Company: SIMA
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026255
Chunk: 71

Company: SIM Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 71
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 devote their full efforts to our affairs subsequent to our initial Business Combination.
Moreover, we cannot assure you that members of our Management Team will have significant experience or knowledge relating to the operations
of the particular target business.

6

We cannot assure you that any
of our key personnel will remain in senior management or advisory positions with the combined company. The determination as to whether
any of our key personnel will remain with the combined company will be made at the time of our initial Business Combination.

Following a Business Combination,
we may seek to recruit additional managers to supplement the incumbent management of the target business. We cannot assure you that we
will have the ability to recruit additional managers, or that additional managers will have the requisite skills, knowledge or experience
necessary to enhance the incumbent management.

Shareholders May Not Have the Ability to
Approve Our Initial Business Combination

We may conduct redemptions
without a shareholder vote pursuant to the tender offer rules of the SEC subject to the provisions of our Amended and Restated Memorandum.
However, we will seek shareholder approval if it is required by law or applicable stock exchange rule, or we may decide to seek shareholder
approval for business or other reasons.

Under Nasdaq’s listing
rules, shareholder approval would be required for our initial Business Combination if, for example:

●We issue Ordinary Shares that will be equal to
or in excess of 20% of the number of our Ordinary Shares then outstanding (other than in a public offering);

●Any of our directors, officers or substantial
shareholders (as defined by Nasdaq rules) has a 5% or greater interest earned on the Trust Account (or such persons collectively have
a 10% or greater interest), directly or indirectly, in the target business or assets to be acquired or otherwise and the present or potential
issuance of ordinary shares could result in an increase in outstanding ordinary shares or voting power of 5% or more; or

●The issuance or potential issuance of Ordinary
Shares will result in our undergoing a change of control.

The decision as to whether
we will seek shareholder approval of a proposed Business Combination in those instances in which shareholder approval is not required
by applicable law or stock exchange listing requirements will be made by us, solely in our discretion, and will be based on business and
legal reasons, which include a variety of factors, including, but not limited to: (i) the timing of the transaction, including in the
event we determine shareholder approval would require additional time and there is either