Company: SIMA
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076651
Chunk: 60

Company: SIM Acquisition Corp. I
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 60
---
) and accumulated deficit.

At June 30, 2025 and December
31, 2024, the Class A ordinary shares subject to redemption reflected in the condensed balance sheets are reconciled in the following
table:

    Gross Proceeds 
    $230,000,000 
  
    Less: 

    Proceeds allocated to Public Warrants 
     (1,610,000)
  
    Class A ordinary shares issuance costs 
     (15,307,565)
  
    Plus: 

    Accretion of carrying value to redemption value 
     22,140,377 
  
    Class A Ordinary Shares subject to possible redemption, December 31, 2024 
     235,222,812 
  
    Plus: 

    Accretion of carrying value to redemption value 
     4,943,305 
  
    Class A Ordinary Shares subject to possible redemption, June 30, 2025 (Unaudited) 
    $240,166,117 

Warrant Instruments

The Company accounts for the
Public Warrants and Private Warrants issued in connection with the Initial Public Offering and the private placement in accordance with
the guidance contained in FASB ASC Topic 815, “Derivatives and Hedging”. Accordingly, the Company evaluated and classified
the warrant instruments under equity treatment at their assigned values.

Recent Accounting Standards

Management does not believe
that any recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the condensed
financial statements.

Note 3 – INITIAL Public
Offering

Pursuant to the Initial Public
Offering, the Company sold 23,000,000 Units, including the full exercise by the underwriters of their over-allotment option in the amount
of 3,000,000 Units at a purchase price of $10.00 per Unit. Each Unit consists of one of the Company’s ordinary shares, $0.0001 par
value, and one-half of one redeemable warrant (the “Public Warrants”). Each whole warrant offered in the Initial Public Offering
is exercisable to purchase one ordinary share. Only whole warrants may be exercised. No fractional shares will be issued upon exercise
of the warrants. If, upon exercise of the warrants, a holder would be entitled to receive a fractional interest in a share, the Company
will, upon exercise, round down to the nearest whole number the number of ordinary shares to be issued to the warrant