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SIM Acquisition Corp. I (SIMA-0.20%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's status as a blank check company, incorporated for the purpose of effecting a Business Combination. The company has not yet selected a target for this combination.
The company completed its Initial Public Offering on July 11, 2024, raising $230 million through the sale of 23 million units. Each unit consists of one Class A Ordinary Share and one-half of one redeemable warrant.
Proceeds from the IPO and a simultaneous private placement of warrants are held in a trust account, with the funds intended for use in a future Business Combination. As of December 31, 2024, the trust account held approximately $235.3 million.
The company has a 24-month period from the closing of the IPO to complete a Business Combination, which expires on July 11, 2026. If a Business Combination is not completed by this date, the company will redeem all public shares and liquidate.
The filing outlines the company's focus on the healthcare industry for its Business Combination, citing the sector's growth and investment opportunities.
SIM Acquisition Corp. I reported a net income of $4.7 million for the period from January 29, 2024, to December 31, 2024, primarily due to interest earned on the trust account.
The filing also discusses the company's capital resources, indicating available cash outside the trust account of approximately $697,085 as of December 31, 2024.
The company acknowledges potential risks, including market volatility, geopolitical tensions, and regulatory changes that could impact the search for a target and the completion of a Business Combination.
The report includes information on the company's management team and board of directors, highlighting their experience in investment and healthcare sectors.
The filing concludes with a discussion on the company's financial position, indicating that it has sufficient funds for its working capital needs until at least one year from the date of the report.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the SIM Acquisition Corp. I annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.