Brief: iLearningEngines To List On Nasdaq Via Merger With Arrowroot Acquisition Corp

iLearningEngines

27/04/2023 22:48

April 27 (Reuters) - Arrowroot Acquisition Corp
 ARRW.O :
    * ILEARNINGENGINES, A LEADER IN AI-POWERED LEARNING
AUTOMATION, TO
LIST ON NASDAQ VIA MERGER WITH ARROWROOT ACQUISITION CORP.
    * ARROWROOT ACQUISITION CORP - PRO FORMA IMPLIED ENTERPRISE
VALUE
OF COMBINED COMPANY IS APPROXIMATELY $1.4 BILLION
    * ARROWROOT ACQUISITION CORP - TRANSACTION HAS A MINIMUM
CASH
CONDITION OF $100 MILLION
    * ARROWROOT ACQUISITION CORP - COMBINED CO WILL BE NAMED
ILEARNINGENGINES, INC., IS EXPECTED TO REMAIN LISTED ON NASDAQ
UNDER NEW TICKER SYMBOL, 'AILE'
    * ARROWROOT ACQUISITION CORP - COMBINED CO WILL CONTINUE TO
BE LED
BY ILEARNINGENGINES' EXISTING CEO AND FOUNDER, HARISH
CHIDAMBARAN
    * ARROWROOT ACQUISITION CORP - TRANSACTION HAS BEEN
UNANIMOUSLY
APPROVED BY BOARD OF CO AS WELL AS BOARD OF DIRECTORS OF
ILEARNINGENGINES
    * ARROWROOT ACQUISITION CORP - ILEARNINGENGINES IS ALSO IN
DISCUSSIONS TO RAISE ADDITIONAL CAPITAL VIA INSTITUTIONAL
INVESTORS

Source text for Eikon:  ID:nBw7gNJXYa 
Further company coverage:  ARRW.O 

 ((Reuters.Briefs@thomsonreuters.com;))