SIM Acquisition Corp. I Reports Decrease in Net Income and Significant Asset Decline for Quarter Ending June 30, 2026

SIM Acquisition Corp. I has reported its financial results for the quarter ending June 30, 2026, revealing a net income of $382,174, a significant decrease from $2,297,552 in the same period last year. The company generated $1,014,422 in interest income from its Trust Account, which was offset by $632,248 in general and administrative expenses. For the first half of 2026, net income totaled $2,410,573, down from $4,520,298 in the prior year, with interest income of $3,169,731 and expenses of $759,158. The decline in profitability is attributed to increased operational costs and a reduction in interest income compared to the previous year.

The company experienced substantial changes in its balance sheet, with total assets dropping to $6,445,497 as of June 30, 2026, from $245,388,730 at the end of 2025. This decline was primarily due to the redemption of 22,447,232 Public Shares, which resulted in cash outflows of approximately $242,175,471. As a result, cash and marketable securities held in the Trust Account decreased to $6,112,563 from $245,118,303. The company also reported a working capital deficit of $793,323, compared to $34,165 at the end of the previous fiscal year.

In terms of strategic developments, SIM Acquisition Corp. I has entered into a non-binding Letter of Intent (LOI) with American Industrial Technologies, Inc. (AIT) for a potential acquisition. The LOI, which was extended until October 31, 2026, outlines plans for AIT to operate a fully integrated platform in telecommunications. Additionally, the company held an extraordinary general meeting on May 7, 2026, where shareholders approved an extension of the Combination Period from July 11, 2026, to July 12, 2027, allowing more time to complete a business combination.

Operationally, the company has not yet commenced any business operations and continues to focus on identifying potential acquisition targets. As of June 30, 2026, there were 3,552,768 Class A Ordinary Shares and 4,666,667 Class B Ordinary Shares outstanding. The company has also undergone changes in its management structure, with new appointments following the acquisition of the Sponsor by accredited investors in January 2026.

Looking ahead, SIM Acquisition Corp. I faces significant challenges, including the need to complete a business combination by July 12, 2027, or face mandatory liquidation. The company has expressed substantial doubt about its ability to continue as a going concern, given its current liquidity position and the ongoing costs associated with pursuing a business combination. Management plans to utilize the remaining funds to identify and evaluate target businesses while seeking to secure additional financing as necessary.