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SIM Acquisition Corp. I (SIMAW0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing net income of $2,357,270. This includes $2,627,463 of interest income earned on the Trust Account, offset by $270,193 of general and administrative costs.
The company completed its Initial Public Offering (IPO) on July 11, 2024, raising gross proceeds of $230,000,000. The IPO included the sale of 23,000,000 units, each consisting of one Class A Ordinary Share and one-half of one Redeemable Warrant.
Proceeds from the IPO and a concurrent private placement of 6,000,000 warrants were placed in a Trust Account. The funds will be used to finance a future Business Combination.
The company has not yet selected a target for its initial Business Combination and is focused on the healthcare industry.
As of September 30, 2024, SIM Acquisition Corp. I had a cash balance of $860,086 and a working capital surplus of $1,055,886.
The company is classified as a shell company and an emerging growth company, with certain exemptions from various reporting requirements.
If the company is unable to complete a Business Combination within 24 months from the IPO, it will cease operations and redeem public shares.
The SEC's new SPAC rules, effective July 1, 2024, may impact the company's ability to complete a Business Combination.
The company does not have any off-balance sheet arrangements or long-term debt, but has an agreement to pay $10,000 per month for administrative support.
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 Warrant quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.