Company: SIMA
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001213900-25-043361
Chunk: 17

Company: SIM Acquisition Corp. I
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 17
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 Founder Shares (as defined in Note 5) and Public Shares in connection
with the completion of the Business Combination; (ii) waive their redemption rights with respect to their founder shares and public shares
in connection with a shareholder vote to approve an amendment to the Company’s Amended and Restated Memorandum (A) to modify the
substance or timing of the Company’s obligation to allow redemption in connection with the Business Combination or to redeem 100%
of the public shares if the Company has not consummated a Business Combination within the Completion Window or (B) with respect to any
other material provisions relating to shareholders’ rights or pre-Business Combination activity; (iii) waive their rights to liquidating
distributions from the Trust Account with respect to their founder shares if the Company fails to complete the Business Combination within
the Completion Window, although they will be entitled to liquidating distributions from the Trust Account with respect to any public shares
they hold if the Company fails to complete the Business Combination within the Completion Window and to liquidating distributions from
assets outside the Trust Account; and (iv) vote any founder shares held by them and any public shares purchased during or after the Initial
Public Offering (including in open market and privately negotiated transactions) in favor of the Business Combination (except that any
public shares such parties may purchase in compliance with the requirements of Rule 14e-5 under the Exchange Act would not be voted in
favor of approving the business combination transaction).

Note 5 – RELATED PARTY TRANSACTIONS

Founder Shares

 On January 29, 2024, the Sponsor
paid $25,000, or approximately $0.003 per share, to cover certain costs in consideration for 5,750,000 Class B ordinary shares, par
value $0.0001 per share (the “Founder Shares”). In May 2024, the Company effected a share dividend of 0.33 shares for
each Class B ordinary share outstanding, resulting in the Company’s initial shareholders holding an aggregate of 7,666,667 Founder
Shares. All share and per share data have been restated to reflect this change.

 In April 2024, the Sponsor
transferred 50,000 Founder Shares to each of the Company’s three independent directors for an aggregate of 150,000 Founder Shares,
at a price of $0.003 per share. In May 2024, the Company effected a share dividend of 0.33 shares for each