Company: SIMA
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026255
Chunk: 714

Company: SIM Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 7
Chunk 714
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thereafter, redeem 100% of the outstanding Public Shares at a per share price, payable in cash, equal to the aggregate amount then on
deposit in the Trust Account, including interest earned thereon (less taxes payable and up to $100,000 of interest income to pay dissolution
expenses) and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining shareholders
and the Board, liquidate and dissolve. The Warrants will expire upon liquidation of the Trust Account and the holders of Warrants will
receive no proceeds in connection with the liquidation. The holders of the Founder Shares will not participate in any redemption distribution
with respect to their Founder Shares.

We may seek to extend
the Combination Period consistent with applicable laws, regulations and stock exchange rules by amending our Amended and Restated
Memorandum. Such an amendment would require the approval of our Public Shareholders, who will be provided the opportunity to redeem
all or a portion of their Public Shares in connection with the vote on such approval. Such redemptions will decrease the amount held
in our Trust Account and our capitalization, and may affect our ability to maintain our listing on Nasdaq. In addition,
Nasdaq’s rules currently require SPACs (such as us) to complete our initial Business Combination in accordance with the Nasdaq
36-Month Requirement. If we do not meet the Nasdaq 36-Month Requirement, our securities will likely be subject to a suspension of
trading and delisting from Nasdaq.

Results of Operations

We
have neither engaged in any operations nor generated any revenues to date. Our only activities from January 29, 2024 (inception) to December
31, 2024 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 following the Initial Public Offering. After the Initial
Public Offering, we 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 December 31, 2024, we had net income of $