Company: SIMA
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026255
Chunk: 403

Company: SIM Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 2
Chunk 403
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. If we complete an
initial Business Combination, we would repay such Working Capital Loans. In the event that the initial Business Combination does not close,
we may use amounts held outside the Trust Account to repay such Working Capital Loans, but no proceeds from our Trust Account would be
used for such repayment. Up to $1,500,000 of such Working Capital Loans may be convertible into Private Placement Warrants of the post-Business
Combination entity at a price of $1.00 per warrant at the option of the lender. Such warrants would be identical to the Private Placement
Warrants. Except as set forth above, the terms of such Working Capital Loans, if any, have not been determined and no written agreements
exist with respect to such Working Capital Loans. Prior to the completion of our initial Business Combination, we do not expect to seek
loans from parties other than our Sponsor or an affiliate of our Sponsor as we do not believe third parties will be willing to loan such
funds and provide a waiver against any and all rights to seek access to funds in our Trust Account.

Any of the foregoing payments
to our Sponsor, repayments of loans from our Sponsor or repayments of Working Capital Loans prior to our initial Business Combination
will be made using funds held outside the Trust Account.

We have until July 11, 2026
or until such earlier liquidation date as our Board of Directors may approve, to consummate our initial Business Combination. If we anticipate
that we may be unable to consummate our initial Business Combination within the Combination Period, we may seek shareholder approval to
amend our Amended and Restated Memorandum to extend the date by which we must consummate our initial Business Combination. If we seek
shareholder approval for such an extension, Public Shareholders will be offered an opportunity to redeem their Public Shares at a per
share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned thereon (less
taxes payable), divided by the number of then issued and outstanding Public Shares, subject to applicable law.

After our initial Business
Combination, members of our Management Team who remain with us may be paid consulting, management or other fees from the combined company
with any and all amounts being fully disclosed to our shareholders, to the extent then known, in the proxy solicitation or tender offer
materials, as applicable, furnished to our shareholders. It is unlikely the amount of such compensation will be known at the time of