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

iLearningEngines, Inc.

Drew $160,000 under promissory note to extend business combination deadline from Nov 6 to Dec 6, 2023 (fifth of seven one-month extensions).
Extension funded by Arrowroot Acquisition LLC; note non-interest bearing, due upon closing or forgiven if no deal.
Updated corporate presentation for proposed merger with iLearningEngines furnished as Exhibit 99.1, with transcript as Exhibit 99.2.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

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

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

Exact text from the filing

The board of directors of 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 0001213900-23-084269

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