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Arrowroot Acquisition Corp. Announces Postponement of Special Meeting of Stockholders

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MARINA DEL REY, Calif., Feb. 21, 2024 /PRNewswire/ — Arrowroot Acquisition Corp. (“Arrowroot” or the “Company”) (NASDAQ: ARRWU, ARRW, ARRWW) today announced that its special meeting of stockholders (“Special Meeting”) will be postponed from its scheduled time of 9:00 a.m. Eastern Time on February 22, 2024 to 9:00 a.m. Eastern Time on March 15, 2024. The Special Meeting can still be accessed virtually by visiting www.virtualshareholdermeeting.com/ARRW2024SM. You will need the 12-digit meeting control number that is printed on your proxy card to enter the Special Meeting. The record date for the Special Meeting remains January 18, 2024.

Stockholders who have previously submitted their proxies or otherwise voted and who do not want to change their vote need not take any action. Stockholders as of the record date can vote, even if they have subsequently sold their shares. Any stockholders who wish to change their vote and need assistance should contact Okapi Partners LLC at (212) 297-0720, or info@okapipartners.com. In connection with the postponement of the Special Meeting, the Company has extended the deadline of holders of the Company’s Class A common stock issued in its initial public offering (the “Public Shares”) to submit their Public Shares for redemption until 5 p.m. Eastern Time on March 13, 2024. Stockholders who wish to withdraw their previously submitted redemption requests may do so prior to the rescheduled meeting by requesting that the transfer agent return such Public Shares prior to 9 a.m. Eastern Time on March 15, 2024.

About Arrowroot

Arrowroot Acquisition Corp. is a special purpose acquisition company formed for the purpose of effecting a merger, stock purchase or similar business combination with one or more businesses. The management team is led by Matthew Safaii, as Chief Executive Officer, and Thomas Olivier, as President and Chief Financial Officer, each with decades of experience identifying, evaluating, advising and investing in transformational growth companies in the technology sector. While the Company intends to evaluate opportunities in many sectors, it believes the diverse experience and extensive relationship network of its management team, board and sponsor will drive particularly attractive investment opportunities in the enterprise software sector.

Participants in the Solicitation

The Company and iLearningEngines (“iLearningEngines”), and their respective directors and executive officers, and other members of their management and employees, under SEC rules, may be deemed participants in the solicitation of proxies of the Company’s stockholders in respect of the proposed business combination transaction involving Arrowroot and iLearningEngines (the “Proposed Business Combination”). Information about the directors and executive officers of the Company is set forth in the Company’s filings with the SEC. Information about the directors and executive officers of iLearningEngines and more detailed information regarding the identity of all potential participants, and their direct and indirect interests by security holdings or otherwise, will be set forth in the definitive proxy statement/prospectus for the Proposed Business Combination. Additional information regarding the identity of all potential participants in the solicitation of proxies to the Company’s stockholders in connection with the Proposed Business Combination and other matters to be voted upon at the special meeting, and their direct and indirect interests, by security holdings or otherwise, will be included in the definitive proxy statement/prospectus, when it becomes available. Such interests may, in some cases, be different from those of iLearningEngines’ or the Company’s stockholders generally.

No Offer or Solicitation

This press release relates to a proposed transaction between iLearningEngines and ARRW. This press release does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended. 

Additional Information

This press release is being made in respect of the proposed business combination transaction involving Arrowroot and iLearningEngines, Inc. (such transaction, the “Proposed Business Combination”). This press release may be deemed to be solicitation material in respect of the Proposed Business Combination. The Proposed Business Combination will be submitted to the Company’s stockholders for their consideration. A full description of the terms of the Proposed Business Combination is provided in the Registration Statement that includes a preliminary prospectus with respect to the combined company’s securities to be issued in connection with the Proposed Business Combination and a preliminary proxy statement with respect to the shareholder meeting of the Company to vote on the Proposed Business Combination. The Company urges its investors, stockholders and other interested persons to read the Registration Statement, including the preliminary proxy statement/prospectus, amendments thereto as well as other documents filed with the SEC because these documents will contain important information about the Company, iLearningEngines and the Proposed Business Combination. After the Registration Statement is declared effective, the definitive proxy statement/prospectus to be included in the Registration Statement will be mailed to stockholders of the Company as of a record date to be established for voting on the Proposed Business Combination. Once available, stockholders will also be able to obtain a copy of the Registration Statement, including the proxy statement/prospectus, and other documents filed with the SEC without charge, by directing a request to: Arrowroot Acquisition Corp., 4553 Glencoe Ave, Suite 200, Marina Del Rey, California 90292. The preliminary and definitive proxy statement/prospectus to be included in the Registration Statement, once available, can also be obtained, without charge, at the SEC’s website (http://www.sec.gov).

INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS OF THE BUSINESS COMBINATION OR THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. 

View original content:https://www.prnewswire.com/news-releases/arrowroot-acquisition-corp-announces-postponement-of-special-meeting-of-stockholders-302067882.html

SOURCE Arrowroot Capital Management, LLC

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Double Win for Workers’ Comp: Raintree Partners with Jopari and OccuPro to Transform Workers’ Comp

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Raintree Helps Clinics Drive Revenue, Cut Manual Work, and Get Injured Workers Back on the Job Sooner

CHANDLER, Ariz., April 24, 2025 /PRNewswire/ — Rehabilitation and physical therapy software provider, Raintree, today announced formal strategic partnerships with Jopari and OccuPro—building on long-standing integrations to deliver smarter automation, stronger referral pipelines, and faster return-to-work outcomes for therapy practices managing workers’ compensation cases.

“Workers’ comp has often been a source of friction due to its manual complexity, but also a powerful growth lever when done right,” said Sarina Richard, Chief Strategy Officer at Raintree. “Our integrations with Jopari and OccuPro streamline workflows, increase revenue, and—most importantly—help injured workers get back to work and support their families sooner.”

Upcoming Webinar: “Winning the Workers’ Comp Game: Faster Claims. Better Outcomes. More Revenue”

To help practices take full advantage of these powerful solutions, Raintree is hosting a live webinar in partnership with Jopari and OccuPro.
Date: April 30, 2025
Time: 1:00 PM ET / 10:00 AM PT
Register here: https://raintreeinc.zoom.us/webinar/register/WN_jEWiswOjQpCo6iMrr5Itew

Expanded Integration with Jopari: Faster Claims, Broader Reach
Through an expanded partnership with Jopari Solutions, Raintree now empowers providers to electronically submit both claims and medical attachments for workers’ compensation, in addition to attachments for commercial and governmental insurance carriers—all seamlessly within the Raintree EMR platform. This enhancement supports:

Accelerated claims processing across a wider range of payersReduced administrative burden and costs with fewer manual tasksImproved cash flow through quicker reimbursement timelines

OccuPro Integration with Raintree: End-to-End Workers’ Comp and Work Conditioning Automation

Raintree’s integration with OccuPro brings the industry’s most advanced, fully interfaced Workers’ Compensation specific documentation software directly into the EMR—automating documentation, accelerating referrals, and improving outcomes for injured workers.

With this integration, clinics can:

Streamline workers’ comp evaluations, FCEs, and work conditioning with purpose-built documentationReceive direct referrals from major workers’ comp payors and national FCE networksImprove productivity and billing accuracy through a two-way EMR interface, ensuring documentation flows directly back into the patient record in Raintree

These advancements with Jopari and OccuPro demonstrate Raintree’s commitment to providing scalable, interoperable tools that streamline operations and unlock growth for therapy enterprises in the ever-growing workers’ comp rehabilitation space.

“At Jopari, we’re focused on removing administrative barriers so providers get paid faster and with fewer hassles,” said Jeff Pirino, Chief Growth Officer at Jopari. “Our collaboration with Raintree expands that promise across both workers’ comp and commercial claims, driving efficiency and satisfaction across the board.”

“Our mission at OccuPro is to simplify the workers’ comp process with work comp specific documentation, seamless referrals and industry-leading FCEs,” said Jim Mecham, COO of OccuPro. “Through this integration with Raintree, we’re giving providers the tools to boost efficiency, grow revenue, and help injured workers return to their jobs faster.”

About Raintree Systems
Raintree is the rehabilitation and physical therapy software of choice for enterprise and large therapy provider organizations, managing more than 50 million patient visits annually across 8,500+ therapy clinics nationwide.

Through a series of strategic investments in AI technology and expertise, Raintree is delivering on its commitment to be the leading AI-centric EMR software in rehab therapy.

Raintree’s ONC-certified EHR, AI technology, patient engagement and communications, clinical documentation, revenue cycle management (RCM), and business intelligence solutions are deeply rooted in rehabilitation and physical therapy best practices. To learn more about Raintree, visit https://www.raintreeinc.com/

About Jopari Solutions
Jopari Solutions, Inc. is a healthcare information technology company supplying innovative healthcare attachment management, flexible medical payments products; and integrated eBill compliance and portal solutions for Commercial & Government, Workers’ Compensation and Auto Medical markets.

About OccuPro
Established in 2002, OccuPro has developed the industry’s most respected workers’ compensation documentation system used by all the major workers’ compensation insurance carriers/payors. OccuPro’s worldwide customers have performed over 300,000 FCEs and the reports are generally considered to be the easiest reports to decipher on the market. OccuPro’s software, training, and certification programs are industry-leading services that boost a rehabilitation clinic’s overall net revenue within weeks of implementation. To learn more about OccuPro, visit https://www.occupro.net

Media Contact:
Sorella Andersen
sorella.andersen@raintreeinc.com

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SOURCE Raintree Systems

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Holman Logistics Launches New Foreign Trade Zone Facility in the Pacific Northwest

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SPANAWAY, Wash., April 24, 2025 /PRNewswire/ — Holman Logistics announces the opening of its Foreign Trade Zone (FTZ) facility in the Pacific Northwest this month. Holman provides third-party logistics services to some of the world’s most recognized brands, and the FTZ facility is strategically located to serve importers and exporters across the region.

The new FTZ can provide both cost saving and logistics flexibility. By utilizing the FTZ, customers can defer, reduce, or even eliminate customs duties. Additionally, this new initiative provides flexibility in inventory management, improved cash flow, and simplified customs procedures.

“Our FTZ facility enhances our ability to provide comprehensive and customizable logistics services to our customers,” explained Fred Olson, vice president of business development at Holman Logistics. “Whether companies need to stage components for manufacturing, manage seasonal inventory, or streamline their import strategies, the FTZ is a powerful solution,” Olson added. “It perfectly complements the wide range of warehousing, fulfillment, and transportation services Holman already provides.”

This state-of-the-art facility located at 4633 196th St. E, Spanaway, Wash. is designed to help manufacturers and distributors store and distribute goods more efficiently and cost-effectively into the U.S. market and will operate under the same rigorous service standards, inventory visibility tools, and tailored customer support that have defined the Holman commitment to provide Extraordinary Service for more than a century.

To learn more about Holman FTZ services or to explore how your business can benefit, visit holmanusa.com.

About Holman Logistics
Founded in 1864, Holman Logistics offers logistics support, including warehousing, manufacturing logistics, omnichannel fulfillment, and transportation services for customers in the business-to-business and business-to-consumer marketplace. Holman provides services for multi-client and dedicated accounts at Holman-owned and customer locations across the United States. More information is available at holmanusa.com.

Media Contact:
BDYPR
913-912-9285

View original content to download multimedia:https://www.prnewswire.com/news-releases/holman-logistics-launches-new-foreign-trade-zone-facility-in-the-pacific-northwest-302437731.html

SOURCE Holman Logistics

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Socket Mobile Reports First Quarter 2025 Results

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FREMONT, Calif., April 24, 2025 /PRNewswire/ — Socket Mobile, Inc. (NASDAQ: SCKT), a leading provider of data capture and delivery solutions for enhanced workplace productivity, today reported financial results that are determined in accordance with generally accepted accounting principles in the United States (“GAAP”) for the three months ended March 31, 2025.

First Quarter 2025 Financial Highlights:

Revenue of $4.0 million, reflecting a 20% decrease compared to $5.0 million for the prior year’s quarter, and an 18% sequential decrease compared to $4.8 million for the preceding quarter.Gross margin of 50.4% versus 50.3% in the prior year’s quarter and 51% in the preceding quarter.Operating expenses were $2.9 million, compared to $3.0 million in the prior year period and $2.9 million in the preceding quarter.Operating loss amounted to $0.9 million, compared to $0.5 million loss in the prior year’s quarter, and a loss of $0.4 million in the preceding quarter.Cash balances on March 31, 2025 were approximately $1.7 million, a decrease from $2.5 million as of December 31, 2024.

“Our first quarter revenue came in lower than projected, primarily due to softer demand both domestically and internationally compared to Q1 of last year,” said Kevin Mills, President, and Chief Executive Officer. “The encouraging news is that we began shipping our new XtremeScan products during the quarter. This marks a key milestone in our two-year effort to enter the industrial barcode market.”

“We also recently announced the launch of the XtremeScan iXG and iXS Series, powered by iOS 18.3 and featuring a fully integrated iPhone 16e,” Mr. Mills continued.  “These devices are designed to serve as full-featured handheld computers, combining high-performance long-range barcode scanning with the connectivity, app ecosystem, and user-friendly interface of the iOS platform. Together, these capabilities allow frontline workers to capture data more accurately, respond more decisively, and perform critical tasks with greater speed and confidence. These products put Socket Mobile into the $27 billion mobile handheld computing market.

“We are closely monitoring the evolving tariff landscape and assessing its potential impact on our supply chain and cost structure,” Mr. Mills added. “We are committed to working closely with our customers to manage these challenges through strategic sourcing, pricing adjustments, and supply planning.”

“We look forward to sharing more about our new products and strategies to drive sales growth during our upcoming conference call,” concluded Mr. Mills.

Conference Call

Management of Socket Mobile will hold a conference call today at 2 P.M. Pacific (5 P.M. Eastern) to discuss the quarterly results and outlook for the future. To join the live conference, please use the conference link https://join.broaddata.com/?id=socket-mobile-earnings-call or dial (800) 237-1091 toll-free from within the U.S. or (848) 488-9280 (toll).

About Socket Mobile, Inc.                          

Socket Mobile is a leading provider of data capture and delivery solutions for enhanced productivity in workforce mobilization. Socket Mobile’s revenue is primarily driven by the deployment of third-party barcode-enabled mobile applications that integrate Socket Mobile’s cordless barcode scanners and contactless readers/writers. Mobile Applications servicing the specialty retailer, field service, digital ID, transportation, and manufacturing markets are the primary revenue drivers. Socket Mobile has a network of thousands of developers who use its software developer tools to add sophisticated data capture to their mobile applications. Socket Mobile is headquartered in Fremont, Calif., and can be reached at +1-510-933-3000 or www.socketmobile.com. Follow Socket Mobile on LinkedIn, X, and keep up with our latest News and Updates.

Forward-Looking Statements 

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, but are not limited to, statements regarding new mobile computer and data collection products, including details on the timing, distribution, and market acceptance of the products, and statements predicting trends, sales, market conditions, and opportunities in the markets in which we sell our products. Such statements involve risks and uncertainties, and actual results could differ materially from the results anticipated in such forward-looking statements as a result of a number of factors, including, but not limited to, the risk that our new products may be delayed or not rollout as predicted, if ever, due to technological, market, or financial factors, including the availability of necessary working capital, the risk that market acceptance and sales opportunities may not happen as anticipated, the risk that our application partners and current distribution channels may choose not to distribute the new products or may not be successful in doing so, the risk that acceptance of our new products in vertical application markets may not happen as anticipated, and other risks described in our most recent Form 10-K and 10-Q reports filed with the Securities and Exchange Commission.

Socket Mobile Investor Contact:
Lynn Zhao
Chief Financial Officer
510-933-3016
lynn@socketmobile.com

Socket Mobile is a registered trademark of Socket Mobile. All other trademarks and trade names contained herein may be those of their respective owners.

© 2025, Socket Mobile, Inc. All rights reserved.

–      Financial tables to follow –

Socket Mobile, Inc.

Condensed Summary Statements of Operations (Unaudited)

(Amounts in thousands except per share amounts)

Three months ended March 31,

2025

2024

Revenue

$3,966

$4,978

Cost of revenue

1,968

2,473

Gross margin

1,998

2,505

   Gross margin percent

50.4 %

50.3 %

Research & development

1,132

1,208

Sales & marketing

1,107

1,031

General & administrative

653

751

   Total operating expenses

2,892

2,990

Operating loss

(894)

(485)

Interest expense, net

(100)

(72)

Income tax expense

Net loss

$  (994)

$  (557)

Net loss per share:

   Basic

$  (0.13)

$  (0.07)

   Fully diluted

$  (0.13)

$  (0.07)

Weighted average shares outstanding:

   Basic

   Fully diluted

 

7,829

7,829

 

7,442

7,442

 

Socket Mobile, Inc.

Condensed Summary Balance Sheets

(Amounts in Thousands)

 (Unaudited)

March 31, 2025

December 31,
2024*

Cash

$        1,707

$     2,492

Accounts receivable

2,061

1,588

Inventories

5,281

4,942

Deferred costs on shipments to distributors

Other current assets

              155

              619

              143

              431

Property and equipment, net

2,532

2,787

Deferred tax assets

10,663

10,663

Intangible assets, net

1,400

1,432

Operating leases right-of-use assets

2,477

2,604

Other long-term assets

264

264

Total assets

$      27,159

$   27,346

Accounts payable and accrued liabilities

$        2,864

$     1,977

Subordinated convertible notes payable, net of discount

150

150

Subordinated convertible notes payable, net of discount-related party

3,822

3,818

 

Deferred revenue on shipments to distributors

 

366

392

Deferred service revenue
Operating lease liabilities

                30

           2,690

                31

           2,817

Total liabilities

9,922

9,185

Common stock

69,444

69,374

Accumulated deficit

(51,169)

(50,175)

Treasury stock

(1,038)

(1,038)

Total equity

17,237

18,161

Total liabilities and equity

$    27,159

$  27,346

*Derived from audited financial statements.

 

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SOURCE Socket Mobile, Inc.

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