Company: SIMA
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026255
Chunk: 1222

Company: SIM Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 11
Chunk 1222
---
 available throughout
the 30-day redemption period. Any such exercise would not be on a cashless basis and would require the exercising warrant holder to pay
the exercise price for each Public Warrant being exercised. The Private Placement Warrants are identical to the Public Warrants sold in
the Initial Public Offering, except that the Private Placement Warrants and the ordinary shares issuable upon exercise of the Private
Placement Warrants will not be transferable, assignable or saleable until 30 days after the completion of the Business Combination, subject
to certain limited exceptions. In no event will the Company be required to net cash settle any warrant. If the Company is unable to complete
a Business Combination and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any of such
funds with respect to their warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust
Account with the respect to such warrants. Accordingly, the warrants may expire worthless.

Note 7 – COMMITMENTS AND CONTINGENCIES

Registration Rights

The holders of Founder Shares,
Private Placement Warrants, and securities that may be issued upon conversion of Working Capital Loans, if any, will be entitled to registration
rights pursuant to a registration rights agreement signed in connection with the Initial Public Offering. These holders will be entitled
to make up to three demands, excluding short form demands, that the Company register such securities. In addition, these holders will
have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the completion of
the Business Combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

F-16

Underwriting Agreement

The Company granted the underwriters
a 45-day option from the date of the final prospectus relating to the Initial Public Offering to purchase up to 3,000,000 additional Units
to cover over-allotments, if any, at the Initial Public Offering price. On July 11, 2024, simultaneously with the closing of the Initial
Public Offering, the underwriters elected to fully exercise the over-allotment option to purchase the additional 3,000,000 Units at a
price of $10.00 per Unit. As a result of the underwriters’ election to fully exercise their over-allotment option, an aggregate
of 1,000,000 Founder Shares are no longer subject to forfeiture.

The underwriters received an underwriting discount
of $0