Company: SIMA
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001213900-25-109984
Chunk: 32

Company: SIM Acquisition Corp. I
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 32
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writers of their 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 Account and instead to hold the funds in the Trust Account
in cash or in an interest bearing demand deposit account at a bank.

We intend to use substantially
all of the funds held in the Trust Account, including any amounts representing interest earned on the Trust Account (excluding deferred
underwriting commissions). We may withdraw interest to pay our taxes, if any. To the extent that our equity or debt is used, in whole
or in part, as consideration to complete our initial Business Combination, the remaining proceeds held in the Trust Account will be used
as working capital to finance the operations of the target business or businesses, make other acquisitions and pursue our growth strategies.

Prior to the completion of
our initial Business Combination, we will have available to us the approximately $1,500,000 of proceeds held outside the Trust Account.
We will use these funds primarily to identify and evaluate target businesses, perform business due diligence on prospective target businesses,
travel to and from the offices, plants or similar locations of prospective target businesses or their representatives or owners