iLearningEngines provided an update from Special Committee

iLearningEngines (AILE) provided an update from the Special Committee, including management actions and the receipt of a Non-Compliance Letter from Nasdaq. As previously disclosed, on September 5, 2024, the Board of Directors of the Company formed a special committee of the Board, consisting of independent directors, to oversee, among other matters, an internal investigation conducted by outside counsel with respect to allegations raised in a report issued on August 29, 2024 by Hindenburg Research. Since its creation, the independent Special Committee and its advisors have been focused on validating the Company’s revenues and associated customer contracts, value-added reseller partnerships and products and enterprise-specific AI models, as well as reviewing other claims made by a short seller. The Investigation remains ongoing. Upon the recommendation of the Special Committee, on December 5, 2024, the Board appointed Thomas Olivier to serve as the Company’s Interim Chief Executive Officer and designated Mr. Olivier as its interim principal executive officer.