Company: SIMA
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026255
Chunk: 88

Company: SIM Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 88
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 Business
Combination alone will not result in a Public Shareholder’s redeeming its Public Shares to us for an applicable pro rata share of
the Trust Account. Such Public Shareholder must have also exercised its redemption rights described above. These provisions of our Amended
and Restated Memorandum, like all provisions of our Amended and Restated Memorandum, may be amended with a shareholder vote.

Competition

In identifying, evaluating
and selecting a target business for our initial Business Combination, we encounter competition from other entities having a business objective
similar to ours, including other SPACs, private equity groups and leveraged buyout funds, public companies and operating businesses seeking
strategic acquisitions. Many of these entities are well established and have extensive experience identifying and effecting Business Combinations
directly or through affiliates. Moreover, many of these competitors possess similar or greater financial, technical, human and other resources
than us. Our ability to acquire larger target businesses is limited by our available financial resources. This inherent limitation gives
others an advantage in pursuing the acquisition of a target business. Furthermore, our obligation to pay cash in connection with our Public
Shareholders who exercise their redemption rights may reduce the resources available to us for our initial Business Combination and our
issued and outstanding Public Warrants, and the future dilution they potentially represent, may not be viewed favorably by certain target
businesses. Either of these factors may place us at a competitive disadvantage in successfully negotiating an initial Business Combination.

Employees

We currently have two officers:
Mr. Spangenberg and Mr. Kutcher. These individuals are not obligated to devote any specific number of hours to our matters, but they devote
as much of their time as they deem necessary to our affairs until we have completed our initial Business Combination. The amount of time
they devote in any time period varies based on whether a target business has been selected for our initial Business Combination and the
stage of the Business Combination process we are in. We do not intend to have any full-time employees prior to the completion of our initial
Business Combination.

14

Periodic Reporting and Financial Information

We have registered our Units,
Public Shares and Public Warrants under the Exchange Act and have reporting obligations, including the requirement that we file annual,
quarterly and current reports with the SEC. In accordance with the requirements of the Exchange Act, our annual reports, including this
Report, contain financial statements audited and reported on by our independent registered public accountants.

We will provide shareholders