Company: SIMA
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026255
Chunk: 252

Company: SIM Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1B
Chunk 252
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 our Board of Directors: the Audit Committee and a compensation committee (the “Compensation Committee”). Subject
to phase-in rules, the rules of Nasdaq and Rule 10A-3 of the Exchange Act require that the audit committee of a listed
company be comprised solely of independent directors. Each committee of our Board operates under a charter that has been approved by our
Board and has the composition and responsibilities described below.

Audit Committee

We have established the Audit
Committee. Mr. Capone, Ms. Grasso, and Dr. Cosgrove serve as the members of our Audit Committee. Under the Nasdaq listing standards
and applicable SEC rules, we are required to have three members of the Audit Committee, all of whom must be independent. Mr. Capone,
Ms. Grasso, and Dr. Cosgrove are each independent.

Mr. Capone serves as
the chairman of the Audit Committee. Each member of the Audit Committee is financially literate and our Board of Directors has determined
that Mr. Capone qualifies as an “audit committee financial expert” as defined in applicable SEC rules.

We have adopted a charter
of the Audit Committee, which details the principal functions of the Audit Committee, including:

●assisting with Board oversight of (1) the integrity of our financial statements, (2) our compliance
with legal and regulatory requirements, (3) our independent registered public accounting firm’s qualifications and independence,
and (4) the performance of our internal audit function and independent registered public accounting firm;

●the appointment, compensation, retention, replacement, and oversight of the work of the independent auditors
and any other independent registered public accounting firm engaged by us;

●pre-approving all audit and non-audit services to be provided by the independent registered
public accounting firm or any other registered public accounting firm engaged by us, and establishing pre-approval policies and procedures;
reviewing and discussing with the independent registered public accounting firm all relationships the independent registered public accounting
firm have with us in order to evaluate their continued independence;

●setting clear policies for audit partner rotation in compliance with applicable laws and regulations;
obtaining and reviewing a report, at least annually, from the independent registered public accounting firm describing (1) the independent
registered public accounting firm’s internal quality-control procedures and (2) any material issues raised by the most
recent internal quality-control review, or peer review,