Veea Inc. (VEEA) Soars Amid Market Downturn: Business Combination

Font: Financial Modeling Prep  • Sep 15, 2026

Market Resilience: Veea Inc. (NASDAQ: VEEA) Soars Amid Broader Market Downturn

• Veea Inc. (NASDAQ: VEEA) led the market’s gainers with a 149.34% surge after announcing a potential business combination with NovaGen Group B.V.
• Horizon Quantum Holdings Ltd. (NASDAQ: HQ) and Radiant Logistics, Inc. (NASDAQ: RLGT) also posted substantial gains despite weakness in the broader market.
• Inverse leveraged ETFs, including the GraniteShares 2x Short COIN Daily ETF (NASDAQ: CONI) and Defiance Daily Target 2X Short BMNR ETF (NYSE Arca: BMNZ), benefited from declines in their underlying stocks.

Despite a broader market downturn, several securities recorded substantial gains. U.S. stocks closed lower as rising oil prices and Treasury yields weighed on investor sentiment.

The top performer was Veea Inc. (NASDAQ: VEEA), a provider of AI-powered edge-computing infrastructure. Its shares surged $3.42, or 149.34%, to close at $5.71, with trading volume approaching 199 million shares.

The rally followed the announcement that Veea Inc. (NASDAQ: VEEA) and NovaGen Group B.V. had signed a term sheet for a potential business combination. The companies are seeking to create NovaGen Health Networks, a connected health platform combining Veea’s edge-computing, connectivity, and cybersecurity technology with NovaGen’s regenerative-medicine operations.

The parties are targeting a definitive agreement within the coming weeks. GeoNova Capital also signed a term sheet for a proposed $10 million investment in the combined company, which management estimates could be valued at approximately $750 million. Both transactions remain subject to definitive documentation and closing conditions.

Other stocks also moved higher. Horizon Quantum Holdings Ltd. (NASDAQ: HQ), which develops software for quantum computers, gained $2.86, or 27.66%, to $13.20. Radiant Logistics, Inc. (NASDAQ: RLGT) advanced $1.60, or 19.49%, to $9.81. No major company announcement clearly accounted for either move, illustrating that sharp price changes do not always have an identifiable news catalyst.

Inverse leveraged ETFs also performed well as their underlying stocks declined. The GraniteShares 2x Short COIN Daily ETF (NASDAQ: CONI) increased $5.15, or 20.25%, to $30.58 as Coinbase Global, Inc. (NASDAQ: COIN) shares fell. CONI seeks to deliver -200% of Coinbase’s daily percentage return, before fees and expenses. 

Similarly, the Defiance Daily Target 2X Short BMNR ETF (NYSE Arca: BMNZ) climbed $0.86, or 17.30%, to $5.83. The fund seeks to deliver -200% of the daily performance of BitMine Immersion Technologies, Inc. (NYSE: BMNR), before fees and expenses. 

These leveraged inverse ETFs are designed around one-day investment objectives. Because their exposure resets daily, returns over longer periods can differ significantly from twice the inverse performance of their underlying stocks.