Veea entered into a Note Conversion Agreement with NLabs to exchange $4.13 million of principal and accrued interest under demand notes for equity-linked securities. The conversion delivered 41,329 shares of Series A-1 Preferred Stock at $100 per share and Common Warrants to purchase up to 13,331,969 shares at $0.31, first exercisable on January 1, 2027 and expiring June 25, 2031. Each preferred share is convertible into 323 common shares, for up to 13,331,969 shares upon full conversion, and NLabs received registration rights for the conversion shares. The transaction reduces debt and bolsters Veea's capital structure.
Agreement details:
- Agreement type: Note Conversion Agreement and issuance of Series A-1 Preferred Stock and Common Warrants
- Counterparty: NLabs
- Signed / Effective: Jun 25 2026 / same
- Duration / Termination: Warrants exercisable until Jun 25 2031
- Reason: Strengthen balance sheet by converting affiliate debt to equity
Original SEC Filing:
This is an AI-powered summary. It may contain inaccuracies. Consider verifying important information with the source. Please note this summary is solely based on documents filed with the SEC.