Company: SIMA
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026255
Chunk: 1033

Company: SIM Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 9B
Chunk 1033
---
 them prior to the consummation of our initial Business Combination (in
the case of the Founder Shares, only after conversion to our Class A Ordinary Shares). The holders of these securities are entitled
to make up to three demands, excluding short form demands, that we register such securities. In addition, the holders have certain “piggy-back”
registration rights with respect to registration statements filed subsequent to our completion of our initial Business Combination. Notwithstanding
anything to the contrary, Cantor may only make a demand on one occasion and only during the five-year period beginning on the effective
date of the IPO Registration Statement. In addition, Cantor may participate in a “piggy-back” registration only during the
seven-year period beginning on the effective date of the IPO Registration Statement. We will bear the expenses incurred in connection
with the filing of any such registration statements.

Our Sponsor, directors and
officers have also entered into the Letter Agreement, with us, pursuant to which, they have waived their rights to liquidating distributions
from the Trust Account with respect to any Founder Shares held by them if we fail to complete our initial Business Combination within
the Combination Period. However, if our Sponsor, directors and officers acquire Public Shares in or after the Initial Public Offering,
they will be entitled to liquidating distributions from the Trust Account with respect to such Public Shares if we fail to complete our
initial Business Combination within the Combination Period.

Additionally, pursuant to
the Letter Agreement, they will not propose any amendment to our Amended and Restated Memorandum (i) to modify the substance or timing
of our obligation to allow redemption in connection with our initial Business Combination or to redeem 100% of our Public Shares if we
do not complete our initial Business Combination within the Combination Period or (ii) with respect to any other material provisions relating
to shareholders’ rights or pre-initial Business Combination activity, in each case, unless we provide our Public Shareholders with
the opportunity to redeem their Public Shares upon approval of any such amendment at a per-share price, payable in cash, equal to the
aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously
released to us to pay our taxes, divided by the number of then outstanding Public Shares.

Director Independence

Nasdaq rules require that
a majority of our Board of Directors be independent within one year of our Initial Public Offering. An “independent director”
is defined generally as a person who,