Company: SIMA
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001213900-25-109984
Chunk: 67

Company: SIM Acquisition Corp. I
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 8
Chunk 67
---
ified awards is measured at fair value upon
the grant date. The fair value of the 199,998 shares granted to the Company’s three independent directors was $197,998 or $0.99
per share. The Founder Shares were granted subject to a performance condition (i.e., the occurrence of a Business Combination). Compensation
expense related to the Founder Shares is recognized only when the performance condition is probable under the applicable accounting literature
in this circumstance. As of September 30, 2025, the Company determined that a Business Combination is not considered probable, and, therefore,
no share-based compensation expense has been recognized. Share-based compensation would be recognized at the date a Business Combination
is considered probable (i.e., upon consummation of a Business Combination) in an amount equal to the number of Founder Shares times the
grant date fair value per share (unless subsequently modified) less the amount initially received for the purchase of the Founder Shares.
On September 4, 2025, Jannine Grasso resigned as a director of the Board of the Company, and as a member of the audit and compensation
committees of the Board, effective immediately. In connection with this resignation, she transferred back 60,000 Founder Shares to the
Sponsor.

Warrants — As
of September 30, 2025 and December 31, 2024 there were 11,500,000 Public Warrants and 6,000,000 Private Placement Warrants outstanding.
Public Warrants may only be exercised for a whole number of shares. No fractional Public Warrants will be issued upon separation of the
Units and only whole Public Warrants will trade. The Public Warrants will become exercisable 30 days after the completion of a Business
Combination. The Company has agreed that as soon as practicable, but in no event later than 20 business days after the closing of the
Business Combination, the Company will use its commercially reasonable efforts to file with the SEC a post-effective amendment to
the registration statement for the Initial Public Offering or a new registration statement covering the registration under the Securities
Act of the Class A ordinary shares issuable upon exercise of the warrants and thereafter the Company will use its commercially
reasonable efforts to cause the same to become effective within 60 business days following the initial Business Combination
and to maintain a current prospectus relating to the Class A ordinary shares issuable upon exercise of the warrants until the expiration
of