Company: SIMA
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001213900-25-043361
Chunk: 31

Company: SIM Acquisition Corp. I
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 31
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 target businesses, perform business due diligence on prospective target businesses,
travel to and from the offices, plants or similar locations of prospective target businesses or their representatives or owners, review
corporate documents and material agreements of prospective target businesses, and structure, negotiate and complete a Business Combination.

We do not believe we will
need to raise additional funds following the Initial Public Offering in order to meet the expenditures required for operating our business
prior to our initial Business Combination. However, if our estimates of the costs of identifying a target business, undertaking in-depth due
diligence and negotiating an initial 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 initial Business Combination. In order to fund working capital deficiencies or 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. If we complete our initial Business Combination,
we would repay such Working Capital Loans. In the event that our 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 used for such repayment.
Up to $1,500,000 of such Working Capital Loans may be convertible into warrants of the post-Business Combination entity at a price of
$1.00 per warrant at the option of the lender. Such warrants would be identical to the Private Placement Warrants. The terms of such Working
Capital Loans, if any, have not 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.

19

In connection with the Company’s
assessment of going concern considerations in accordance with ASU 2014-15, “Disclosures of Uncertainties about an Entity’s
Ability to Continue as a Going Concern,” as of March 31, 2025, the Company has sufficient funds for its working capital needs until
a minimum of one year from the date of issuance of the accompanying financial statements. The Company cannot assure that its plans to
consummate a Business Combination will be successful