Company: SIMA
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001213900-25-109984
Chunk: 34

Company: SIM Acquisition Corp. I
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 34
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 doubt about the Company’s ability to continue as a
going concern. The financial statements do not include any adjustments that may be necessary if the Company is unable to continue as a
going concern. In addition, the Company’s cash balance does not exceed its current budgeted operating requirements, and management
has concluded that this indicates the Company will not have sufficient liquidity to meet its obligations as they become due within one
year after the date these financial statements are issued.

We do not believe we will
need to raise additional funds in order to meet the expenditures required for operating our business. However, if our estimate of the
costs of identifying a target business, undertaking in-depth due diligence and negotiating a Business Combination are less than the actual
amount necessary to do so, we may have insufficient funds available to operate our business prior to our Business Combination. Moreover,
we may need to obtain additional financing either to complete our Business Combination or because we become obligated to redeem a significant
number of our Public Shares upon consummation of our Business Combination, in which case we may issue additional securities or incur debt
in connection with such Business Combination. 

Off-Balance Sheet Arrangements

As of September 30, 2025 and
December 31, 2024, we did not have any off-balance sheet arrangements as defined in Item 303(a)(4)(ii) of Regulation S-K and
did not have any commitments or contractual obligations. No unaudited quarterly operating data is included in the unaudited condensed
financial statements and the notes thereto included in this Report under “Item 1. Financial Statements” as we have not conducted
any operations to date.

Contractual Obligations

We do not have any long-term
debt, capital lease obligations, operating lease obligations or long-term liabilities, other than an agreement to pay an aggregate of
$10,000 per month to the Sponsor or an affiliate thereof for office space, utilities, and secretarial and administrative support. We began
incurring these fees on July 9, 2024 and will continue to incur these fees monthly until the earlier of the completion of the Business
Combination and our liquidation.

The underwriters are entitled
to a deferred underwriting commission of $10,950,000 upon the completion of our initial Business Combination subject to the terms of the
underwriting agreement.

Critical Accounting Estimates

The preparation of condensed
financial statements in conformity with accounting principles generally accepted in the United