BETHESDA, Md. & MARINA DEL REY, Calif.–(BUSINESS WIRE)–Arrowroot Acquisition Corp. (NASDAQ:ARRW), a publicly traded special purpose acquisition company sponsored by Arrowroot Capital Management, a 10 year old private equity firm specializing in enterprise software, and iLearningEngines, Inc., a leader in AI-powered learning automation and information intelligence for corporate and educational use, today announced that Arrowroot’s shareholders voted to approve the previously announced business combination between Arrowroot and iLearningEngines, at the special meeting of Arrowroot’s shareholders held on April 1, 2024 (the “Special Meeting”).
Voters representing over 97% of the issued and outstanding shares of Arrowroot were cast in favor of the proposal in connection with the Business Combination at the Special Meeting. Arrowroot shareholders also voted to approve all other proposals presented at the meeting. Arrowroot plans to file the results of the Special Meeting, as tabulated by the inspector of elections, with the Securities and Exchange Commission (the “SEC”) on a Current Report on Form 8-K.
Upon closing of the Business Combination, which is expected following the satisfaction or waiver of all closing conditions, the combined company intends to operate as iLearningEngines, Inc. and is expected to be listed on Nasdaq under the ticker symbol “AILE”, with warrants under the ticker “AILEW”. The Nasdaq listing is subject to the closing of the Business Combination and fulfillment of all Nasdaq listing requirements.
About iLearningEngines
iLearningEngines is a leading cloud-based, AI driven mission critical training platform for enterprises. iLearningEngines has consistently ranked as one of the fastest growing companies in North America on the Deloitte Technology Fast 500. The company’s AI and Learning Automation platform is used by enterprises to productize their enterprise knowledge for consumption throughout the enterprise. The intense demand for scalable outcome-based training has led to deployments in some of the most regulated and detail-oriented vertical markets, including Healthcare, Education, Insurance, Retail, Oil & Gas / Energy, Manufacturing and Government. The company was founded by Harish Chidambaran in 2010, with headquarters in Bethesda, MD and offices in Dubai, UAE, and Trivandrum, Pune and Kochi, India.
About Arrowroot Acquisition Corp.
Arrowroot Acquisition Corp. is a special purpose acquisition company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. The company is sponsored by Arrowroot Capital Management, a leading investor in enterprise software. Arrowroot Acquisition Corp. was founded on November 5, 2020 and is headquartered in Marina Del Rey, CA.
