Company: SIMA
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026255
Chunk: 310

Company: SIM Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1C
Chunk 310
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 accordance with the Nasdaq
36-Month Requirement. If we do not meet the Nasdaq 36-Month Requirement, our securities will likely be subject to a suspension of
trading and delisting from Nasdaq.

Results of Operations

We
have neither engaged in any operations nor generated any revenues to date. Our only activities from January 29, 2024 (inception) to December
31, 2024 have been organizational activities and those necessary to prepare for and consummate the Initial Public Offering, and following
the closing of the Initial Public Offering, searching for a target with which to consummate a Business Combination. Following the Initial
Public Offering, we will not generate any operating revenues until after completion of our initial Business Combination. We have generated
non-operating income in the form of interest income on cash and cash equivalents following the Initial Public Offering. After the Initial
Public Offering, we have incurred increased expenses as a result of being a public company (for legal, financial reporting, accounting
and auditing compliance), as well as for due diligence expenses.

For
the three months ended December 31, 2024, we had net income of $2,436,140, which includes $2,695,350 of interest income earned on the
Trust Account, offset by $259,210 of general and administrative costs.

For the period from January
29, 2024 (inception) to December 31, 2024, we had net income of $4,747,104 which includes $5,322,812 of interest income earned on the
Trust Account, offset by $575,708 of general and administrative costs.

22

Factors That May
Adversely Affect our Results of Operations

Our
results of operations and our ability to complete an initial Business Combination may be adversely affected by various factors that could
cause economic uncertainty and volatility in the financial markets, many of which are beyond our control. Our business could be impacted
by, among other things, downturns in the financial markets or in economic conditions, increases in oil prices, inflation, fluctuations
in interest rates, increases in tariffs, supply chain disruptions, declines in consumer confidence and spending, public health considerations,
and geopolitical instability, such as the military conflicts in Ukraine and the Middle East. We cannot at this time predict the likelihood
of one or more of the above events, their duration or magnitude or the extent to which they may negatively impact our business and our
ability to complete an initial Business Combination.