Company: SIMA
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026255
Chunk: 382

Company: SIM Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 2
Chunk 382
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 long-term liabilities, other than as set forth
below.

Underwriting Agreement

The
underwriters of the Initial Public Offering have agreed to receive deferred underwriting commissions equal to $0.45 per Unit on Units
other than those sold pursuant to the Over-Allotment Option, or $9,000,000 in the aggregate, with an additional $1,950,000 due in connection
with the full exercise of the Over-Allotment Option. Consequently, upon completion of our initial Business Combination, $10,950,000 will
be paid to the underwriters of the Initial Public Offering from the funds held in the Trust Account. The deferred fee will become payable
to the underwriters of the Initial Public Offering solely in the event that we complete a Business Combination, subject to the terms of
the Underwriting Agreement, dated July 9, 2024, we entered into with Cantor, as representative of
the several underwriters of the Initial Public Offering. If we fail to consummate an initial Business Combination within the Combination
Period, such deferred fee will be included with the funds held in the Trust Account that will be available to fund the redemption of our
Public Shares upon the liquidation of the Trust Account.

Administrative Services
Agreement

Commencing
on July 10, 2024, and until completion of our initial Business Combination or liquidation, we pay an affiliate of our Sponsor $10,000
per month for certain office space, utilities and secretarial and administrative support pursuant to the Administrative
Services Agreement. Under the Administrative Services Agreement, there was $60,000 incurred and paid for the year ending December 31,
2024.

Critical Accounting
Estimates

The
preparation of the audited financial statements contained elsewhere in this Report in conformity with GAAP requires Management to make
estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities
at the date of the financial statements, and income and expenses during the periods reported. Making estimates requires Management to
exercise significant judgement. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of
circumstances that existed at the date of the financial statements, which Management considered in formulating its estimate, could change
in the near term due to one or more future confirming events. Accordingly, actual results could materially differ from those estimates.
As of December 31, 2024, we did not have any critical accounting estimates to