iLearningEngines Secures $20 Million Incremental Funding To Help Execute Growth Plans
iLearningEngines, Inc. (AILE)
Company Research
Source: GlobeNewswire
BETHESDA, Md., July 03, 2024 (GLOBE NEWSWIRE) -- iLearningEngines, Inc. (NASDAQ: AILE) (“iLearningEngines” or “ILE”) a leader in AI-powered learning and work automation, announced today that it has entered into a First Amendment to Loan and Security Agreement (the “Amendment”) with the involved financial institutions (the “Lenders”) and East West Bank, as administrative agent and collateral agent for the Lenders, which amends the existing Loan and Security Agreement, dated April 17, 2024, between iLearningEngines’ wholly owned subsidiary, iLearningEngines Holdings, Inc. (“iLE Holdings”), the Lenders and East West Bank (the “Loan Agreement”). The purpose of the Amendment is to, among other things, secure an incremental $20 million in funding. On April 17, 2024, iLE Holdings entered into the Loan Agreement which included a new senior secured revolving credit facility in a principal amount of up to $40 million (the “Revolving Facility”), which was fully drawn at the time of closin
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