Company: SIMA
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001213900-25-109984
Chunk: 100

Company: SIM Acquisition Corp. I
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 2
Chunk 100
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 or contractual obligations. No unaudited quarterly operating data is included in the unaudited condensed
financial statements and the notes thereto included in this Report under “Item 1. Financial Statements” as we have not conducted
any operations to date.

Contractual Obligations

We do not have any long-term
debt, capital lease obligations, operating lease obligations or long-term liabilities, other than an agreement to pay an aggregate of
$10,000 per month to the Sponsor or an affiliate thereof for office space, utilities, and secretarial and administrative support. We began
incurring these fees on July 9, 2024 and will continue to incur these fees monthly until the earlier of the completion of the Business
Combination and our liquidation.

The underwriters are entitled
to a deferred underwriting commission of $10,950,000 upon the completion of our initial Business Combination subject to the terms of the
underwriting agreement.

Critical Accounting Estimates

The preparation of condensed
financial statements in conformity with accounting principles generally accepted in the United States of America requires management to
make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities
at the date of the financial statements, and income and expenses during the periods reported. Making estimates requires management to
exercise significant judgement. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of
circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change
in the near term due to one or more future confirming events. Accordingly, actual results could materially differ from those estimates.
As of September 30, 2025 and December 31, 2024, we did not have any critical accounting estimates to be disclosed.

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Item 3. Quantitative and Qualitative Disclosures
About Market Risk.

We are a smaller reporting
company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information otherwise required under this Item.

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

Disclosure controls and procedures
are controls and other procedures designed to ensure that information required to be disclosed in our reports filed or submitted under
the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms.
Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to
be disclosed in