Company: SIMA
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026255
Chunk: 59

Company: SIM Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 59
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Item 1.
Business.

Overview 

We are a blank check company
incorporated as a Cayman Islands exempted company and formed for the purpose of effecting a Business Combination. We have not selected
any Business Combination target. We may pursue a Business Combination in any business or industry, but are focused on companies in the
healthcare industry.

The 2024 SPAC Rules may materially
affect our ability to negotiate and complete our initial Business Combination and may increase the costs and time related thereto.

Initial Public Offering

On July 11, 2024, we consummated
our Initial Public Offering of 23,000,000 Units, including 3,000,000 Units issued pursuant to the
full exercise of the Over-Allotment Option. Each Unit consists of one Public Share and one-half of one Public Warrant, with each
whole Public Warrant entitling the holder thereof to purchase one Class A Ordinary Share for $11.50 per share. The Units were sold at
a price of $10.00 per Unit, generating gross proceeds to our Company of $230,000,000.

Simultaneously with the closing
of the Initial Public Offering, we completed the private sale of an aggregate of 6,000,000 Private Placement Warrants to our Sponsor and
Cantor in the Private Placement at a purchase price of $1.00 per Private Placement Warrant, generating gross proceeds of $6,000,000. Of
those 6,000,000 Private Placement Warrants, the Sponsor purchased 4,000,000 Private Placement Warrants and Cantor purchased 2,000,000 Private
Placement Warrants. The Private Placement Warrants are identical to the Public Warrants, except as otherwise disclosed herein. 

A total of $230,000,000
from the proceeds of the Initial Public Offering and Private Placement was placed in the Trust Account maintained by Continental,
acting as trustee.

It is the job of our Sponsor
and Management to complete our initial Business Combination. Our Management is led by Erich Spangenberg, our Chairman and Chief Executive
Officer, and David Kutcher, our Chief Financial Officer and Director, who have many years of experience in investing across asset classes
and structures. We must complete our initial Business Combination by July 11, 2026, the end of our Combination Period, which is 24 months
from the closing of our Initial Public Offering. If our initial Business Combination is not