iLearningEngines, Inc. announced that it has entered into the 2024 convertible note purchase agreement with an investor to issue Initial 2024 Convertible Note in an aggregate principal amount of $29,414,500 on March 21, 2024. Each 2024 convertible note accrued interest at a rate of 15% per annum until the aggregate accrued interest thereunder equals 25% of the principal amount of such note, and 8% per annum thereafter. Immediately prior to the consummation of the Business Combination, each 2024 convertible note automatically converted into common shares entitling the holder thereof to receive, in connection with the consummation of the Business Combination, a number of shares equal to 2.75, multiplied by the outstanding principal under such convertible note, plus all accrued and unpaid interest thereon, divided by $10.

Notwithstanding the foregoing, the maximum number of shares issuable pursuant to the 2024 convertible notes shall not exceed 10,000,000 incentive shares. The notes due in October, 2026.