secwatch.observer — SEC 8-K summary
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Issuer:     iLearningEngines, Inc. (—)
CIK:        0001835972
Form:       8-K
Filed at:   2023-06-13T23:59:59+00:00
Accession:  0001213900-23-048633
Event type: debt
Sentiment:  neutral
Materiality: 0.55
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Arrowroot Acquisition issues $2M promissory note to sponsor, draws $700K at 15% interest
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- Unsecured promissory note for up to $2M issued to sponsor Arrowroot Acquisition LLC; initial drawdown of $700K.
- Note bears 15% simple annual interest; matures upon initial business combination or winding up.
- Repayment limited to funds outside the trust account; note forfeited if no business combination occurs.
- Drawdowns require sponsor approval; minimum $10K per request unless agreed otherwise.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1835972/000121390023048633/0001213900-23-048633-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1835972/000121390023048633/ea179998-8k_arrowroot.htm
  HTML page:      https://secwatch.observer/filing/0001213900-23-048633

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer