8-K
filed March 21, 2023, 7:59 PM ET
ticker VEEA
CIK 0001840317
other material
confidence high
sentiment negative
materiality 0.75
Plum Acquisition I shareholders approve extension, face $273M redemption; raises $1.5M
VEEA INC.
- Shareholders approved extension of deadline to June 18, 2023, with option to extend monthly to March 18, 2024.
- Holders of 26,693,416 Class A shares redeemed at $10.23 per share for aggregate $273,112,311.62.
- Entered subscription agreement with Polar Multi-Strategy Master Fund for up to $1.5M to fund extension and working capital.
- Sponsor will transfer 0.75 Class A ordinary share per dollar funded by Investor; shares subject to lock-up then registered.
- Shareholders also approved removal of the redemption limitation (net tangible assets test) to allow redemptions.
Key facts
Extracted from this filing and checked against the source text.
Governance Changes
SEC 8-K Item 5.03/5.05/5.06
confidence 0.9
VEEA INC.: Amended the articles to extend the business combination deadline to June 18, 2023 with optional monthly extensions up to March 18, 2024, and eliminated the redemption limitation to allow redemptions regardless of net tangible assets (effective 2023-03-15).
- Change
- charter amendment
- Effective
- 2023-03-15
Exact text from the filing
On March 15, 2023, the Company held the Shareholder Meeting (1) to amend the Company’s amended and restated memorandum and articles of association (the “ Articles ”) to extend the date (the “ Termination Date ”) by which the Company 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 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 nine times by an additional one month each time after the 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 March 18, 2024, or a total of up to twelve months after the Original Termination Date, unless the closing of the Company’s initial business combination shall have occurred prior t
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 1.0
VEEA INC. entered into Subscription Agreement with Polar Multi-Strategy Master Fund and Plum Partners, LLC (the Sponsor) valued at up to $1,500,000 (effective 2023-03-16).
- Action
- entry
- Agreement
- equity purchase
- Counterparty
- Polar Multi-Strategy Master Fund and Plum Partners, LLC (the Sponsor)
- Value
- up to $1,500,000
- Effective
- 2023-03-16
Exact text from the filing
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
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.9
VEEA INC. shareholders approved Redemption Limitation Amendment Proposal at the 2023-03-15 meeting.
- Proposal
- charter amendment
- Outcome
- passed
- Meeting
- 2023-03-15
Exact text from the filing
The Redemption Limitation Amendment Proposal For Against Abstain 30,246,146 1,525,647 0
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 0.9
VEEA INC. shareholders approved Extension Amendment Proposal at the 2023-03-15 meeting.
- Proposal
- charter amendment
- Outcome
- passed
- Meeting
- 2023-03-15
Exact text from the filing
The Extension Amendment Proposal For Against Abstain 30,246,146 1,525,647 0
View on SEC.gov
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