Company: SIMA
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026255
Chunk: 517

Company: SIM Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 4
Chunk 517
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 been determined and no written agreements exist
with respect to such Working Capital Loans. Prior to the completion of our initial Business Combination, we do not expect to seek loans
from parties other than our Sponsor or an affiliate of our Sponsor as we do not believe third parties will be willing to loan such funds
and provide a waiver against any and all rights to seek access to funds in our Trust Account.

23

In
connection with our assessment of going concern considerations in accordance with FASB ASU Topic 2014-15, “Disclosures of Uncertainties
about an Entity’s Ability to Continue as a Going Concern,” as of December 31, 2024, we believe we have sufficient funds for
our working capital needs until a minimum of one year from the date of issuance of the audited financial statements and notes thereto
contained elsewhere in this Report. We cannot assure that our plans to consummate a Business Combination will be successful.

We
do not believe we will need to raise additional funds in order to meet the expenditures required for operating our business. However,
if our estimate of the costs of identifying a target business, undertaking in-depth due diligence and negotiating a Business Combination
are less than the actual amount necessary to do so, we may have insufficient funds available to operate our business prior to our Business
Combination. Moreover, we may need to obtain additional financing either to complete our Business Combination or because we become obligated
to redeem a significant number of our Public Shares upon consummation of our Business Combination, in which case we may issue additional
securities or incur debt in connection with such Business Combination. 

Contractual Obligations

We
do not have any long-term debt, capital lease obligations, operating lease obligations or long-term liabilities, other than as set forth
below.

Underwriting Agreement

The
underwriters of the Initial Public Offering have agreed to receive deferred underwriting commissions equal to $0.45 per Unit on Units
other than those sold pursuant to the Over-Allotment Option, or $9,000,000 in the aggregate, with an additional $1,950,000 due in connection
with the full exercise of the Over-Allotment Option. Consequently, upon completion of our initial Business Combination, $10,950,000 will
be paid to the underwriters of the Initial Public Offering from the funds held in the Trust Account. The deferred fee will become payable
to the underwriters of the Initial Public Offering solely in the event that we complete