Company: SIMA
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076651
Chunk: 30

Company: SIM Acquisition Corp. I
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 30
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 involving sponsors and their affiliates in connection with proposed Business Combination
transactions; (iv) additional disclosures regarding projections included in SEC filings in connection with proposed Business Combination
transactions; and (v) the requirement that both the SPAC and its target company be co-registrants in connection with registration
statements relating to proposed Business Combination transactions. In addition, the SEC’s adopting release provided guidance describing
circumstances in which a SPAC could become subject to regulation under the Investment Company Act, including its duration, asset composition,
business purpose, and the activities of the SPAC and its management team. The 2024 SPAC Rules may materially affect our ability to negotiate
and complete our initial Business Combination and may increase the costs and time related thereto.

Results of Operations

We have neither engaged in
any operations nor generated any revenues to date. Our only activities from inception to June 30, 2025 have been organizational activities
and those necessary to prepare for and consummate the Initial Public Offering, and following the closing of the Initial Public Offering,
searching for a target with which to consummate a Business Combination. Following the Initial Public Offering, we will not generate any
operating revenues until after completion of our initial Business Combination. We have generated non-operating income in the form
of interest income on cash and cash equivalents subsequent to the Initial Public Offering, and have incurred increased expenses as a result
of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses.

For the three months ended
June 30, 2025, we had net income of $2,297,552 which includes $2,479,087 of interest income earned on the Trust Account, offset by $181,535
of general and administrative costs. For the three months ended June 30, 2024, we had a net loss of $12,841, which consists entirely of
general and administrative expenses.

For the six months ended June
30, 2025, we had net income of $4,520,298 which includes $4,943,305 of interest income earned on the Trust Account, offset by $423,007
of general and administrative costs. For the period from January 29, 2024 (inception) to June 30, 2024, we had a net loss of $41,305,
which consists entirely of general and administrative expenses.

Factors That May Adversely Affect our Results
of