Company: SIMA
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026255
Chunk: 64

Company: SIM Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 64
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 equity interests of a target. In this case, we would
acquire a 100% controlling interest in the target. However, as a result of the issuance of a substantial number of new shares, our shareholders
immediately prior to our initial Business Combination could own less than a majority of our issued and outstanding shares subsequent to
our initial Business Combination. If less than 100% of the equity interests or assets of a target business or businesses are owned or
acquired by the post transaction company, the portion of such business or businesses that is owned or acquired is what will be taken into
account for purposes of the 80% Test described above. If the Business Combination involves more than one target business, the aggregate
value of all of the target businesses, will be taken into account for purposes of the 80% Test.

We are not prohibited from
pursuing an initial Business Combination with a company that is affiliated with our Sponsor, officers, or directors. In the event we seek
to complete our initial Business Combination with a company that is affiliated (as defined in our Amended and Restated Memorandum) with
our Sponsor, officers, or directors, we, or a committee of independent directors, will obtain an opinion from an independent investment
banking firm or another independent entity that commonly renders valuation opinions, stating that the consideration to be paid by us in
such an initial Business Combination is fair to our Company from a financial point of view. We are not required to obtain such an opinion
in any other context.

Members of our Management Team
and our independent directors directly or indirectly own Founder Shares and/or Private Placement Warrants and, accordingly, may have a
conflict of interest in determining whether a particular target business is an appropriate business with which to effectuate our initial
Business Combination. Further, each of our officers and directors may have a conflict of interest with respect to evaluating a particular
Business Combination if the retention or resignation of any such officers and directors was included by a target business as a condition
to any agreement with respect to our initial Business Combination.

3

Each of our officers and directors
presently has, and any of them in the future may have additional, fiduciary, contractual or other obligations or duties to one or more
other entities pursuant to which such officer or director is or will be required to present a Business Combination opportunity to such
entities. Accordingly, if any of our officers or directors becomes aware of a Business Combination opportunity that is suitable for an
entity to which