Company: SIMA
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076651
Chunk: 77

Company: SIM Acquisition Corp. I
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 77
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 obligations as they become due within one year after the
date these financial statements are issued.

We do not believe we will
need to raise additional funds in order to meet the expenditures required for operating our business. However, if our estimate of the
costs of identifying a target business, undertaking in-depth due diligence and negotiating a Business Combination are less than the actual
amount necessary to do so, we may have insufficient funds available to operate our business prior to our Business Combination. Moreover,
we may need to obtain additional financing either to complete our Business Combination or because we become obligated to redeem a significant
number of our Public Shares upon consummation of our Business Combination, in which case we may issue additional securities or incur debt
in connection with such Business Combination. 

Off-Balance Sheet Arrangements

As of June 30, 2025 and December
31, 2024, we did not have any off-balance sheet arrangements as defined in Item 303(a)(4)(ii) of Regulation S-K and
did not have any commitments or contractual obligations. No unaudited quarterly operating data is included in the unaudited condensed
financial statements and the notes thereto included in this Report under “Item 1. Financial Statements” as we have not conducted
any operations to date.

Contractual Obligations

We do not have any long-term
debt, capital lease obligations, operating lease obligations or long-term liabilities, other than an agreement to pay an aggregate of
$10,000 per month to the Sponsor or an affiliate thereof for office space, utilities, and secretarial and administrative support. We began
incurring these fees on July 9, 2024 and will continue to incur these fees monthly until the earlier of the completion of the Business
Combination and our liquidation.

The underwriters are entitled
to a deferred underwriting commission of $10,950,000 upon the completion of our initial Business Combination subject to the terms of the
underwriting agreement.

Critical Accounting Estimates

The preparation of condensed
financial statements in conformity with accounting principles generally accepted in the United States of America requires management
to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities
at the date of the financial statements, and income and expenses during the periods reported. Making estimates requires management to
exercise significant judgement. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of