Veea Inc. entered into a non-binding letter of intent to acquire Plum Acquisition Corp. I in a reverse merger transaction for Approximately $240 million.
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. The Parties expect the Business Combination to be consummated during the first half of 2024, following satisfaction of certain closing conditions set forth in the Business Combination Agreement, including, without limitation, approval by shareholders of Plum and stockholders of Veea, the effectiveness of a registration statement to be filed by Plum with the Securities and Exchange Commission (the ?SEC?) in connection with the transaction, the expiration of any HSR Act waiting period and other customary closing conditions. The proposed Business Combination has, prior to the execution of the Business Combination Agreement, been approved by the boards of directors of each of Veea and Plum. Cohen & Company Capital Markets, a division of J.V.B. Financial Group, LLC, is serving as the exclusive financial advisor and lead capital markets advisor to Plum. Hogan Lovells US LLP is serving as Plum?s legal advisor. Ellenoff Grossman & Schole LLP is serving as Veea?s U.S. legal advisor.