Arrowroot Acquisition announced that today’s stockholders meeting will be postponed to 9 a.m. Eastern on March 28. This is the fourth time the meeting has been postponed.
Shareholders are expected to vote on the proposed merger with iLearningEngines, an 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 new redemption deadline is March 26 at 5 p.m., while redemption reversals will be accepted up to the time of the meeting.
If the deal is approved, the combined company would 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.
