Company: SIMA
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001213900-25-043361
Chunk: 19

Company: SIM Acquisition Corp. I
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 19
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 Public Offering pursuant to a promissory note (the
“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 Note was repaid in full at the closing of the Initial Public Offering and the note is no longer
accessible.

Working Capital Loans

In addition, in order to finance
transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s
officers and directors, may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”).
If the Company completes a Business Combination, the Company would repay the Working Capital Loans. In the event that a Business Combination
does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds
held in the Trust Account would be used to repay the Working Capital Loans. Except for the foregoing, the terms of such Working Capital
Loans, if any, have not been determined and no written agreements exist with respect to such loans. The Working Capital Loans would either
be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $1.5 million
of such Working Capital Loans may be convertible into private placement warrants at a price of $1.00 per warrant. As of March 31, 2025
and December 31, 2024, the Company had no borrowings under any Working Capital Loans.

Administrative Support Agreement

 On July 9, 2024, the Company
entered into an agreement with an affiliate of the Sponsor to pay an aggregate of $10,000 per month for office space, utilities, secretarial
and administrative support services provided to members of the Company’s management team. Upon completion of the Business Combination
or the Company’s liquidation, the Company will cease paying these monthly fees. As of March 31, 2025 and December 31, 2024, the
Company has paid $30,000 and $60,000, respectively, to the affiliate of the Sponsor.

Note 6 – SHAREHOLDERS’
deficit

Preference Shares — The
Company is authorized to issue 5,000,000 preference shares with such designations, voting and other rights and preferences as may be determined