Business

Arrowroot Acquisition Corp. Reschedules Special Meeting of Stockholders to April 1

MARINA DEL REY, Calif., March 26, 2024 -- Arrowroot Acquisition Corp. ("Arrowroot" or the "Company"), which is traded on NASDAQ under the symbols ARRWU, ARRW, and ARRWW, has announced the postponement of its forthcoming special meeting of stockholders ("Special Meeting") originally fixed for March 28, 2024, at 9:00 a.m. Eastern Time. The new date for the Special Meeting is now set for April 1, 2024, also at 9:00 a.m. Eastern Time. Participants and interested investors can attend the rescheduled Special Meeting virtually through the following link: Virtual Shareholder Meeting. To join the meeting, stockholders will need the unique 12-digit meeting control number found on their proxy card. It has been made clear that the record date for stockholders eligible to vote at this meeting continues to be March 13, 2024.

For those stockholders who have already cast their votes or submitted proxies and do not wish to alter their stance, no further action is required. Notwithstanding the sale of shares post the record date, stockholders as of March 13, 2024, retain their voting rights. In cases where stockholders prefer to change their votes, Okapi Partners LLC is available for assistance at (212) 297-0720, or via email at [email protected] Moreover, the deadline for the Company's Class A common stock holders, issued in its initial public offering ("Public Shares"), to request redemption has been extended until 5 p.m. Eastern Time on March 28, 2024. Furthermore, should stockholders wish to retract their previous requests for redemption, they are permitted to do so before the predetermined time of 9 a.m. Eastern Time on April 1, 2024, by contacting the transfer agent to arrange the return of the Public Shares in question.

An Overview of Arrowroot Acquisition Corp.

Arrowroot Acquisition Corp. serves as a special purpose acquisition company established with the objective of executing a merger, stock purchase, or similar business combination with one or more businesses. The company prides itself on a leadership team with profuse expertise, headed by Matthew Safaii, assumes the role of Chief Executive Officer, and Thomas Olivier, serving as President and Chief Financial Officer. Both leaders are lauded for their elaborate experience in scouting, advising, and investing in transformative growth enterprises within the technology sector. While the Company shows openness to exploring various sectors for potential opportunities, its management, board, and sponsoring body possess a track record and network which are anticipated to highlight particularly compelling investment prospects within the enterprise software realm.

Parties Involved in the Solicitation

Arrowroot and iLearningEngines, alongside their respective directors, executive officers, other management, and employees, may, under the stipulations of the Securities and Exchange Commission (SEC), be presumed to be soliciting proxies from the Company's stockholders concerning the proposed business combination transaction with iLearningEngines (the "Proposed Business Combination"). Company filings with the SEC provide insights into its directors and executive officers. iLearningEngines has also disclosed more detailed particulars regarding the directors, executive officers, and other potential participants, including their direct and indirect interests by security holdings or others wis, within the definitive proxy statement/prospectus related to the Proposed Business Combination. The definitive proxy statement/prospectus includes a thorough representation of the direct and indirect interests of all potential participants involved in proxy solicitations to the Company's stockholders, potentially diverging from the interests of the stockholders of iLearningEngines or the Company in general.

Legal Disclaimer

The communication herein pertains to the proposed transaction between iLearningEngines and Arrowroot. No section of this press release shall be treated as an appeal to sell or exchange securities, nor is it a solicitation for offers to buy or exchange securities. In jurisdictions where such activities are illegal without proper registration or compliance with securities laws, none shall occur. Securities shall only be offered through a prospectus that fulfills the criteria of Section 10 of the U.S. Securities Act of 1933, as amended.

Additional Information for Stakeholders

This announcement regarding the Proposed Business Combination is distributed as solicitation material to the Company's stockholders. The Proposed Business Combination requires stockholder approval. A comprehensive elaboration of the terms of the Proposed Business Combination is included in the SEC-approved Registration Statement on Form S-4, issued on February 2, 2024, which comprises a preliminary prospectus for the combined company's securities arising from the Proposed Business Combination and a preliminary proxy statement for the Company's shareholder meeting to vote on the matter.

Stockholders and investors are urged to meticulously read the Registration Statement, the subsequent definitive proxy statement/prospectus, and further related amendments and supplements, along with other SEC filings, as these documents collectively offer crucial data about the Company, iLearningEngines, and the Proposed Business Combination. The primary dispatch of the definitive proxy statement/prospectus to stockholders occurred around February 2, 2024. In addition, on March 13, 2024, a Supplement to the definitive proxy statement/prospectus was filed with the SEC, revealing the new record date of March 13, 2024. The definitive proxy statement/prospectus–inclusive of proxy cards–is to be circulated to all validated stockholders eligible to partake in the Special Meeting.

Interested parties can receive, without any charge, a copy of the Registration Statement that contains the proxy statement/prospectus, or any other documents filed by the Company with the SEC by sending a request to Arrowroot Acquisition Corp. located at 4553 Glencoe Ave, Suite 200, Marina Del Rey, California 90292. Additionally, the definitive proxy statement/prospectus as well as other filed documents are accessible for free on the SEC's official website (SEC Website).

Investment Warning

The SEC, nor any other regulatory authority, has not approved or disapproved the investments detailed in this press release. No assurances have been given regarding the validity of the business combination's merits or the information's adequacy and accuracy presented here. Any claims that suggest otherwise are considered a criminal offense.

Arrowroot Capital Management, LLC serves as the source for this press release, marking a significant corporate event in the journey of Arrowroot Acquisition Corp. Investors are directed to draw from the evidential documents provided to formalize their understanding of the array of facets involved in the potential business combination and acquire a strategic perspective on their investment choices.

In summary, Arrowroot Acquisition Corp.'s announcement to reschedule its Special Meeting of stockholders signifies a nuanced shift in the company's timeline towards their anticipated Proposed Business Combination with iLearningEngines. Stockholders are accorded with flexibility and support to modify their voting preferences and redemption requests. The leadership helming Arrowroot leverages their expansive expertise in technological growth endeavors to drive value and strategic advancements. By engaging directly with official resources, including the SEC website and corporate communications from Arrowroot Acquisition Corp., stockholders maintain an informed pathway to their voting decisions and investment considerations.