Company: SIMA
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001213900-25-043361
Chunk: 5

Company: SIM Acquisition Corp. I
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 5
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5 relates to the Company’s
formation and the Initial Public Offering (as defined below) and the search for a prospective target for its Business Combination. The
Company will not generate any operating revenues until after the completion of its Business Combination, at the earliest. The Company
will generate non-operating income in the form of interest income on cash and cash equivalents from the proceeds derived from the Initial
Public Offering. The Company has selected December 31 as its fiscal year end.

Sponsor and Initial Public Offering

The Company’s sponsor is SIM Sponsor
1 LLC, a Delaware limited liability company (the “Sponsor”).

 The registration statement
for the Company’s Initial Public Offering was declared effective on July 9, 2024. On July 11, 2024, the Company consummated the
Initial Public Offering of 23,000,000 units (each, a “Unit” and collectively, the “Units”) at $10.00 per
Unit, which included the full exercise of the underwriters’ over-allotment option in the amount of 3,000,000 Units at $10.00 per
unit which is discussed in Note 3 (the “Initial Public Offering”), and the sale of 6,000,000 warrants (the “Private
Placement Warrants”), to the Sponsor and Cantor Fitzgerald & Co., the representative of the underwriters of the Initial Public
Offering, at a price of $1.00 per Private Placement Warrant in a private placement that closed simultaneously with the Initial Public
Offering. Of those 6,000,000 Private Placement Warrants, the Sponsor purchased 4,000,000 Private Placement Warrants and Cantor Fitzgerald &
Co. purchased 2,000,000 Private Placement Warrants. Each whole Private Placement Warrant entitles the holder to purchase one Class A
ordinary share at $11.50 per share. Transaction costs amounted to $15,427,616, consisting of $4,000,000 of cash underwriting
fee, $10,950,000 of deferred underwriting fee, and $477,616 of other offering costs.

The Trust Account

Upon consummation of the Initial
Public Offering, management placed an aggregate of $230,000,000 of the proceeds from the Units sold in the Initial Public Offering and
the proceeds of the private placement of the Private Placement Warrants, in a United States-based trust account (the “