secwatch.observer — SEC 8-K summary
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Issuer:     iLearningEngines, Inc. (—)
CIK:        0001835972
Form:       8-K
Filed at:   2024-04-22T23:59:59+00:00
Accession:  0001213900-24-034984
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.85
Item codes: 1.01, 1.02, 2.01, 2.02, 9.01, 3.02, 4.01, 3.03, 5.01, 5.02, 5.03, 5.05, 5.06, 7.01
LLM model:  deepseek-v4-flash:cloud@v2

iLearningEngines closes de-SPAC merger with Arrowroot, begins Nasdaq trading under AILE
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- Merger closed April 16, 2024; Arrowroot renamed iLearningEngines, Inc.; common stock and warrants trade on Nasdaq.
- Gross proceeds of ~$52.7M from trust account ($5.9M) and convertible notes ($46.8M); shareholders redeemed ~460K shares for ~$4.8M.
- Legacy iLearningEngines shares converted at 0.806148 ratio; 134.97M shares outstanding post-merger; 22.62M warrants at $11.50.
- New $40M revolving credit facility with East West Bank (SOFR+3.50%, floor 4.00%) drawn in full to repay prior WTI and Venture Lending debt.
- Earnings release issued for FY2023 (Dec 31, 2023) as Exhibit 99.2; board expanded to 7 with Chidambaran as Chairman.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1835972/000121390024034984/0001213900-24-034984-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1835972/000121390024034984/ea0204330-8k_ilearn.htm
  HTML page:      https://secwatch.observer/filing/0001213900-24-034984

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer