Company: SIMA
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026255
Chunk: 356

Company: SIM Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1C
Chunk 356
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the Completion Window or (B) with respect to any other material provisions relating to shareholders’ rights or pre-Business Combination
activity; (iii) waive their rights to liquidating distributions from the Trust Account with respect to their Founder Shares if the Company
fails to complete the Business Combination within the Completion Window, although they will be entitled to liquidating distributions from
the Trust Account with respect to any public shares they hold if the Company fails to complete the Business Combination within the Completion
Window and to liquidating distributions from assets outside the Trust Account; and (iv) vote any Founder Shares held by them and any public
shares purchased during or after the Initial Public Offering (including in open market and privately-negotiated transactions) in favor
of the Business Combination (except that any public shares such parties may purchase in compliance with the requirements of Rule 14e-5
under the Exchange Act would not be voted in favor of approving the business combination transaction).

Note 5 – RELATED PARTY TRANSACTIONS

Founder Shares

On January 29, 2024, the Sponsor paid $25,000,
or approximately $0.003 per share, to cover certain costs in consideration for 5,750,000 Class B ordinary shares, par value $0.0001
per share (the “Founder Shares”). In May 2024, the Company effected a share dividend of 0.33 shares for each Class B
ordinary share outstanding, resulting in the initial shareholders holding an aggregate of 7,666,667 Founder Shares. All share and per
share data have been restated to reflect this change.

In April 2024, the Sponsor transferred 50,000
Founder Shares to each of the Company’s three independent directors for an aggregate of 150,000 Founder Shares, at a price of $0.003
per share. In May 2024, the Company effected a share dividend of 0.33 shares for each Class B ordinary share outstanding, resulting
in the directors holding an aggregate of 199,998 Founder Shares, or 66,666 each.

The sale of the Founders
Shares to each of the Company’s three independent directors is in the scope of FASB ASC Topic 718, “Compensation-Stock Compensation”
(“ASC 718”). Under ASC 718, stock-based compensation associated with equity-classified awards is measured at fair value upon
the grant date. The fair value of the 199,998 shares transferred to the Company’s three