iLearningEngines, Inc.: debt financing — Arrowroot Acquisition draws $160K for seventh and final SPAC extension to Feb 4, 2024

iLearningEngines, Inc.

Drew $160,000 under promissory note from sponsor Arrowroot Acquisition LLC to extend business combination deadline by one month to February 4, 2024.
This is the seventh and final permitted one-month extension; no further extensions available under amended charter.
Note bears no interest, matures upon closing of initial business combination; if no combination, repaid only from funds outside trust or forfeited.
Up to $1,760,000 of note principal may be converted into warrants at $1.00 per warrant, identical to private placement warrants.

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 aggregate of $160,000 with Arrowroot Acquisition LLC at does not bear interest maturing matures upon closing of the Company’s initial business combination.

Instrument: loan
Principal: aggregate of $160,000
Counterparty: Arrowroot Acquisition LLC
Rate: does not bear interest
Maturity: matures 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 January 5, 2024.

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Source: SEC EDGAR

accession 0001213900-24-002288

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