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

Company: SIM Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 8
Chunk 31
---
 will be
used to pay for business, legal and accounting due diligence on prospective acquisitions and continuing general and administrative expenses.
Additionally, certain interest earned on the Trust Account balance may be released to the Company to pay the Company’s tax obligations
and trust administration expenses.

F-7

Initial Business Combination

The Company’s management has broad discretion
with respect to the specific application of the net proceeds of the Initial Public Offering, although substantially all of the
net proceeds of the Initial Public Offering are intended to be generally applied toward consummating a Business Combination. The Business
Combination must occur with one or more target businesses that together have an aggregate fair market value of at least 80% of the assets
held in the Trust Account (excluding the deferred underwriting commissions and taxes payable on income earned on the Trust Account) at
the time of the agreement to enter into the Business Combination. Furthermore, there is no assurance that the Company will be able to
successfully effect a Business Combination.

The Company, after signing a definitive agreement
for the acquisition of a target business, is required to provide shareholders who acquired ordinary shares sold as part of the units in
this offering (“Public Shares”) in the Initial Public Offering (“Public Shareholders”) with the opportunity to
redeem their Public Shares for a pro rata share of the Trust Account. The holders of the Founder Shares will agree to vote any shares
they then hold in favor of any proposed Business Combination and will waive any conversion rights with respect to these shares and the
shares included in the Private Units pursuant to letter agreements executed in connection with the Initial Public Offering.

In connection with any proposed Business Combination,
the Company will seek shareholder approval of a Business Combination at a meeting called for such purpose at which Public Shareholders
may seek to redeem their Public Shares, regardless of whether they vote for or against the proposed Business Combination. Alternatively,
the Company may conduct a tender offer and allow redemptions in connection therewith. If the Company seeks shareholder approval of a Business
Combination, any Public Shareholder voting either for or against such proposed Business Combination or not voting at all will be entitled
to demand that his Public Shares be redeemed for a full pro rata portion of the amount then in the Trust Account (initially $10.00 per
share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company or necessary
to pay its taxes and trust administration expenses). Holders of warrants sold as part of