Company: SIMA
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026255
Chunk: 271

Company: SIM Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1B
Chunk 271
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 procedures to assess
the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond
to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating
the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

We have served as the Company’s auditor since
2024.

/s/ WithumSmith+Brown, PC

New York, New York

March 31, 2025

PCAOB ID Number 100

F-2

SIM ACQUISITION CORP. I

BALANCE SHEET

    12/31/2024 

    ASSETS 

    Current Assets 

    Cash 
    $697,085 
  
    Prepaid Expenses 
     127,200 
  
    Total Current Assets 
     824,285 
  
    Long-Term Prepaid Expense 
     180,000 
  
    Cash and Marketable Securities Held in Trust Account 
     235,322,812 
  
    Total Assets 
    $236,327,097 
  
    LIABILITIES AND SHAREHOLDERS’ DEFICIT 

    Current liabilities 

    Accounts payable and accrued expenses 
    $32,609 
  
    Total Current Liabilities 
     32,609 

    Long term liabilities 

    Deferred Underwriting Payable 
     10,950,000 
  
    Total Long Term Liabilities 
     10,950,000 
  
    Total Liabilities 
     10,982,609 

    COMMITMENTS 

    Class A ordinary shares subject to possible redemption, 23,000,000 shares at redemption value of $10.11 per share 
     235,222,812 

    Shareholders’ Deficit 

    Preference shares, $.0001 par value, 5,000,000 shares authorized; none issued or outstanding 
     - 
  
    Class A ordinary shares, $.0001 par value, 500,000,000 shares authorized; none issued or outstanding (Excluding 23,000,000 Class A Ordinary shares to possible redemption) 
     - 
  
    Class B ordinary shares, $.0001 par value, 50,000,000 shares authorized; 7,666,