iLearningEngines, Inc.: debt financing — Arrowroot SPAC extends deadline to July 2023; $247M redeemed, sponsor loans up to $1.76M

Accordingly, on March 6, 2023, Arrowroot issued an unsecured promissory note in the principal amount of up to $1,760,000 (the “ Note ”) to the Sponsor. The Note does not bear interest and matures upon closing of Arrowroot’s initial business combination (a “ Business Combination ”).

On February 28, 2023, Arrowroot held the Special Meeting to approve an amendment to Arrowroot’s amended and restated certificate of incorporation (the “ Charter Amendment ”) to extend the date (the “ Termination Date ”) by which Arrowroot has to consummate an initial business combination from March 4, 2023 (the “ Original Termination Date ”) to July 6, 2023 (the “ Charter Extension Date ”) and to allow Arrowroot, without another stockholder vote, to elect to extend the Termination Date to consummate a Business Combination on a monthly basis up to seven times by an additional one month each time after the Charter Extension Date, by resolution of Arrowroot’s board of directors, if requested by the Sponsor, and upon five days’ advance notice prior to the applicable Termination Date, until February 4, 2024, for a total of up to eleven months after the Original Termination Date, unless the closing of an initial business combination shall have occurred prior thereto (the “ Extension Proposal

The voting results for the Extension Proposal were as follows: The Extension Proposal For Against Abstain 27,779,177 659,860 0