Company: SIMA
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026255
Chunk: 91

Company: SIM Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 91
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 until the earlier of (1) the last day of the fiscal year (a) following July 11, 2029, (b) in which we have total annual
gross revenue of at least $1.235 billion, or (c) in which we are deemed to be a large accelerated filer, which means the market value
of our Public Shares that are held by non-affiliates exceeds $700 million as of the prior June 30, and (2) the date on which we have issued
more than $1.0 billion in non-convertible debt securities during the prior three-year period.

Additionally, we are a “smaller
reporting company” as defined in Item 10(f)(1) of Regulation S-K. Smaller reporting companies may take advantage of certain reduced
disclosure obligations, including, among other things, providing only two years of audited financial statements. We will remain a smaller
reporting company until the last day of the fiscal year in which (1) the market value of our Ordinary Shares held by non-affiliates is
equal to or exceeds $250 million as of the prior June 30, or (2) our annual revenues equaled or exceeded $100 million during such completed
fiscal year and the market value of our Ordinary Shares held by non-affiliates is equal to or exceeds $700 million as of the prior June
30th.

Further, prior to the consummation
of a Business Combination, only holders of our Class B Ordinary Shares have the right to vote on the appointment or removal of directors.
As a result, Nasdaq considers us to be a “controlled company” within the meaning of Nasdaq corporate governance standards.
Under Nasdaq corporate governance standards, a company of which more than 50% of the voting power for the appointment of directors is
held by an individual, group or another company is a “controlled company” and may elect not to comply with certain corporate
governance requirements.

Item
1A.  Risk Factors.

As a smaller reporting company
under Rule 12b-2 of the Exchange Act, we are not required to include risk factors in this Report. However, the following is a partial
list of material risks, uncertainties and other factors that could have a material effect on us and our operations:

●we
are a blank check company and an early stage company with no revenue or basis to evaluate our ability to select a suitable business target;

●we
may not be able to