Company: SIMA
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001213900-25-109984
Chunk: 75

Company: SIM Acquisition Corp. I
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 8
Chunk 75
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2,627,463 of interest earned on the Trust Account, offset by $270,193 of general and administrative costs.

For the nine months ended
September 30, 2025, we had net income of $6,772,463 which includes $7,453,481 of interest income earned on the Trust Account, offset by
$681,018 of general and administrative costs. For the period from January 29, 2024 (inception) to September 30, 2024, we had net income
of $2,315,965 which includes $2,627,463 of interest earned on the Trust Account, offset by $311,498 of general and administrative costs.

18

Liquidity, Capital Resources and Going Concern

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 increases the longer that we hold investments in the Trust Account, we
may, at any time, (based on our Management