iLearningEngines, Inc. Announces Additional Funding In Connection With Its Business Combination With Arrowroot Acquisition Corp.; Brings Gross Proceeds To ~$92.8M
Portfolio Pulse from Benzinga Newsdesk
iLearningEngines, Inc. (NASDAQ:AILE) announced additional funding through a Loan and Security Agreement with East West Bank, bringing total gross proceeds from its business combination with Arrowroot Acquisition Corp. to approximately $92.8 million. The new senior secured revolving credit facility, worth up to $40 million, will support iLearningEngines' growth plans following its successful public offering.
April 17, 2024 | 1:24 pm
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iLearningEngines, Inc. has secured additional funding through a Loan and Security Agreement with East West Bank, raising its total gross proceeds to approximately $92.8 million following its business combination with Arrowroot Acquisition Corp.
The additional funding and the establishment of a new credit facility indicate a strong financial position and support for iLearningEngines' growth plans. This positive financial development is likely to be viewed favorably by investors, potentially leading to a short-term increase in AILE's stock price.
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