SIM Acquisition Corp. I(SIMA) - 2025 Q2 - Quarterly Report

Financial Performance - For the three months ended June 30, 2025, the company reported a net income of $2,297,552, which includes $2,479,087 of interest income earned on the Trust Account[90]. - For the six months ended June 30, 2025, the company had a net income of $4,520,298, including $4,943,305 of interest income earned on the Trust Account[91]. - The company has incurred general and administrative costs of $181,535 for the three months ended June 30, 2025, and $423,007 for the six months ended June 30, 2025[90][91]. Initial Public Offering - The company generated gross proceeds of $230,000,000 from the Initial Public Offering of 23,000,000 Units at $10.00 per Unit, including the full exercise of the underwriters' over-allotment option[95]. Business Combination - The company has until July 11, 2026, to consummate a Business Combination, after which it will cease operations and redeem 100% of the outstanding Public Shares if not completed[87]. - The company has not engaged in any operations or generated revenues to date, focusing solely on preparing for the Initial Public Offering and searching for a Business Combination target[89]. - The SEC adopted new rules in 2024 that may materially affect the company's ability to negotiate and complete its initial Business Combination[88]. Financial Position - The Trust Account holds $230,000,000, which is invested in money market funds that meet certain conditions under Rule 2a-7 under the Investment Company Act[96]. - The company does not expect to need additional funds to meet operating expenditures prior to the initial Business Combination, but may require additional financing for transaction costs[99][101]. - The company has no long-term debt or significant contractual obligations other than an agreement to pay $10,000 per month to the Sponsor for administrative support[103].