Company: SIMA
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001213900-25-109984
Chunk: 50

Company: SIM Acquisition Corp. I
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 8
Chunk 50
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SIM ACQUISITION CORP. I

NOTES TO CONDENSED FINANCIAL STATEMENTS

SEPTEMBER 30, 2025

(UNAUDITED)

Note 1 – DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS

Organization and General

SIM Acquisition Corp. I (the
“Company”) was incorporated as a Cayman Islands exempted company on January 29, 2024. The Company was incorporated for the
purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with
one or more businesses (the “Business Combination”).

As of September 30, 2025,
the Company had not commenced any operations. All activity for the period from inception to September 30, 2025 relates to the Company’s
formation and the Initial Public Offering (as defined below) and the search for a prospective target for its Business Combination. The
Company will not generate any operating revenues until after the completion of its Business Combination, at the earliest. The Company
will generate non-operating income in the form of interest income on cash and cash equivalents from the proceeds derived from the Initial
Public Offering. The Company has selected December 31 as its fiscal year end.

Sponsor and Initial Public Offering

The Company’s sponsor is SIM Sponsor
1 LLC, a Delaware limited liability company (the “Sponsor”).

The registration statement
for the Company’s Initial Public Offering was declared effective on July 9, 2024. On July 11, 2024, the Company consummated the
Initial Public Offering of 23,000,000 units (each, a “Unit” and collectively, the “Units”) at $10.00 per
Unit, which included the full exercise of the underwriters’ over-allotment option in the amount of 3,000,000 Units at $10.00 per
unit which is discussed in Note 3 (the “Initial Public Offering”), and the sale of 6,000,000 warrants (the “Private
Placement Warrants”), to the Sponsor and Cantor Fitzgerald & Co., the representative of the underwriters of the Initial Public
Offering, at a price of $1.00 per Private Placement Warrant in a private placement that closed simultaneously with the Initial Public
Offering. Of those 6,000,000 Private Placement Warrants, the Sponsor purchased 4,000,000 Private Placement Warrants and Cantor Fitzgerald