SIM Acquisition Corp. I(SIMA) - 2025 Q3 - Quarterly Report

Financial Performance - The company generated net income of $2,252,165 for the three months ended September 30, 2025, including $2,510,176 of interest income from the Trust Account, offset by $258,011 in general and administrative costs[95]. - For the nine months ended September 30, 2025, the company reported net income of $6,772,463, which includes $7,453,481 of interest income, with general and administrative costs amounting to $681,018[96]. Initial Public Offering - The company completed its Initial Public Offering on July 11, 2024, raising gross proceeds of $230,000,000 from the sale of 23,000,000 Units, with net proceeds of $231,522,384 after deducting offering expenses[99]. Trust Account and Investments - The funds held in the Trust Account are primarily invested in money market funds and are intended for the Business Combination, with $230,000,000 currently held in the Trust Account[100]. - The company has approximately $1,500,000 of proceeds held outside the Trust Account available for operational expenses prior to the Business Combination[102]. Business Combination and Going Concern - The company has until July 11, 2026, to complete a Business Combination, after which it will liquidate if not completed, raising substantial doubt about its ability to continue as a going concern[104]. - The company may need to raise additional funds if the costs of identifying and negotiating a Business Combination exceed current estimates[105]. Expenses and Obligations - The company has no long-term debt or significant contractual obligations other than a monthly payment of $10,000 to the Sponsor for administrative support[107]. - The underwriters are entitled to a deferred underwriting commission of $10,950,000 upon the completion of the initial Business Combination[108]. - The company has incurred increased expenses due to being a public company, including legal and compliance costs, but has not generated any operating revenues to date[94].