iLearningEngines, Inc.: debt financing — Arrowroot draws $160K to extend merger deadline to Dec 6; releases updated iLearningEngines presentation

iLearningEngines, Inc.

Arrowroot deposits $160,000 into trust to extend business combination deadline from Nov 6 to Dec 6, 2023.
This is the fifth of seven permitted one-month extensions under the amended charter.
Promissory note is non-interest bearing, matures upon closing; up to $1.76M can convert into warrants at $1.00 each.
Company furnishes updated corporate presentation for proposed merger with iLearningEngines, an AI learning platform.
iLearningEngines claims 4M users, 400K+ hours R&D, and ranked #5 by Deloitte Tech Fast 500 in 2019.

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 November 2, 2023.

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Source: SEC EDGAR

accession 0001213900-23-084012

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