Veea, Inc. (“Veea”), a leading digital transformation
company, and Plum Acquisition Corp. I (“Plum”) (NASDAQ: PLMI), a
special purpose acquisition company formed by Ursula Burns,
Kanishka Roy, and Mike Dinsdale, today announced the signing of a
non-binding letter of intent for a potential business combination.
Founded in 2014, Veea offers edge-to-cloud
computing with its VeeaHub® smart computing hub products,
multi-user devices that can replace or complement Wi-Fi Access
Points (APs), IoT gateways, routers, basic firewalls, network
attached storage, and other types of hubs and appliances at user
premises.
Under the terms of the non-binding letter of
intent, Veea and Plum would become a combined entity, with Veea’s
existing shareholders exchanging their shares in Veea for equity in
the combined public company. Veea and Plum expect to finalize a
definitive business combination agreement in the coming weeks and
plan to announce additional details at that time.
Completion of a business combination between Veea
and Plum is subject to, among other things, the completion of due
diligence, the negotiation of a definitive agreement providing for
the transaction, the satisfaction of the conditions negotiated
therein, and approval of the transaction by the board and
shareholders of both Veea and Plum. There can be no assurance that
a definitive agreement will be entered into or that the proposed
business combination will be consummated on the terms or timeframe
currently contemplated, or at all.
About Veea Inc.
Veea is redefining and simplifying secure edge
computing in a way that improves application responsiveness,
reduces bandwidth costs, and eliminates central cloud dependency.
VeeaHub® Smart Computing Hubs™ integrate a full range of
connectivity options, application processing power, and a full
security stack to form an elastic edge computing platform with a
dynamic connectivity and application mesh that can easily be
deployed and centrally managed from the cloud. Veea Edge Services
run across this application mesh to deliver secure remote access,
IoT/IIoT/AIoT, and a wide range of smart applications. These
elements along with a range of groundbreaking vertical-specific
applications comprise the Veea Edge Platform, serving the needs of
organizations across Smart Buildings, Smart Energy, Smart Cities,
Smart Construction, Smart Farming, Smart Retail, and other industry
verticals. Veea was formed in 2014 and is headquartered in New York
City, with its engineering activities located in Bath, UK, and
Iselin, New Jersey, USA, along with sales and support offices
located at multiple locations throughout the US, France, South
Korea, and Brazil. Veea was named by Gartner as a 2021 Cool Vendor
in Edge Computing and as a Leading Smart Edge Platform in 2023.
About Plum Acquisition Corp. I
Plum Acquisition Corp. I is a special purpose
acquisition company founded by Ursula Burns, Kanishka Roy, and Mike
Dinsdale. Plum was formed with the mission of creating a platform,
built by operators for operators, to enable great private companies
to become outstanding public companies and listed stocks.
No Offer or Solicitation
This press release shall not constitute an offer to
sell, or a solicitation of an offer to buy, or a recommendation to
purchase, any securities in any jurisdiction, or the solicitation
of any vote, consent or approval in any jurisdiction in connection
with respect to the proposed business combination, nor shall there
be any sale, issuance or transfer of any securities in any
jurisdiction where, or to any person to whom, such offer,
solicitation or sale may be unlawful under the laws of such
jurisdiction. This press release does not constitute either advice
or a recommendation regarding any securities. No offering of
securities shall be made except by means of a prospectus meeting
the requirements of the Securities Act of 1933, as amended, or an
exemption therefrom.
Additional Information and Where to Find
It
If a legally binding definitive agreement with
respect to the proposed business combination is executed, Plum
intends to file with the U.S. Securities and Exchange Commission
(the “SEC”) a registration statement on Form S-4, which will
include a preliminary proxy statement/prospectus (the “Proxy
Statement/Prospectus”). The definitive Proxy Statement/Prospectus
would be mailed to Plum’s shareholders as of a record date to be
established for voting on the proposed business combination.
Shareholders will also be able to obtain copies of the Proxy
Statement/Prospectus, without charge, at the SEC’s website
at www.sec.gov or by directing a request to: Plum Acquisition
Corp. I, 2021 Fillmore St. #2089, San Francisco, California 94115.
Plum urges investors, shareholders and other interested persons to
carefully read, when available, the preliminary and definitive
Proxy Statement/Prospectus as well as other documents filed with
the SEC in connection with the proposed business combination as
they become available because they will contain important
information about the proposed business combination.
Forward-Looking Statements
The disclosure herein includes certain statements
that are not historical facts but are forward-looking statements
for purposes of the safe harbor provisions under the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements generally are accompanied by words such as “believe,”
“may,” “will,” “estimate,” “continue,” “anticipate,” “intend,”
“expect,” “should,” “would,” “plan,” “project,” “forecast,”
“predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and
similar expressions that predict or indicate future events or
trends or that are not statements of historical matters, but the
absence of these words does not mean that a statement is not
forward looking. These forward-looking statements include, but are
not limited to, the anticipated signing of a definitive business
combination agreement between Veea and Plum, the terms and timing
of the agreement, and the market for Veea’s products and
technology. These statements are based on various assumptions,
whether or not identified in this press release, and on the current
expectations of Veea’s and Plum’s management teams and are not
predictions of actual performance. These forward-looking statements
are provided for illustrative purposes only and are not intended to
serve as, and must not be relied on by any investor as, a
guarantee, an assurance or a definitive statement of fact or
probability. Actual events and circumstances are difficult or
impossible to predict, are beyond the control of Veea and Plum, and
will differ from assumptions. These forward-looking statements are
subject to a number of risks and uncertainties, as set forth in the
section entitled “Risk Factors” in Plum’s Annual Report for the
year ended December 31, 2022, which was filed with the SEC on April
17, 2023, and in the other documents that Plum has filed, or will
file, with the SEC. If any of these risks materialize or our
assumptions prove incorrect, actual results could differ materially
from the results implied by these forward-looking statements. The
risks and uncertainties above are not exhaustive, and there may be
additional risks that neither Veea nor Plum presently know or that
Veea and Plum currently believe are immaterial that could also
cause actual results to differ from those contained in the
forward-looking statements. Accordingly, undue reliance should not
be placed upon the forward-looking statements. While Veea and Plum
may elect to update these forward-looking statements, Veea and Plum
specifically disclaim any obligation to do so, except as required
by law.
Contacts:
contact@plumpartners.com
Plum Acquisition Corpora... (NASDAQ:PLMI)
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