Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.95
VEEA INC. incurred convertible notes of $1,000,000 with majority stockholder of the Seller at 8% per annum maturing April 17, 2026 and May 13, 2026.
- Instrument
- convertible notes
- Principal
- $1,000,000
- Counterparty
- majority stockholder of the Seller
- Rate
- 8% per annum
- Maturity
- April 17, 2026 and May 13, 2026
- Event
- incurrence
Exact text from the filing
On April 17, 2025, and May 13, 2025, the Company and the majority stockholder of the Seller (“ Investor ”), entered into two Note Purchase Agreements (the “ Note Purchase Agreements ”). Pursuant to the Note Purchase Agreements, the Investor loaned to the Company an aggregate of $1,000,000 in two tranches (the “ Loans ”), of which $500,000 was provided on April 17, 2025 and $500,000 was provided on May 13, 2025. In connection with the entry into the Note Purchase Agreements the Company issued to the Investor unsecured convertible promissory notes (the “ Convertible Notes ”). The Convertible Notes have an aggregate principal amount of $1,000,000, and the interest under the Convertible Notes accrues at an annual rate of 8%. The maturity date of the Convertible Notes are April 17, 2026, and May 13, 2026, respectively.
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