Company: SIMA
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026255
Chunk: 649

Company: SIM Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 6
Chunk 649
---
, we had net income of $2,436,140, which includes $2,695,350 of interest income earned on the
Trust Account, offset by $259,210 of general and administrative costs.

For the period from January
29, 2024 (inception) to December 31, 2024, we had net income of $4,747,104 which includes $5,322,812 of interest income earned on the
Trust Account, offset by $575,708 of general and administrative costs.

22

Factors That May
Adversely Affect our Results of Operations

Our
results of operations and our ability to complete an initial Business Combination may be adversely affected by various factors that could
cause economic uncertainty and volatility in the financial markets, many of which are beyond our control. Our business could be impacted
by, among other things, downturns in the financial markets or in economic conditions, increases in oil prices, inflation, fluctuations
in interest rates, increases in tariffs, supply chain disruptions, declines in consumer confidence and spending, public health considerations,
and geopolitical instability, such as the military conflicts in Ukraine and the Middle East. We cannot at this time predict the likelihood
of one or more of the above events, their duration or magnitude or the extent to which they may negatively impact our business and our
ability to complete an initial Business Combination.

Liquidity, Capital Resources and Going
Concern

Until
the consummation of the Initial Public Offering, our only source of liquidity was an initial purchase of Class B Ordinary Shares
by the Sponsor and loans from the Sponsor.

On
January 29, 2024, the Sponsor agreed to loan us up to $300,000 to cover expenses related to the Initial Public Offering pursuant
to the IPO Promissory Note. This loan was non-interest bearing and payable on the earlier of December 31, 2024 or the completion of the
Initial Public Offering. As of July 11, 2024, the IPO Promissory Note was repaid in full at the closing of the Initial Public Offering
and the IPO Promissory Note is no longer accessible.

On
July 11, 2024 we consummated the Initial Public Offering of 23,000,000 Units, which includes the full exercise of the Over-Allotment Option
in the amount of 3,000,000 Units, at $10.00 per Unit, generating gross proceeds of $230,000,000