Company: SIMA
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026255
Chunk: 19

Company: SIM Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 8
Chunk 19
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 Class A Ordinary Shares issuable upon exercise of these Private Placement Warrants), subject to certain limited exceptions, be transferred,
assigned or sold by the holders until 30 days after the completion of our initial Business Combination, (ii) will be entitled to registration
rights and (iii) with respect to Private Placement Warrants held by Cantor and/or its designees, will not be exercisable more than five
years from the commencement of sales in the Initial Public Offering in accordance with FINRA Rule 5110(g)(8).

Prior to or in connection
with the completion of our initial Business Combination, there may be payment by our Company to our Sponsor, officers or directors, or
our or their affiliates, of a finder’s fee, advisory fee, consulting fee or success fee for any services they render in order to
effectuate the completion of our initial Business Combination, which, if made prior to the completion of our initial Business Combination,
will be paid from funds held outside the Trust Account.

Commencing
on July 10, 2024, and until completion of our initial Business Combination or liquidation, we pay an affiliate of our Sponsor $10,000
per month for certain office space, utilities and secretarial and administrative support pursuant to the Administrative
Services Agreement. Under the Administrative Services Agreement, there was $70,000 incurred and paid for the year ending December 31,
2024.

On
January 29, 2024, the Sponsor agreed to loan us up to $300,000 to cover expenses related to the Initial Public Offering pursuant
to the IPO Promissory Note. This loan was non-interest bearing and payable on the earlier of December 31, 2024 or the completion of the
Initial Public Offering. As of July 11, 2024, the IPO Promissory Note was repaid in full at the closing of the Initial Public Offering
and the IPO Promissory Note is no longer accessible.

34

In addition, in order to finance
transaction costs in connection with an intended initial Business Combination, our Sponsor or an affiliate of our Sponsor or certain of
our officers and directors may, but are not obligated to, loan us funds as may be required on a non-interest basis. If we complete an
initial Business Combination, we would repay such Working Capital Loans. In the event that the initial Business Combination does not close,
we may use amounts held outside the Trust Account to repay such Working Capital Loans, but no proceeds from our Trust Account would be