Company: SIMA
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001213900-25-109984
Chunk: 76

Company: SIM Acquisition Corp. I
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 8
Chunk 76
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 Team’s ongoing assessment of all factors related to our potential status under the Investment
Company Act) instruct the trustee to liquidate the investments held in the Trust Account and instead to hold the funds in the Trust Account
in cash or in an interest bearing demand deposit account at a bank.

We intend to use substantially
all of the funds held in the Trust Account, including any amounts representing interest earned on the Trust Account (excluding deferred
underwriting commissions). We may withdraw interest to pay our taxes, if any. To the extent that our equity or debt is used, in whole
or in part, as consideration to complete our initial Business Combination, the remaining proceeds held in the Trust Account will be used
as working capital to finance the operations of the target business or businesses, make other acquisitions and pursue our growth strategies.

Prior to the completion of
our initial Business Combination, we will have available to us the approximately $1,500,000 of proceeds held outside the Trust Account.
We will use these funds primarily to identify and evaluate 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