SIM Acquisition Corp. I Reports $4.7 Million Net Income for Fiscal Year Ending December 31, 2024

SIM Acquisition Corp. I, a special purpose acquisition company (SPAC), reported its financial performance for the fiscal year ending December 31, 2024, in its recent 10-K filing. The company generated a net income of $4.7 million, primarily from $5.3 million in interest income earned on cash and marketable securities held in its Trust Account. This marks a significant increase compared to the previous fiscal period, as the company had not yet commenced operations prior to its Initial Public Offering (IPO) on July 11, 2024. The IPO raised $230 million, with an additional $6 million from a private placement of warrants, bringing total funds available for business combinations to approximately $236 million.

The company has not yet identified a target for its initial business combination but is focusing on opportunities within the healthcare sector, which is projected to grow significantly in the coming years. As of December 31, 2024, SIM Acquisition Corp. I held $235.3 million in its Trust Account, which is earmarked for a future acquisition. The company has until July 11, 2026, to complete its initial business combination, or it will be required to liquidate and return funds to shareholders. The filing indicates that the company is actively seeking potential targets and leveraging its management team's extensive network and experience in the healthcare industry.

Operationally, SIM Acquisition Corp. I has maintained a lean structure, with only two officers, Erich Spangenberg and David Kutcher, overseeing its activities. The company has incurred general and administrative expenses totaling approximately $575,000 since its inception. As of March 31, 2025, the company had 23 million Class A Ordinary Shares and 7.67 million Class B Ordinary Shares outstanding, with no dividends paid to date. The company’s management has expressed confidence in its ability to identify a suitable target and complete a business combination within the required timeframe.

Looking ahead, the company acknowledges potential risks, including market volatility and economic uncertainty, which could impact its ability to consummate a business combination. The management team remains optimistic about the opportunities within the healthcare sector, citing the industry's growth potential and the fragmented nature of the market as favorable conditions for investment. The company plans to utilize its Trust Account funds efficiently to identify and evaluate potential acquisition targets while ensuring compliance with regulatory requirements.