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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported) September 27, 2023

 

ARROWROOT ACQUISITION CORP.

(Exact Name of Registrant as Specified in Charter)

 

Delaware   001-40129   85-3961600
(State or Other Jurisdiction of Incorporation)   (Commission File Number)   (IRS Employer Identification No.)

 

4553 Glencoe Ave, Suite 200

Marina Del Rey, California 90292

(Address of principal executive office) (Zip Code)

 

(310) 566-5966

(Registrant’s telephone number, including area code)

 

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class  Trading Symbol(s)  Name of each exchange on
which registered
Units, each consisting of one share of Class A common stock, $0.0001 par value, and one-half of one redeemable warrant  ARRWU  The Nasdaq Stock Market LLC
       
Shares of Class A common stock included as part of the units  ARRW  The Nasdaq Stock Market LLC
       
Redeemable warrants included as part of the units, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50  ARRWW  The Nasdaq Stock Market LLC
       

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ☒

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

On June 13, 2023, Arrowroot Acquisition Corp., a Delaware corporation and blank check company (the “Company”) issued an unsecured promissory note (the “Note”) in the principal amount of up to $2,000,000 to Arrowroot Acquisition LLC (the “Sponsor”), of which $700,000 was funded by the Sponsor upon execution of the Note. The Note bears simple interest at a rate of fifteen percent (15%) per annum and matures upon closing of a business combination or the date that the winding up of the Company is effective.

 

On September 27, 2023, the Company drew down an additional amount of $500,000 (the “Drawdown Amount”) pursuant to the terms of the Note (as contemplated and governed by the Note), after which $1,200,000 was outstanding under the Note. There remains $800,000 available under the Note for future drawdowns.

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  ARROWROOT ACQUISITION CORP.
     
Dated: October 3, 2023 By: /s/ Matthew Safaii
  Name: Matthew Safaii
  Title: Chief Executive Officer

 

 

 

 

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Cover
Sep. 27, 2023
Document Type 8-K
Amendment Flag false
Document Period End Date Sep. 27, 2023
Entity File Number 001-40129
Entity Registrant Name ARROWROOT ACQUISITION CORP.
Entity Central Index Key 0001835972
Entity Tax Identification Number 85-3961600
Entity Incorporation, State or Country Code DE
Entity Address, Address Line One 4553 Glencoe Ave
Entity Address, Address Line Two Suite 200
Entity Address, City or Town Marina Del Rey
Entity Address, State or Province CA
Entity Address, Postal Zip Code 90292
City Area Code (310)
Local Phone Number 566-5966
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company true
Elected Not To Use the Extended Transition Period false
Units, each consisting of one share of Class A common stock, $0.0001 par value, and one-half of one redeemable warrant  
Title of 12(b) Security Units, each consisting of one share of Class A common stock, $0.0001 par value, and one-half of one redeemable warrant
Trading Symbol ARRWU
Security Exchange Name NASDAQ
Shares of Class A common stock included as part of the units  
Title of 12(b) Security Shares of Class A common stock included as part of the units
Trading Symbol ARRW
Security Exchange Name NASDAQ
Redeemable warrants included as part of the units, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50  
Title of 12(b) Security Redeemable warrants included as part of the units, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50
Trading Symbol ARRWW
Security Exchange Name NASDAQ
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