ARROWROOT ACQUISITION LLC - 08 May 2023 Form 4 Insider Report for Arrowroot Acquisition Corp. (AILEQ)

Role
10%+ Owner
Signature
/s/ Peter Byrne, Attorney-in-Fact
Issuer symbol
AILEQ
Transactions as of
08 May 2023
Net transactions value
+$4,603,672
Form type
4
Filing time
18 Apr 2024, 21:45:57 UTC
Previous filing
08 Feb 2023
SEC
View on sec.gov

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction AILE Common Stock Conversion of derivative security +7,027,500 7,027,500 16 Apr 2024 Direct F1, F2
transaction AILE Common Stock Disposed to Issuer $0 -400,000 -5.7% $0.000000 6,627,500 16 Apr 2024 Direct F2, F3
transaction AILE Common Stock Award $4,603,840 +460,384 +6.9% $10.00 7,087,884 16 Apr 2024 Direct F2, F4

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction AILE Class B Common Stock Sale $168 -40,000 -0.57% $0.004200* 7,027,500 08 May 2023 Common Stock 40,000 Direct F1, F2
transaction AILE Class B Common Stock Conversion of derivative security -7,027,500 -100% 0 16 Apr 2024 Common Stock 7,027,500 Direct F1, F2
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

ARROWROOT ACQUISITION LLC is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may continue.

Explanation of Responses:

Id Content
F1 On April 16, 2024 pursuant to the Agreement and Plan of Merger and Reorganization, dated as of April 27, 2023 (the "Merger Agreement"), by and among the Issuer, ARAC Merger Sub, Inc., a wholly-owned subsidiary of the Issuer ("Merger Sub") and iLearningEngines Holdings, Inc. ("Legacy iLearningEngines"), Merger Sub merged with and into Legacy iLearningEngines with the separate corporate existence of Merger Sub ceasing and Legacy iLearningEngines continuing as the surviving corporation and a wholly-owned subsidiary of Issuer (the "Merger"). Prior to the effective time of the Merger, pursuant to the Issuer's amended and restated certificate of incorporation, each outstanding share of the Issuer's Class A Common Stock and Class B Common Stock was reclassified as a single share of the Issuer's Common Stock.
F2 Matthew Safaii and Thomas Olivier control the Reporting Person, and as such have voting and investment discretion with respect to the securities held by the Reporting Person and may be deemed to have beneficial ownership of the securities held directly by the Reporting Person.
F3 Immediately prior to the closing of the Merger, pursuant to a Sponsor Forfeiture Agreement dated March 27, 2024, 400,000 shares of Common Stock were forfeited to the Issuer for no consideration.
F4 Shares issued at the effective time of the Merger upon conversion of principal amount of, and accrued interest on, working capital loans provided to the Issuer by the Reporting Person, at the conversion price of $10.00 per share.