Company: SIMA
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026255
Chunk: 77

Company: SIM Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 77
---

of proxies, and not pursuant to the tender offer rules, and

●file proxy materials with the SEC.

In the event that we seek shareholder
approval of our initial Business Combination, we will distribute proxy materials and, in connection therewith, provide our Public Shareholders
with the redemption rights described above upon completion of the initial Business Combination.

9

If we seek shareholder approval,
we will complete our initial Business Combination only if we receive an ordinary resolution under Cayman Islands law and our Amended and
Restated Memorandum, which requires the affirmative vote of at least a majority of the votes cast by such shareholders as, being entitled
to do so, vote in person or, where proxies are allowed, by proxy at the applicable general meeting of the company. A quorum for such meeting
will be present if the holders of at least one third of issued and outstanding Ordinary Shares entitled to vote at the meeting are represented
in person or by proxy. Our Sponsor, officers and directors will count toward this quorum and, pursuant to the Letter Agreement, our Sponsor,
officers and directors have agreed to vote their Founder Shares and any Public Shares purchased during or after the Initial Public Offering
(including in open market and privately-negotiated transactions, aside from shares they may purchase in compliance with the requirements
of Rule 14e-5 under the Exchange Act, which would not be voted in favor of approving the Business Combination transaction) in favor of
our initial Business Combination. For purposes of seeking approval of an ordinary resolution, non-votes will have no effect on the approval
of our initial Business Combination once a quorum is obtained.

As a result, in addition to
our Initial Shareholders’ Founder Shares, we would need 7,666,667, or 33.3%, of the 23,000,000 Public Shares sold in the Initial
Public Offering to be voted in favor of an initial Business Combination in order to have our initial Business Combination approved, assuming
all outstanding Ordinary Shares are voted and the parties to the Letter Agreement do not acquire any Class A Ordinary Shares. Assuming
that only the holders of one-third of our issued and outstanding Ordinary Shares, representing a quorum under our Amended and Restated
Memorandum vote their Ordinary Shares at a general meeting of our Company, we will not need any Public Shares in addition to our Founder
Shares to be voted in favor of an initial Business Combination in order to approve an initial Business Combination. However, if our initial
Business Combination is