Company: SIMA
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001213900-25-109984
Chunk: 31

Company: SIM Acquisition Corp. I
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 31
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 holders of Warrants will receive no proceeds in connection with the liquidation. The holders of the Founder Shares will
not participate in any redemption distribution with respect to their Founder Shares.

Results of Operations

We have neither engaged in
any operations nor generated any revenues to date. Our only activities from inception to September 30, 2025 have been (i) organizational
activities and (ii) activities relating to (x) the Initial Public Offering, and (y) identifying and evaluating prospective acquisition
candidates and activities in connection with the initial Business Combination. We will not generate any operating revenues until after
completion of our initial Business Combination. We have generated non-operating income in the form of interest income on cash and
cash equivalents subsequent to the Initial Public Offering, and have incurred increased expenses as a result of being a public company
(for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses.

For the three months ended
September 30, 2025, we had net income of $2,252,165 which includes $2,510,176 of interest income earned on the Trust Account, offset by
$258,011 of general and administrative costs. For the three months ended September 30, 2024, we had net income of $2,357,270 which includes
$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 under