VEEA INC. 8-K

What Happened
Veea Inc. announced on March 30, 2026 that it converted $21,200,000 of obligations into Series A Convertible Preferred Stock as part of agreements with NLabs Inc., VeeaSystems Inc., and 83rd Street LLC. The company converted $16,876,400 of promissory notes (the “Demand Notes”) into 168,764 shares of Series A Preferred and $4,323,600 of unpaid rent/fees into 43,236 shares of Series A Preferred (total 212,000 preferred shares). Veea filed a Certificate of Designation to establish the Series A Convertible Preferred; each preferred share carries voting rights on an as-converted basis and is convertible into common stock at a formula equal to $100.00 divided by $0.503 (approximately 198.8 common shares per preferred). The conversions were completed in connection with Veea’s application to transfer its listing to The Nasdaq Capital Market.

Key Details

• Date: March 30, 2026.
• Debt converted: $16,876,400 (Demand Notes) → 168,764 Series A preferred shares.
• Rent/fees converted: $4,323,600 (164 & 166 E 83rd/166 leases) → 43,236 Series A preferred shares.
• Total converted: $21,200,000 → 212,000 Series A preferred shares.
• Warrant: In connection with the amendment, NLabs will receive a warrant to buy 33,551,486 common shares at $0.503 per share.
• Affiliate note: NLabs is an affiliate of CEO/Chairman Allen Salmasi.
• Post-conversion equity: The company stated it will have at least $5.0 million in stockholders’ equity following the conversions.

Why It Matters
These transactions materially change Veea’s capitalization by converting significant liabilities and unpaid rent into preferred equity, reducing near-term cash obligations and increasing reported equity. The issuance of a large common warrant and the high preferred-to-common conversion ratio could lead to substantial potential dilution if warrants are exercised or preferred shares are converted into common stock. Investors should note the connection to NLabs (an affiliate of the CEO) and that these moves were tied to the company’s Nasdaq listing transfer efforts.