Corporate ActionJun 26, 2026, 04:13 PM
Veea Converts $4.13M Debt to Equity, Issues Preferred Stock & Warrants
AI Summary
Veea Inc. entered into a Note Conversion Agreement with NLabs Inc., an affiliate of its CEO and Chairman, to convert $4,132,910.49 in principal and accrued interest from promissory notes into equity. This transaction resulted in the issuance of 41,329 shares of Series A-1 preferred stock and common warrants to purchase up to 13,331,969 shares of common stock. The Series A-1 preferred stock is convertible into common stock, and the issuance was made under a registration exemption.
Key Highlights
- Veea converted $4.13 million in promissory notes from NLabs Inc. into equity.
- Issued 41,329 shares of Series A-1 preferred stock at $100.00 per share.
- Issued common warrants to purchase up to 13,331,969 common shares.
- Warrants have an exercise price of $0.31 per share, exercisable from January 1, 2027.
- Each Series A-1 preferred share is convertible into 323 common shares.
- NLabs Inc. is an affiliate of Veea's CEO and Chairman.
- The transaction included registration rights for the common stock.
Price Impact
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