M&A - Salmasi Allen

Form Type: SCHEDULE 13D/A

Filing Date: 2025-02-11

Corporate Action: Acquisition

Type: Update

Accession Number: 000121390025012217

Filing Summary: On February 11, 2025, Allen Salmasi filed an amendment to Schedule 13D regarding his ownership of Veea Inc., after the Business Combination with Plum Acquisition Corp. I that occurred on September 13, 2024. Salmasi is the CEO of Veea and holds significant shares. The Reporting Persons collectively received 15,885,484 shares of Common Stock from the Business Combination. Post-transaction, Salmasi owns 437,029 shares directly and has options to purchase 3,036,308 additional shares, while his company, NLabs Inc., holds 12,148,921 shares. Salmasi's total voting power is approximately 48.3% of all outstanding shares. The filing indicates no criminal convictions or significant civil proceedings against Salmasi, reaffirming him as a U.S. citizen. It also discusses stock options granted under Veea's 2024 Incentive Equity Plan, which include fully-vested options for 3,036,308 shares at an exercise price of $3.89 per share, with a maturity date of December 29, 2028. The document outlines registration rights and lock-up agreements following the acquisition, indicating that various parties involved agreed to a 180-day period where they would not sell or distribute shares acquired in the Business Combination. There is mention of various agreements to facilitate the conversion of different classes of capital stock into Common Stock as a result of the acquisition.