Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.95
iLearningEngines, Inc. incurred debt of $500,000 with Arrowroot Acquisition LLC at fifteen percent (15%) per annum maturing upon closing of a business combination or the date that the winding up of the Company is effective.
- Principal
- $500,000
- Counterparty
- Arrowroot Acquisition LLC
- Rate
- fifteen percent (15%) per annum
- Maturity
- upon closing of a business combination or the date that the winding up of the Company is effective
- Event
- incurrence
Exact text from the filing
On September 27, 2023, the Company drew down an additional amount of $500,000 (the “Drawdown Amount”) pursuant to the terms of the Note (as contemplated and governed by the Note), after which $1,200,000 was outstanding under the Note.
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Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.95
iLearningEngines, Inc. incurred loan of up to $2,000,000 with Arrowroot Acquisition LLC at fifteen percent (15%) per annum maturing upon closing of a business combination or the date that the winding up of the Company is effective.
- Instrument
- loan
- Principal
- up to $2,000,000
- Counterparty
- Arrowroot Acquisition LLC
- Rate
- fifteen percent (15%) per annum
- Maturity
- upon closing of a business combination or the date that the winding up of the Company is effective
- Event
- incurrence
Exact text from the filing
On June 13, 2023, Arrowroot Acquisition Corp., a Delaware corporation and blank check company (the “Company”) issued an unsecured promissory note (the “Note”) in the principal amount of up to $2,000,000 to Arrowroot Acquisition LLC (the “Sponsor”), of which $700,000 was funded by the Sponsor upon execution of the Note.
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