Loan & DebtMay 22, 2026, 04:13 PM
Veea Borrows $2.5M Secured Loan; Completes $500K Private Placement
AI Summary
Veea's subsidiary, VeeaSystems Inc., secured an additional $2,500,000 under its term loan facility with Pasadena Private Lending, bringing the total borrowed to $8,000,000. Concurrently, Veea Inc. completed the third closing of its private placement with White Lion Capital, receiving $500,000 in cash. This latest closing involved issuing a convertible promissory note with a face amount of $555,556 and warrants for 888,509 shares, bringing the total cash from White Lion to $1,475,000.
Key Highlights
- VeeaSystems borrowed an additional $2,500,000 on May 19, 2026, under its secured term loan.
- Total secured term loans borrowed by VeeaSystems now amount to $8,000,000 from a $10,550,000 facility.
- The initial $5,500,000 loan bears interest at prime + 4.50% (floor 5.75%) and matures in five years.
- Veea completed the third closing of its private placement with White Lion Capital on May 18, 2026.
- The third closing generated $500,000 in cash proceeds for Veea.
- This closing involved issuing a $555,556 convertible note and warrants for 888,509 shares.
- Total cash received from White Lion across three closings is $1,475,000.
Price Impact
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