Company: SIMA
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001213900-25-109984
Chunk: 10

Company: SIM Acquisition Corp. I
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 10
---
 the Trust Account,
without taking into account any interest earned on the Trust Account, the initial per-share redemption price for ordinary shares was $10.00.
The proceeds deposited in the Trust Account could, however, become subject to claims of the Company’s creditors that are in preference
to the claims of the Company’s shareholders. In addition, if the Company is forced to file a bankruptcy or winding up petition or
an involuntary bankruptcy or winding up petition is filed against it 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 its bankruptcy or insolvency estate and subject to the claims
of third parties with priority over the claims of the Company’s ordinary shareholders. Therefore, the actual per-share redemption
price may be less than approximately $10.00.

6

Risks and Uncertainties

The Company’s ability
to complete an initial Business Combination may be adversely affected by various factors, many of which are beyond the Company’s
control. The Company’s ability to consummate an initial Business Combination could be impacted by, among other things, changes in
laws or regulations, downturns in the financial markets or in economic conditions, 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. The Company 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 the Company’s ability to complete
an initial Business Combination.

Liquidity and Capital Sources and Going Concern

As of September 30, 2025 and
December 31, 2024, the Company had a cash balance of $169,145 and $697,085 and a working capital surplus of $290,658 and $791,676,
respectively. Further, the Company has incurred and expects to continue to incur significant costs in pursuit of a Business Combination.
In connection with the Company’s assessment of going concern considerations in accordance with ASU 2014-15, “Disclosures of
Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management has determined that the mandatory liquidation
and subsequent dissolution raises substantial doubt about the Company’s ability to continue as a going concern. The financial statements
do not include any adjustments that may be necessary if the Company is unable to continue as a going