iLearningEngines, Inc.: debt financing — Arrowroot Acquisition Corp. extends deadline to Jan 6, 2024 with $160K draw from sponsor loan

iLearningEngines, Inc.

Drew $160,000 from sponsor promissory note to extend business combination deadline by one month to January 6, 2024.
This is the sixth of seven permitted one-month extensions under the company's charter; one extension remains.
The note bears no interest, matures upon closing of a business combination, or is forgiven if no deal occurs.
Up to $1,760,000 of the note principal may be converted into warrants at $1.00 per warrant by the lender.

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 December 5, 2023.

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Source: SEC EDGAR

accession 0001213900-23-094392

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