Company: SIMA
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076651
Chunk: 65

Company: SIM Acquisition Corp. I
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 65
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0001
per share. Holders are entitled to one vote for each Class B ordinary share. At June 30, 2025 and December 31, 2024, there were 7,666,667
Class B ordinary shares issued and outstanding (see Note 5).

Holders of the Class A
ordinary shares and holders of the Class B ordinary shares will vote together as a single class on all matters submitted to a vote
of the Company’s shareholders, except as required by law or stock exchange rule; provided that only holders of the Class B
ordinary shares have the right to vote on the appointment of the Company’s directors prior to the initial Business Combination.

13

The Class B ordinary
shares will automatically convert into Class A ordinary shares at the time of the initial Business Combination on a one-for-one basis
(as adjusted). In the case that additional Class A ordinary shares or equity-linked securities are issued or deemed issued in connection
with the initial Business Combination, the number of Class A ordinary shares issuable upon conversion of all Founder Shares will
equal, in the aggregate, 25% of the total number of Class A ordinary shares outstanding after such conversion (after giving effect
to any redemptions of Class A ordinary shares by Public Shareholders), including the total number of Class A ordinary shares
issued, or deemed issued or issuable upon conversion or exercise of any equity-linked securities or rights issued or deemed issued, by
the Company in connection with or in relation to the consummation of the initial Business Combination, excluding any Class A ordinary
shares or equity-linked securities exercisable for or convertible into Class A ordinary shares issued, or to be issued, to any seller
in the initial Business Combination and any Private Placement Warrants issued to the Sponsor, officers or directors upon conversion of
Working Capital Loans; provided that such conversion of Founder Shares will never occur on a less than one-for-one basis.

The sale of the Founder Shares
to each of the Company’s three independent directors is in the scope of FASB ASC Topic 718, “Compensation-Stock Compensation”
(“ASC 718”). Under ASC 718, stock-based compensation associated with equity-classified awards is measured at fair value upon
the grant date. The fair value of the 199,998 shares granted to the Company’s three independent directors was $197,998 or $0.99
per share. The Founder Shares were granted subject to a