SIM Acquisition Corp. I Files Q1 2024 10-Q

TL;DR

SIM Acquisition Corp. I filed its Q1 2024 10-Q. Check financials.

AI Summary

SIM Acquisition Corp. I filed its quarterly report on Form 10-Q for the period ended March 31, 2024. The company, incorporated in the Cayman Islands, is based in Miami, Florida, and operates in the 'Blank Checks' sector. The filing details its financial status and operational updates for the specified quarter.

Why It Matters

This filing provides investors with an update on SIM Acquisition Corp. I's financial performance and operational status for the first quarter of 2024, crucial for understanding the company's trajectory.

Risk Assessment

Risk Level: low — This is a standard quarterly filing (10-Q) for SIM Acquisition Corp. I, providing routine financial updates rather than indicating significant new risks.

Key Numbers

• 001-42164 — Commission File Number (Identifies the specific SEC filing for SIM Acquisition Corp. I.)
• 20240331 — Quarterly Period End Date (Indicates the reporting period covered by this 10-Q filing.)

Key Players & Entities

• SIM Acquisition Corp. I (company) — Registrant
• March 31, 2024 (date) — Quarterly period end date
• 001-42164 (dollar_amount) — Commission File Number
• Cayman Islands (company) — Jurisdiction of incorporation
• Miami, Florida (company) — Principal executive offices location

FAQ

Key Financial Figures

• $0.0001 — LC Class A Ordinary Shares, par value $0.0001 per share SIMA The Nasdaq Stock Market
• $11.50 — Ordinary Share at an exercise price of $11.50 per share SIMAW The Nasdaq Stock Market
• $300,000 — y note in the principal amount of up to $300,000 issued to our Sponsor on March 8, 2024;
• $230,000,000 — sed trust account in which an amount of $230,000,000 from the net proceeds of the sale of th

Filing Documents

• ea0212003-10q_simacqu1.htm (10-Q) — 309KB
• ea021200301ex31-1_simacqu1.htm (EX-31.1) — 11KB
• ea021200301ex31-2_simacqu1.htm (EX-31.2) — 11KB
• ea021200301ex32-1_simacqu1.htm (EX-32.1) — 5KB
• ea021200301ex32-2_simacqu1.htm (EX-32.2) — 5KB
• 0001213900-24-072238.txt ( ) — 2434KB
• simau-20240331.xsd (EX-101.SCH) — 26KB
• simau-20240331_cal.xml (EX-101.CAL) — 8KB
• simau-20240331_def.xml (EX-101.DEF) — 151KB
• simau-20240331_lab.xml (EX-101.LAB) — 187KB
• simau-20240331_pre.xml (EX-101.PRE) — 142KB
• ea0212003-10q_simacqu1_htm.xml (XML) — 154KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION 1 Item 1.

Financial Statements

Financial Statements. 1 Condensed Balance Sheet as of March 31, 2024 (Unaudited) 1 Condensed Statement of Operations for the period from January 29, 2024 (inception) to March 31, 2024 (Unaudited) 2 Condensed (Unaudited) 3 Condensed Statement of Cash Flows for the period from January 29, 2024 (inception) to March 31, 2024 (Unaudited) 4 Notes to Condensed Financial Statements (Unaudited) 5 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations. 15 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk. 20 Item 4.

Controls and Procedures

Controls and Procedures. 20

– OTHER INFORMATION

PART II – OTHER INFORMATION 21 Item 1. Legal Proceedings. 21 Item 1A. Risk Factors. 21 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 21 Item 3. Defaults Upon Senior Securities. 22 Item 4. Mine Safety Disclosures. 22 Item 5. Other Information. 22 Item 6. Exhibits. 23

SIGNATURES

SIGNATURES 24 i Unless otherwise stated in this Report (as defined below), or the context otherwise requires, references to: "2024 SPAC Rules" are to the new rules and regulations for SPACs (as defined below) adopted by the SEC on January 24, 2024, which became effective on July 1, 2024; "Amended and Restated Memorandum" are to our Amended and Restated Memorandum of Association, as amended and currently in effect ; "ASC" are to the FASB (as defined below) Accounting Standards Codification; "ASU" are to the FASB Accounting Standards Update; "Board of Directors" or "Board" are to our board of directors; "Business Combination" are to a merger, capital share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses; "Cantor" are to Cantor Fitzgerald & Co., the representative of the underwriters in the Initial Public Offering (as defined below); "Class A Ordinary Shares" are to our Class A ordinary shares, par value $0.0001 per share; "Class B Ordinary Shares" are to our Class B ordinary shares, par value $0.0001 per share; "Combination Period" are to the 24-month period, from the closing of the Initial Public Offering to July 11, 2026 (or such earlier date as determined by the Board), that we have to consummate an initial Business Combination; provided that the Combination Period may be extended pursuant to an amendment to the Amended and Restated Memorandum and consistent with applicable laws, regulations and stock exchange rules; "Company," "our," "we" or "us" are to SIM Acquisition Corp. I, a Cayman Islands exempted company; "Continental" are to Continental Stock Transfer & Trust Company, trustee of our Trust Account (as defined below) and warrant agent of our Public Warrants (as defined below); "Exchange Act" are to the Securities Exchange Act of 1934, as amended; "FASB" are to the Financial Accounting Standards Board; "Founder Shares" are to the Class B Ordinary Shares i

– FINANCIAL

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. SIM ACQUISITION CORP. I CONDENSED BALANCE SHEET UNAUDITED March 31, 2024 ASSETS Deferred offering costs $ 61,136 Total Assets $ 61,136 LIABILITIES AND SHAREHOLDERS' DEFICIT Current liabilities Accounts payable and accrued expenses $ 27,100 Promissory note - related party 37,500 Total Current Liabilities 64,600 COMMITMENTS Shareholders' Deficit Preference shares, $ .0001 par value, 5,000,000 shares authorized; none issued or outstanding - Class A ordinary shares, $ .0001 par value, 500,000,000 shares authorized; none issued or outstanding - Class B ordinary shares, $ .0001 par value, 50,000,000 shares authorized; 7,666,667 shares issued and outstanding(1) 767 Additional paid-in capital 24,233 Accumulated deficit ( 28,464 ) Total Shareholders' Deficit ( 3,464 ) TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT $ 61,136 (1) This number includes up to 1,000,000 Class B ordinary shares subject to forfeiture if the over-allotment option was not exercised in full or in part by the underwriters (see Note 5). In May 2024, the Company effected a share dividend of 0.33 shares for each Class B ordinary share outstanding, resulting in our initial shareholders holding an aggregate of 7,666,667 founder shares (up to 1,000,000 shares of which were subject to forfeiture depending on the extent to which the underwriters' over-allotment option was exercised). All share and per share data have been retroactively restated to reflect this change. The accompanying notes are an integral part of these financial statements. 1 SIM ACQUISITION CORP. I CONDENSED STATEMENT OF OPERATIONS FOR THE PERIOD FROM JANUARY 29, 2024 (INCEPTION) TO MARCH 31, 2024 (UNAUDITED) Formation and operation costs $ 28,464 Net loss $ ( 28,464 ) Weighted average shares outstanding, basic and diluted(1) 6,666,667 Basic and diluted net loss per ordinary share $ ( 0.01 ) (1) Excludes an aggregate of up to 1,000,000 Clas

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View this 10-Q filing on SEC EDGAR