Company: SIMA
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001213900-25-109984
Chunk: 6

Company: SIM Acquisition Corp. I
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 6
---
     6,000,000 
  
    Repayment of Promissory Note - Related Party 
     -  
     (297,500)
  
    Payment of Offering Costs 
     -  
     (421,480)
  
    Net cash provided by financing activities 
     -  
     231,541,020 
  
    Net increase (decrease) in cash 
     (527,940) 
     860,086 
  
    Cash at beginning of the period 
     697,085  
     - 
  
    Cash at end of the period 
    $169,145  
    $860,086 

    Supplemental Disclosure of Non-cash for Investing and Financing Activities: 

    Formation costs and offering costs paid by Sponsor for the issuance of Founder Shares       
    $-  
    $25,000 
  
    Deferred offering costs included in accounts payable and accrued expenses 
    $-  
    $5,000 
  
    Offering costs paid through Notes payable-related party 
    $-  
    $37,500 
  
    Deferred Underwriter Commissions 
    $-  
    $10,950,000 

The accompanying notes are an integral part
of the condensed financial statements.

4

SIM ACQUISITION CORP. I

NOTES TO CONDENSED FINANCIAL STATEMENTS

SEPTEMBER 30, 2025

(UNAUDITED)

Note 1 – DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS

Organization and General

SIM Acquisition Corp. I (the
“Company”) was incorporated as a Cayman Islands exempted company on January 29, 2024. The Company was incorporated for the
purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with
one or more businesses (the “Business Combination”).

As of September 30, 2025,
the Company had not commenced any operations. All activity for the period from inception to September 30, 2025 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