On July 11, 2024, SIM Acquisition Corp. I ("SIM" or the "Company") announced the successful completion of its initial public offering (IPO), raising gross proceeds of $230 million. The IPO consisted of 23 million units, priced at $10 each, including 3 million units issued through the full exercise of the underwriters' over-allotment option. Each unit comprises one Class A ordinary share and half of one redeemable warrant, with each whole warrant allowing the purchase of one Class A ordinary share at $11.50.
Concurrently with the IPO, the Company conducted a private sale of 6 million warrants, generating additional gross proceeds of $6 million. SIM Sponsor 1 LLC, the Company's sponsor, purchased 4 million Private Placement Warrants, while Cantor Fitzgerald & Co., the representative of the underwriters, bought 2 million. These Private Placement Warrants were sold at $1.00 each.
The net proceeds from the IPO and the private sale, totaling $230 million (which includes $10.95 million of the underwriters' deferred discount) along with the proceeds from the sale of the Private Placement Warrants, have been placed into a trust account in the United States, managed by Continental Stock Transfer & Trust Company as trustee.
SIM Acquisition Corp. I, a blank check company classified under "Blank Checks" [6770], is headquartered at 78 SW 7th Street, Suite 500, Miami, FL. The Company's Class A ordinary shares, units, and redeemable warrants are traded on The Nasdaq Stock Market under the symbols SIMA, SIMAU, and SIMAW, respectively.
The Company has also released an audited balance sheet dated July 11, 2024, which reflects the receipt of the proceeds from both the IPO and the Private Placement. This financial statement is included as Exhibit 99.1 in the Current Report on Form 8-K filed with the Securities and Exchange Commission.
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