Company: SIMA
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076651
Chunk: 31

Company: SIM Acquisition Corp. I
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 31
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 Operations

Our results of operations
and our ability to complete an initial Business Combination may be adversely affected by various factors that could cause economic uncertainty
and volatility in the financial markets, many of which are beyond our control. Our results of operations and our ability to consummate
an initial Business Combination could be impacted by, among other things, downturns in the financial markets or in economic conditions,
increases in oil prices, inflation, fluctuations in interest rates, increases in tariffs, supply chain disruptions, declines in consumer
confidence and spending, public health considerations, and geopolitical instability, such as the military conflicts in Ukraine and the
Middle East. We cannot at this time predict the likelihood of one or more of the above events, their duration or magnitude or the extent
to which they may negatively impact our business and our ability to complete an initial Business Combination.

18

Liquidity and Capital Resources

Until the consummation of
the Initial Public Offering, our only source of liquidity was an initial purchase of shares of Class B ordinary shares, par value
$0.0001 per share, by the Sponsor and loans from the Sponsor.

On July 11, 2024 we consummated
the Initial Public Offering of 23,000,000 Units, which includes the full exercise by the underwriters of their over-allotment option in
the amount of 3,000,000 Units, at $10.00 per Unit, generating gross proceeds of $230,000,000. The net proceeds from the sale of the Units
in the Initial Public Offering and the sale of the Private Placement Warrants in the Private Placement for an aggregate purchase price
of $6,000,000, after deducting offering expenses of approximately $477,616 and underwriting commissions of $4,000,000 (excluding deferred
underwriting commissions of $10,950,000), was $231,522,384. $230,000,000 has been held in the Trust Account, which includes the deferred
underwriting commissions described above.

The proceeds held in the Trust
Account are invested in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act which
invest only in direct U.S. government treasury obligations. The holding of these assets in this form is intended to be temporary
and for the sole purpose of facilitating the intended Business Combination. To mitigate the risk that we might be deemed to be an investment
company for purposes of the Investment Company Act, which risk