Veea Inc. entered into a Note Conversion Agreement with NLabs Inc., an entity affiliated with its CEO and Chairman, Allen Salmasi, to convert outstanding debt into equity. The agreement exchanges promissory notes, including principal and accrued interest, for newly designated Series A-1 Convertible Preferred Stock and common stock warrants.
Key Details
- Transaction Value: On June 25, 2026, an aggregate of $4,132,910.49 in promissory notes held by NLabs was converted.
- Securities Issued: The debt was exchanged for 41,329 shares of Series A-1 Preferred Stock and warrants to purchase 13,331,969 shares of common stock.
- Preferred Stock Terms: The Series A-1 Preferred Stock is convertible into 13,331,969 shares of common stock, based on a conversion price of $0.31 per share.
- Warrant Terms: The warrants allow for the purchase of an additional 13,331,969 common shares at an exercise price of $0.31 per share, exercisable from January 1, 2027, to June 25, 2031.