Company: SIMA
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026255
Chunk: 83

Company: SIM Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 83
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 such redemption, subject to the approval of our remaining shareholders and our Board of Directors,
liquidate and dissolve, subject in each case to our obligations under Cayman Islands law to provide for claims of creditors and the requirements
of other applicable law. There will be no redemption rights or liquidating distributions with respect to our Warrants, which will expire
worthless if we fail to complete our initial Business Combination within the Combination Period. The holders of the Founder Shares will
not participate in any redemption distribution with respect to their Founder Shares.

Our Sponsor, officers and directors
have entered into the Letter Agreement, pursuant to which, they have waived their rights to liquidating distributions from the Trust Account
with respect to any Founder Shares held by them if we fail to complete our initial Business Combination within the Combination Period;
although, they will entitled to liquidating distributions from assets outside the Trust Account. However, if our Sponsor or Management
Team acquire Public Shares in or after the Initial Public Offering, they will be entitled to liquidating distributions from the Trust
Account with respect to such Public Shares if we fail to complete our initial Business Combination within the allotted Combination Period.

Our Sponsor, officers and directors
have agreed, pursuant to the Letter Agreement, that they will not propose any amendment to our Amended and Restated Memorandum (i) 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 (ii) with respect to
any other material provisions relating to shareholders’ rights or pre-initial Business Combination activity, in each case unless
we provide our Public Shareholders with the opportunity to redeem their Public Shares upon approval of any such amendment at a per-share
price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held
in the Trust Account (less taxes payable), divided by the number of then outstanding Public Shares.

We expect that all costs and
expenses associated with implementing our plan of dissolution, as well as payments to any creditors, will be funded from amounts remaining
out of the approximately $697,085 of proceeds held outside the Trust Account as of December 31, 2024, although we cannot assure you that
there will be sufficient funds for such purpose. However, if those funds are not sufficient to cover the costs and expenses associated
with implementing our plan of dissolution, to the extent that there