Plum Acquisition Corp. I

A Nasdaq price deficiency dated September 29, 2025 puts the Nasdaq Global Market listing at risk, and the split is the cure. The offsetting item is the plan evergreen: 3% of the outstanding count added automatically every January for nine more years, which means the share base grows on a schedule the board sets rather than one holders approve. The Plum I trust was released at the de-SPAC, so nothing supports the stock beneath the market price.

The adjournment proposal is drafted for a specific danger: it can be used if holders redeem so many shares that Plum would no longer meet Nasdaq's continued listing requirements — an acknowledgement that redemptions may leave the shell too small to stay listed long enough to close. Without the extension, the board says Plum would be forced to liquidate on June 18, 2024 even if shareholders favoured the Veea deal, so the vote is the transaction's survival rather than a formality.

Five amendments in, a holder is being asked to approve a combination whose resulting company has no name yet. The 12,640,544 shares underlying the warrants are listed as a separate registered item from the 40,386,426 shares, so the two add rather than overlap. At the domestication both Class A and Class B ordinary shares convert one-for-one into a single class of New Plum common stock of $0.0001 par value, each whole warrant becomes exercisable for one share at $11.50, and any unit not previously separated is cancelled in exchange for the underlying share and one-fifth of one warrant.

The document is a joint proxy statement/consent solicitation statement/prospectus, so Veea's holders act by written consent while Plum's shareholders vote at an extraordinary general meeting — the two sides are not asked the same question in the same forum. At the domestication both Plum Class A and Class B ordinary shares convert one-for-one into a single class of New Plum common stock, each whole warrant becomes exercisable for one share at $11.50, and any unseparated unit is cancelled in exchange for the underlying share and one-fifth of one warrant.

Three amendments in, the cover page still states no numbers at all: it registers shares of common stock, warrants and shares underlying warrants without quantifying any of them, so the dilution a Plum shareholder faces cannot be read from this version. The post-closing name is likewise unresolved — the cover says the renaming is to be determined. The document is a joint proxy statement, consent solicitation statement and prospectus, so Veea's own holders act by written consent rather than at a meeting, and no date is given for Plum's extraordinary general meeting.

The prospectus cover registers shares of common stock, warrants and the shares underlying those warrants without stating a quantity for any of them, and the name the combined company will take is described only as to be determined — so at this version neither the dilution nor the identity of what a holder ends up owning is disclosed. The domestication is effected under the Existing Governing Documents as well as the two statutes, so Plum's own articles govern part of the migration. No extraordinary general meeting date is stated.

A Plum shareholder cannot size the dilution from this version, because the registered share and warrant counts are simply absent from the cover. What is fixed is the mechanics: both Class A and Class B ordinary shares convert one-for-one into a single class of New Plum common stock of $0.0001 par value, each whole warrant becomes exercisable for one share at $11.50, and any unseparated unit is cancelled in exchange for the underlying share and one-fifth of one warrant. Veea's holders act by written consent while Plum's shareholders vote at an extraordinary general meeting.

This first version registers shares of common stock, warrants and shares underlying warrants without stating how many of any of them, so a Plum shareholder cannot size the dilution from the document at all. The mechanics are fixed: both Class A and Class B ordinary shares convert one-for-one into a single class of New Plum common stock of $0.0001 par value, each whole warrant becomes exercisable for one share at $11.50, and any unit not previously separated is cancelled in exchange for the underlying share and one-fifth of one warrant.

What changed: Veea Inc. issued a $555,556 convertible promissory note to White Lion Capital LLC on July 10, 2026, with a 12-month maturity and 5% interest, convertible into common stock at the lower of $0.75 or 90% of the 10-day lowest VWAP. The note was issued for $500,000 in cash consideration under a Note Purchase Agreement dated January 14, 2026. Why it matters: This is a post-closed-SPAC financing by the former de-SPAC entity (Veea Inc.) with a convertible note featuring a floating, market-based conversion price that could result in significant dilution. The terms include a 4.99% ownership limitation (expandable to 9.99%) and default interest of 18%, indicating high-risk capital raising.

What changed: 8-K of Veea Inc. (Nasdaq: VEEA). On July 30 and July 31, 2026 NLabs Inc — a principal stockholder and an affiliate of the company's Chief Executive Officer — made unsecured loans of $500,000 and $100,000 to the company, evidenced by two demand promissory notes bearing 10% annual interest payable at maturity on a 365-day basis, payable on the earlier of December 31, 2026 and demand by NLabs, prepayable without penalty, with proceeds for working capital. Why it matters: The company is funding working capital with $600,000 of demand loans from an entity affiliated with its own CEO, callable at any time and due by December 31, 2026 at the latest. The CFO's severance terms are not yet agreed.

What changed: Veea Inc., successor to Plum Acquisition Corp. I, entered a note conversion agreement on June 25, 2026 with NLabs Inc., an affiliate of chief executive and chairman Allen Salmasi. Demand notes carrying $4,132,910.49 of principal and accrued interest were exchanged for 41,329 shares of newly designated Series A-1 convertible preferred stock at a stated value of $100.00 per share, plus warrants over up to 13,331,969 shares of common stock at an exercise price of $0.31, first exercisable January 1, 2027 and running to June 25, 2031. Why it matters: This is a related-party conversion of insider debt into voting preferred plus warrants. Each preferred share converts into 323 common shares, so the preferred alone represents up to 13,331,969 common shares, and the warrants add the same number again. The preferred votes with the common on an as-converted basis and carries dividend equivalence, so the chief executive's affiliate gains both voting power and economic participation in place of a debt claim.