Veea Inc. entered into a non-binding letter of intent to acquire Plum Acquisition Corp. I (NasdaqCM:PLMI) from Plum Partners, LLC, NLabs Inc., Korea Information & Communications Co., Ltd. (KOSDAQ:A025770) and others in a reverse merger transaction on November 12, 2023. Veea Inc. entered into definitive business combination agreement to acquire Plum Acquisition Corp. I from Plum Partners, LLC and others for approximately $240 million in a reverse merger transaction on November 27, 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. Consideration is revised in accordance with the Business Combination Agreement based on a pre-money equity value of Veea of $180,000,000, including Veea?s in-the-money, vested convertible securities on a net exercise basis, and a price of $10.00 per New Plum Common Share. The executive management of Veea is expected to serve as the executive management of Plum following the Closing. Pursuant to the Business Combination Agreement, Plum?s board of directors following the Closing will consist of seven members, with Veea having the right to designate five directors, at least two of whom shall be independent, the Sponsor (as defined below) having the right to designate one independent director, and Plum and Veea having the right to designate one independent director. If the Business Combination Agreement is validly terminated, Veea will pay a $1 million termination fee to Plum.

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. Consummation of the Business Combination Agreement is subject to 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, after giving effect to the Business Combination, Plum having at least $5,000,001 of net tangible assets, approval of New Plum Common Shares being issued in connection with the Business Combination for listing on the Nasdaq Stock Market, delivery of certain certificates and documents by the parties at or prior to the Closing, including traditional lock-up agreements from certain directors, officers and security holders of Veea, the Registration Rights Agreement duly executed by Plum and Plum 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. The Parties expect the Business Combination to be consummated during the first half of 2024.

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. Richard Aftanas and John Duke of Hogan Lovells US LLP serving as Plum?s legal advisor. Stuart Neuhauser and Matthew A. Gray of Ellenoff Grossman & Schole LLP serving as Veea?s U.S. legal advisor. Continental Stock Transfer & Trust Company acted as transfer agent to Plum. Houlihan Capital, LLC acted as financial advisor and fairness opinion provider to Plum. Houlihan Capital?s fees to Plum for services in connection with issuing the Opinion were $150,000. Advantage Proxy, Inc. acted as proxy solicitor to Plum Acquisition Corp. I. Plum has agreed to pay Advantage Proxy, Inc. a fee of $10,000 for its services. PKF O?Connor Davies, LLP acted as auditor to Veea Inc. and Marcum LLP acted as auditor to Plum Acquisition.