Company: SIMA
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026255
Chunk: 1049

Company: SIM Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 9B
Chunk 1049
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-redeemable Class B Ordinary Shares (the “Class B Ordinary Shares, and together with the Class A Ordinary Shares,
the “Ordinary Shares”). Income and losses are shared pro rata between the two classes of shares. Net income per Ordinary Share
is calculated by dividing the net income by the weighted average number of Ordinary Shares outstanding for the respective period.

The calculation of diluted net income does not
consider the effect of the Public Warrants underlying the Units sold in the Initial Public Offering and the Private Placement Warrants
to purchase an aggregate of 28,750,000 Class A Ordinary Shares, because their exercise is contingent upon future events. Accretion associated
with the redeemable Class A Ordinary Shares is excluded from earnings per share as the redemption value approximates fair value.

F-11

The following table reflects the calculation of
basic and diluted net income per ordinary share:

    For the period from January 29,

2024 (inception) to

December 31, 2024

    Class A
 Redeemable  
    Class A and B
 Non-Redeemable 
  
    Basic and diluted net income per share: 

    Numerator: 

    Allocation of net income 
    $2,954,880  
    $1,792,224 

    Denominator: 

    Weighted-average shares outstanding 
     11,840,237  
     7,181,460 
  
    Basic and diluted income per share 
    $0.25  
    $0.25 

Income Taxes

The Company accounts for income taxes under FASB
ASC Topic 740, “Income Taxes,” which requires an asset and liability approach to financial accounting and reporting for
income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statements and tax bases of
assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the
periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce
deferred tax assets to the amount expected to be realized.

FASB ASC Topic 740 prescribes a recognition
threshold and a measurement attribute for the financial statements recognition and measurement of tax positions taken or expected to be
taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination
by taxing authorities. The Company’s