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SIM Acquisition Corp. I is asking shareholders to approve a Charter Extension, moving its SPAC business-combination deadline from July 11, 2026 to July 12, 2027. Without this extension, the company would wind up, redeem all public shares and liquidate.
Holders of the 23,000,000 Class A ordinary shares may redeem in connection with the extension at about $10.75 per share, compared with a recent market price of $10.71. The proxy also seeks ratification of WithumSmith+Brown, PC as auditor for 2026 and approval to adjourn the meeting if there are not enough votes for the extension.
The filing details a January 28, 2026 sponsor change, new board and CEO appointments, and warns of high SPAC redemption trends, potential Nasdaq delisting if no deal is completed within 36 months of the IPO effectiveness, and the risk that heavy redemptions could limit the ability to close a desirable business combination.
SIM Acquisition Corp. I is a Cayman Islands SPAC that raised $230,000,000 in its July 2024 IPO and placed the proceeds in a trust account. As of December 31, 2025, the trust held about $10.59 per public share and approximately $245.1 million was available for a business combination before deferred underwriting commissions and taxes.
On January 28, 2026, new investors acquired all interests in the sponsor, triggering a leadership change and a shift in strategy away from healthcare toward U.S.-focused businesses that support domestic manufacturing, innovation ecosystems, and critical supply chains. The underwriters agreed to reduce deferred fees from $10,950,000 to a cash fee equal to 1.5% of trust funds delivered at closing of the initial business combination.
The company entered a new administrative services agreement with Dominari Holdings Inc. at $20,000 per month and issued a $1,500,000 promissory note to the sponsor bearing 12% interest with a 5% original issue discount, due at the earlier of a business combination or liquidation. SIM Acquisition must complete an initial business combination by July 11, 2026 or redeem public shares and liquidate the trust, subject to shareholder-approved extensions and Nasdaq’s 36-month SPAC completion requirement.
SIM Acquisition Corp. I entered into a new administrative services agreement with Dominari Holdings Inc., under which it will pay $20,000 per month for office space, utilities, and administrative support until either it completes an initial business combination or is liquidated.
The company also issued a master promissory note to SIM Sponsor 1 LLC for working capital, allowing drawdowns up to $1,500,000. The note carries 12% annual interest, includes a 5.0% original issue discount, and matures on the earlier of the closing of a business combination or the company’s liquidation. Both Dominari and the lender waive any claims to funds held in the SPAC’s trust account, protecting amounts reserved for public shareholders.
SIM Acquisition Corp. I reported an internal restructuring transaction involving its sponsor. SIM Sponsor 1 LLC, a ten percent owner, recorded an "other" transaction in which 120,000 Class B ordinary shares were assigned to the reporting persons for no consideration by two resigning directors. Following this transfer, the reporting persons together held 7,646,669 Class B ordinary shares. These Class B shares automatically convert into Class A ordinary shares at the time of the company’s initial business combination, or earlier at the holder’s option, on a one-for-one basis and have no expiration date.
SIM Acquisition Corp. I is asking shareholders to approve an amendment to its Charter to extend the deadline to complete an initial business combination from July 11, 2026 to July 12, 2027
The Special Meeting will also vote to ratify the auditor and to authorize an adjournment if more votes are needed. Public shareholders may redeem their Public Shares for a pro rata portion of funds in the trust account if the extension is approved. The filing discloses a change in sponsor ownership and management: the Sponsor was acquired on January 28, 2026, executives including the prior CEO and two directors resigned, Christopher Devall was appointed CEO, and four new directors were appointed effective March 7, 2026. Shares outstanding on the Record Date were 23,000,000 Class A and 7,666,667 Class B.
SIM Acquisition Corp. I discloses a change in a majority of its board of directors following a Sponsor Acquisition. The Sponsor now holds 7,526,669 Class B Ordinary Shares (97.4% of Class B) and 24.5% of outstanding Ordinary Shares. The Sponsor Acquisition closed on January 28, 2026, and certain officers resigned that day, including the Chairman and CEO.
The Information Statement states that Anthony Hayes, Jarrett Gorlin, Matthew Saker and Kyle Haug will join the Board and that these Designees and David Kutcher will constitute the entire Board ten (10) days after the filing of this Schedule 14F and the mailing of this Information Statement to holders of record as of February 25, 2026 (the Director and Officer Handover Date). The filing describes prior director resignations, appointment biographies, voting structure for Class A and Class B Ordinary Shares, outstanding warrants, related-party arrangements, and certain governance policies.
SIM Acquisition Corp. I files an amended Schedule 13G/A reporting beneficial ownership of 7,526,669 founder Class B ordinary shares. The filing states those Class B shares convert one-for-one into Class A ordinary shares and represent 24.7% of Class A shares outstanding on November 13, 2025 assuming conversion. The Schedule discloses that, following purchases of membership interests in the sponsor, the Buyers now own all sponsor membership interests and that Eric Newman is the managing member with voting and investment discretion over the reported shares.
SIM Acquisition Corp. I reported an administrative change in the control of its sponsor entity rather than a traditional buy or sell of shares. The Form 4 shows a code J "other" transaction involving Class B ordinary shares, with 7,526,669 Class B ordinary shares reported as held directly after the event.
Footnotes explain that on January 28, 2026, certain accredited investors acquired all membership interests in SIM Sponsor 1 LLC and in Conroy Partners LLC, the sponsor’s managing member. As a result, Eric Newman became the manager of Conroy Partners LLC and now holds voting and investment discretion over the ordinary shares held of record by the sponsor, and may be deemed to beneficially own those securities to the extent of his pecuniary interest, which he otherwise disclaims.
The filing also notes that the Class B ordinary shares will automatically convert into Class A ordinary shares at the time of the issuer’s initial business combination, or earlier at the holder’s option, on a one-for-one basis, subject to adjustments, and that these Class B shares have no expiration date.
Acquisition Corp. I filed an initial insider ownership report for its Chief Executive Officer, Christopher Franklin Devall. The filing states that, as of the reported event date, the CEO beneficially owns no shares or derivative securities of Acquisition Corp. I.
Acquisition Corp. I reported several changes tied to a sponsor ownership transition, including revised underwriting fees, leadership turnover and new board appointments. The company and its sponsor agreed with Cantor Fitzgerald to replace the original deferred underwriting commission of $10,950,000 with a cash fee equal to 1.5% of the amounts released from the trust account at the initial business combination closing, with Cantor able to demand the original fee if the reduced fee is not fully paid.
The company terminated its Administrative Services Agreement with an affiliate of the sponsor, with all accrued obligations under that agreement waived. In connection with a sponsor acquisition, the chairman/CEO and two directors resigned, a new CEO, Christopher Devall, was appointed, and four new directors are slated to join following the mailing of a Schedule 14F-1. Accredited investors now own all membership interests in the sponsor, and the sponsor acquired 2,000,000 private placement warrants from Cantor.