Company: SIMA
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026255
Chunk: 343

Company: SIM Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1C
Chunk 343
---
 by Sponsor in exchange for issuance of Class B ordinary shares 
     6,364 
  
    Changes in operating assets and liabilities 

    Increase (decrease) in cash attributable to Prepaid Expense 
     (307,200)
  
    Increase (decrease) in cash attributable to Accounts Payable and Accrued Expenses 
     32,609 
  
    Net cash used in operating activities 
     (843,935)
  
    Cash Flows from Investing Activities 

    Investment of cash in Trust Account 
     (230,000,000)
  
    Net cash used in investing activities 
     (230,000,000)
  
    Cash Flows from Financing Activities 

    Promissory Note - Related Party 
     260,000 
  
    Proceeds from sale of units at gross 230,000,000, net of underwriting discounts paid 
     226,000,000 
  
    Proceeds from sale of Private Placement at gross amount 
     6,000,000 
  
    Repayment of Promissory Note - Related Party 
     (297,500)
  
    Payment of Offering Costs 
     (421,480)
  
    Net cash provided by operating financing activities 
     231,541,020 
  
    Net increase in cash 
     697,085 
  
    Cash at beginning of the period 
     - 
  
    Cash at end of the period 
    $697,085 

    Supplemental Disclosure of Non-cash for Investing and Financing Activities: 

    Formation costs and offering costs paid by Sponsor for the issuance of Founder Shares 
    $25,000 
  
    Deferred offering costs included in accounts payable and accrued expenses 
    $5,000 
  
    Offering costs paid through Notes payable-related party 
    $37,500 
  
    Deferred Underwriter Commissions 
    $10,950,000 

The accompanying notes are an integral part of this financial
statement.

F-6

SIM ACQUISITION CORP. I

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2024

(AUDITED)

Note 1 – DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS

Organization and General

SIM Acquisition Corp. I (the “Company”)
was incorporated as a Cayman Islands exempted company on January 29, 2024. The Company was incorporated for the purpose of effecting a
merger,