Company: SIMA
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026255
Chunk: 242

Company: SIM Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1B
Chunk 242
---
 our business and our
ability to complete an initial Business Combination.

Liquidity, Capital Resources and Going
Concern

Until
the consummation of the Initial Public Offering, our only source of liquidity was an initial purchase of Class B Ordinary Shares
by the Sponsor and loans from the Sponsor.

On
January 29, 2024, the Sponsor agreed to loan us up to $300,000 to cover expenses related to the Initial Public Offering pursuant
to the IPO Promissory Note. This loan was non-interest bearing and payable on the earlier of December 31, 2024 or the completion of the
Initial Public Offering. As of July 11, 2024, the IPO Promissory Note was repaid in full at the closing of the Initial Public Offering
and the IPO Promissory Note is no longer accessible.

On
July 11, 2024 we consummated the Initial Public Offering of 23,000,000 Units, which includes the full exercise of the Over-Allotment Option
in the amount of 3,000,000 Units, at $10.00 per Unit, generating gross proceeds of $230,000,000. The net proceeds from the sale of the
Units in the Initial Public Offering and the sale of the Private Placement Warrants in the Private Placement for an aggregate purchase
price of $6,000,000, after deducting offering expenses of approximately $477,616 and underwriting commissions of $4,000,000 (excluding
deferred underwriting commissions of $10,950,000), was $231,522,384. $230,000,000 has been held in the Trust Account, which includes the
deferred underwriting commissions described above.

The
proceeds held in the Trust Account are invested in money market funds meeting certain conditions under Rule 2a-7 under the Investment
Company Act which invest only in direct U.S. government treasury obligations. The holding of these assets in this form is intended
to be temporary and for the sole purpose of facilitating the intended Business Combination. To mitigate the risk that we might be deemed
to be an investment company for purposes of the Investment Company Act, which risk increases the longer that we hold investments in the
Trust Account, we may, at any time, (based on our Management Team’s ongoing assessment of all factors related to our potential status
under the Investment Company Act) instruct the trustee to liquidate the investments held in the Trust