Company: SIMA
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001213900-25-043361
Chunk: 64

Company: SIM Acquisition Corp. I
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 8
Chunk 64
---
 in the Trust Account, holders of warrants will not receive any of such
funds with respect to their warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust
Account with the respect to such warrants. Accordingly, the warrants may expire worthless.

14

Note 7 – COMMITMENTS AND CONTINGENCIES

Registration Rights

The holders of Founder Shares,
Private Placement Warrants, and securities that may be issued upon conversion of Working Capital Loans, if any, will be entitled to registration
rights pursuant to a registration rights agreement signed in connection with the Initial Public Offering. These holders will be entitled
to make up to three demands, excluding short form demands, that the Company register such securities. In addition, these holders will
have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the completion of
the Business Combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

Underwriting Agreement

The Company granted the underwriters
a 45-day option from the date of the final prospectus relating to the Initial Public Offering to purchase up to 3,000,000 additional Units
to cover over-allotments, if any, at the Initial Public Offering price. On July 11, 2024, simultaneously with the closing of the Initial
Public Offering, the underwriters elected to fully exercise the over-allotment option to purchase the additional 3,000,000 Units at a
price of $10.00 per Unit. As a result of the underwriters’ election to fully exercise their over-allotment option, an aggregate
of 1,000,000 Founder Shares are no longer subject to forfeiture.

 The underwriters received
an underwriting discount of $0.20 per unit (excluding those units sold as part of the underwriters’ over-allotment option), or $4.0 million
in the aggregate, paid upon the closing of the Initial Public Offering. The underwriters agreed to defer underwriting commissions equal
to $0.45 per Unit on Units other than those sold pursuant to the underwriters’ option to purchase additional Units and $0.65 per
Unit on units sold pursuant to the underwriters’ option to purchase additional units, or $10,950,000 in the aggregate. Upon completion
of the Business Combination, $10,950,000 will be paid to the underwriters from the funds held in the Trust Account. The deferred fee will