As of September 30, 2024, SIM Acquisition Corp. I, a shell company incorporated on January 29, 2024, reported total assets of $233.9 million, with total current assets of $1.1 million, including cash of $860,086. The company holds $232.6 million in cash and marketable securities within its Trust Account. Total liabilities were recorded at $11.0 million, leading to a shareholders’ deficit of $(9.6 million).
For the three months ending September 30, 2024, SIM Acquisition Corp. I reported a net income of $2.4 million, primarily driven by $2.6 million in interest income from the Trust Account, offset by $270,193 in general and administrative expenses. This marks a significant increase in net income compared to a net loss of $(41,305) for the previous period. The basic and diluted net income per Class A ordinary share for the quarter was $0.08, while for the period from inception to September 30, 2024, it was $0.16.
The company completed its Initial Public Offering (IPO) on July 11, 2024, selling 23 million units at $10.00 each, generating gross proceeds of $230 million. The underwriters fully exercised their over-allotment option, resulting in no forfeiture of Founder Shares. The net proceeds from the IPO and private placement totaled approximately $231.5 million after deducting offering expenses. The funds are primarily held in a U.S.-based trust account, invested in money market funds compliant with the Investment Company Act.
As of the reporting date, SIM Acquisition Corp. I had not commenced any operations and has incurred costs related to its IPO and preparations for a future business combination. The company anticipates significant expenses related to being a public entity, including legal and compliance costs. Management has indicated that it has sufficient funds to cover working capital needs for at least one year, with no immediate plans to raise additional funds for operational expenditures.
The company’s structure includes 23 million Class A ordinary shares and 7.7 million Class B ordinary shares, with the Class A shares subject to possible redemption at $10.11 per share. The company has not recognized any stock-based compensation expenses as of September 30, 2024, due to the improbability of a business combination occurring within the reporting period.
About SIM Acquisition Corp. I
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