NEW YORK, Oct. 08, 2026 (GLOBE NEWSWIRE) -- Veea Inc. (NASDAQ: VEEA) ("Veea" or the "Company") today announced that it has met the remaining governance deficiencies and it is now fully compliant with Nasdaq's continued listing requirements. Recent changes to the Company's board and committee composition resolve its remaining governance deficiencies, following the previously confirmed resolution of its minimum bid-price deficiency.
The governance resolution follows changes to the Company's board and committee composition. Alan Black has been appointed to the Compensation Committee, effective October 8, 2026, in addition to his existing committee roles. This follows fellow director Kanishka Roy's appointment to the Audit Committee.
The governance deficiencies arose following an unexpected board vacancy after the passing of independent director Douglas Maine. Nasdaq provided the Company with a cure period to restore the required board and committee composition.
As part of these governance changes, Helder Antunes volunteered to step down and has resigned from the Company's Board of Directors to help restore a majority of independent directors. Following his resignation, the Board has reduced its size to five members. Antunes will continue serving as Veea's Executive Vice President and Chief Revenue Officer, with no change to his executive responsibilities.
Nasdaq previously confirmed in a letter dated September 15, 2026, that Veea had regained compliance with the minimum bid-price requirement under Listing Rule 5550(a)(2). Following the Company's reverse stock split, Veea's common stock maintained a closing bid price of at least $1.00 per share for 10 consecutive business days, from August 31 through September 14, 2026. Nasdaq formally closed the bid-price matter at that time. The remaining compliance matters related to board and committee composition.
"We are pleased to resolve these previously disclosed listing matters and welcome Kanishka and Alan to their respective committee roles," said Allen Salmasi, Chairman and Chief Executive Officer of Veea. "We thank Helder for his service and contributions to the Board and look forward to his continued leadership as our Executive Vice President and Chief Revenue Officer. Now we can put our focus back on expanding the sales of our first-of its-kind VeeaONE platform products, including VigiLynx solution among others, providing for 5G fixed wireless broadband access with AI-powered cybersecurity and video surveillance, which fuses video with data captured from IoT sensors - all in one compact device sold through the world's largest telecommunications operator outside China and India."
Kanishka Roy is co-founder and Managing Partner of Plum Partners and brings more than 25 years of experience in technology investment banking, public company leadership and growth investing. He previously served as Global Head of Technology Mergers and Acquisitions Origination at Morgan Stanley and Global CFO of SmartNews. He holds an MBA from Dartmouth's Tuck School of Business.
Alan Black is the founder of Surfspray Capital and brings extensive experience leading public and private software companies. He previously served as CFO of Zendesk and Openwave Systems, helping lead both companies through their initial public offerings, and as CEO of Intelliden, which was acquired by IBM. He also served on the board of Looker, where he helped guide the company's sale to Google.
With the previously disclosed matters now resolved, Veea will be removed from Nasdaq's list of noncompliant companies.
About Veea
Veea Inc. (NASDAQ: VEEA) is a global leader in AI-powered edge solutions and infrastructure. Founded in 2014 and headquartered in New York City, Veea enables enterprises, service providers and public sector organizations to deploy cloud-managed applications and solutions through a wide range of VeeaONE and third-party products, including AI compute devices, fully integrated as hyperconverged networks. The VeeaONE platform integrates connectivity, computing, cybersecurity, and storage into a unified hyperconverged network solution, from edge to cloud. Veea holds more than 123 patents across related technology domains and has been recognized by Gartner for its innovations in edge computing. www.veea.com
Media contact
Thomas Latiolais · Veea Inc. · thomas.latiolais@veea.com
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements typically include projections of future revenues, earnings, strategies, and operational growth. These statements are based on current beliefs, assumptions and expectations and involve known and unknown risks and uncertainties that could cause actual results to differ materially from current projections due to factors including, but not limited to, market conditions, economic shifts, and operational challenges. Operational factors that could cause results to differ include Veea's ability to maintain adequate financial resources, execute its growth strategy, achieve market acceptance, and compete effectively. Forward-looking statements may be identified by words such as "anticipate," "believe," "expect," "intend," "may," "plan," "potential," "project," "will" and similar expressions. Forward-looking statements speak only as of the date made. Veea disclaims any obligation to update them publicly.
