Plum Acquisition Corp. I signs definitive deal to merge with edge-computing firm Veea at $180M pre-money

VEEA INC.

Deal values Veea at $180M pre-money; consideration in Plum common shares at $10.00 per share.
Veea holders may earn up to 4.5M additional shares if stock hits $12.50 and $15.00 VWAP targets within 10 years post-close.
Expected close in H1 2024, subject to Plum shareholder approval and regulatory conditions.
Sponsor and key shareholders agree to vote in favor, enter lock-up for up to 6 months with early release at price thresholds.
Veea may raise up to $70M in new financing at $7.50 per share before closing.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

VEEA INC. entered into Business Combination Agreement with Plum Acquisition Corp. I, Plum SPAC Merger Sub, Inc. valued at $180,000,000 (effective 2023-11-27).

Action: entry
Agreement: merger
Counterparty: Plum Acquisition Corp. I, Plum SPAC Merger Sub, Inc.
Value: $180,000,000
Effective: 2023-11-27

Exact text from the filing

On November 27, 2023, Plum Acquisition Corp. I, a Cayman Islands exempted company limited by shares (“Plum”), 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”).

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VEEA INC. filing history →

Source: SEC EDGAR

accession 0001213900-23-092112

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