Veea shares surge 10.40% intraday after securing $14.1M insider loan to retire JPMorgan credit line.

Veea Inc. surged 10.40% intraday after announcing it secured a $14.1 million unsecured demand promissory note from NLabs, an affiliate of CEO Allen Salmasi, to fully repay and terminate its JPMorgan Chase credit line. The new loan, carrying 10% annual interest and due by March 31, 2026, or upon demand, simplifies Veea’s debt structure and removes reliance on traditional banking covenants. While the high-interest rate and short-term nature of the facility introduce liquidity risks, the refinancing was interpreted as a strategic move to enhance near-term financial flexibility. The transaction, disclosed in a January 5 filing, aligns with market optimism over reduced debt obligations and potential operational stability, directly driving the intraday price rally.