Arrowroot Acquisition in an 8-K included a presentation on its proposed merger with
iLearningEngines, which develops AI-powered learning automation and information intelligence for corporate and educational use.
The deal was announced in April 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 redemptions. iLearningEngines will receive proceeds of a private convertible offering with participation from the SPAC’s sponsor Arrowroot Capital and other institutional investors. PIPE and debt financing is also anticipated.
The presentation cites $45 million available from Arrowroot plus $110 million in additional financing.
iLearningEngines is also working to raise additional capital via institutional investors. Read more.
