Company: SIMA
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026255
Chunk: 87

Company: SIM Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 87
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 insolvency petition is filed against us that is not dismissed, the proceeds held in
the Trust Account could be subject to applicable bankruptcy or insolvency law, and may be included in our bankruptcy estate and subject
to the claims of third parties with priority over the claims of our shareholders. To the extent any bankruptcy claims deplete the Trust
Account, we cannot assure you we will be able to return $10.00 per Public Share to our Public Shareholders. Additionally, if we file a
bankruptcy or insolvency petition or an involuntary bankruptcy or insolvency petition is filed against us that is not dismissed, any distributions
received by shareholders could be viewed under applicable debtor/creditor and/or bankruptcy/insolvency laws as either a “preferential
transfer” or a “fraudulent conveyance, preference or disposition.” As a result, a liquidator or bankruptcy or other
court could seek to recover some or all amounts received by our shareholders. Furthermore, our Board of Directors may be viewed as having
breached its fiduciary duty to us or our creditors and/or may have acted in bad faith, and thereby exposing itself and our Company to
claims of punitive damages, by paying Public Shareholders from the Trust Account prior to addressing the claims of creditors. We cannot
assure you that claims will not be brought against us for these reasons.

Our Public Shareholders will
be entitled to receive funds from the Trust Account only (i) in the event of the redemption of our Public Shares if we do not complete
our initial Business Combination within the Combination Period, (ii) in connection with a shareholder vote to amend our Amended and Restated
Memorandum (A) to modify the substance or timing of our obligation to allow redemptions in connection with our initial Business Combination
or to redeem 100% of our Public Shares if we do not complete our initial Business Combination within the Combination Period or (B) with
respect to any other material provisions relating to shareholders’ rights or pre-initial Business Combination activity or (iii)
if they redeem their respective Public Shares for cash upon the completion of our initial Business Combination, subject to applicable
law and any limitations (including but not limited to cash requirements) created by the terms of the proposed Business Combination. In
no other circumstances will a Public Shareholder have any right or interest of any kind to or in the Trust Account. In the event we seek
shareholder approval in connection with our initial Business Combination, a Public Shareholder’s voting in connection with the