Company: SIMA
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026255
Chunk: 412

Company: SIM Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 2
Chunk 412
---
 period 
    $697,085 

    Supplemental Disclosure of Non-cash for Investing and Financing Activities: 

    Formation costs and offering costs paid by Sponsor for the issuance of Founder Shares 
    $25,000 
  
    Deferred offering costs included in accounts payable and accrued expenses 
    $5,000 
  
    Offering costs paid through Notes payable-related party 
    $37,500 
  
    Deferred Underwriter Commissions 
    $10,950,000 

The accompanying notes are an integral part of this financial
statement.

F-6

SIM ACQUISITION CORP. I

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2024

(AUDITED)

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 December 31, 2024, the Company has not commenced
any operations. All activity for the period from January 29, 2024 (inception) to December 31, 2024 relates to the Company’s formation
and the Initial Public Offering (as defined below) and the search for a prospective initial 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