Company: SIMA
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076651
Chunk: 66

Company: SIM Acquisition Corp. I
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 66
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 performance condition (i.e., the occurrence of a Business Combination). Compensation
expense related to the Founder Shares is recognized only when the performance condition is probable under the applicable accounting literature
in this circumstance. As of June 30, 2025, the Company determined that a Business Combination is not considered probable, and, therefore,
no share-based compensation expense has been recognized. Share-based compensation would be recognized at the date a Business Combination
is considered probable (i.e., upon consummation of a Business Combination) in an amount equal to the number of Founder Shares times the
grant date fair value per share (unless subsequently modified) less the amount initially received for the purchase of the Founder Shares.

Warrants — As
of June 30, 2025 and December 31, 2024 there were 11,500,000 Public Warrants and 6,000,000 Private Placement Warrants outstanding.
Public Warrants may only be exercised for a whole number of shares. No fractional Public Warrants will be issued upon separation of
the Units and only whole Public Warrants will trade. The Public Warrants will become exercisable 30 days after the completion of a
Business Combination. The Company has agreed that as soon as practicable, but in no event later than 20 business days after the
closing of the Business Combination, the Company will use its commercially reasonable efforts to file with the SEC a
post-effective amendment to the registration statement for the Initial Public Offering or a new registration statement covering
the registration under the Securities Act of the Class A ordinary shares issuable upon exercise of the warrants and
thereafter the Company will use its commercially reasonable efforts to cause the same to become effective within
60 business days following the initial Business Combination and to maintain a current prospectus relating to the
Class A ordinary shares issuable upon exercise of the warrants until the expiration of the warrants in accordance with the
provisions of the public warrant agreement. 

The Company may redeem the
Public Warrants:

●in whole and not in part;

●at a price of $0.01 per warrant;

●upon a minimum of 30 days’
prior written notice of redemption to each warrant holder; and

●if, and only if, the last reported
sale price (the “closing price”) of the ordinary shares equals or exceeds $18.00 per share (as adjusted) for any 20 trading
days within a 30-trading day