SIM Acquisition Corp. I(SIMA) - 2025 Q1 - Quarterly Report

Financial Performance - The company generated net income of $2,222,746 for the three months ended March 31, 2025, which includes $2,464,218 of interest income from the Trust Account, offset by $241,472 in general and administrative costs [94]. Initial Public Offering (IPO) - The Initial Public Offering (IPO) on July 11, 2024, raised gross proceeds of $230,000,000 from the sale of 23,000,000 Units, including a full exercise of the underwriters' over-allotment option [98]. - The net proceeds from the IPO, after deducting offering expenses of approximately $477,616 and underwriting commissions of $4,000,000, amounted to $231,522,384, with $230,000,000 held in the Trust Account [98]. Company Operations - The company has not engaged in any operations or generated revenues to date, with activities limited to organizational tasks and preparing for the IPO [93]. - The company intends to use substantially all funds in the Trust Account for the initial Business Combination and may withdraw interest to cover tax obligations [100]. - As of March 31, 2025, the company has approximately $1,500,000 of proceeds held outside the Trust Account for operational expenses related to identifying and evaluating target businesses [101]. - The company has incurred monthly fees of $10,000 to the Sponsor for office space and administrative support since July 9, 2024 [106]. Regulatory Environment - The company is subject to new SEC rules for SPACs adopted in 2024, which may affect its ability to negotiate and complete the initial Business Combination [92]. Financial Obligations - The company has no long-term debt or off-balance sheet arrangements as of March 31, 2025 [105]. - The company must complete its initial Business Combination by July 11, 2026, or it will cease operations and redeem outstanding Public Shares [91].