Arrowroot Acquisition Slates Vote on iLearningEngines Deal

Arrowroot Acquisition today said its registration statement on a proposed merger with iLearningEngines has been decalred effective by the and the SPAC's shareholders are now expected to vote on the deal Feb. 12.

The target is engaged in -powered learning automation and information intelligence for corporate and educational use.

The deal was announced in April last year at a pro forma implied enterprise value of $1.4 billion, which includes the target's rollover equity of $1.241 billion.

The agreement includes a minimum cash requirement of $100 million. The combined entity will receive approximately $43 million from Arrowroot's trust, assuming no further redemptions. iLearningEngines will also receive proceeds of $110 million in additional financing via a private convertible offering with participation from the SPAC's sponsor Arrowroot Capital and other institutional investors. and debt financing is also anticipated.

If the merger is approved and closes, iLearningEngines is expected to lis on the under the ticker symbol AILE, with under the ticker AILEW. Read more.

Source: Arrowroot Acquisition Slates Vote on iLearningEngines Deal