Form 8-K - Current report
July 07 2023 - 4:01PM
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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) July 6, 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.
The
board of directors of Arrowroot Acquisition Corp., a Delaware corporation (the “Company”), approved a draw of an aggregate
of $160,000 (the “Extension Funds”) pursuant to the Promissory Note, dated as of March 6, 2023 (the “Note”),
between the Company and Arrowroot Acquisition LLC (the “Lender”), which Extension Funds were deposited into the Company’s
trust account for its public stockholders on July 6, 2023. This deposit enables the Company to extend the date by which it must complete
its initial business combination from July 6, 2023 to August 6, 2023 (the “Extension”). The Extension is the first
of seven one-month extensions permitted under the Company’s amended and restated certificate of incorporation, as amended, and
provides the Company with additional time to complete its initial business combination. The Note does not bear interest and matures upon
closing of the Company’s initial business combination. In the event that the Company does not consummate an initial business combination,
the Note will be repaid only from funds remaining outside of the Company’s trust account, if any, or will be forfeited, eliminated,
or otherwise forgiven. Up to $1,760,000 of the total principal amount of the Note may be converted, in whole or in part, at the option
of the Lender into warrants of the Company at a price of $1.00 per warrant, which warrants will be identical to the private placement
warrants issued to the Lender at the time of the initial public offering of the Company.
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:
July 7, 2023 |
By: |
/s/
Matthew Safaii |
|
Name: |
Matthew
Safaii |
|
Title: |
Chief
Executive Officer |
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Document Period End Date |
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|
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
|
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|
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|
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|
Pre-commencement Issuer Tender Offer |
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|
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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