Veea Inc. entered into a non-binding letter of intent to acquire Plum Acquisition Corp. I (NasdaqCM:PLMI) in a reverse merger transaction on November 12, 2023. Veea Inc. entered into definitive business combination agreement to acquire Plum Acquisition Corp. I (NasdaqCM:PLMI) in a reverse merger transaction for Approximately $240 million on November 28, 2023. Current equity holders of Veea are expected to own a majority of the outstanding capital stock of the Combined Company immediately after the Closing and Veea will appoint a majority of the members of the board of directors of the Combined Company in accordance with the terms of the Business Combination Agreement. Following the Closing of the Business Combination, holders of Veea capital stock as of immediately prior to the Closing (excluding holders of securities issued in Veea?s current financing) will have the contingent right to receive up to 4.5 million additional shares of Combined Company common stock if certain trading-price based milestones of the Combined Company?s common stock are achieved during the ten-year period following the Closing, as set forth in the Business Combination Agreement.

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.