Fri, Aug 23, 8:32 PM (144 days ago)
For the quarter ending March 31, 2024, SIM Acquisition Corp. I, a Cayman Islands-based SPAC, reported a net loss of $28,464, primarily due to formation and operational costs since it had not yet commenced operations. The company had total assets of $61,136, with current liabilities exceeding assets, resulting in a working capital deficit of $64,600. The trust account holds $230,000,000 from the IPO, which was completed on July 11, 2024, generating gross proceeds of $230,000,000. The IPO included 23,000,000 units, with a full exercise of the underwriters' over-allotment option. The company has no revenues until a business combination is completed and is focusing on the healthcare sector. Risks include geopolitical tensions and market volatility that could impact the business combination process. Future liquidity appears stable, with the company able to meet its operational needs for at least one year. However, uncertainties regarding the completion of a business combination remain, and the company has a plan to liquidate if it fails to do so within 24 months.