Arrowroot Acquisition in an 8-K said today's shareholder vote to consider the proposed merger with iLearningEngines has been postponed to Feb. 22
Shareholders last week approved moving the SPAC's completion deadline to March 6. There was no word on redemptions, if any, in connection with that extension vote.
The target is engaged in ai-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. pipe and debt financing is also anticipated. Read more.