,649
)
$
3,758,716
$
(
7,183,933
)
As
    Reported
Adjustment
As
    Restated
Unaudited
    Condensed Consolidated Statement of Changes in Shareholders' Deficit for the three months ended June 30, 2023
Additional
    paid-in capital
$
6,488,812
$
423,601
$
6,912,413
Accumulated
    deficit
$
(
11,742,106
)
$
(
1,423,853
)
$
(
13,165,959
)
Issuance
    of subscription shares
$
—
$
166,965
$
166,965
Net
    income (loss)
$
4,268,484
$
(
1,716,084
)
$
2,552,400
Total
    stockholders' deficit
$
(
5,252,495
)
$
(
1,000,252
)
$
(
6,252,747
)
F-
77
As
    Reported
Adjustment
As
    Restated
Unaudited
    Condensed Consolidated Statement of Changes in Shareholders' Deficit for the three months ended March 31, 2023
Additional
    paid-in capital
$
7,275,132
$
256,635
$
7,531,767
Accumulated
    deficit
$
(
16,010,590
)
$
292,231
$
(
15,718,360
)
Issuance
    of subscription shares
$
—
$
256,635
$
256,635
Net
    income (loss)
$
(
712,278
)
$
292,231
$
(
420,047
)
Total
    stockholders' deficit
$
(
8,734,659
)
$
548,866
$
(
8,185,793
)
As
    Reported
Adjustment
As
    Restated
Unaudited
    Condensed Consolidated Statement of Cash Flows for the nine months ended September 30, 2023
Interest
    expense – debt discount
$
3,815,529
$
(
3,401,585
)
$
413,944
Change
    in fair value of subscription liability
$
(
557,645
)
$
557,645
$
—
Net
    income (loss)
$
(
1,049,638
)
$
2,843,940
$
1,794,302
Issuance
    of subscription shares
$
—
$
914,776
$
914,776
As
    Reported
Adjustment
As
    Restated
Unaudited
    Condensed Consolidated Statement of Cash Flows for the six months ended June 30, 2023
Interest
    expense – debt discount
$
1,348,033
$
(
1,213,102
)
$
134,931
Change
    in fair value of subscription liability
$
(
2,636,955
)
$
2,636,955
$
—
Net
    income (loss)
$
3,556,206
$
(
1,423,853
)
$
2,132,353
Issuance
    of subscription shares
$
—
$
423,600
$
423,600
As
    Reported
Adjustment
As
    Restated
Unaudited
    Condensed Consolidated Statement of Cash Flows for the three months ended March 31, 2023
Interest
    expense – debt discount
$
302,469
$
(
273,954
)
$
28,515
Change
    in fair value of subscription liability
$
18,277
$
(
18,277
)
$
—
Net
    income (loss)
$
(
712,278
)
$
292,231
$
(
420,047
)
Issuance
    of subscription shares
$
—
$
256,635
$
256,635
F-
78
PLUM
ACQUISITION CORP. I
CONDENSED CONSOLIDATED
BALANCE SHEET (Unaudited)(As Restated)
As
    of September 30, 2023
As
    Previously Reported
Restatement
    Impacts
Restatement
    Reference
As
    Restated
ASSETS
Cash
$
92,722
$
92,722
Prepaid
    expense
27,550
27,550
Total
    current assets
120,272
120,272
Investments
    held in Trust Account
35,096,667
35,096,667
Debt
    discount
4,372,334
(
4,372,334
)
b
—
TOTAL
    ASSETS
$
39,589,273
$
(
4,372,334
)
$
35,216,939
LIABILITIES,
    REDEEMABLE ORDINARY SHARES AND SHAREHOLDERS' DEFICIT
Accounts
    payable and accounts payable
$
3,976,694
$
3,976,694
Due
    to related party
258,966
258,966
Convertible
    promissory note - related party
1,000,000
1,000,000
Promissory
    Note - related party
250,000
250,000
Subscription
    liability
9,191,162
(
9,191,162
)
a
—
Subscription
    liability, net of debt discount
—
1,060,112
a
1,060,112
Total
    current liabilities
14,676,822
(
8,131,050
)
6,545,772
Warrant
    liabilities
758,433
758,433
Deferred
    underwriting commissions liabilities
—
—
TOTAL
    LIABILITIES
15,435,255
(
8,131,050
)
7,304,205
COMMITMENTS
    AND CONTINGENCIES
Class A Ordinary shares subject to possible redemption,
3,255,593
and
31,921,634
shares at $
10.78
and $
10.15
redemption value as of September 30, 2023 and December 31, 2022, respectively
35,096,667
35,096,667
Stockholders'
    Equity:
Preferred stock, $
0.0001
par value;
1,000,000
shares authorized;
none
issued and outstanding
—
—
Class A ordinary shares, $
0.0001
par value;
500,000,000
shares authorized;
7,980,409
and
0
shares issued and outstanding (excluding 3,255,593 and 31,921,634 shares subject to possible redemption) as of September 30, 2023 and December 31, 2022, respectively
799
799
Class B ordinary shares, $
0.0001
par value;
50,000,000
shares authorized;
0
and
7,980,409
shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively
—
—
Additional
    paid-in capital
5,404,501
914,776
c
6,319,277
Accumulated
    deficit
(
16,347,949
)
2,843,940
d
(
13,504,009
)
TOTAL
    SHAREHOLDERS' DEFICIT
(
10,942,649
)
3,758,716
(
7,183,933
)
TOTAL
    LIABILITIES, REDEEMABLE ORDINARY SHARES AND SHAREHOLDERS' DEFICIT
$
39,589,273
$
(
4,372,334
)
$
35,216,939
F-
79
PLUM
ACQUISITION CORP. I
CONDENSED CONSOLIDATED
STATEMENT OF OPERATIONS (Unaudited)(As Restated)
For
    the three months ended September 30, 2023
As
    Previously Reported
Restatement
    Impacts
Restatement
    Reference
As
    Restated
Formation
    and operating costs
$
353,372
$
353,372
Loss
    from operations
(
353,372
)
(
353,372
)
Other
    (expense) income:
Change
    in fair value of warrant liabilities
(
334,975
)
(
334,975
)
Change
    in fair value of subscription liability
(
2,079,310
)
2,079,310
a
—
Change
    in fair value of Forward Purchase Agreement
—
—
Issuance
    of Forward Purchase Agreement
—
—
Reduction
    of deferred underwriter fee payable
—
—
Interest
    Expense - Debt Discount
(
2,467,496
)
2,188,483
b
(
279,013
)
Interest
    income – trust account
629,310
629,310
Total
    other (expense) income, net
(
4,252,471
)
4,267,793
15,322
Net
    (loss) income
$
(
4,605,843
)
$
4,267,793
d
$
(
338,050
)
Weighted
    average shares outstanding, Class A ordinary shares subject to possible redemption
4,970,919
4,970,919
Basic and diluted net income per ordinary share, Class A ordinary shares subject to possible redemption
$
(
0.36
)
$
0.33
$
(
0.03
)
Weighted
    average shares outstanding, Class A ordinary shares subject to possible redemption
1,474,641
1,474,641
Basic and diluted net income per ordinary share, Class A ordinary shares
$
(
0.36
)
$
0.33
$
(
0.03
)
Weighted
    average shares outstanding, Class B ordinary shares
6,505,768
6,505,768
Basic and diluted net income per ordinary share, Class B ordinary shares
$
(
0.36
)
$
0.33
$
(
0.03
)
F-
80
PLUM
ACQUISITION CORP. I
CONDENSED
CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)(As Restated)
For
    the nine months ended September 30, 2023
As
    Previously Reported
Restatement
    Impacts
Restatement
    Reference
As
    Restated
Formation
    and operating costs
$
2,085,609
$
2,085,609
Loss
    from operations
(
2,085,609
)
(
2,085,609
)
Other
    (expense) income:
Change
    in fair value of warrant liabilities
(
379,216
)
(
379,216
)
Change
    in fair value of subscription liability
557,645
(
557,645
)
a
—
Change
    in fair value of Forward Purchase Agreement
308,114
308,114
Issuance
    of Forward Purchase Agreement
(
308,114
)
(
308,114
)
Reduction
    of deferred underwriter fee payable
328,474
328,474
Interest
    Expense - Debt Discount
(
3,815,529
)
3,401,585
b
(
413,944
)
Interest
    income – trust account
4,344,597
4,344,597
Total
    other (expense) income, net
1,035,971
2,843,940
3,879,911
Net
    (loss) income
$
(
1,049,638
)
2,843,940
d
$
1,794,302
Weighted
    average shares outstanding, Class A ordinary shares subject to possible redemption
12,083,753
12,083,753
Basic and diluted net income per ordinary share, Class A ordinary shares subject to possible redemption
$
(
0.05
)
$
0.14
$
0.09
Weighted
    average shares outstanding, Class A ordinary shares subject to possible redemption
526,181
526,181
Basic and diluted net income per ordinary share, Class A ordinary shares
$
(
0.05
)
$
0.14
$
0.09
Weighted
    average shares outstanding, Class B ordinary shares
7,454,228
7,454,228
Basic and diluted net income per ordinary share, Class B ordinary shares
$
(
0.05
)
$
0.14
$
0.09
F-
81
PLUM
ACQUISITION CORP. I
CONDENSED CONSOLIDATED
BALANCE SHEET (Unaudited)(As Restated)
As
    of June 30, 2023
As
    Previously Reported
Restatement
    Impacts
Restatement
    Reference
As
    Restated
ASSETS
Cash
$
20,880
$
20,880
Prepaid
    expense
52,885
52,885
Total
    current assets
73,765
73,765
Investments
    held in Trust Account
55,154,617
55,154,617
Debt
    discount
2,479,445
(
2,479,445
)
b
—
TOTAL
    ASSETS
$
57,707,827
$
(
2,479,445
)
$
55,228,382
LIABILITIES,
    REDEEMABLE ORDINARY SHARES AND SHAREHOLDERS' DEFICIT
Accounts
    payable and accounts payable
$
3,853,954
$
3,853,954
Due
    to related party
331,826
331,826
Convertible
    promissory note – related party
1,000,000
1,000,000
Promissory
    Note – related party
250,000
250,000
Subscription
    liability
1,946,467
(
1,946,467
)
a
—
Subscription
    liability, net of debt discount
—
467,274
a
467,274
Total
    current liabilities
7,382,247
(
1,479,193
)
5,903,054
Warrant
    liabilities
423,458
423,458
Deferred
    underwriting commissions liabilities
—
-
TOTAL
    LIABILITIES
7,805,705
(
1,479,193
)
6,326,512
COMMITMENTS
    AND CONTINGENCIES
Class A Ordinary shares subject to possible redemption,
5,228,218
and
31,921,634
shares at $
10.55
and $
10.15
redemption value as of June 30, 2023 and December 31, 2022, respectively
55,154,617
55,154,617
Stockholders'
    Equity:
Preferred stock, $
0.0001
par value;
1,000,000
shares authorized;
none
issued and outstanding
—
—
Class A ordinary shares, $
0.0001
par value;
500,000,000
shares authorized; no shares issued and outstanding (excluding 5,228,218 and 31,921,634 shares subject to possible redemption) as of June 30, 2023 and December 31, 2022, respectively
—
—
Class B ordinary shares, $
0.0001
par value;
50,000,000
shares authorized;
7,980,409
shares issued and outstanding as of June 30, 2023 and December 31, 2022
799
799
Additional
    paid-in capital
6,488,812
423,601
c
6,912,413
Accumulated
    deficit
(
11,742,106
)
(
1,423,853
)
d
(
13,165,959
)
TOTAL
    SHAREHOLDERS' DEFICIT
(
5,252,495
)
(
1,000,252
)
(
6,252,747
)
TOTAL
    LIABILITIES, REDEEMABLE ORDINARY SHARES AND SHAREHOLDERS' DEFICIT
$
57,707,827
$
(
2,479,445
)
$
55,228,382
F-
82
PLUM
ACQUISITION CORP. I
CONDENSED
CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)(As Restated)
For
    the three months ended June 30, 2023
As
    Previously Reported
Restatement
    Impacts
Restatement
    Reference
As
    Restated
Formation
    and operating costs
$
578,954
$
578,954
Loss
    from operations
(
578,954
)
(
578,954
)
Other
    (expense) income:
Change
    in fair value of warrant liabilities
1,978,245
1,978,245
Change
    in fair value of subscription liability
2,655,232
(
2,655,232
)
a
—
Change
    in fair value of Forward Purchase Agreement
633,205
633,205
Issuance
    of Forward Purchase Agreement
—
—
Reduction
    of deferred underwriter fee payable
—
—
Interest
    Expense - Debt Discount
(
1,045,564
)
939,148
b
(
106,416
)
Interest
    income – trust account
626,320
626,320
Total
    other (expense) income, net
4,847,438
(
1,716,084
)
3,131,354
Net
    (loss) income
$
4,268,484
$
(
1,716,084
)
d
$
2,552,400
Weighted
    average shares outstanding, Class A ordinary shares subject to possible redemption
13,208,627
13,208,627
Basic and diluted net income per ordinary share, Class A ordinary shares subject to possible redemption
$
0.20
$
(
0.08
)
$
0.12
Weighted
    average shares outstanding, Class B ordinary
7,980,409
7,980,409
Basic and diluted net income per ordinary share, Class B ordinary shares
$
0.20
$
(
0.08
)
$
0.12
F-
83
PLUM
ACQUISITION CORP. I
CONDENSED CONSOLIDATED
STATEMENT OF OPERATIONS (Unaudited)(As Restated)
For
    the six months ended June 30, 2023
As
    Previously Reported
Restatement
    Impacts
Restatement
    Reference
As
    Restated
Formation
    and operating costs
$
1,732,236
$
1,732,236
Loss
    from operations
(
1,732,236
)
(
1,732,236
)
Other
    (expense) income:
Change
    in fair value of warrant liabilities
(
44,241
)
(
44,241
)
Change
    in fair value of subscription liability
2,636,955
(
2,636,955
)
a
—
Change
    in fair value of Forward Purchase Agreement
308,114
308,114
Issuance
    of Forward Purchase Agreement
(
308,114
)
(
308,114
)
Reduction
    of deferred underwriter fee payable
328,474
328,474
Interest
    Expense – Debt Discount
(
1,348,033
)
1,213,102
b
(
134,931
)
Interest
    income – trust account
3,715,287
3,715,287
Total
    other (expense) income, net
5,288,442
(
1,423,853
)
3,864,589
Net
    (loss) income
$
3,556,206
$
(
1,423,853
)
d
$
2,132,353
Weighted
    average shares outstanding, Class A ordinary shares subject to possible redemption
15,699,166
15,699,166
Basic and diluted net income per ordinary share, Class A ordinary shares subject to possible redemption
$
0.15
$
(
0.06
)
$
0.09
Weighted
    average shares outstanding, Class B ordinary
7,980,409
7,980,409
Basic and diluted net income per ordinary share, Class B ordinary shares
$
0.15
$
(
0.06
)
$
0.09
F-
84
PLUM
ACQUISITION CORP. I
CONDENSED CONSOLIDATED
BALANCE SHEET (Unaudited)(As Restated)
As
    of March 31, 2023
As
    Previously Reported
Restatement
    Impacts
Restatement
    Reference
As
    Restated
ASSETS
Cash
$
97,811
$
97,811
Prepaid
    expense
102,980
102,980
Total
    current assets
200,791
200,791
Investments
    held in Trust Account
54,368,297
54,368,297
TOTAL
    ASSETS
$
54,569,088
$
54,569,088
LIABILITIES,
    REDEEMABLE ORDINARY SHARES AND SHAREHOLDERS' DEFICIT
Accounts
    payable and accounts payable
$
3,584,797
$
3,584,797
Due
    to related party
265,000
265,000
Convertible
    promissory note - related party
1,000,000
1,000,000
Promissory
    Note - related party
250,000
250,000
Subscription
    liability
800,746
(
800,746
)
a
—
Subscription
    liability, net of debt discount
—
251,880
a
251,880
Forward
    Purchase Agreement liability
633,205
633,205
Total
    current liabilities
6,533,748
(
548,866
)
5,984,882
Warrant
    liabilities
2,401,703
2,401,703
Deferred
    underwriting commissions liabilities
—
—
TOTAL
    LIABILITIES
8,935,451
(
548,866
)
8,386,585
COMMITMENTS
    AND CONTINGENCIES
Class A Ordinary shares subject to possible redemption,
3,255,593
and
31,921,634
shares at $
10.78
and $
10.15
redemption value as of September 30, 2023 and December 31, 2022, respectively
54,368,296
54,368,296
Stockholders'
    Equity:
Preferred stock, $
0.0001
par value;
1,000,000
shares authorized;
none
issued and outstanding
—
—
Class A ordinary shares, $
0.0001
par value;
500,000,000
shares authorized;
7,980,409
and
0
shares issued and outstanding (excluding 3,255,593 and 31,921,634 shares subject to possible redemption) as of September 30, 2023 and December 31, 2022, respectively
—
—
Class B ordinary shares, $
0.0001
par value;
50,000,000
shares authorized;
0
and
7,980,409
shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively
799
799
Additional
    paid-in capital
7,275,132
256,635
c
7,531,767
Accumulated
    deficit
(
16,010,590
)
292,231
d
(
15,718,359
)
TOTAL
    SHAREHOLDERS' DEFICIT
(
8,734,659
)
548,866
(
8,185,793
)
TOTAL
    LIABILITIES, REDEEMABLE ORDINARY SHARES AND SHAREHOLDERS' DEFICIT
$
54,569,088
$
54,569,088
F-
85
PLUM
ACQUISITION CORP. I
CONDENSED CONSOLIDATED
STATEMENT OF OPERATIONS (Unaudited)(As Restated)
For
    the three months ended March 31, 2023
As
    Previously Reported
Restatement
    Impacts
Restatement
    Reference
As
    Restated
Formation
    and operating costs
$
1,153,282
$
1,153,282
Loss
    from operations
(
1,153,282
)
(
1,153,282
)
Other
    (expense) income:
Change
    in fair value of warrant liabilities
(
2,022,486
)
(
2,022,486
)
Change
    in fair value of subscription liability
(
18,277
)
18,277
a
—
Change
    in fair value of Forward Purchase Agreement
(
325,091
)
(
325,091
)
Issuance
    of Forward Purchase Agreement
(
308,114
)
(
308,114
)
Reduction
    of deferred underwriter fee payable
328,474
328,474
Interest
    Expense – Debt Discount
(
302,469
)
273,954
b
(
28,515
)
Interest
    income – trust account
3,088,967
3,088,967
Total
    other (expense) income, net
441,004
292,231
733,235
Net
    (loss) income
$
(
712,278
)
$
292,231
d
$
(
420,047
)
Weighted
    average shares outstanding, Class A ordinary shares subject to possible redemption
26,286,357
26,286,357
Basic and diluted net income per ordinary share, Class A ordinary shares subject to possible redemption
$
(
0.02
)
$
0.01
$
(
0.01
)
Weighted
    average shares outstanding, Class B ordinary
7,980,409
7,980,409
Basic and diluted net income per ordinary share, Class B ordinary shares
$
(
0.02
)
$
0.01
$
(
0.01
)
F-
86
PLUM
ACQUISITION CORP. I
CONDENSED
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' DEFICIT
(Unaudited)(As
Restated)
Class
    A ordinary shares
Class
    B ordinary shares
Additional
Accumulated
Shareholders'
As
    Previously Reported
Shares
Amount
Shares
Amount
Paid-in
    Capital
Deficit
Deficit
Balance
    as of December 31, 2022
—
$
—
7,980,409
$
799
$
—
$
(
15,298,312
)
$
(
15,297,513
)
Reduction
    of deferred underwriter fees
10,844,098
10,844,098
Accretion
    of Class A ordinary shares to redemption value
(
3,568,966
)
—
(
3,568,966
)
Net
    Income
(
712,278
)
(
712,278
)
Balance
    as of March 31, 2023
—
—
7,980,409
799
7,275,132
(
16,010,590
)
(
8,734,659
)
Accretion
    of Class A ordinary shares to redemption value
(
786,320
)
—
(
786,320
)
Net
    Income
4,268,484
4,268,484
Balance
    as of June 30, 2023
—
—
7,980,409
799
6,488,812
(
11,742,106
)
(
5,252,495
)
Conversion
    of class B shares to Class A shares
7,980,409
799
(
7,980,409
)
(
799
)
—
Accretion
    of Class A ordinary shares to redemption value
(
1,084,311
)
—
(
1,084,311
)
Net
    Income
(
4,605,843
)
(
4,605,843
)
Balance
    as of September 30, 2023
7,980,409
$
799
—
$
—
$
5,404,501
$
(
16,347,949
)
$
(
10,942,649
)
Restatement
    Impacts
Balance
    as of December 31, 2022
—
$
—
7,980,409
$
799
$
—
$
(
15,298,312
)
$
(
15,297,513
)
Reduction
    of deferred underwriter fees
Accretion
    of Class A ordinary shares to redemption value
—
Issuance
    of subscription shares (adjustment)
256,635
256,635
Net
    Income (adjustment)
292,231
292,231
Balance
    as of March 31, 2023
—
—
7,980,409
799
256,635
(
15,006,081
)
(
14,748,647
)
Accretion
    of Class A ordinary shares to redemption value
—
Issuance
    of subscription shares (adjustment)
166,966
166,966
Net
    Income (adjustment)
(
1,716,084
)
(
1,716,084
)
Balance
    as of June 30, 2023
—
—
7,980,409
799
423,601
(
16,722,165
)
(
16,297,765
)
Conversion
    of class B shares to Class A shares
—
Accretion
    of Class A ordinary shares to redemption value
—
Issuance
    of subscription shares (adjustment)
491,175
491,175
Net
    Income (adjustment)
4,267,793
4,267,793
Balance
    as of September 30, 2023
—
$
—
7,980,409
$
799
$
914,776
$
(
12,454,372
)
$
(
11,538,797
)
As
    Restated
Balance
    as of December 31, 2022
—
$
—
7,980,409
$
799
$
—
$
(
15,298,312
)
$
(
15,297,513
)
Reduction
    of deferred underwriter fees
10,844,098
10,844,098
Accretion
    of Class A ordinary shares to redemption value
(
3,568,966
)
—
(
3,568,966
)
Issuance
    of subscription shares (as restated)
256,635
256,635
Net
    loss (as restated)
(
420,047
)
(
420,047
)
Balance
    as of March 31, 2023 (as restated)
—
—
7,980,409
799
7,531,767
(
15,718,359
)
(
8,185,793
)
Accretion
    of Class A ordinary shares to redemption value
(
786,320
)
—
(
786,320
)
Issuance
    of subscription shares (as restated)
166,966
166,966
Net
    income (as restated)
2,552,400
2,552,400
Balance
    as of June 30, 2023 (as restated)
—
—
7,980,409
799
6,912,413
(
13,165,959
)
(
6,252,747
)
Conversion
    of class B shares to Class A shares
7,980,409
799
(
7,980,409
)
(
799
)
—
Accretion
    of Class A ordinary shares to redemption value
(
1,084,311
)
—
(
1,084,311
)
Issuance
    of subscription shares (as restated)
491,175
491,175
Net
    loss (as restated)
(
338,050
)
(
338,050
)
Balance
    as of September 30, 2023 (as restated)
7,980,409
$
799
—
$
—
$
6,319,277
$
(
13,504,009
)
$
(
7,183,933
)
F-
87
PLUM
ACQUISITION CORP. I
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (Unaudited)(As Restated)
For
    the nine months ended September 30, 2023
As
    Previously
Reported
Restatement
Impacts
Restatement
Reference
As
    Restated
Cash
    Flows from Operating Activities:
Net
    (loss) income
$
(
1,049,638
)
2,843,940
d
$
1,794,302
Adjustments
    to reconcile net loss to net cash used in operating activities:
Interest
    earned on investments held in Trust Account
(
4,344,597
)
(
4,344,597
)
Changes
    in fair value of warrant liabilities
379,216
379,216
Reduction
    of deferred underwriter fees
(
328,474
)
(
328,474
)
Issuance
    of Forward Purchase Agreement
308,114
308,114
Change
    in fair value of Forward Purchase Agreement
(
308,114
)
(
308,114
)
Change
    in fair value of subscription liability
(
557,645
)
557,645
a
—
Interest
    expense - debt discount
3,815,529
(
3,401,585
)
b
413,944
Changes
    in operating assets and liabilities:
Prepaid
    assets
16,081
16,081
Due
    to related party
23,966
23,966
Accounts
    payable and accrued expenses
1,335,939
1,335,939
Net
    cash used in operating activities
(
709,623
)
(
709,623
)
Cash
    flows from Investing Activities:
Extension
    payment deposit in Trust
(
1,095,000
)
(
1,095,000
)
Cash
    withdrawn for redemptions
294,254,572
294,254,572
Net
    cash provided by investing activities
293,159,572
293,159,572
Cash
    flows from Financing Activities:
Proceeds
    from the subscription liability
1,560,944
1,560,944
Redemption
    from Trust Account for ordinary shares
(
294,254,572
)
(
294,254,572
)
Proceeds
    from note payable-related party
250,000
250,000
Net
    cash (used in) provided by financing activities
(
292,443,628
)
(
292,443,628
)
Net
    Change in Cash
6,321
6,321
Cash,
    Beginning of period
86,401
86,401
Cash,
    End of period
$
92,722
$
92,722
Non-Cash
    investing and financing activities:
Accretion
    of Class A ordinary shares subject to possible redemption
$
5,439,596
$
5,439,596
Issuance
    of subscription shares
$
—
$
914,776
F-
88
PLUM
ACQUISITION CORP. I
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (Unaudited)(As Restated)
For
    the six months ended June 30, 2023
As
    Previously
Reported
Restatement
Impacts
Restatement
Reference
As
    Restated
Cash
    Flows from Operating Activities:
Net
    (loss) income
$
3,556,206
(
1,423,853
)
d
$
2,132,353
Adjustments
    to reconcile net loss to net cash used in operating activities:
Interest
    earned on investments held in Trust Account
(
3,715,287
)
(
3,715,287
)
Changes
    in fair value of warrant liabilities
44,241
44,241
Reduction
    of deferred underwriter fees
(
328,474
)
(
328,474
)
Issuance
    of Forward Purchase Agreement
308,114
308,114
Change
    in fair value of Forward Purchase Agreement
(
308,114
)
(
308,114
)
Change
    in fair value of subscription liability
(
2,636,955
)
2,636,955
a
—
Interest
    expense - debt discount
1,348,033
(
1,213,102
)
b
134,931
Changes
    in operating assets and liabilities:
Prepaid
    assets
(
9,254
)
(
9,254
)
Due
    to related party
96,826
96,826
Accounts
    payable and accrued expenses
1,213,199
1,213,199
Net
    cash used in operating activities
(
431,465
)
(
431,465
)
Cash
    flows from Investing Activities:
Extension
    payment deposit in Trust
(
640,000
)
(
640,000
)
Cash
    withdrawn for redemptions
273,112,312
273,112,312
Net
    cash provided by investing activities
272,472,312
272,472,312
Cash
    flows from Financing Activities:
Proceeds
    from the subscription liability
755,944
755,944
Redemption
    from Trust Account for ordinary shares
(
273,112,312
)
(
273,112,312
)
Proceeds
    from note payable-related party
250,000
250,000
Net
    cash (used in) provided by financing activities
(
272,106,368
)
(
272,106,368
)
Net
    Change in Cash
(
65,521
)
(
65,521
)
Cash,
    Beginning of period
86,401
86,401
Cash,
    End of period
$
20,880
$
20,880
Non-Cash
    investing and financing activities:
Accretion
    of Class A ordinary shares subject to possible redemption
$
4,355,287
$
4,355,287
Issuance
    of subscription shares
$
—
$
423,601
F-
89
PLUM
ACQUISITION CORP. I
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (Unaudited)(As Restated)
For
    the three months ended March 31, 2023
As
    Previously
Reported
Restatement
Impacts
Restatement
Reference
As
    Restated
Cash
    Flows from Operating Activities:
Net
    (loss) income
$
(
712,278
)
292,231
d
$
(
420,047
)
Adjustments
    to reconcile net loss to net cash used in operating activities:
Interest
    earned on investments held in Trust Account
(
3,088,967
)
(
3,088,967
)
Changes
    in fair value of warrant liabilities
2,022,486
2,022,486
Reduction
    of deferred underwriter fees
(
328,474
)
(
328,474
)
Issuance
    of Forward Purchase Agreement
308,114
308,114
Change
    in fair value of Forward Purchase Agreement
325,091
325,091
Change
    in fair value of subscription liability
18,277
(
18,277
)
a
-
Interest
    expense - debt discount
302,469
(
273,954
)
b
28,515
Changes
    in operating assets and liabilities:
Prepaid
    assets
(
59,349
)
(
59,349
)
Due
    to related party
30,000
30,000
Accounts
    payable and accrued expenses
944,041
944,041
Net
    cash used in operating activities
(
238,590
)
(
238,590
)
Cash
    flows from Investing Activities:
Extension
    payment deposit in Trust
(
480,000
)
(
480,000
)
Cash
    withdrawn for redemptions
273,112,312
273,112,312
Net
    cash provided by investing activities
272,632,312
272,632,312
Cash
    flows from Financing Activities:
Proceeds
    from the subscription liability
480,000
480,000
Redemption
    from Trust Account for ordinary shares
(
273,112,312
)
(
273,112,312
)
Proceeds
    from note payable-related party
250,000
250,000
Net
    cash (used in) provided by financing activities
(
272,382,312
)
(
272,382,312
)
Net
    Change in Cash
11,410
11,410
Cash,
    Beginning of period
86,401
86,401
Cash,
    End of period
$
97,811
$
97,811
Non-Cash
    investing and financing activities:
Accretion
    of Class A ordinary shares subject to possible redemption
$
3,568,966
$
3,568,966
Issuance
    of subscription shares
$
—
$
256,635
F-
90
NOTE
3 — SIGNIFICANT ACCOUNTING POLICIES
Basis
of Presentation
The
accompanying consolidated financial statements are presented in conformity with accounting principles generally accepted in the United
States of America ("GAAP") and pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC").
Principles
of Consolidation
The
accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Merger Sub I and
Merger Sub II. There has been no intercompany activity since inception.
Emerging
Growth Company
The
Company is an "emerging growth company," as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart
Our Business Startups Act of 2012 (the "JOBS Act"), and it may take advantage of certain exemptions from various reporting
requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not
being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley
Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from
the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments
not previously approved.
Further,
Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial
accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective
or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting
standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements
that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of
such extended transition period which means that when a standard is issued or revised and it has different application dates for public
or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies
adopt the new or revised standard. This may make comparison of the Company's consolidated financial statements with another public
company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition
period difficult or impossible because of the potential differences in accounting standards used.
F-
91
Use
of Estimates
The
preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated
financial statements and the reported amounts of expenses during the reporting period.
Making
estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of
a condition, situation or set of circumstances that existed at the date of the consolidated financial statements, which management considered
in formulating its estimate, could change in the near term due to one or more future confirming events. One of the more significant accounting
estimates included in these consolidated financial statements is the determination of the fair value of the subscription and forward
purchase agreements and warrants liabilities. Such estimates may be subject to change as more current information becomes available and
accordingly, the actual results could differ significantly from those estimates.
Cash
and Cash Equivalents
The
Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.
The Company did not have any cash equivalents as of December 31, 2023 and 2022.
Investments
Held in Trust Account
At
December 31, 2023 and 2022, funds held in the Trust Account include $
35,555,976
and $
323,911,642
, respectively, of investments held in
a money market fund characterized as Level 1 investments within the fair value hierarchy under ASC 820 (as defined below). The Company
classifies its money market fund as trading securities in accordance with ASC 320 "Investments – Debt and Equity Securities."
Convertible
Promissory Note
The
Company accounts for its convertible promissory note under ASC 815, "Derivatives and Hedging" ("ASC 815"). Under
815-15-25, the election can be at the inception of a financial instrument to account for the instrument under the fair value option under
ASC 825, "Financial Instruments" ("ASC 825"). The Company has made such election for its convertible promissory
note. Using fair value option, the convertible promissory note is required to be recorded at its initial fair value on the date of issuance
and each balance sheet date thereafter. Differences between the face value of the note and fair value at issuance are recognized as either
an expense in the consolidated statements of operations (if issued at a premium) or as a capital contribution (if issued at a discount).
Changes in the estimated fair value of the notes are recognized as non-cash gains or losses in the consolidated statements of operations.
Concentration
of Credit Risk
Financial
instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution,
which, at times, may exceed the federal depository insurance coverage of $
250,000
. The Company has not experienced losses on these accounts
and management believes the Company is not exposed to significant risks on such accounts.
Class A
Ordinary Shares Subject to Possible Redemption
The
Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in FASB ASC Topic
480 "Distinguishing Liabilities from Equity." Class A ordinary shares subject to mandatory redemption (if any) are classified
as a liability instrument and are measured at fair value. Conditionally redeemable Class A ordinary shares (including Class A
ordinary shares that features redemption rights that are either within the control of the holder or subject to redemption upon the occurrence
of uncertain events not solely within the Company's control) are classified as temporary equity. At all other times, Class A
ordinary shares are classified as shareholders' equity. The Company's Class A ordinary shares features certain redemption
rights that are considered to be outside of the Company's control and subject to the occurrence of uncertain future events. Accordingly,
Class A ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders'
deficit section of the Company's consolidated balance sheets.
As
of December 31, 2023 and 2022, the ordinary shares subject to possible redemption reflected on the consolidated balance sheets are reconciled
in the following table:
Ordinary
    shares subject to possible redemption, December 31, 2021
$
319,216,340
Plus:
Accretion
    adjustment of carrying value to redemption value
4,695,302
Ordinary
    shares subject to possible redemption, December 31, 2022
$
323,911,642
Less:
Redemptions of ordinary shares
(
294,254,572
)
Plus:
Accretion
    adjustment of carrying value to redemption value
5,898,906
Ordinary
    shares subject to possible redemption, December 31, 2023
$
35,555,976
F-
92
Offering
Costs
The
Company complies with the requirements of ASC 340-10-S99-1 and SEC Staff Accounting Bulletin ("SAB") Topic 5A  — "Expenses
of Offering". Offering costs consist principally of professional and registration fees incurred through the balance sheet date
that are related to the Public Offering. Offering costs are charged to shareholders' deficit or the consolidated statements of
operations based on the relative value of the Warrants to the proceeds received from the Units sold upon the completion of the IPO.
Fair
Value of Financial Instruments
The
fair value of the Company's assets and liabilities, (excluding the promissory note and Warrants) which qualify as financial instruments
under the FASB ASC 820, "Fair Value Measurements and Disclosures," approximates the carrying amounts represented in
the consolidated balance sheets.
Warrant
Liabilities
The
Company accounts for the Warrants as either equity-classified or liability-classified instruments based on an assessment of
the specific terms of the Warrants and applicable authoritative guidance in FASB
ASC
480,
Distinguishing Liabilities from Equity ("
ASC 480
") and ASC 815,
Derivatives and Hedging ("
ASC 815
"). The assessment considers whether
the Warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480,
and meet all of the requirements for equity classification under ASC 815, including whether the Warrants are indexed to the Company's
own ordinary shares and whether the holders of the Warrants could potentially require "net cash settlement" in a circumstance
outside of the Company's control, among other conditions for equity classification. This assessment, which requires the use of
professional judgment, is conducted at the time of issuance of the Warrants and as of each subsequent quarterly period end date while
the Warrants are outstanding. For issued or modified warrants that meet all of the criteria for equity classification, such warrants
are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants
that do not meet all the criteria for equity classification, liability-classified warrants are required to be recorded at their
initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of such warrants
are recognized as a non-cash gain or loss on the consolidated statements of operations.
The
Company accounts for the Public and Private warrants in accordance with guidance contained in ASC 815-40. Such guidance provides that
because the warrants do not meet the criteria for equity treatment thereunder, each warrant must be recorded as a liability (See Note 6).
Forward
Purchase Agreement
The
Company evaluated the forward purchase agreement ("FPA") to determine if such instrument is a derivative or contain features
that qualify as embedded derivatives, pursuant to ASC 480 and FASB ASC Topic 815, "Derivatives and Hedging" ("ASC 815").
The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, will
be re-assessed at the end of each reporting period. The
2,500,000
forward purchase securities were recognized as a derivative liability
in accordance with ASC 815. Accordingly, the Company recognized the forward purchase securities as a liability at its fair value and
adjust the instrument to its fair value at each reporting period. The liability will be subject to re-measurement at each balance sheet
date until exercised. The fair value of the forward purchase securities is measured using a Probability Weighted Expected Return Model
that values the FPA based on future projections of various potential outcomes.
On
June 15, 2023, the Company received a termination notice (the "Notice") from Sakuu Corporation ("Sakuu"),
that terminated, effective June 14, 2023, the Business Combination Agreement, dated March 2, 2023, and in light of the termination
of the Business Combination Agreement, the FPA was also terminated.
Subscription
Agreements
The
Company analyzed its Subscription Agreements (as described in Note 6 and Note 9) under ASC 480 "Distinguishing Liabilities from
Equity" and ASC 815 "Derivatives and Hedging" and concluded that, (i) the Subscription Shares issuable under the Subscription
Agreements are not required to be accounted for as a liability under ASC 480 or ASC 815, and (ii) bifurcation of a single derivative
that comprises all of the fair value of the Subscription Share feature(s) (i.e., derivative instrument(s)) is not necessary under ASC
815-15-25-7 through 25-10. As a result, all debt proceeds received from Polar and Palmeira have been recorded using the relative fair
value method of accounting under ASC 470 "Debt". As of December 31, 2023, the Sponsor received an aggregate of $
2,359,975
under the Subscription Agreements of which $
1,960,944
was funded to the Company.
Pursuant
to ASC 470, the Company recorded the fair value of the subscription liability on the consolidated balance sheets using the relative fair
value method and the related amortization of the debt discount on its consolidated statements of operations. The initial fair value of
the subscription liability at issuance was estimated using a Black Scholes and Probability Weighted Expected Return Model.
F-
93
Fair
Value Measurements
FASB
ASC Topic 820 "Fair Value Measurements and Disclosures" ("ASC 820") defines fair value, the methods used to measure
fair value and the expanded disclosures about fair value measurements. Fair value is the price that would be received to sell an asset
or paid to transfer a liability in an orderly transaction between the buyer and the seller at the measurement date. In determining fair
value, the valuation techniques consistent with the market approach, income approach and cost approach shall be used to measure fair
value. ASC 820 establishes a fair value hierarchy for inputs, which represent the assumptions used by the buyer and seller in pricing
the asset or liability. These inputs are further defined as observable and unobservable inputs. Observable inputs are those that buyer
and seller would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable
inputs reflect the Company's assumptions about the inputs that the buyer and seller would use in pricing the asset or liability
developed based on the best information available in the circumstances.
The
fair value hierarchy is categorized into three levels based on the inputs as follows:
Level
    1 —
Valuations
    based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.
    Valuation adjustments and block discounts are not being applied. Since valuations are based on quoted prices that are readily and
    regularly available in an active market, valuation of these securities does not entail a significant degree of judgment.
Level
    2 —
Valuations based on (i) quoted
    prices in active markets for similar assets and liabilities, (ii) quoted prices in markets that are not active for identical
    or similar assets, (iii) inputs other than quoted prices for the assets or liabilities, or (iv) inputs that are derived
    principally from or corroborated by market through correlation or other means.
Level
    3 —
Valuations based on inputs
    that are unobservable and significant to the overall fair value measurement.
The
fair value of the Company's certain assets and liabilities, which qualify as financial instruments under ASC 820, "Fair Value
Measurements and Disclosures," approximates the carrying amounts represented in the consolidated balance sheets. The fair values
of cash and cash equivalents, prepaid assets, accounts payable and accrued expenses, and promissory note to related parties are estimated
to approximate the carrying values as of December 31, 2023 and 2022 due to the short maturities of such instruments. See Note 7
for additional information on assets and liabilities measured at fair value.
Income
Taxes
The
Company follows the asset and liability method of accounting for income taxes under FASB ASC 740, "Income Taxes." ASC Topic
740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions
taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be
sustained upon examination by taxing authorities. The Company's management determined that the Cayman Islands is the Company's
major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense.
As of December 31, 2023 and 2022, there were no unrecognized tax benefits and no amounts accrued for interest and penalties. The Company
is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its
position.
The
Company is considered to be an Cayman Islands exempted company with no connection to any other taxable jurisdiction and is presently
not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company's
tax provision was zero for the periods presented. The Company's management does not expect that the total amount of unrecognized
tax benefits will materially change over the next twelve months.
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Net
(Loss) Income per Ordinary Share
The
Company complies with accounting and disclosure requirements of ASC Topic 260, "Earnings Per Share." The Company has two
classes of shares, which are referred to as Class A ordinary shares and Class B ordinary shares. Earnings and losses are shared
pro rata between the two classes of shares. The potential
12,640,544
ordinary shares for outstanding warrants to purchase the Company's
shares were excluded from diluted earnings per share for the year ended December 31, 2023 and 2022 because the warrants are contingently
exercisable, and the contingencies have not yet been met. As a result, diluted net (loss) income per ordinary share is the same
as basic net (loss) income per ordinary share for the period.
The table below presents a reconciliation of the numerator and denominator
used to compute basic and diluted net (loss) income per share for each class of ordinary share:
For
    the Year Ended December 31, 2023
Class A
ordinary share
subject
to possible
redemption
Class A
Class B
NUMERATOR
Allocation
    of net (loss)
$
(
19,192
)
$
(
4,682
)
$
(
10,853
)
DENOMINATOR
Weighted Average Shares Outstanding including common stock subject to redemption
9,858,573
2,405,055
5,575,354
Basic and diluted net (loss) income per shares
$
(
0.00
)
$
(
0.00
)
$
(
0.00
)
For the Year Ended
December 31, 2022
Class A
ordinary share
subject
to possible
redemption
Class B
ordinary
share
Numerator
Allocation
    of net income
$
8,462,500
$
2,115,625
Denominator
Weighted average shares outstanding
31,921,634
7,980,409
Basic and diluted net income per share
$
0.27
$
0.27
Recent
Accounting Standards
In
December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which requires
disclosure of incremental income tax information within the rate reconciliation and expanded disclosures of income taxes paid, among
other disclosure requirements. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted.
The Company's management does not believe the adoption of ASU 2023-09 will have a material impact on its consolidated financial
statements and disclosures.
Management
does not believe that any recently issued, but not effective, accounting standards, if currently adopted, would have a material effect
on the Company's consolidated financial statements.
NOTE 4 —
INITIAL PUBLIC OFFERING
On
March 18, 2021, the Company sold
30,000,000
Units, at a purchase price of $
10.00
per Unit. Each Unit consists of
one
Class A
ordinary share, and one-fifth of
one
redeemable warrant. Each whole warrant entitles the holder thereof to purchase one Class A
ordinary share at a price of $
11.50
per share, subject to adjustment (see Note 6).
On
April 14, 2021, the Company sold an additional
1,921,634
Units at a purchase price of $
10.00
per Unit, each consisting of
one
Class A
ordinary share and one-fifth of
one
redeemable warrant.
All
of the
31,921,634
Class A ordinary share sold as part of the Units in the IPO contain a redemption feature which allows for the
redemption of such public shares in connection with the Company's liquidation, if there is a shareholder vote or tender offer in
connection with the Business Combination and in connection with certain amendments to the Company's certificate of incorporation.
In accordance with SEC and its staff's guidance on redeemable equity instruments, which has been codified in ASC 480-10-S99, redemption
provisions not solely within the control of the Company require ordinary share subject to redemption to be classified outside of permanent
equity.
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95
The
Class A ordinary share is subject to SEC and its staff's guidance on redeemable equity instruments, which has been codified
in ASC480-10-S99. If it is probable that the equity instrument will become redeemable, the Company has the option to either accrete changes
in the redemption value over the period from the date of issuance (or from the date that it becomes probable that the instrument will
become redeemable, if later) to the earliest redemption date of the instrument or to recognize changes in the redemption value immediately
as they occur and adjust the carrying amount of the instrument to equal the redemption value at the end of each reporting period. The
Company recognizes changes in redemption value immediately as they occur. Immediately upon the closing of the IPO, the Company recognized
the accretion from initial book value to redemption amount value. The change in the carrying value of redeemable ordinary share resulted
in charges against additional paid-in capital and accumulated deficit.
NOTE 5 —
PRIVATE PLACEMENTS
Simultaneously
with the closing of the IPO, the Sponsor purchased an aggregate of
6,000,000
Private Placement Warrants at a price of $
1.50
per Private
Placement Warrant, for an aggregate purchase price of $
9,000,000
, in a private placement. Simultaneously with the issuance and sale of
the Units on April 14, 2021, the Company consummated the private placement with the Sponsor for an aggregate of
256,218
warrants
to purchase Class A Ordinary Shares for $
1.50
per warrant generating total proceeds of $
384,327
. A portion of the proceeds from
the private placements were added to the proceeds from the IPO held in the Trust Account. If the Company does not complete a Business
Combination within the Combination Period, the proceeds from the sale of the Private Placement Warrants will be used to fund the redemption
of the Public Shares (subject to the requirements of applicable law) and the Private Placement Warrants will expire worthless.
The
Private Placement Warrants have terms and provisions that are identical to those of the warrants sold as part of the units in the IPO.
The Private Placement Warrants (including the Class A ordinary shares issuable upon exercise of the Private Placement Warrants)
will not be transferable, assignable or salable until 30 days after the completion of the initial Business Combination (except pursuant
to limited exceptions to the Company's officers and directors and other persons or entities affiliated with the initial purchasers
of the Private Placement Warrants) and they will not be redeemable by the Company so long as they are held by the Sponsor or its permitted
transferees. The Sponsor, or its permitted transferees, has the option to exercise the Private Placement Warrants on a cashless basis.
If
the Private Placement Warrants are held by holders other than the Sponsor or its permitted transferees, the Private Placement Warrants
will be redeemable by the Company in all redemption scenarios and exercisable by the holders on the same basis as the warrants included
in the units sold in the IPO.
NOTE 6 —
RELATED PARTY TRANSACTIONS
Founder
Shares
On
January 13, 2021, the Sponsor paid $
25,000
, or approximately $
0.003
per share, to cover certain offering costs in consideration
for
8,625,000
Class B ordinary shares, par value $
0.0001
per share (the "Founder Shares"). Up to
1,125,000
Founder Shares
were subject to forfeiture to the extent that the over-allotment option was not exercised in full by the underwriter. On April 14,
2021 the underwriter partially exercised its over-allotment option buying
1,921,634
Units thus reducing the total number of share
subject to forfeiture to
644,591
. On May 2, 2021 the underwriter's over-allotment option expired and
644,591
Founder Shares
were forfeited to the Company.
The
Sponsor and the Company's directors and executive officers have agreed not to transfer, assign or sell any of their Founder Shares
until earliest of (A)
one
year after the completion of the initial Business Combination and (B) subsequent to the initial
Business Combination, (x) if the closing price of our Class A ordinary shares equals or exceeds $
12.00
per share (as adjusted
for share splits, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading
day period commencing at least 150 days after the initial Business Combination, or (y) the date on which the Company completes
a liquidation, merger, share exchange, reorganization or other similar transaction that results in all of the Public Shareholders having
the right to exchange their ordinary shares for cash, securities or other property (the "Lock-up"). Any permitted transferees
would be subject to the same restrictions and other agreements of the Sponsor and the directors and executive officers with respect to
any Founder Shares.
Promissory
Note — Related Party
On
January 13, 2021, the Sponsor agreed to loan the Company up to $
300,000
to cover expenses related to the IPO pursuant to a promissory
note. This loan is non-interest bearing and payable on the earlier of November 30, 2021 or the completion of the IPO. As of December
31, 2023 and 2022, the Company has no borrowings under the Note. Borrowings under this note are no longer available.
On
March 16, 2023, Plum issued an unsecured promissory note in the total principal amount of up to $
250,000
(the "Promissory
Note") to Mr. Kanishka Roy, individually and as a member of Plum Partners LLC. Mr. Roy funded the initial principal
amount of $
250,000
on March 14, 2023. The Promissory Note does not bear interest and matures upon the consummation of Plum's
initial business combination with one or more businesses or entities. In the event Plum does not consummate a business combination, the
Promissory Note will be repaid upon Plum's liquidation only from amounts remaining outside of Plum's trust account,
if any. The Promissory Note is subject to customary events of default, the occurrence of which automatically trigger the unpaid
principal balance of the Promissory Note and all other sums payable with regard to the Promissory Note becoming immediately
due and payable. As of December 31, 2023 and 2022, the Company has $
250,000
and $
0
borrowings under the Note.
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96
Working
Capital Loans
In
addition, in order to finance transaction costs in connection with an intended Business Combination, the Sponsor or an affiliate of the
Sponsor, or certain of the Company's officers and directors, and third parties have committed to loan the Company funds as may
be required ("Working Capital Loans"). If the Company completes a Business Combination, the Company will repay the Working
Capital Loans out of the proceeds of the Trust Account released to it. In the event that a Business Combination does not close, the Company
may use a portion of the working capital held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the
Trust Account would be used to repay the Working Capital Loans. Up to $
1,500,000
of the Working Capital Loans may be convertible into
Private Placement Warrants of the post Business Combination entity at a price of $
1.50
per warrant at the option of the lender. Such
warrants would be identical to the Private Placement Warrants. Except as set forth above, the terms of such Working Capital Loans, if
any, have not been determined and no written agreements exist with respect to such loans. Prior to the completion of the initial Business
Combination, the Company does not expect to seek loans from parties other than the Sponsor its affiliates or any members of the Company's
management team as the Company does not believe third parties will be willing to loan such funds and provide a waiver against any and
all rights to seek access to funds in the Company's Trust Account.
On
January 31, 2022, the Company issued an unsecured promissory note (the "Note") in the principal amount of $
500,000
to
Mike Dinsdale (the "Payee"). The Note does not bear interest and is repayable in full upon consummation of the Company's
initial Business Combination. The Company may draw on the Note from time to time, in increments of not less than $
50,000
, until
the earlier of March 18, 2023 or the date on which the Company consummates a Business Combination. If the Company does not complete
a Business Combination, the Note shall not be repaid and all amounts owed under it will be forgiven. Upon the consummation of a
Business Combination, the Payee shall have the option, but not the obligation, to convert the principal balance of the Note, in whole
or in part, into private placement warrants (as defined in that certain Warrant Agreement, dated March 18, 2021, by and between
the Company and Continental Stock Transfer & Trust Company), at a price of $
1.50
per private placement warrant. The Note is
subject to customary events of default, the occurrence of which automatically trigger the unpaid principal balance of the Note and
all other sums payable with regard to the Note becoming immediately due and payable.
On
July 11, 2022, the Company issued an unsecured promissory note (the "Second Note") in the principal amount of $
500,000
to Ursula Burns (the "Second Payee"). The Note does not bear interest and is repayable in full upon consummation of
the Company's initial Business Combination. Up to fifty percent (
50
%) of the principal of the Note may be drawn down
from time to time at the Company's option prior to August 25, 2022 and any or all of the remaining undrawn principal of the
Note may be drawn down from time to time at the Company's option after August 25, 2022, in each case in increments of
not less than $
50,000
. If the Company does not complete a Business Combination, the Second Note shall not be repaid and all amounts
owed under it will be forgiven. Upon the consummation of a Business Combination, the Second Payee shall have the option, but not the
obligation, to convert the principal balance of the Second Note, in whole or in part, into private placement warrants, at a price of
$
1.50
per private placement warrant. The Second Note is subject to customary events of default, the occurrence of which automatically
trigger the unpaid principal balance of the Second Note and all other sums payable with regard to the Second Note becoming
immediately due and payable.
The
Note and Second Note are reported at cost in the consolidated financial statements as the fair value adjustment associated
with the conversion is deemed to be immaterial.
In
connection with the Subscription Agreements (as described below), the Company issued unsecured promissory notes ("Convertible Promissory
Notes"), dated as of March 17, 2023, July 25, 2023, October 18, 2023, and November 12, 2023, in the principal amount of up to $
1,500,000
,
$
1,090,000
, $
340,000
, and $
800,000
, respectively, to Sponsor, which may be drawn down by the Company from time to time prior to the consummation
of the Company's Business Combination. The Convertible Promissory Notes do not bear interest, matures on the date of consummation
of the Business Combination and is subject to customary events of default. The Convertible Promissory Notes will be repaid only to the
extent that the Company has funds available to it outside of its trust account established in connection with its initial public offering
and is convertible into private placement warrants of the Company at a price of $
1.50
per warrant at the option of the Sponsor. The warrants
would be identical to the Private Placement Warrants. The Company has evaluated the accounting treatment of the convertible notes under
ASC 815. The Company has determined that the conversion feature would be the only consideration to be provided to Sponsor if Sponsor
exercises the conversion feature. As of December 31, 2023, the fair value of the conversion feature embedded in the Convertible Promissory
Note has been determined to have de minis value.
Subscription
Agreements
On
March 16, 2023, the Sponsor entered into a Subscription Agreement with Investor, pursuant to which Investor agreed to pay the
Sponsor an aggregate of $
480,000
to fund the Company's working capital requirements during the Articles Extension and the Sponsor
agreed to assign to Investor, effective as of the Closing Date or the earlier termination of the Business Combination Agreement in accordance
with its terms or otherwise, an aggregate of
360,000
Founder Shares. Investor paid $
480,000
to the Sponsor on March 17, 2023
(see Note 9 for further details).
Subsequently,
on May 23, 2023, Investor agreed to pay the Sponsor an aggregate of $
270,000
to fund the Company's working capital requirements
during the Articles Extension and the Sponsor agreed to assign to Investor, effective as of the Closing Date or the earlier termination
of the Business Combination Agreement in accordance with its terms or otherwise, an aggregate of
202,500
Founder Shares. Investor paid
$
270,000
to the Sponsor on May 23, 2023.
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97
On
July 14, 2023, the Company entered into an amended and restated subscription agreement ("A&R Subscription Agreement")
with Investor and Sponsor, which amends and restates the subscription agreement entered into by the Parties on March 16, 2023. The purpose
of the A&R Subscription Agreement remains for the Sponsor to raise up to $
1,500,000
from the Investor to fund the Articles Extension
and to provide working capital to the Company during the Articles Extension. Investor paid $
160,000
to the Sponsor on July 14, 2023.
On
July 25, 2023, the Company entered into a second subscription agreement ("Second Subscription Agreement") with the Investor
and Sponsor, the purpose of which is for the Sponsor to raise up to $
1,090,000
from the Investor to fund the Extension and to provide
working capital to the Company during the Extension. In consideration of the funds, Sponsor will transfer 1 share of a Class A ordinary
share for each dollar the Investor funds (the "Subscription Shares") to the Investor at the closing of the Business Combination.
Investor paid $
750,000
to the Sponsor on July 25, 2023.
On
October 18, 2023, the parties to the A&R Subscription Agreement entered into Amendment No. 1 to the A&R Subscription Agreement,
in which the parties amended the consideration of a Capital Call made pursuant to the A&R Subscription Agreement to the following:
(a)
431,735
shares of Class A Common Stock of the SPAC (the "Initial Shares") free and clear of any liens or other encumbrances,
other than pursuant to the Letter Agreement and the Investor shall not be subject to forfeiture, surrender, claw-back, transfers, disposals,
exchanges, or earn-outs for any reason on the Initial Shares; (b)
71,956
shares of Class A Common Stock of the SPAC that must be held
by the Investor until the VWAP of the Class A Common Stock equals or exceeds $
12.50
for any 20 trading days within any 30 days trading
period within 10 years from the consummation of the De-SPAC (the "$
12.50
Shares"); and (c)
71,956
shares of Class A Common
Stock of the SPAC that must be held by the Investor until the VWAP of the Class A Common Stock equals or exceeds $
15.00
for any 20 trading
days within any 30 days trading period within 10 years from the consummation of the De-SPAC (the "$
15
Shares" and together
with the Initial Shares and the $
12.50
Shares, the "Subscription Shares").
On
October 18, 2023, the parties to the Second Subscription Agreement entered into Amendment No. 1 to the Second Subscription Agreement,
in which the parties (a) limited the total amount of the Investor's Capital Commitment that may be called subject to the Second
Subscription Agreement to $
750,000
and (b) amended the consideration of a Capital Call made pursuant to the Second Subscription Agreement
to the following: (a)
448,169
shares of Class A Common Stock of the SPAC (the "Initial Shares") free and clear of any liens
or other encumbrances, other than pursuant to the Letter Agreement and the Investor shall not be subject to forfeiture, surrender, claw-back,
transfers, disposals, exchanges, or earn-outs for any reason on the Initial Shares; (b)
74,695
shares of Class A Common Stock of the
SPAC that must be held by the Investor until the VWAP of the Class A Common Stock equals or exceeds $
12.50
for any 20 trading days within
any 30 days trading period within 10 years from the consummation of the De-SPAC (the "$
12.50
Shares"); and (c)
74,695
shares
of Class A Common Stock of the SPAC that must be held by the Investor until the VWAP of the Class A Common Stock equals or exceeds $
15.00
for any 20 trading days within any 30 days trading period within 10 years from the consummation of the De-SPAC (the "$
15
Shares"
and together with the Initial Shares and the $
12.50
Shares, the "Subscription Shares").
On
November 16, 2023, the Company entered into a subscription agreement ("Fourth Subscription Agreement") with Palmeira Investment
Limited ("Palmeira") and Sponsor and, together with the Company and Palmeira, the "Parties", the purpose of which
is for the Sponsor to raise up to $
800,000
from Palmeira to fund the Extension and to provide working capital to the Company during the
Extension ("Investor's Capital Commitment"). Palmeira paid $
249,975
and $
250,000
to the Sponsor on November 21, 2023
and November 27, 2023, respectively. The Sponsor agreed to assign to Palmeira, effective as of the Closing Date or the earlier termination
of the Business Combination Agreement in accordance with its terms or otherwise, an aggregate of
281,236
Founder Shares
As
of December 31, 2023, Polar and Palmeira (collectively the "Investors") have paid the Sponsor an aggregate of $
2,359,975
to fund the Company's working capital requirements during the Articles Extension and the Sponsor agreed to assign to Investors,
effective as of the Closing Date or the earlier termination of the Business Combination Agreement in accordance with its terms or otherwise,
an aggregate of
1,341,140
Founder Shares.
Administrative
Support Agreement
The
Company will pay the Sponsor or an affiliate of the Sponsor $
10,000
per month for office space, secretarial and administrative
services provided to members of the management team. Upon completion of the initial Business Combination or its liquidation, the Company
will cease paying these monthly fees. In addition, the Company reimburses the Sponsor for the reasonable costs of salaries and other
services provided to the Company by the employees, consultants and or members of the Sponsor or its affiliates. For the year ended December
31, 2023, the Company incurred $
120,000
, in fees for office space, secretarial and administrative services, of which such amounts are
included in the due to related party in the accompanying consolidated balance sheets. For the year ended December 31, 2023, the
Company incurred $
215,094
, in fees for reimbursement of costs of salaries, respectively. For the year ended December 31, 2022,
the Company incurred $
120,000
, in fees for office space, secretarial and administrative services, of which such amounts are included
in the due to related party in the accompanying balance sheets and incurred $
549,198
for reimbursement of costs of salaries and
other services.
NOTE 7 —
WARRANTS
The
Public Warrants will become exercisable at $
11.50
per share, subject to adjustment, at any time commencing
30
days after the completion
of the initial Business Combination; provided that the Company has an effective registration statement under the Securities Act covering
the Class A ordinary shares issuable upon exercise of the warrants and a current prospectus relating to them is available (or the
Company permits holders to exercise their warrants on a cashless basis under the circumstances specified in the warrant agreement) and
such shares are registered, qualified or exempt from registration under the securities, or blue sky, laws of the state of residence of
the holder. The warrants will expire
five
years after the completion of a Business Combination or earlier upon redemption or liquidation.
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98
The
Company has agreed that as soon as practicable, but in no event later than twenty business days after the closing of the initial
Business Combination, it will use commercially reasonable efforts to file with the SEC a registration statement for the registration,
under the Securities Act, of the Class A ordinary shares issuable upon exercise of the warrants, and the Company will use its commercially
reasonable efforts to cause the same to become effective within 60 business days after the closing of the initial Business Combination,
and to maintain the effectiveness of such registration statement and a current prospectus relating to those Class A ordinary shares
until the warrants expire or are redeemed, as specified in the warrant agreement, provided that if the Class A ordinary shares are
at the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition of a "covered
security" under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of public warrants
who exercise their warrants to do so on a "cashless basis" in accordance with Section 3(a)(9) of the Securities
Act and, in the event the Company so elects, it will not be required to file or maintain in effect a registration statement, but the
Company will use its commercially reasonably efforts to register or qualify the shares under applicable blue sky laws to the extent an
exemption is not available. If a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants
is not effective by the 60
th
day after the closing of the initial Business Combination, warrant holders may, until such time
as there is an effective registration statement and during any period when the Company will have failed to maintain an effective registration
statement, exercise warrants on a "cashless basis" in accordance with Section 3(a)(9) of the Securities Act or
another Exemption, but the Company will use its commercially reasonably efforts to register or qualify the shares under applicable blue
sky laws to the extent an exemption is not available. In such event, each holder would pay the exercise price by surrendering the warrants
for that number of Class A ordinary shares equal to the lesser of (A) the quotient obtained by dividing (x) the product
of the number of Class A ordinary shares underlying the warrants, multiplied by the excess of the "fair market value"
(as defined below) less the exercise price of the warrants by (y) the fair market value and (B)
0.361
. The "fair market
value" as used in this paragraph shall mean the volume weighted average price of the Class A ordinary shares for the 10 trading days
ending on the trading day prior to the date on which the notice of exercise is received by the warrant agent.
In
no event will the Company be required to net cash settle any warrant. In the event that a registration statement is not effective for
the exercised warrants, the purchaser of a unit containing such warrant will have paid the full purchase price for the unit solely for
the Class A ordinary share underlying such unit.
Redemption
of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $
18.00
Once
the warrants become exercisable, the Company may redeem the outstanding warrants (except with respect to the Private Placement Warrants):
●
in whole and not in part;
●
at a price of $
0.01
per warrant;
●
upon not less than
30
days' prior written notice of redemption to each warrant holder; and
●
if, and only if, the last reported sale price of the Class A ordinary shares equals or exceeds $
18.00
per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant) for any
20
trading days within a
30
-trading day period ending three trading days before the Company sends the notice of redemption to the warrant holders.
Redemption
of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $
10.00
Once
the warrants become exercisable, the Company may redeem the outstanding warrants:
●
in whole and not in part;
●
at $
0.10
per warrant upon a minimum of
30 days
' prior written notice of redemption provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares, based on the redemption date and the "fair market value" of our Class A ordinary shares (as defined above);
●
if, and only if, the closing price of the Class A ordinary shares equals or exceeds $
10.00
per public share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant) for any 20 trading days within the 30-trading day period ending three trading days before the Company sends the notice of redemption to the warrant holders; and
●
if the closing price of the Class A ordinary shares for any
20
trading days within a
30
-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders is less than $
18.00
per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise price of a warrant), the Private Placement Warrants must also be concurrently called for redemption on the same terms as the outstanding public warrants, as described above.
In
addition, if (x) the Company issues additional Class A ordinary shares or equity-linked securities for capital raising purposes
in connection with the closing of the initial Business Combination at an issue price or effective issue price of less than $
9.20
per
ordinary share (with such issue price or effective issue price to be determined in good faith by the Company's board of directors
and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor
or such affiliates, as applicable, prior to such issuance) (the "Newly Issued Price"), (y) the aggregate gross proceeds
from such issuances represent more than
60
% of the total equity proceeds, and interest thereon, available for the funding of the initial
Business Combination on the date of the consummation of the initial Business Combination (net of redemptions), and (z) the volume
weighted average trading price of our Class A ordinary shares during the 20 trading day period starting on the trading day prior
to the day on which the Company consummates its initial Business Combination (such price, the "Market Value") is below $
9.20
per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to
115
% of the higher of the Market
Value and the Newly Issued Price, the $
18.00
per share redemption trigger price described above will be adjusted (to the nearest cent)
to be equal to
180
% of the higher of the Market Value and the Newly Issued Price, and the $
10.00
per share redemption trigger price described
above will be adjusted (to the nearest cent) to be equal to the higher of the Market Value and the Newly Issued Price.
F-
99
NOTE 8 —
                                            RECURRING FAIR VALUE MEASUREMENTS
Investments
Held in Trust Account
As
of December 31, 2023 and 2022, the investments in the Company's Trust Account consisted of approximately $
35.6
million and
$
323.9
million in U.S. Money Market funds, respectively. The Company considers all investments with original maturities of more
than
three
months but less than one year to be short-term investments.
Fair
values of the Company's investments are classified as Level 1 utilizing quoted prices (unadjusted) in active markets for identical
assets.
Recurring
Fair Value Measurements
The
Company's permitted investments consist of U.S. Money Market funds. Fair values of these investments are determined by Level 1
inputs utilizing quoted prices (unadjusted) in active markets for identical assets. The Company's initial value of the warrant
liability was based on a valuation model utilizing management judgment and pricing inputs from observable and unobservable markets with
less volume and transaction frequency than active markets and classified as level 3. The subsequent measurement of the Public Warrants
is classified as Level 1 due to the use of an observable market price of these warrants. The subsequent measurement of the Private
Warrants is classified as Level 2 because these warrants are economically equivalent to the Public warrants, based on the terms
of the Private Warrant agreement, and as such their value is principally derived by the value of the Public Warrants. Significant deviations
from these estimates and inputs could result in a material change in fair value. For the year ended December 31, 2023, there were no
transfers amongst level 1, 2, and 3 values during the period. At December 31, 2021, the Company reclassified the Public Warrants
and Private Warrants from Level 3 to Level 1 and Level 2, respectively.
The
FPA liability is measured at fair value using a probability weighted expected return model based on future projections of various potential
outcomes. The FPA liability is considered to be a Level 3 financial instrument. On June 15, 2023, the Company received a termination
notice from Sakuu, that terminated, effective June 14, 2023, the Business Combination Agreement, dated March 2, 2023. In light
of the termination of the Business Combination Agreement, the FPA was also terminated. As of December 31, 2023 and 2022 there was no
FPA liability outstanding.
The
conversion feature of the Convertible Promissory Notes, in connection with the Subscription Purchase Agreement, is measured at fair value
using a Monte Carlo model that fair values the compound option. The fair value of the conversion feature of the Convertible Promissory
Notes was $
0
as of December 31, 2023.
The
following table presents fair value information as of December 31, 2023 and 2022, of the Company's financial assets and liabilities
that were accounted for at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques the Company
utilized to determine such fair value.
December
    31, 2023
Total
Level 1
Level 2
Level 3
Assets
Investments
    held in Trust Account—U.S. Money Market
$
35,555,976
$
35,555,976
$
—
$
—
Liabilities
Public
    warrant liability
829,962
829,962
—
—
Private
    warrant liability
813,308
—
813,308
—
Sponsor loan conversion
    option
—
—
—
—
Total
$
1,643,270
$
829,962
$
813,308
$
—
December
    31, 2022
Total
Level 1
Level 2
Level 3
Assets
Investments
    held in Trust Account—U.S. Money Market
$
323,911,642
$
323,911,642
$
—
$
—
Liabilities
Public
    warrant liability
191,529
191,529
—
—
Private
    warrant liability
187,687
—
187,687
—
Total
$
379,216
$
191,529
$
187,687
$
—
If
and when the warrants become redeemable by the Company, the Company may exercise its redemption right even if it is unable to register
or qualify the underlying securities for sale under all applicable state securities laws.
Forward
Purchase Agreement Liability
The
estimated fair value of the FPA liability on March 1, 2023 (initial measurement) is determined using Level 3 inputs. The expected
term was based on management assumptions regarding the timing and likelihood of completing a business combination. The FPA liability
is discounted to net present values using risk free rates. Discount rates were based on current risk-free rates based on the estimated
term.
On
June 15, 2023, the Company received a termination notice from Sakuu, that terminated, effective June 14, 2023, the Business
Combination Agreement, dated March 2, 2023. In light of the termination of the Business Combination Agreement, the FPA was also
terminated. As of December 31, 2023 and 2022 there was no FPA liability outstanding.
The
following table presents the changes in the fair value of the forward purchase agreement ("FPA") liability:
FPA
Fair value as of January 1, 2023
$
—
Issuance of
    FPA liability
308,114
Change
    in fair value
(
308,114
)
Fair value as of December 31, 2023
$
—
The changes in the
fair value of the forward purchase agreement liability for the year ended December 31, 2023, is $
308,114
.
F-
100
NOTE 9 —
COMMITMENTS AND CONTINGENCIES
Registration
Rights
The
holders of the Founder Shares, Private Placement Warrants and any warrants that may be issued upon conversion of Working Capital Loans
(and any Class A ordinary shares issuable upon the exercise of the Private Placement Warrants and warrants that may be issued upon
conversion of Working Capital Loans) will be entitled to registration rights pursuant to a registration and shareholder rights agreement
to be signed prior to or on the effective date of the IPO. The holders of these securities are entitled to make up to three demands,
excluding short form demands, that the Company registers such securities. In addition, the holders have certain "piggy-back"
registration rights with respect to registration statements filed subsequent to the Company's completion of its initial Business
Combination. However, the registration and shareholder rights agreement provide that the Company will not permit any registration statement
filed under the Securities Act to become effective until termination of the applicable Lock-up period, which occurs (i) in the case
of the Founder Shares, as described in Note 5, and (ii) in the case of the Private Placement Warrants and the respective Class A
ordinary shares underlying such warrants,
30
days after the completion of the initial Business Combination. The Company will bear
the expenses incurred in connection with the filing of any such registration statements.
Underwriting
Agreement
The
Company granted the underwriter a
45
-day option from March 18, 2021 to purchase up to an additional
4,500,000
Units to
cover over-allotments, if any, at the IPO price less the underwriting discounts and commissions. The underwriter partially exercised
the over-allotment option and, on April 14, 2021, the underwriter purchased
1,921,634
Units.
On
March 18, 2021, the Company paid the underwriter's fee of $
6,000,000
upon the closing of the IPO. Upon partial exercise
of the over-allotment option, the Company paid $
384,327
to the underwriter.
In
addition, the Underwriting Agreement provides $
11,172,572
to be payable to the underwriter for deferred underwriting commissions.
However, the underwriter, Goldman Sachs, waived any entitlement it has to such commissions under the Underwriting Agreement.
Waiver
of Deferred Underwriting Discount
On
January 16, 2023, Goldman Sachs, the underwriter of the Company's IPO, waived any entitlement it had to its deferred underwriting
discount in the amount of $
11,172,572
.
In doing so, Goldman Sachs did not forfeit or waive any claim or right it otherwise has under the Underwriting Agreement dated March 15,
2021.
Service
Provider Agreements
From
time to time the Company has entered into and may enter into agreements with various services providers and advisors, including investment
banks, to help us identify targets, negotiate terms of potential Business Combinations, consummate a Business Combination and/or provide
other services. In connection with these agreements, the Company may be required to pay such service providers and advisors fees in connection
with their services to the extent that certain conditions, including the closing of a potential Business Combination, are met. If a Business
Combination does not occur, the Company would not expect to be required to pay these contingent fees. There can be no assurance that
the Company will complete a Business Combination.
Business
Combination Agreement
On
March 2, 2023, the Company entered into a Business Combination Agreement by and among the Company, Sakuu Corporation, a Delaware
corporation (the "Sakuu"), Merger Sub I, and Merger Sub II. The Business Combination Agreement with Sakuu was terminated
on June 14, 2023.
On
November 27, 2023, the Company, Plum SPAC Merger Sub, Inc., a Delaware corporation and wholly-owned subsidiary of Plum ("Merger
Sub"), and Veea Inc., a Delaware corporation ("Veea"), entered into a Business Combination Agreement (the "Business
Combination Agreement").
Founded
in 2014, Veea offers edge-to-cloud computing with its VeeaHub smart computing hub products that can replace or complement Wi-Fi Access
Points (APs), IoT gateways, routers, basic firewalls, network attached storage, and other types of hubs and appliances at user premises.
Subscription
Agreement
As
disclosed in the definitive proxy statement filed by the Company on February 24, 2023 (the "Proxy Statement"), relating
to the extraordinary general meeting of shareholders (the "Shareholder Meeting"), the Sponsor agreed that if the Extension
Amendment Proposal (as defined below) is approved, it or one or more of its affiliates, members or third-party designees (the "Lender")
will deposit into the Trust Account the lesser of (A) $
480,000
or (B) $
0.12
for each Class A ordinary share, par value
$
0.0001
per share (each a "Public Share") remaining after the holders of the Company's Public Shares elected to redeem
all or a portion of their Public Shares (the "Redemption"), in exchange for a non-interest bearing, unsecured promissory
note issued by the Company to the Lender.
In
addition, in the event that the Company has not consummated an initial business combination by the Articles Extension Date (defined below),
without approval of the Company's public shareholders, the Company may, by resolution of the Board, if requested by the Sponsor,
and upon five days' advance notice prior to the applicable Termination Date (as defined below), extend the Termination Date
up to nine times, each by one additional month (for a total of up to nine additional months to complete a Business Combination),
provided that the Lender will deposit into the Trust Account for each such monthly extension, the lesser of (A) $
160,000
or
(B) $
0.04
for each Public Share remaining after the Redemption, in exchange for a non-interest bearing, unsecured promissory
note issued by Plum to the Lender.
F-
101
Accordingly,
on March 16, 2023, the Company entered into a subscription agreement ("Subscription Agreement") with Polar Multi-Strategy
Master Fund (the "Investor") and the Sponsor (collectively, the "Parties"), the purpose of which is for the Sponsor
to raise up to $
1,500,000
from the Investor to fund the Articles Extension (defined below) and to provide working capital to the Company
during the Articles Extension ("Investor's Capital Commitment"). As such, subject to, and in accordance with the terms
and conditions of the Subscription Agreement, the Parties agreed,
(a)
from time to time, the Company will request funds from the Sponsor for working capital purposes or for the Sponsor to fund an extension payment pursuant to the Company's Amended and Restated Memorandum and Articles of Association (each a "Drawdown Request"). The Sponsor, upon on at least five (5) calendar days' prior written notice ("Capital Notice"), may require a drawdown against the Investor's Capital Commitment under a Drawdown Request (each a "Capital Call");
(b)
in consideration of the Capital Calls, Sponsor will transfer
0.75 of a Class A ordinary share for each dollar
the Investor funds pursuant to the Capital Call(s) (the "Subscription Shares") to the Investor at the closing of the Business Combination (the "Business Combination Closing"). The Subscription Shares shall be subject to the Lock-Up Period as defined in section 5 of the Sponsor Letter Agreement dated March 2, 2023 (the "Letter Agreement"). The Subscription Shares shall not be subject to any additional transfer restrictions or any additional lock-up provisions, earn outs, or other contingencies and shall promptly be registered pursuant to the first registration statement filed by the Company or the surviving entity in relation to the Business Combination;
(c)
each member of the Sponsor has the right to contribute any amount requested under each Drawdown Request ("Sponsor Capital Contribution"), provided that such Sponsor Capital Contributions will be made on terms no more favorable than the Investor's Capital Commitment. In addition, the Company and Sponsor maintain the ability to enter into other agreements with each other or with other parties which shall provide for funding of the Company (through the issuance of equity, entry into promissory notes, or otherwise) outside of Drawdown Requests, provided that the terms of any such agreement between the Company or Sponsor with each other or any party or parties will be no more favorable than the terms under this Agreement;
(d)
any amounts funded by the Sponsor to the Company under a Drawdown Request shall not accrue interest and shall be promptly repaid by the Company to the Sponsor upon the Business Combination Closing. Following receipt of such sums from the Company, and in any event within 5 business days of the Business Combination Closing, the Sponsor or Company shall pay to the Investor, an amount equal to all Capital Calls funded under the Subscription Agreement (the "Business Combination Payment"). The Investor may elect at the Business Combination Closing to receive such Business Combination Payment in cash or Class A ordinary shares at a rate of
1 Class A ordinary share for each $10 of the Capital Calls
funded under the Subscription Agreement. If the Company liquidates without consummating the Business Combination, any amounts remaining in the Sponsor or Company's cash accounts, not including monies held in Trust Account, will be paid to the Investor within five (5) days of the liquidation; and
(e)
on the Business Combination Closing, the Sponsor will pay the Investor an amount equal to the reasonable attorney fees incurred by the Investor in connection with the Subscription Agreement not to exceed $
5,000
.
On
July 14, 2023, the Company entered into an amended and restated subscription agreement ("A&R Subscription Agreement")
with Investor and Sponsor, which amends and restates the subscription agreement entered into by the Parties on March 16, 2023. The
purpose of the A&R Subscription Agreement remains for the Sponsor to raise up to $
1,500,000
from the Investor to fund the Articles
Extension (defined below) and to provide working capital to the Company during the Articles Extension ("Investor's Capital
Commitment"). As such, subject to, and in accordance with the terms and conditions of the A&R Subscription Agreement, the Parties
agreed,
(a)
from time to time, the Company will request funds from the Sponsor for working capital purposes or for the Sponsor to fund an extension payment pursuant to the Company's Amended and Restated Memorandum and Articles of Association (each a "Drawdown Request"). The Sponsor, upon on at least five (5) calendar days' prior written notice ("Capital Notice"), may require a drawdown against the Investor's Capital Commitment under a Drawdown Request (each a "Capital Call");
(b)
in consideration of the Capital Calls, Sponsor will transfer (i)
0.75 shares of Class A ordinary share for each dollar
the Investor funds pursuant to the Capital Call(s) in respect of the initial contribution, and (ii) 1 share of Class A ordinary share for each dollar the Investor funds pursuant to the Capital Call(s) in respect of the second contribution (together, the "Subscription Shares") to the Investor at the closing of the Business Combination (the "Business Combination Closing"). The Subscription Shares shall be subject to the Lock-Up Period as defined in section 5 of the Sponsor Letter Agreement dated March 2, 2023 (the "Letter Agreement"). The Subscription Shares shall not be subject to any additional transfer restrictions or any additional lock-up provisions, earn outs, or other contingencies and shall promptly be registered pursuant to the first registration statement filed by the Company or the surviving entity in relation to the Business Combination;
F-
102
(c)
each member of the Sponsor has the right to contribute any amount requested under each Drawdown Request ("Sponsor Capital Contribution"), provided that such Sponsor Capital Contributions will be made on terms no more favorable than the Investor's Capital Commitment. In addition, the Company and Sponsor maintain the ability to enter into other agreements with each other or with other parties which shall provide for funding of the Company (through the issuance of equity, entry into promissory notes, or otherwise) outside of Drawdown Requests, provided that the terms of any such agreement between the Company or Sponsor with each other or any party or parties will be no more favorable than the terms under this Agreement;
(d)
any amounts funded by the Sponsor to the Company under a Drawdown Request shall not accrue interest and shall be promptly repaid by the Company to the Sponsor upon the Business Combination Closing. Following receipt of such sums from the Company, and in any event within 5 business days of the Business Combination Closing, the Sponsor or Company shall pay to the Investor, an amount equal to all Capital Calls funded under the A&R Subscription Agreement (the "Business Combination Payment"). The Investor may elect at the Business Combination Closing to receive such Business Combination Payment in cash or Class A ordinary shares at a rate of
1 Class A ordinary share for each $10 of the Capital Calls
funded under the A&R Subscription Agreement. If the Company liquidates without consummating the Business Combination, any amounts remaining in the Sponsor or Company's cash accounts, not including the Company's Trust Account, will be paid to the Investor within five (5) days of the liquidation;
(e)
on the Business Combination Closing, the Sponsor will pay the Investor an amount equal to the reasonable attorney fees incurred by the Investor in connection with the A&R Subscription Agreement not to exceed $
5,000
; and
(f)
an amount that is up to $
160,000
(being the total and final amount that the Sponsor can call as the second contribution) may be requested by the Sponsor in one or more Capital Notices before July 31, 2023.
On
July 25, 2023, the Company entered into a subscription agreement ("Second Subscription Agreement") with Investor and
Sponsor, the purpose of which is for the Sponsor to raise up to $
1,090,000
from the Investor to fund the Extension (defined below) and
to provide working capital to the Company during the Extension ("Investor's Capital Commitment"). As such, subject
to, and in accordance with the terms and conditions of the Second Subscription Agreement, the Parties agreed,
(a)
from time to time, the Company will request funds from the Sponsor for working capital purposes or for the Sponsor to fund an extension payment pursuant to the Company's Amended and Restated Memorandum and Articles of Association (each a "Drawdown Request"). The Sponsor, upon on at least five (5) calendar days' prior written notice ("Capital Notice"), may require a drawdown against the Investor's Capital Commitment under a Drawdown Request (each a "Capital Call"). An amount of up to $
750,000
of the Investor's Capital Commitment was deemed the subject of a Capital Call concurrently with the execution of the Second Subscription Agreement, and an amount that is up to the balance of the Investor's Capital Commitment may be called upon the filing of a registration statement by the SPAC or the surviving entity in relation to the business combination.
(b)
in consideration of the
    Capital Calls, Sponsor will transfer 1 share of Class A ordinary share for each dollar the Investor funds pursuant to the Capital
    Call(s) in respect of the second contribution (together, the "Subscription Shares") to the Investor at the closing
    of the Business Combination (the "Business Combination Closing"). The Subscription Shares shall be subject to the Lock-Up
    Period as defined in section 5 of the Sponsor Letter Agreement dated March 2, 2023 (the "Letter Agreement"). The
    Subscription Shares shall not be subject to any additional transfer restrictions or any additional lock-up provisions, earn outs,
    or other contingencies and shall promptly be registered pursuant to the first registration statement filed by the Company or the
    surviving entity in relation to the Business Combination;
(c)
each member of the Sponsor
    has the right to contribute any amount requested under each Drawdown Request ("Sponsor Capital Contribution"), provided
    that such Sponsor Capital Contributions will be made on terms no more favorable than the Investor's Capital Commitment. In
    addition, the Company and Sponsor maintain the ability to enter into other agreements with each other or with other parties which
    shall provide for funding of the Company (through the issuance of equity, entry into promissory notes, or otherwise) outside of Drawdown
    Requests, provided that the terms of any such agreement between the Company or Sponsor with each other or any party or parties will
    be no more favorable than the terms under the Second Subscription Agreement;
(d)
any amounts funded by the Sponsor to the Company under a Drawdown Request shall not accrue interest and shall be promptly repaid by the Company to the Sponsor upon the Business Combination Closing. Following receipt of such sums from the Company, and in any event within 5 business days of the Business Combination Closing, the Sponsor or Company shall pay to the Investor, an amount equal to all Capital Calls funded under the Second Subscription Agreement (the "Business Combination Payment"). The Investor may elect at the Business Combination Closing to receive such Business Combination Payment in cash or Class A ordinary shares at a rate of
1 Class A ordinary share for each $10 of the Capital Calls
funded under the Second Subscription Agreement. If the Company liquidates without consummating the Business Combination, any amounts remaining in the Sponsor or Company's cash accounts, not including the Company's Trust Account, will be paid to the Investor within five (5) days of the liquidation; and
(e)
on the Business Combination Closing, the Sponsor will pay the Investor an amount equal to the reasonable attorney fees incurred by the Investor in connection with the Second Subscription Agreement not to exceed $
5,000
.
F-
103
In
connection with the Second Subscription Agreement, the Company issued an unsecured promissory note, dated as of July 25, 2023, in
the principal amount of up to $
1,090,000
to Sponsor, which may be drawn down by the Company from time to time prior to the consummation
of the Company's Business Combination. As noted, an initial draw in the amount of $
750,000
occurred on July 25, 2023. The
note does not bear interest, matures on the date of consummation of the Business Combination and is subject to customary events of default.
The note will be repaid only to the extent that the Company has funds available to it outside of its trust account established in connection
with its initial public offering and is convertible into private placement warrants of the Company at a price of $
1.50
per warrant at
the option of the Sponsor.
On
October 18, 2023, the parties to the A&R Subscription Agreement entered into Amendment No. 1 to the A&R Subscription Agreement,
in which the parties amended the consideration of a Capital Call made pursuant to the A&R Subscription Agreement to the following:
(a)
431,735
shares of Class A Common Stock of the SPAC (the "Initial Shares") free and clear of any liens or other encumbrances,
other than pursuant to the Letter Agreement and the Investor shall not be subject to forfeiture, surrender, claw-back, transfers, disposals,
exchanges, or earn-outs for any reason on the Initial Shares; (b)
71,956
shares of Class A Common Stock of the SPAC that must be held
by the Investor until the VWAP of the Class A Common Stock equals or exceeds $
12.50
for any 20 trading days within any 30 days trading
period within 10 years from the consummation of the De-SPAC (the "$
12.50
Shares"); and (c)
71,956
shares of Class A Common
Stock of the SPAC that must be held by the Investor until the VWAP of the Class A Common Stock equals or exceeds $
15.00
for any 20 trading
days within any 30 days trading period within 10 years from the consummation of the De-SPAC (the "$
15
Shares" and together
with the Initial Shares and the $
12.50
Shares, the "Subscription Shares").
On
October 18, 2023, the parties to the Second Subscription Agreement entered into Amendment No. 1 to the Second Subscription Agreement,
in which the parties (a) limited the total amount of the Investor's Capital Commitment that may be called subject to the Second
Subscription Agreement to $
750,000
and (b) amended the consideration of a Capital Call made pursuant to the Second Subscription Agreement
to the following: (a)
448,169
shares of Class A Common Stock of the SPAC (the "Initial Shares") free and clear of any liens
or other encumbrances, other than pursuant to the Letter Agreement and the Investor shall not be subject to forfeiture, surrender, claw-back,
transfers, disposals, exchanges, or earn-outs for any reason on the Initial Shares; (b)
74,695
shares of Class A Common Stock of the
SPAC that must be held by the Investor until the VWAP of the Class A Common Stock equals or exceeds $
12.50
for any 20 trading days within
any 30 days trading period within 10 years from the consummation of the De-SPAC (the "$
12.50
Shares"); and (c)
74,695
shares
of Class A Common Stock of the SPAC that must be held by the Investor until the VWAP of the Class A Common Stock equals or exceeds $
15.00
for any 20 trading days within any 30 days trading period within 10 years from the consummation of the De-SPAC (the "$
15
Shares"
and together with the Initial Shares and the $
12.50
Shares, the "Subscription Shares").
On
November 16, 2023, the Company entered into a subscription agreement ("Fourth Subscription Agreement") with Palmeira Investment
Limited ("Palmeira") and Sponsor and, together with the Company and Palmeira, the "Parties", the purpose of which
is for the Sponsor to raise up to $
800,000
from Palmeira to fund the Extension and to provide working capital to the Company during the
Extension ("Investor's Capital Commitment"). Palmeira paid $
249,975
and $
250,000
to the Sponsor on November 21, 2023,
and November 27, 2023, respectively. The Sponsor agreed to assign to Palmeira, effective as of the Closing Date or the earlier termination
of the Business Combination Agreement in accordance with its terms or otherwise, an aggregate of
281,236
Founder Shares
As
of December 31, 2023, Polar and Palmeira (collectively the "Investors") have paid the Sponsor an aggregate of $
2,359,975
to fund the Company's working capital requirements during the Articles Extension and the Sponsor agreed to assign to Investors,
effective as of the Closing Date or the earlier termination of the Business Combination Agreement in accordance with its terms or otherwise,
an aggregate of
1,341,140
Founder Shares.
Forward
Purchase Agreement
Prior
to the execution of the Business Combination Agreement, the Company and Polar entered into a letter agreement dated March 1, 2023
(the "Forward Purchase Agreement"), pursuant to which Polar will purchase (either in the open market, or from the Company)
up to
2,500,000
shares of (i) prior to the Closing, Class A common stock of the Company and (ii) after the Closing (such
shares, the "FPA Shares"). Seller may not beneficially own greater than
9.9
% of the FPA Shares on a pro forma basis.
Seller
has agreed to waive any redemption rights with respect to any FPA Shares and separate shares in connection with the Business Combination.
The
Forward Purchase Agreement provides that at Closing, the Company will pay to Polar, out of funds held in Trust Account, an amount equal
to the sum of (x) the Public Shares (as defined in the Forward Purchase Agreement) multiplied by the Redemption Price (as defined
in the Amended and Restated Certificate of Incorporation), and (y) the proceeds of the Private Shares (as defined in the Forward
Purchase Agreement) purchased by Polar (collectively, such amount, the "Prepayment Amount"), to Polar.
At
the maturity of the Forward Purchase Agreement, which will be one year from the Closing unless accelerated or deferred (but up to
two years) by Seller, the Company will repurchase the Public and Private Shares then held by Seller for a price equal to the Redemption
Price plus $
0.60
(which amount will be increased by another $
0.60
per year for each year by which the maturity is deferred
by Seller), The Prepayment Amount will be credited against this repurchase price. Prior to maturity, if Seller sells these shares for
over $
10.00
per share, it will repay $
10.00
per share to Plum.
On
June 15, 2023, the Company received a termination notice from Sakuu, that terminated, effective June 14, 2023, the Business
Combination Agreement, dated March 2, 2023. In light of the termination of the Business Combination Agreement, the FPA was also
terminated.
Release
Agreement
On
October 31, 2022, the Company entered into a termination agreement with a potential party to a business combination ("Target"),
pursuant to which the Company and Target agreed to release each other from any obligations and claims related to a certain Amended and
Restated Non-Binding Term Sheet, dated as of June 22, 2022 ("Term Sheet"), and related Term Sheet Extension Letter Agreements,
dated July 18, 2022, July 22, 2022, August 1, 2022, and August 8, 2022.
F-
104
NOTE 10 —
SHAREHOLDERS' DEFICIT
Preference
Shares
— The Company is authorized to issue
1,000,000
preference shares at par value of $
0.0001
, with such designations,
voting and other rights and preferences as may be determined from time to time by the Company's board of directors. At December
31, 2023 and 2022, there were
no
preference shares issued or outstanding.
Class A
Ordinary Shares
— The Company is authorized to issue a total of
500,000,000
Class A Ordinary Shares at par value of
$
0.0001
per share. At December 31, 2023 and 2022, there were
7,980,409
and
no
Class A Ordinary Shares outstanding excluding
3,255,593
and
31,921,634
shares of Class A Ordinary Shares subject to possible redemption, respectively.
Class B
Ordinary Shares
— The Company is authorized to issue a total of
50,000,000
Class B Ordinary Shares at par value of
$
0.0001
per share. Holders are entitled to
one
vote for each Class B Ordinary Share. With the underwriter's over-allotment
option expiring in May 2021 partially unexercised, the initial shareholders forfeited
644,591
to the Company for
no
consideration
so that the initial shareholders would collectively own
20
% of the Company's issued and outstanding ordinary shares after the IPO.
In connection with the vote to approve the Second Extension Amendment Proposal, the Sponsor, as the sole holder of Class B Ordinary Shares,
voluntarily elected to convert all Class B Ordinary Shares to Class A Ordinary Shares on a one-for-one basis in accordance with the Memorandum
and Articles of Association. As of December 31, 2023 and 2022, there were
0
and
7,980,409
shares of Class B Ordinary Shares issued
and outstanding, respectively.
Holders
of the Class A ordinary shares and holders of the Class B ordinary shares will vote together as a single class on all matters
submitted to a vote of the Company's shareholders, except as required by law.
Unless specified in the Company's amended and
restated memorandum and articles of association, or as required by applicable provisions of the Companies Act or applicable stock exchange
rules, the affirmative vote of a majority of the Company's ordinary shares that are voted is required to approve any such matter
voted on by its shareholders.
The
Class B ordinary shares will automatically convert into Class A ordinary shares (which such Class A ordinary shares delivered
upon conversion will not have redemption rights or be entitled to liquidating distributions from the Trust Account if the Company does
not consummate an initial Business Combination) at the time of the initial Business Combination or earlier at the option of the holders
thereof at a ratio such that the number of Class A ordinary shares issuable upon conversion of all Founder Shares will equal, in
the aggregate, on an as-converted basis,
20
% of the sum of (i) the total number of ordinary shares issued and outstanding upon completion
of the IPO, plus (ii) the total number of Class A ordinary shares issued or deemed issued or issuable upon conversion or exercise
of any equity-linked securities or rights issued or deemed issued, by the Company in connection with or in relation to the consummation
of the initial Business Combination, excluding any Class A ordinary shares or equity-linked securities exercisable for or convertible
into Class A ordinary shares issued, deemed issued, or to be issued, to any seller in the initial Business Combination and any Private
Placement Warrants issued to the Sponsor, its affiliates or any member of the Company's management team upon conversion of Working
Capital Loans. In no event will the Class B ordinary shares convert into Class A ordinary shares at a rate of less than
one-to-one
.
NOTE 11 —
QUARTERLY FINANCIAL INFORMATION (UNAUDITED)
As
further described in Note 2, the previously reported financial information for the quarters ended March 31, 2023, June 30, 2023, and
September 30, 2023, have been restated. As part of the restatement, the Company recorded adjustments to correct the uncorrected misstatements
in the impacted periods. The unaudited interim financial statements reflect all adjustments which are, in the opinion of management,
necessary for a fair statement of the results for the interim periods presented.
The
following tables summarize the Company's unaudited quarterly financial information for the impacted periods.
Incorporated
herein is expanded disclosure of the restatements of the quarterly information for the three months ended March 30, 2023, three and six-months
ended June 30, 2023, and three and nine-months ended September 30, 2023.
F-
105
PLUM
ACQUISITION CORP. I
CONDENSED
CONSOLIDATED BALANCE SHEETS
AS
    RESTATED
3/31/2023
6/30/2023
9/30/2023
Assets
Cash
    and cash equivalents
97,811
20,880
92,722
Prepaid
    expense
102,980
52,885
27,550
Total
    current assets
200,791
73,765
120,272
Investments
    held in Trust Account
54,368,297
55,154,617
35,096,667
Total
    Assets
54,569,088
55,228,382
35,216,939
Liabilities,
    Redeemable Ordinary Shares and Stockholders' Deficit
Accounts
    payable and accounts payable
3,584,797
3,853,954
3,976,694
Due
    to related party
265,000
331,826
258,966
Convertible
    promissory note -related party
1,000,000
1,000,000
1,000,000
Promissory
    Note - related party
250,000
250,000
250,000
Subscription
    liability, net of debt discount
251,880
467,274
1,060,112
Forward
    Purchase Agreement liability
633,205
-
-
Total
    current liabilities
5,984,882
5,903,054
6,545,772
Warrant
    liability
2,401,703
423,458
758,433
Total
    liabilities
8,386,585
6,326,512
7,304,205
Commitments
    and Contingencies
Class A Common Stock subject to possible redemption,
5,228,218
,
5,228,218
and
3,255,593
shares at $
10.40
, $
10.55
and $
10.78
redemption value as of March 31, 2023, June 30, 2023 and September 30, 2023, respectively
54,368,296
55,154,617
35,096,667
Stockholders'
    Deficit:
Preferred stock, $
0.0001
par value;
1,000,000
shares authorized;
none
issued and outstanding
-
-
-
Class A ordinary shares, $
0.0001
par value;
500,000,000
shares authorized;
0
,
0
and
799
shares issued and outstanding (excluding 5,228,218, 5,228,218 and 3,255,593 shares subject to possible redemption) as of March 31, 2023, June 30, 2023 and September 30, 2023, respectively.
-
-
799
Class B ordinary shares, $
0.0001
par value;
50,000,000
shares authorized;
7,980,409
,
7,980,409
and
0
shares issued and outstanding as of March 31, 2023, June 30, 2023 and September 30, 2023.
799
799
-
Additional
    paid-in capital
7,531,767
6,912,413
6,319,277
Accumulated
    deficit
(
15,718,359
)
(
13,165,959
)
(
13,504,009
)
Total
    stockholders' deficit
(
8,185,793
)
(
6,252,747
)
(
7,183,933
)
Total
    Liabilities, Redeemable Ordinary Shares and Stockholders' Deficit
54,569,088
55,228,382
35,216,939
F-
106
PLUM
ACQUISITION CORP. I
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
AS
    RESTATED
For
    the three months ended
March 31, 2023
For
    the three months ended
June 30,
2023
For
    the six months ended
June 30,
2023
For
    the three months ended
September 30,
2023
For
    the nine months ended
September 30,
2023
Formation
    and operating costs
$
1,153,282
$
578,954
$
1,732,236
$
353,372
$
2,085,609
Loss
    from operations
(
1,153,282
)
(
578,954
)
(
1,732,236
)
(
353,372
)
(
2,085,609
)
Other
    (expense) income:
Change
    in fair value of warrants liabilities
(
2,022,486
)
1,978,245
(
44,241
)
(
334,975
)
(
379,216
)
Change
    in fair value of Forward Purchase Agreement
(
325,091
)
633,205
308,114
-
308,114
Issuance
    of Forward Purchase Agreement
(
308,114
)
-
(
308,114
)
-
(
308,114
)
Reduction
    of deferred underwriter fee payable
328,474
-
328,474
-
328,474
Interest
    Expense – Debt Discount
(
28,515
)
(
106,416
)
(
134,931
)
(
279,013
)
(
413,944
)
Interest
    income – trust account
3,088,967
626,320
3,715,287
629,310
4,344,597
Total
    other (expense) income, net
733,235
3,131,354
3,864,589
15,322
3,879,911
Net
    (loss) income
$
(
420,047
)
$
2,552,400
$
2,132,353
$
(
338,050
)
$
1,794,302
Weighted
    average shares outstanding, Class A ordinary shares subject to possible redemption
26,286,357
13,208,627
15,699,116
4,970,919
12,083,753
Basic and diluted net income per ordinary share, Class A ordinary shares subject to possible redemption
$
(
0.01
)
$
0.12
$
0.09
$
(
0.03
)
$
0.09
Weighted
    average shares outstanding, Class A ordinary shares subject to possible redemption
-
-
-
1,474,641
526,181
Basic and diluted net income per ordinary share, Class A ordinary shares
-
-
-
$
(
0.03
)
$
0.09
Weighted
    average shares outstanding, Class B ordinary shares
7,980,409
7,980,409
7,980,409
6,505,768
7,454,228
Basic and diluted net income per ordinary share, Class B ordinary shares
$
(
0.01
)
$
0.12
$
0.09
$
(
0.03
)
$
0.09
F-
107
PLUM
ACQUISITION CORP. I
CONDENSED
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' DEFICIT
Class
    A ordinary shares
Class
    B ordinary shares
Additional
Paid-in
Accumulated
Shareholders'
Shares
Amount
Shares
Amount
Capital
Deficit
Deficit
Balance
    as of December 31, 2022
-
$
-
7,980,409
$
799
$
-
$
(
15,298,312
)
$
(
15,297,513
)
Reduction
    of deferred underwriter fees
10,844,098
10,844,098
Accretion
    of Class A ordinary shares to redemption value
(
3,568,966
)
-
(
3,568,966
)
Issuance
    of subscription shares
256,635
256,635
Net
    loss
(
420,047
)
(
420,047
)
Balance
    as of March 31, 2023 (As Restated)
-
$
-
7,980,409
$
799
$
7,531,767
$
(
15,718,359
)
$
(
8,185,793
)
Accretion
    of Class A ordinary shares to redemption value
(
786,320
)
-
(
786,320
)
Issuance
    of subscription shares
166,966
166,966
Net
    Income
2,552,400
2,552,400
Balance
    as of June 30, 2023 (As Restated)
-
$
-
7,980,409
$
799
$
6,912,413
$
(
13,165,959
)
$
(
6,252,747
)
Conversion
    of class B shares to Class A shares
7,980,409
799
(
7,980,409
)
(
799
)
-
Accretion
    of Class A ordinary shares to redemption value
(
1,084,311
)
-
(
1,084,311
)
Issuance
    of subscription shares
491,175
491,175
Net
    loss
(
338,050
)
(
338,050
)
Balance
    as of September 30, 2023 (As Restated)
7,980,409
$
799
-
$
-
$
6,319,277
$
(
13,504,009
)
$
(
7,183,933
)
F-
108
PLUM
ACQUISITION CORP. I
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
AS
    RESTATED
For
    the three
months ended
March 31,
2023
For
    the six months ended
June 30,
2023
For
    the nine
months ended
September 30,
2023
Cash flows from Operating
    Activities:
Net
    (loss) income
$
(
420,048
)
$
2,132,353
$
1,794,302
Adjustments to reconcile
    net loss to net cash used in operating activities:
Interest earned on cash
    held in Trust Account
(
3,088,966
)
(
3,715,287
)
(
4,344,597
)
Reduction of deferred underwriter
    fees
(
328,474
)
(
328,474
)
(
328,474
)
Changes in fair value of
    warrant liabilities
2,022,486
44,241
379,216
Issuance of FPA
308,114
308,114
308,114
Change in fair value of
    FPA
325,091
(
308,114
)
(
308,114
)
Interest expense - debt
    discount
28,515
134,931
413,944
Prepaid assets
(
59,349
)
(
9,254
)
16,081
Due to related party
30,000
96,826
23,966
Accounts
    payable and accrued expenses
944,041
1,213,199
1,335,939
Net
    cash used in operating activities
(
238,590
)
(
431,465
)
(
709,623
)
Cash
    flows from Investing Activities:
Extension payment deposit
    in Trust
(
480,000
)
(
640,000
)
(
1,095,000
)
Cash
    withdrawn for redemptions
273,112,312
273,112,312
294,254,572
Net
    cash used in investing activities
272,632,312
272,472,312
293,159,572
Cash
    flows from Financing Activities:
Redemption of ordinary shares
(
273,112,312
)
(
273,112,312
)
(
294,254,572
)
Proceeds from note payable-related
    party
250,000
250,000
250,000
Proceeds
    from subscription liability
480,000
755,944
1,560,944
Net
    cash provided by financing activities
(
272,382,312
)
(
272,106,368
)
(
292,443,628
)
Net Change in Cash
11,410
(
65,521
)
6,321
Cash,
    Beginning of period
86,401
86,401
86,401
Cash,
    End of period
$
97,811
$
20,880
$
92,722
Non-Cash
    investing and financing activities:
Accretion
    of Class A ordinary shares subject to possible redemption
$
3,568,966
$
4,355,287
$
5,439,596
Issuance of Subscription
    Shares
$
256,635
$
423,601
$
914,776
F-
109
NOTE 12 —
SUBSEQUENT EVENTS
The
Company evaluated subsequent events and transactions that occurred after the balance sheet date through the date that the consolidated
financial statements were issued. Based upon this review, the Company did not identify any subsequent events that would have required
adjustment or disclosure in the consolidated financial statements.
On
January 13, 2024, Rigrodsky Law P.A. sent a demand letter to the Company, purportedly on behalf of a stockholder of the Company, alleging
deficiencies in the draft registration statement on Form S-4 filed by the Company, with the U.S. Securities and Exchange Commission on
January 5, 2024.
On
January 31, 2024, the Company received a notice from the Listing Qualifications Department of The Nasdaq Stock Market ("Nasdaq")
stating that the Company failed to hold an annual meeting of shareholders within twelve months of the end of its fiscal year ended December
31, 2022, as required by Nasdaq Listing Rule 5620(a). In accordance with Nasdaq Listing Rule 5810(c)(2)(G), the Company has 45 calendar
days (or until March 16, 2024) to submit a plan to regain compliance and, if Nasdaq accepts the plan, Nasdaq may grant the Company up
to 180 calendar days from its fiscal year end (or until June 28, 2024) to regain compliance. The Company intends to submit a compliance
plan within the specified period. While the plan is pending, the Company's securities will continue to trade on Nasdaq.
On
February 10, 2024, the Audit Committee of the Company concluded, after discussion with the Company's management and accounting
professionals, that the Company's previously-issued unaudited interim financial statements included in the Company's Quarterly
Report on Form 10-Q for the periods ended March 31, 2023, June 30, 2023, and September 30, 2023, filed with the SEC on May 23, 2023,
August 21, 2023, and November 22, 2023, respectively (each an "Affected Period" and, collectively, the "Affected Periods"),
should be restated and no longer be relied upon due to misstatements in (i) debt discount subscription liability, additional paid-in
capital and accumulated deficit in the Company's condensed balance sheet as of March 31, 2023, June 30, 2023, and September 30,
2023, and (ii) change in fair value of subscription liability and interest expense – debt discount on the Company's condensed
statements of operations for the three months ended March 31, 2023, three and six months ended June 30, 2023, and three and nine months
ended September 30, 2023.
F-
110
Part
II
INFORMATION NOT REQUIRED IN PROSPECTUS
Item
13. Other Expenses of Issuance and Distribution.
The
following table indicates the expenses to be incurred in connection with the offering described in this registration statement, other
than underwriting discounts and commissions.
Amount
Securities and Exchange Commission registration fee
$
13,191.70
Accountants' fees and expenses
*
Legal fees and expenses
*
Miscellaneous
*
Total expenses
$
*
*
These
                                            fees are calculated based on the securities offered and the number of issuances and accordingly
                                            cannot be defined at this time.
Item
14. Indemnification of Directors and Officers.
Section
145 of the DGCL provides, generally, that a corporation shall have the power to indemnify any person who was or is a party or is threatened
to be made a party to any threatened, pending or completed action, suit or proceeding (except actions by or in the right of the corporation)
by reason of the fact that such person is or was a director, officer, employee or agent of the corporation against all expenses, judgments,
fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such action, suit or proceeding
if such person acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests of the
corporation and, with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful.
A corporation may similarly indemnify such person for expenses actually and reasonably incurred by such person in connection with the
defense or settlement of any action or suit by or in the right of the corporation,
provided
that such person acted in good faith
and in a manner he or she reasonably believed to be in or not opposed to the best interests of the corporation, and, in the case of claims,
issues and matters as to which such person shall have been adjudged liable to the corporation,
provided
that a court shall have
determined, upon application, that, despite the adjudication of liability but in view of all of the circumstances of the case, such person
is fairly and reasonably entitled to indemnity for such expenses which such court shall deem proper.
Section
102(b)(7) of the DGCL provides, generally, that the Company's Charter may contain a provision eliminating or limiting the personal
liability of a director or officer to the corporation or its shareholders for monetary damages for breach of fiduciary duty as a director
or officer,
provided
that such provision may not eliminate or limit the liability of (i) a director or officer for any breach
of the director's or officer's duty of loyalty to the corporation or its shareholders, (ii) a director or officer for acts
or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (iii) a director under section
174 of the DGCL or (iv) a director or officer for any transaction from which the director or officer derived an improper personal benefit.
No such provision may eliminate or limit the liability of a director or officer for any act or omission occurring prior to the date when
such provision became effective.
The
Company's Charter provides that the Company will indemnify each person who was or is a party or threatened to be made a party to
any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than
an action by or in the right of the registrant), by reason of the fact that he or she is or was, or has agreed to become, the Company's
director or officer, or is or was serving, or has agreed to serve, at the Company's request as a director, officer, partner, employee
or trustee of, or in a similar capacity with, another corporation, partnership, joint venture, trust or other enterprise (all such persons
being referred to as an Indemnitee), or by reason of any action alleged to have been taken or omitted in such capacity, against all expenses
(including attorneys' fees), liabilities, losses, judgments, fines (including excise taxes and penalties arising under the Employee
Retirement Income Security Act of 1974), and amounts paid in settlement actually and reasonably incurred in connection with such action,
suit or proceeding and any appeal therefrom if such Indemnitee acted in good faith and in a manner he or she reasonably believed to be
in, or not opposed to, the Company's best interests, and, with respect to any criminal action or proceeding, he or she had no reasonable
cause to believe his or her conduct was unlawful.
II-
1
The
Company's Charter also provides that the Company will indemnify any Indemnitee who was or is a party to an action or suit by or
in the right of the registrant to procure a judgment in the Company's favor by reason of the fact that the Indemnitee is or was,
or has agreed to become, the Company's director or officer, or is or was serving, or has agreed to serve, at the registrant's
request as a director, officer, partner, employee or trustee of, or in a similar capacity with, another corporation, partnership, joint
venture, trust or other enterprise, or by reason of any action alleged to have been taken or omitted in such capacity, against all expenses
(including attorneys' fees) and, to the extent permitted by law, amounts paid in settlement actually and reasonably incurred in
connection with such action, suit or proceeding, and any appeal therefrom, if the Indemnitee acted in good faith and in a manner he or
she reasonably believed to be in, or not opposed to, the registrant's best interests, except that no indemnification shall be made
with respect to any claim, issue or matter as to which such person shall have been adjudged to be liable to the Company, unless the Court
of Chancery or the court in which such action or suit was brought, determines that, despite such adjudication but in view of all of the
circumstances, he or she is entitled to indemnification of such expenses. Notwithstanding the foregoing, to the extent that any Indemnitee
has been successful, on the merits or otherwise, he or she will be indemnified by the Company against all expenses (including attorneys'
fees) actually and reasonably incurred by him or her or on his or her behalf in connection therewith. If the Company does not assume
the defense, expenses must be advanced to an Indemnitee under certain circumstances.
In
addition, the Company has entered into indemnification agreements with all of the Company's executive officers and directors. In
general, these agreements provide that the registrant will indemnify the executive officer or director to the fullest extent permitted
by law for claims arising in his or her capacity as an executive officer or director of the Company or in connection with his or her
service at the Company request for another corporation or entity. The indemnification agreements also provide for procedures that will
apply in the event that an executive officer or director makes a claim for indemnification and establish certain presumptions that are
favorable to the executive officer or director.
The
Company maintains a general liability insurance policy that covers certain liabilities of the Company's directors and officers
arising out of claims based on acts or omissions in their capacities as directors or officers.
Item
15. Recent Sales of Unregistered Securities.
Set
forth below is information regarding shares of capital stock issued by us within the past three years. Also included is the consideration
received by us for such shares and information relating to the section of the Securities Act, or rule of the Securities and Exchange
Commission, under which exemption from registration was claimed.
Convertible
Note Financing
On
and around September 12, 2024, Plum and Private Veea, along with NLabs Inc., a significant shareholder of Private Veea, entered into
note purchase agreements with certain accredited investors unaffiliated with Plum and Private Veea for the sale of unsecured subordinated
convertible promissory notes as part of a private placement offering of up to $15 million in purchase price for such Notes in the aggregate.
The sale of the Notes occurred simultaneously with the Closing. In addition to a Note, each Investor received as a transfer from NLabs
immediately prior to the Financing Closing a number of shares of Veea Series A-1 Preferred Stock that upon the Closing became become
a number of registered shares of Common Stock equal to such Investors' Loan Amount divided by $7.50.
II-
2
Veea
and VeeaSystems Inc. are co-borrowers under each Note and are jointly responsible for the obligations to each Investor thereunder. Each
Note has a maturity date of 18 months after the Closing, but is prepayable in whole or in part by the Borrowers at any time without penalty.
The outstanding obligations under each Note accrues interest at a rate equal to the Secured Overnight Financing Rate plus 2% per annum,
adjusted quarterly, but interest is only payable upon the maturity date of the Note as long as there is no event of default thereunder.
Each Note is unsecured and expressly subordinated to any senior debt of the Borrowers. The Notes and the Note Purchase Agreements do
not include any operational or financial covenants for the Borrowers. Each 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 Borrower insolvency
events, in each case, with customary cure periods, and upon an event of default, the Investor may accelerate all obligations under its
Note and the Borrowers will be required to pay for the Investor's reasonable out-of-pocket collection costs.
The
outstanding obligations under each Note are convertible in whole or in part into shares of Common Stock at a conversion price of $7.50
per share (subject to equitable adjustment for stock splits, stock dividends and the like with respect to Common Stock after the Financing
Closing) at any time after the Financing Closing at the sole election of the Investor. The outstanding obligations under each Note will
automatically convert at the Conversion Price if (i) the Company or its subsidiaries consummate one or more additional financings for
equity or equity-linked securities for at least $20 million in the aggregate or makes one or more significant acquisitions valued in
the aggregate (based on the consideration provided by the Company and its subsidiaries) to be at least $20 million, (ii) the Investors
holding a majority of the aggregate outstanding obligations under the Notes expressly agree to convert all obligations under the Notes
or (iii) the Common Stock trades with an average daily VWAP of at least $10.00 (subject to equitable adjustment for stock splits, stock
dividends and the like with respect to Common Stock after the Financing Closing) for ten (10) consecutive trading days. The obligations
under each Note will also automatically convert in connection with a Brokerage Transfer, as described below.
The
Notes and the Conversion Shares are subject to a lock-up for a period of 6 months after the Financing Closing (subject to early release
for a liquidation, merger, share exchange or other similar transaction that results in all of the Company's stockholders having
the right to exchange their equity holdings in the Company for cash, securities or other property, and subject to customary permitted
transfer exceptions). The Transferred Shares are not subject to any lock-up restrictions, but for a period of 6 months after the Closing
they will be separately designated by SPAC's transfer agent and kept as book entry shares on the transfer agent's records
and will not be eligible to be held by DTC without the Investor first notifying the Company of its intent to transfer any such Transferred
Shares to a brokerage account and/or to be held by DTC or another nominee. If the Investor provides such notice or otherwise has any
Transferred Shares subject to a Brokerage Transfer within 6 months after the Closing, a portion of the outstanding obligations under
such Investor's Note will automatically convert into a number of Conversion Shares equal to the number of Transferred Shares subject
to such Brokerage Transfer, and the lock-up period for such Conversion Shares will be extended for an additional 6 months to 12 months
after the Financing Closing.
The
Note Purchase Agreements include customary registration rights providing that as soon as practicable after the Closing, the Company will
file with the SEC a registration statement to register the resale of the Conversion Shares, and will use its commercially reasonable
efforts to have it declared effective within 90 days after the Closing.
The
Company issued the Notes pursuant to the exemption from the registration requirements of the Securities Act available under Section 4(a)(2).
Shares
Issued to Vendors
In
connection with the consummation of the Business Combination, the Company issued 66,667 shares of Common Stock to a certain vendor and
175,000 shares of Common Stock to another vendor, in satisfaction of certain obligations owed to such vendors.
II-
3
Item
16. Exhibits and Financial Statement Schedules.
Exhibit
Incorporated
    by Reference
Number
Description
Form
Exhibit
Filing
    Date
2.1+
Business
    Combination Agreement, dated November 27, 2023, between Plum Acquisition Corp. I, Veea Inc. and Plum SPAC Merger Sub, Inc.
8-K
2.1
December
    1, 2023
3.1
Amended
    and Restated Certificate of Incorporation
8-K
3.1
September
    24, 2024
3.2
Amended
    and Restated Bylaws
8-K
3.2
September
    24, 2024
4.1**
Convertible
    Promissory Note, dated September 12, 2024
5.1
*
Opinion of Ellenoff Grossman & Schole LLP
10.1
Amendment
    No. 2 to Business Combination Agreement, dated September 11, 2024, by and among Plum Acquisition Corp. I, Plum SPAC Merger Sub, Inc.,
    and Veea Inc.
8-K
10.1
September
    12, 2024
10.2
Amendment
    to Promissory Note, dated September 11, 2024, by and between Plum Acquisition Corp. I and Mr. Michael Dinsdale.
8-K
10.2
September
    12, 2024
10.3
Amendment
    to Promissory Note, dated September 11, 2024, by and between Plum Acquisition Corp. I and Ms. Ursula Burns.
8-K
10.3
September
    12, 2024
10.4
Amendment
    to Promissory Note, dated September 11, 2024, by and between Plum Acquisition Corp. I and Mr. Kanishka Roy.
8-K
10.4
September
    12, 2024
10.5
Amendment
    to Promissory Note, dated September 11, 2024, by and between Plum Acquisition Corp. I and Plum Partners LLC.
8-K
10.5
September
    12, 2024
10.6
Sponsor
    Letter Agreement, dated November 27, 2023, between Plum Acquisition Corp. I, Plum Partners LLC, and Veea Inc.
S-4/A
10.1
May
    13, 2024
10.7
Form
    of Stockholder Support Agreement, dated November 27, 2023, between Plum Acquisition Corp. I, Veea Inc., and the other parties thereto
S-4/A
10.4
May
    13, 2024
10.8+
Closing
    Agreement, dated September 13, 2024, between Plum Acquisition Corp. I, Veea Inc. and Plum SPAC Merger Sub, Inc.
8-K
10.8
September
    24, 2024
10.9
Amended
    and Restated Registration Rights Agreement, dated September 13, 2024, between Plum Acquisition Corp. I, Veea Inc., Plum Partners
    LLC and certain stockholders of Veea Inc.
8-K
10.9
September
    24, 2024
10.10
Form
    of Lock-Up Agreement, dated September 13, 2024, between Veea Inc. and certain stockholders
8-K
10.10
September
    24, 2024
10.11
Form
    of Note Conversion Agreement, dated September 13, 2024, between Plum Acquisition Corp. I, Veea Inc. and certain note holders
8-K
10.11
September
    24, 2024
10.12
Amendment
    to Polar Lock-Up Agreement, dated September 13, 2024, between Plum Acquisition Corp. I and Polar Multi-Strategy Fund
8-K
10.12
September
    24, 2024
10.13
Amendment
    to Cohen Lock-Up Agreement, dated September 13, 2024, between Plum Acquisition Corp. I and Cohen
8-K
10.13
September
    24, 2024
10.14
2024
    Incentive Equity Plan
8-K
10.14
September
    24, 2024
10.15
2024
    Employee Stock Purchase Plan
8-K
10.15
September
    24, 2024
16.1
Letter
                                            from Marcum LLP to the Securities Exchange Commission
8-K
16.1
September
    24, 2024
21.1
Subsidiaries
    of Veea Inc.
23.1*
Consent of Marcum LLP, independent registered accounting firm.
23.2*
Consent of PKF O'Connor Davies, LLP, independent registered accounting firm.
23.3*
Consent of Ellenoff Grossman & Schole LLP (included as part of Exhibit 5.1).
24.1*
Power
    of Attorney (included on signature page to this Registration Statement).
101.INS
XBRL
    Instance Document
101.SCH
XBRL
    Taxonomy Extension Schema Document
101.CAL
    XBRL
Taxonomy
    Extension Calculation Linkbase Document
101.DEF
    XBRL
Taxonomy
    Extension Definition Linkbase Document
104*
Cover
    Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
107*
Filing Fee
*
Filed
                                            herewith
**
To
                                            be filed
II-
4
Item
17. Undertakings.
The
undersigned registrant hereby undertakes:
(1)
to
                                            file, during any period in which offers or sales are being made, a post-effective amendment
                                            to this registration statement: (i) to include any prospectus required by Section 10(a)(3)
                                            of the Securities Act; (ii) to reflect in the prospectus any facts or events arising after
                                            the effective date of the registration statement (or the most recent post-effective amendment
                                            thereof) which, individually or in the aggregate, represent a fundamental change in the information
                                            set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease
                                            in volume of securities offered (if the total dollar value of securities offered would not
                                            exceed that which was registered) and any deviation from the low or high end of the estimated
                                            maximum offering range may be reflected in the form of prospectus filed with the Commission
                                            pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no
                                            more than a 20% change in the maximum aggregate offering price set forth in the "Calculation
                                            of Registration Fee" table in the effective registration statement; and (iii) to include
                                            any material information with respect to the plan of distribution not previously disclosed
                                            in the registration statement or any material change to such information in the registration
                                            statement; provided, however, that paragraphs (i), (ii) and (iii) do not apply if the registration
                                            statement is on Form S-1 and the information required to be included in a post-effective
                                            amendment by those paragraphs is contained in reports filed with or furnished to the Commission
                                            by the registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act
                                            of 1934 that are incorporated by reference in the registration statement, or is contained
                                            in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement;
(2)
that,
                                            for the purpose of determining any liability under the Securities Act, each such post-effective
                                            amendment shall be deemed to be a new registration statement relating to the securities offered
                                            therein, and the offering of such securities at that time shall be deemed to be the initial
                                            bona fide offering thereof;
(3)
to
                                            remove from registration by means of a post-effective amendment any of the securities being
                                            registered which remain unsold at the termination of the offering;
(4)
that,
                                            for the purpose of determining liability under the Securities Act to any purchaser, if the
                                            registrant is subject to Rule 430C, each:
prospectus
filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying
on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration
statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement
or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into
the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of
sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part
of the registration statement or made in any such document immediately prior to such date of first use; and
(5)
that,
                                            for the purpose of determining liability of the registrant under the Securities Act to any
                                            purchaser in the initial distribution of the securities, the undersigned registrant undertakes
                                            that in a primary offering of securities of the undersigned registrant pursuant to this registration
                                            statement, regardless of the underwriting method used to sell the securities to the purchaser,
                                            if the securities are offered or sold to such purchaser by means of any of the following
                                            communications, the undersigned registrant will be a seller to the purchaser and will be
                                            considered to offer or sell such securities to such purchaser:
(a)
any
                                            preliminary prospectus or prospectus of the undersigned registrant relating to the offering
                                            required to be filed pursuant to Rule 424;
(b)
any
                                            free writing prospectus relating to the offering prepared by or on behalf of the undersigned
                                            registrant or used or referred to by the undersigned registrant;
(c)
the
                                            portion of any other free writing prospectus relating to the offering containing material
                                            information about the undersigned registrant or its securities provided by or on behalf of
                                            an undersigned registrant; and
(d)
any other communication that is an offer in the offering made
by the undersigned registrant to the purchaser.
II-
5
(6)
That
                                            prior to any public reoffering of the securities registered hereunder through use of a prospectus
                                            which is a part of this registration statement, by any person or party who is deemed to be
                                            an underwriter within the meaning of Rule 145(c), the issuer undertakes that such reoffering
                                            prospectus will contain the information called for by the applicable registration form with
                                            respect to reofferings by persons who may be deemed underwriters, in addition to the information
                                            called for by the other items of the applicable form.
(7)
That
                                            every prospectus: (i) that is filed pursuant to the immediately preceding paragraph, or (ii)
                                            that purports to meet the requirements of Section 10(a)(3) of the Securities Act and is used
                                            in connection with an offering of securities subject to Rule 415, will be filed as a part
                                            of an amendment to the registration statement and will not be used until such amendment is
                                            effective, and that, for purposes of determining any liability under the Securities Act,
                                            each such post-effective amendment shall be deemed to be a new registration statement relating
                                            to the securities offered therein, and the offering of such securities at that time shall
                                            be deemed to be the initial bona fide offering thereof.
Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of
the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities
and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.
In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred
or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is
asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless
in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final
adjudication of such issue.
II-
6
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this Registration Statement to be signed on its behalf by the
undersigned hereunto duly authorized, on this 12
th
day of December, 2024.
Veea
    Inc.
By:
/s/
    Allen Salmasi
Name:
Allen
    Salmasi
Title:
Chief
    Executive Officer
KNOW
ALL MEN BY THESE PRESENTS, that each of the undersigned constitutes and appoints Allen Salmasi and Janice Smith, each acting alone, as
his or her true and lawful attorneys-in-fact and agent, with full power of substitution and resubstitution, for such person and in his
or her name, place and stead, in any and all capacities, to sign this registration statement on Form S-1 (including all pre-effective
and post-effective amendments), and to file the same, with all exhibits thereto, and other documents in connection therewith, with the
Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, each acting alone, full power and authority to do
and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes
as he might or could do in person, hereby ratifying and confirming that any such attorney-in-fact and agent, or his or her substitute
or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant
to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed below by the following persons
in the capacities and on the dates indicated below.
Name
Position
Date
/s/ Allen Salmasi
Chief Executive Officer, Director
December 12, 2024
Allen Salmasi
(Principal Executive Officer)
/s/ Janice K. Smith
Interim Chief Financial Officer
December 12, 2024
Janice K. Smith
(Principal Financial Officer)
/s/ Douglas Maine
Director
December 12, 2024
Douglas Maine
/s/ Helder Antunes
Director
December 12, 2024
Helder Antunes
/s/ Michael Salmasi
Director
December 12, 2024
Michael Salmasi
/s/ Kanishka Roy
Director
December 12, 2024
Kanishka Roy
/s/ Gary Cohen
Director
December 12, 2024
Gary Cohen
/s/ Alan Black
Director
December 12, 2024
Alan Black
II-7