Press Release
April 27, 2023

iLearningEngines to List on NASDAQ via Merger with Arrowroot Acquisition Corp.

The Technology and Special Purpose Acquisition Companies (SPACs) team advised Arrowroot Acquisition Corp. (NASDAQ:ARRW) in its merger agreement with iLearningEngines. Upon closing of the transaction, the combined company will be named iLearningEngines, Inc., and is expected to remain listed on the NASDAQ under the new ticker symbol, ‘AILE’. The agreement includes a minimum cash requirement of $100 million that will be funded through several sources. The combined entity will receive approximately $43 million from Arrowroot Acquisition Corp.’s trust account, assuming no redemptions by Arrowroot Acquisition Corp.’s public stockholders. iLearningEngines will receive proceeds of a private convertible offering with participation from Arrowroot Capital and other institutional investors at the time the transaction is announced. 

The transaction has been unanimously approved by the Board of Directors of Arrowroot Acquisition Corp., as well as the Board of Directors of iLearningEngines, and is subject to the satisfaction of customary closing conditions, including the approval of the stockholders of Arrowroot Acquisition Corp.

Arrowroot Acquisition Corp.
is a special purpose acquisition company formed for the purpose to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.  

iLearningEngines is the market leader in cloud-based, AI driven mission critical training for enterprises. iLearningEngines has consistently ranked as one of the fastest growing companies in North America on the Deloitte Technology Fast 500. iLearningEngines’ AI and Learning Automation platform is used by enterprises to productize their enterprise knowledge for consumption throughout the enterprise.

The Goodwin team was led by John Mutkoski and Jocelyn Arel and included John Servidio, Wei Xu, Sheran Sharafi, Sne Sadhu, Sumin Seo, Loren Goodman, Alex Apostolopoulos and Erika Pey.

For additional details on the transaction, please read the press release