10-Q - SIM Acquisition Corp. I (0002014982) (Filer)

Fri, Aug 23, 8:37 PM (22 days ago)

For the quarter ending June 30, 2024, SIM Acquisition Corp. I reported a net loss of $12,841, leading to a cumulative loss of $41,305 since inception. The company, still in its initial stages, has not yet generated revenue and primarily incurred formation and operational costs. As of June 30, 2024, total assets stood at $226,195, with cash reserves of $19,252, indicating a working capital deficit of $223,248. Following its IPO on July 11, 2024, where it raised $230,000,000 by selling 23,000,000 units at $10 each, the company placed these proceeds into a trust account. This funding is earmarked for a future business combination, although uncertainties remain due to geopolitical tensions affecting market conditions. The company has incurred significant transaction costs of $15,427,616 related to the IPO and anticipates ongoing expenses in pursuit of a business combination. Despite a lack of operational revenue, management expresses confidence in meeting working capital needs for at least the next year. Future operations hinge on successfully identifying and completing a business combination, amidst potential market volatility.