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Veea set to go public with proposed Plum Acquisition Corp merger

Veea set to go public with proposed Plum Acquisition Corp merger

Digital transformation company Veea and Plum Acquisition Corp have entered a business combination agreement. This proposed merger will result in Veea becoming a publicly traded company known as the Combined Company, with a continued focus on its core business.

The proposed business combination will have an enterprise value of approximately $281 million. Veea says its plug-and-play smart hub products offer secure access to digital applications with low latency and data ownership at the device edge.

Veea further notes that the alliance allows it to leverage its first-mover advantage and offer solutions based on its vTBA platform. This collaboration aims to accelerate hyper-converged edge computing and communications solutions worldwide, including for digital inclusion in unserved and underserved areas.

The proposed Business Combination between Plum and Veea involves a merger between a subsidiary of Plum and Veea. After transitioning from the Cayman Islands to Delaware, Plum will become a Delaware corporation and continue the Veea business under a new name.

Veea, founded in 2014, provides edge-to-cloud computing solutions through its VeeaHub smart computing hubs. These hubs can replace or complement devices like Wi-Fi Access Points (APs), IoT gateways and routers.

According to Allen Salmasi, the chairperson and chief executive officer of Veea, “Together, we will work to accelerate the expansion of our transformative new product category that provides for the first fully converged edge computing and communications solution for containerized applications supported by Edge AI, cellular-like managed Wi-Fi and IoT devices and a slew of other product capabilities at the edge.”

As part of the proposed Business Combination, Veea security holders will receive newly-issued Plum securities as consideration for their transactions.

After the closing of the Business Combination, Veea stockholders (excluding securities issued in Veea’s current financing) will have right to receive up to 4.5 million additional shares of Combined Company common stock.

This is subject to achieving certain trading-price-based milestones within ten years, as outlined in the Business Combination Agreement.

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