iLearningEngines, Inc.: debt financing — Arrowroot Acquisition extends business combination deadline to Aug 6, 2023 via $160K note draw

iLearningEngines, Inc.

Approved $160,000 draw from Arrowroot Acquisition LLC under March 2023 promissory note.
Funds deposited into trust account to extend deadline from July 6, 2023 to August 6, 2023.
This is the first of seven permitted one-month extensions under amended charter.
Note is non-interest bearing, matures upon business combination, and may convert into warrants at $1.00 per warrant.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

iLearningEngines, Inc. incurred loan of $160,000 with Arrowroot Acquisition LLC maturing upon closing of the Company's initial business combination.

Instrument: loan
Principal: $160,000
Counterparty: Arrowroot Acquisition LLC
Maturity: upon closing of the Company's initial business combination
Event: incurrence

Exact text from the filing

The board of directors of Arrowroot Acquisition Corp., a Delaware corporation (the “ Company ”), approved a draw of an aggregate of $160,000 (the “ Extension Funds ”) pursuant to the Promissory Note, dated as of March 6, 2023 (the “ Note ”), between the Company and Arrowroot Acquisition LLC (the “ Lender ”), which Extension Funds were deposited into the Company’s trust account for its public stockholders on July 6, 2023.

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Source: SEC EDGAR

accession 0001213900-23-055490

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