Arrowroot Secures NRA; Shareholders Approve 1-Month Extension on iLearningEngines Deal

Arrowroot Acquisition in an 8-K said shareholders approved moving the SPAC's completion deadline to March 6. There was no word on redemptions, if any, in connection with the extension vote.

Arrowroot ahead of the vote secured a non-redemption agreement covering 410,456 shares. The participating in the NRA would receive consideration of 82,091 Class B shares from the SPAC's sponsor.

These moves give the SPAC some maneuvering room to complete its deal with iLearningEngines. Arrowroot shareholders are now expected to vote Feb. 12 on the merger.

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. Read more.


Source: Arrowroot Secures NRA; Shareholders Approve 1-Month Extension on iLearningEngines Deal