Company: SIMA
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001213900-25-043361
Chunk: 48

Company: SIM Acquisition Corp. I
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 8
Chunk 48
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’s management
has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering, although substantially
all of the net proceeds of the Initial Public Offering are intended to be generally applied toward consummating a Business Combination.
The Business Combination must occur with one or more target businesses that together have an aggregate fair market value of at least 80%
of the assets held in the Trust Account (excluding the deferred underwriting commissions and taxes payable on income earned on the Trust
Account) at the time of the agreement to enter into the Business Combination. Furthermore, there is no assurance that the Company will
be able to successfully effect a Business Combination.

 The Company, after signing
a definitive agreement for the acquisition of a target business, is required to provide shareholders who acquired ordinary shares sold
as part of the units in this offering (“Public Shares”) in the Initial Public Offering (“Public Shareholders”)
with the opportunity to redeem their Public Shares for a pro rata share of the Trust Account. The holders of the Founder Shares (as defined
in Note 5) will agree to vote any shares they then hold in favor of any proposed Business Combination and will waive any conversion rights
with respect to these shares and the shares included in the Private Units pursuant to letter agreements executed in connection with the
Initial Public Offering.

In connection with any proposed
Business Combination, the Company will seek shareholder approval of a Business Combination at a meeting called for such purpose at which
Public Shareholders may seek to redeem their Public Shares, regardless of whether they vote for or against the proposed Business Combination.
Alternatively, the Company may conduct a tender offer and allow redemptions in connection therewith. If the Company seeks shareholder
approval of a Business Combination, any Public Shareholder voting either for or against such proposed Business Combination or not voting
at all will be entitled to demand that his Public Shares be redeemed for a full pro rata portion of the amount then in the Trust Account
(initially $10.00 per share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the
Company or necessary to pay its taxes and trust administration expenses). Holders of warrants sold as part of the Units will not be entitled
to vote on the proposed Business Combination and will have no redemption or liquidation rights with respect to the ordinary shares underlying
such warrants.

Pursuant to the Company’s
Memorandum and Articles of Association in effect upon consummation of the Initial