Company: SIMA
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001213900-25-043361
Chunk: 13

Company: SIM Acquisition Corp. I
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 13
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 per share attributable to ordinary shareholders and the weighted average number of ordinary shares outstanding
for the potentially dilutive impact of outstanding warrants. However, because the warrants are anti-dilutive, diluted income (loss) per
ordinary share is the same as basic income (loss) per ordinary share for the periods presented.

With respect to the accretion
of Class A ordinary shares subject to possible redemption and consistent with FASB ASC Topic 480-10-S99-3A, the Company treated accretion
in the same manner as a dividend, paid to the shareholders in the calculation of the net income (loss) per ordinary share.

The following table reflects
the calculation of basic and diluted net income (loss) per ordinary share:

    For the Three Months Ended  
    For the period from 
January 29, 2024
(inception) to 

    March 31, 2025  
    March 31, 2024 

    Class A Redeemable  
    Class B Non-Redeemable  
    Class A Redeemable  
    Class B Non-Redeemable (1) 
  
    Basic and Diluted net income (loss) per share: 

    Numerator: 

    Allocation of net income (loss) 
    $1,667,059  
     555,687  
     -  
     (28,464)

    Denominator: 

    Weighted-average shares outstanding 
     23,000,000  
     7,666,667  
     -  
     6,666,667 
  
    Basic and Diluted income (loss) per share 
    $0.07  
     0.07  
        
     (0.01)

(1)March 31, 2024 excludes 1,000,000 Class B Ordinary Shares subject to
forfeiture if the over-allotment option was not exercised by the underwriters. On July 11, 2024, the underwriters fully exercised their
over-allotment option resulting in no shares subject to forfeiture (Note 7).

Income Taxes

The Company accounts for income
taxes under FASB ASC Topic 740, “Income Taxes,” which requires an asset and liability approach to financial accounting
and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between