SIMA Form 4: 60,000 Class B assigned at $0; 7.53M derivative held

Rhea-AI Filing Summary

SIM Acquisition Corp. I reported insider activity on a Form 4. On 10/30/2025, the reporting persons acquired 60,000 Class B ordinary shares coded “J” via assignment for $0 consideration. These Class B shares are convertible into Class A on a one‑for‑one basis and have no expiration date.

Following the transaction, the filing lists 7,526,669 derivative securities beneficially owned. The relationship boxes identify roles including Director, 10% owner, and Chief Executive Officer. The conversion terms are subject to adjustments as disclosed.

Insights

Equity ownership & insider filings analyst

Administrative insider transfer of 60,000 Class B; neutral impact.

The filing records a Form 4 event where reporting persons received 60,000 Class B ordinary shares on 10/30/2025 coded “J” (other), assigned for $0 consideration. The Class B shares are convertible into Class A on a one‑for‑one basis with no expiration, consistent with SPAC founder share mechanics.

Post‑transaction beneficial ownership is listed as 7,526,669 derivative securities. Control roles are disclosed (Director, 10% owner, CEO), and explanatory notes attribute voting and investment discretion via the managing member. Actual market impact depends on future holder decisions and any conversion events.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider SIM Sponsor 1 LLC, SPANGENBERG ERICH, Kutcher David

Role 10% Owner | Chief Executive Officer | Chief Executive Officer

Type	Security	Shares	Price	Value
Other	Class B Ordinary Shares	60,000	$0.00	--

Holdings After Transaction: Class B Ordinary Shares — 7,526,669 shares (Direct)

Footnotes (1)

1. The Class B ordinary shares will automatically convert into Class A ordinary shares at the time of the Issuer's initial business combination, or at any time prior to the Issuer's initial business combination, at the option of the holder, on a one-for-one basis, subject to certain adjustments. The Class B ordinary shares have no expiration date. Pursuant to certain securities assignment agreement, the Class B ordinary shares were assigned by a resigning director of the Issuer to the Reporting Persons for no consideration. Erich Spangenberg, Chairman and Chief Executive Officer of the Issuer, and David Kutcher, Chief Financial Officer of the Issuer, are the co-managing members of Conroy Partners LLC, the managing member of the Reporting Persons and hold voting and investment discretion with respect to the ordinary shares held of record by the Sponsor. As such, each of Mr. Spangenberg and Mr. Kutcher may be deemed to have beneficial ownership of the securities held of record by the Reporting Persons. Each of Mr. Spangenberg and Mr. Kutcher disclaim any beneficial ownership of the securities held of record by the Reporting Persons except to the extent of his pecuniary interest therein.

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

SIM Sponsor 1 LLC

(Last) (First) (Middle)

C/O SIM ACQUISITION CORP. I

78 SW 7TH STREET, SUITE 500

(Street)

MIAMI FL 33130

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
SIM Acquisition Corp. I [ SIMAU ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
10/30/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Class B Ordinary Shares	(1)	10/30/2025		J(2)		60,000		(1)	(1)	Class A Ordinary Shares	60,000	$0	7,526,669	D(3)

1. Name and Address of Reporting Person^*

SIM Sponsor 1 LLC

(Last) (First) (Middle)

C/O SIM ACQUISITION CORP. I

78 SW 7TH STREET, SUITE 500

(Street)

MIAMI FL 33130

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

SPANGENBERG ERICH

(Last) (First) (Middle)

C/O SIM ACQUISITION CORP. I

78 SW 7TH STREET, SUITE 500

(Street)

MIAMI FL 33130

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

1. Name and Address of Reporting Person^*

Kutcher David

(Last) (First) (Middle)

C/O SIM ACQUISITION CORP. I

78 SW 7TH STREET, SUITE 500

(Street)

MIAMI FL 33130

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

Explanation of Responses:

1. The Class B ordinary shares will automatically convert into Class A ordinary shares at the time of the Issuer's initial business combination, or at any time prior to the Issuer's initial business combination, at the option of the holder, on a one-for-one basis, subject to certain adjustments. The Class B ordinary shares have no expiration date.

2. Pursuant to certain securities assignment agreement, the Class B ordinary shares were assigned by a resigning director of the Issuer to the Reporting Persons for no consideration.

3. Erich Spangenberg, Chairman and Chief Executive Officer of the Issuer, and David Kutcher, Chief Financial Officer of the Issuer, are the co-managing members of Conroy Partners LLC, the managing member of the Reporting Persons and hold voting and investment discretion with respect to the ordinary shares held of record by the Sponsor. As such, each of Mr. Spangenberg and Mr. Kutcher may be deemed to have beneficial ownership of the securities held of record by the Reporting Persons. Each of Mr. Spangenberg and Mr. Kutcher disclaim any beneficial ownership of the securities held of record by the Reporting Persons except to the extent of his pecuniary interest therein.

	/s/ Erich Spangenberg	10/31/2025
	/s/ David Kutcher, Co-Managing Member of Conroy Partners LLC, the Managing Member of SIM Sponsor 1 LLC	10/31/2025
	/s/ David Kutcher	10/31/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did SIMA insiders report on the latest Form 4?

They reported receiving 60,000 Class B ordinary shares on 10/30/2025, coded “J” (other), via assignment for $0 consideration.

How do SIMA’s Class B shares convert?

The filing states Class B ordinary shares automatically convert into Class A at the initial business combination, or earlier at the holder’s option, one‑for‑one, subject to adjustments.

How many derivative securities were beneficially owned after the transaction?

The filing lists 7,526,669 derivative securities beneficially owned following the reported transaction.

Was there any cash consideration for the SIMA share assignment?

No. The filing notes the Class B shares were assigned for $0 consideration.

What does transaction code “J” indicate in this SIMA Form 4?

Code “J” in the filing denotes an other type of acquisition or disposition; here it refers to an assignment of shares.

Who are the disclosed control persons related to the SIMA reporting persons?

The notes identify Erich Spangenberg (Chairman & CEO) and David Kutcher (CFO) with voting and investment discretion via the managing member, subject to stated disclaimers.