Company: SIMA
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026255
Chunk: 423

Company: SIM Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 2
Chunk 423
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 awards issued to non-employees for services rendered have been
recorded at the fair value of the share-based payment, which is the more readily determinable value.

Recent Accounting Standards

Management does not believe that any recently
issued, but not yet effective, accounting standards if currently adopted would have a material effect on the financial statements. 

Note 3 – INITIAL PUBLIC
OFFERING

Pursuant to the Initial Public
Offering, the Company sold 23,000,000 Units, including the full exercise by the underwriters of their over-allotment option in the amount
of 3,000,000 Units at a purchase price of $10.00 per Unit. Each Unit consists of one of the Company’s ordinary shares, $0.0001 par
value, and one-half of one redeemable warrant (the “Public Warrants”). Each whole warrant offered in the Initial Public Offering
is exercisable to purchase one ordinary share. Only whole warrants may be exercised. No fractional shares will be issued upon exercise
of the warrants. If, upon exercise of the warrants, a holder would be entitled to receive a fractional interest in a share, the Company
will, upon exercise, round down to the nearest whole number the number of ordinary shares to be issued to the warrant holder.

F-13

Note 4 – PRIVATE PLACEMENT

Simultaneously with the closing
of the Initial Public Offering, the Sponsor and Cantor Fitzgerald & Co. purchased an aggregate of 6,000,000 warrants at a price of
$1.00 per warrant, or $6,000,000 in the aggregate, in a private placement. 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
warrant entitles the registered holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment.

The Private Placement Warrants
are identical to the Public Warrants sold in the initial Public Offering except that, so long as they are held by the Sponsor, Cantor
Fitzgerald & Co. 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