iLearningEngines, Inc.: debt financing — Arrowroot Acquisition draws additional $50K from sponsor note, total $1.25M outstanding

iLearningEngines, Inc.

On March 11, 2024, drew $50K from $2M unsecured promissory note to sponsor Arrowroot Acquisition LLC.
Total outstanding under note now $1.25M; $750K remains available for future drawdowns.
Note bears 15% simple interest and matures upon business combination or winding up.
Prior draws: $700K funded at execution (June 2023) and $500K drawn in September 2023.

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 up to $2,000,000 with Arrowroot Acquisition LLC at fifteen percent (15%) per annum maturing upon closing of a business combination or the date that the winding up of the Company is effective.

Instrument: loan
Principal: up to $2,000,000
Counterparty: Arrowroot Acquisition LLC
Rate: fifteen percent (15%) per annum
Maturity: upon closing of a business combination or the date that the winding up of the Company is effective
Event: incurrence

Exact text from the filing

Arrowroot Acquisition Corp., a Delaware corporation and blank check company (the “Company”) issued an unsecured promissory note (the “Note”) in the principal amount of up to $2,000,000 to Arrowroot Acquisition LLC (the “Sponsor”), of which $700,000 was funded by the Sponsor upon execution of the Note. The Note bears simple interest at a rate of fifteen percent

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Source: SEC EDGAR

accession 0001213900-24-023067

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