Plum Acquisition I said its shareholders approved the business combination with Veea, a cloud computing company. The SPAC said 9,833,883 shares were voted in favor of the deal, with 352,282 against.
There was no mention of redemptions, if any.
The transaction has an enterprise value of approximately $281 million, prior to an anticipated $50 million private financing by Veea.
Terms call for the issuance of 40,386,426 shares and 12,640,544 warrants to purchase 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.
Plum I has already called a June 14 meeting for shareholders to vote on pushing the completion deadline back to Sept. 14. The current termination deadline is June 18.
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.
