Company: SIMA
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001213900-25-109984
Chunk: 74

Company: SIM Acquisition Corp. I
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 8
Chunk 74
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 expenditures, acquisitions, debt service requirements, execution of
our strategy and other purposes and other disadvantages compared to our competitors who have less debt.

Pursuant to the Amended and
Restated Memorandum, if we are unable to complete the initial Business Combination by July 11, 2026 (24 months from the closing of
the Initial Public Offering) (or such earlier time as determined by our Board) and such Combination Period is not otherwise extended by
shareholders, we will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible,
but not more than ten business days thereafter, redeem 100% of the outstanding Public Shares at a per share price, payable in cash,
equal to the aggregate amount then on deposit in the trust account, including interest earned thereon (less taxes payable and up to $100,000
of interest income to pay dissolution expenses) and (iii) as promptly as reasonably possible following such redemption, subject to
the approval of the remaining shareholders and the Board, liquidate and dissolve. The Warrants will expire on liquidation of the Trust
Account and the holders of Warrants will receive no proceeds in connection with the liquidation. The holders of the Founder Shares will
not participate in any redemption distribution with respect to their Founder Shares.

Results of Operations

We have neither engaged in
any operations nor generated any revenues to date. Our only activities from inception to September 30, 2025 have been (i) organizational
activities and (ii) activities relating to (x) the Initial Public Offering, and (y) identifying and evaluating prospective acquisition
candidates and activities in connection with the initial Business Combination. We will not generate any operating revenues until after
completion of our initial Business Combination. We have generated non-operating income in the form of interest income on cash and
cash equivalents subsequent to the Initial Public Offering, and have incurred increased expenses as a result of being a public company
(for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses.

For the three months ended
September 30, 2025, we had net income of $2,252,165 which includes $2,510,176 of interest income earned on the Trust Account, offset by
$258,011 of general and administrative costs. For the three months ended September 30, 2024, we had net income of $2,357,270 which includes
$