iLearningEngines, Inc.: debt financing — Arrowroot Acquisition Corp. draws $160,000 to extend business combination deadline to October 6, 2023

iLearningEngines, Inc.

The company borrowed $160,000 from Arrowroot Acquisition LLC under a promissory note to fund a one-month extension.
The deposit on September 6, 2023 moves the deadline to complete an initial business combination from Sep 6 to Oct 6, 2023.
This is the third of seven permitted one-month extensions under the amended certificate of incorporation.
Up to $1,760,000 of the note principal may be converted into warrants at $1.00 per warrant, identical to private placement warrants.
The note is non-interest bearing and matures upon closing of the business combination; if no deal closes, repayment is limited to funds outside the trust account.

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 at does not bear interest maturing upon closing of the Company's initial business combination.

Instrument: loan
Principal: $160,000
Counterparty: Arrowroot Acquisition LLC
Rate: does not bear interest
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 September 6, 2023.

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Source: SEC EDGAR

accession 0001213900-23-074444

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