Veea Inc. announced it will execute a 1-for-20 reverse stock split of its common stock, effective after market close on August 28, 2026. Separately, on August 26, 2026, the company secured $1.15 million in unsecured loans from a principal stockholder for working capital purposes.
Key Details
- Reverse Stock Split: The split is effective at 4:30 p.m. ET on August 28, 2026, with the common stock trading on a split-adjusted basis beginning August 31, 2026, under the new CUSIP 693489205.
- Loan Agreement: Veea received $1.15 million through three demand promissory notes from NLabs Inc., a principal stockholder and affiliate of the company's CEO.
- Loan Terms: The notes bear a 10% annual interest rate and are payable upon the earlier of December 31, 2026, or demand from the lender.