Company: SIMA
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026255
Chunk: 605

Company: SIM Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 5
Chunk 605
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 to 1,000,000 shares of which were subject to forfeiture depending on the extent to which
the Over-Allotment Option was exercised).

The number of Founder Shares
outstanding was determined based on the expectation that the total size of the Initial Public Offering would be a maximum of 23,000,000
Units if the Over-Allotment Option was exercised in full, and therefore that such Founder Shares would represent 25% of the outstanding
Ordinary Shares after the Initial Public Offering. Up to 1,000,000 of the Founder Shares were to be surrendered by our Sponsor for no
consideration depending on the extent to which the Over-Allotment Option was exercised. At the closing
of the Initial Public Offering, the underwriters fully exercised the Over-Allotment Option resulting in no Founder Shares being subject
to forfeiture. In April 2024, our Sponsor transferred 50,000 Founder Shares to each of our independent directors.

Our Sponsor and Cantor, the
representative of the underwriters of the Initial Public Offering, purchased an aggregate of 6,000,000 Private Placement Warrants, each
exercisable to purchase one Class A Ordinary Share at $11.50 per share, at a price of $1.00 per Private Placement Warrant, or $6,000,000
in the aggregate in the Private Placement that closed simultaneously with Initial Public Offering and pursuant to the Private Placement
Warrants Purchase Agreements. Of those 6,000,000 Private Placement Warrants, our Sponsor purchased 4,000,000 Private Placement Warrants
and Cantor purchased 2,000,000 Private Placement Warrants. The Private Placement Warrants are identical to the Public Warrants, except
that, so long as they are held by our Sponsor or Cantor or their permitted transferees, the Private Placement Warrants (i) may not (including
the Class A Ordinary Shares issuable upon exercise of these Private Placement Warrants), subject to certain limited exceptions, be transferred,
assigned or sold by the holders until 30 days after the completion of our initial Business Combination, (ii) will be entitled to registration
rights and (iii) with respect to Private Placement Warrants held by Cantor and/or its designees, will not be exercisable more than five
years from the commencement of sales in the Initial Public Offering in accordance with FINRA Rule 5110(g)(8).

Prior to or in connection
with the completion of