iLearningEngines, Inc. Announces Additional Funding in Connection With Its Business Combination; Brings Gross Proceeds to Approximately $92.8 Million [Yahoo! Finance]
Arrowroot Acquisition Corp. - Unit (ARRWU)
Company Research
Source: Yahoo! Finance
AI-powered learning automation and information intelligence for corporate and educational use, is pleased to announce that the Company has entered into a Loan and Security Agreement with East West Bank (the “Lender”). This facility brings the total gross funds raised in connection with the business combination with Arrowroot Acquisition Corp. (the “Business Combination”) to approximately $92.8 million. Following the successful completion of the Business Combination, the Company's wholly owned subsidiary, iLearningEngines Holdings, Inc. (“iLE Holdings”), entered into a Loan and Security Agreement with the Lender pursuant to which the Lender provided iLE Holdings with a new senior secured revolving credit facility in a principal amount of up to $40 million (the “Revolving Facility”). The Revolving Facility also provides for an uncommitted accordion allowing iLE Holdings to increase the revolving commitments by an additional principal amount of $20 million at iLE Holdings' option and u
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