Plum Acquisition I today filed an amended proxy and prospectus on its deal with Veea, a cloud computing company.
Terms call for the SPAC to issue 40,386,426 shares of common stock, 12,640,544 warrants and 12,640,544 shares underlying the PLUM I warrants.
The deal has an enterprise value of approximately $281 million, prior to an anticipated $50 million private financing by Veea and assuming certain redemptions of Plum shares.
In addition, following the closing, holders of Veea capital stock will have the right to receive up to 4.5 million earnout shares of the combined company’s common stock if certain trading price-based milestones are achieved during the 10-year period following the closing.
Founded in 2014, Veea offers edge-to-cloud computing with its VeeaHub smart computing hub products, which 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. Cloud-managed VeeaHub products and its edge applications are at the core of Veea’s mission of championing digital transformation across many industries. Read more.
