SIM Acquisition Corp. I reported several significant actions around its SPAC structure and timeline. The company converted 3,000,000 Class B ordinary shares held by its sponsor into 3,000,000 Class A ordinary shares on May 11, 2026 under an exemption from registration. After this conversion and meeting-related redemptions, 3,552,768 Class A ordinary shares and 4,666,667 Class B ordinary shares are issued and outstanding.
Shareholders approved an amendment to extend the deadline to complete a business combination from July 11, 2026 to July 12, 2027, or an earlier date set by the board. In connection with this extension vote, holders of 22,447,232 public shares redeemed at approximately $10.79 per share, for an aggregate of about $242.2 million, leaving 552,768 public shares outstanding. Shareholders also ratified the selection of WithumSmith+Brown, PC as auditor for the year ending December 31, 2026.
SIM Acquisition Corp. I director Anthony Hayes filed an initial statement of beneficial ownership on Form 3. The filing lists him as a director of SIM Acquisition Corp. I but does not report any transactions or share holdings, serving mainly as a baseline disclosure of his insider status.
SIM Acquisition Corp. I director Kyle Haug filed a Form 3, which is an initial insider ownership report for issuer SIMA. The filing lists Mr. Haug as a director and shows no reported transactions or derivative positions, with all buy, sell, and exercise share counts at zero.
SIM Acquisition Corp. I director Matthew John Saker has filed a Form 3, which is an initial statement of beneficial ownership of the company’s securities. The filing does not report any buy, sell, or other transaction in SIM Acquisition Corp. I shares.
SIM Acquisition Corp. I filed an update about its shareholder meeting and a proposed extension of its business combination deadline. The company has postponed its extraordinary general meeting from May 1, 2026 at 10:00 a.m. to May 7, 2026 at 3:00 p.m. Eastern Time.
At this meeting, shareholders will vote on an Extension Amendment Proposal to move the deadline to complete an initial business combination from July 11, 2026 to July 12, 2027, or an earlier date set by the board. The deadline for shareholders to exercise redemption rights tied to this vote is now May 5, 2026 at 5:00 p.m. Eastern Time.
SIM Acquisition Corp. I entered into a non-binding Letter of Intent with American Industrial Technologies, Inc. (AIT) for a potential deSPAC business combination in which SIM would acquire 100% of AIT’s equity and equity equivalents, subject to negotiation and signing of definitive agreements.
AIT, which will operate Q1, is described as a 33-year telecommunications leader with an integrated platform across manufacturing, logistics, distribution, and connected device ecosystems, serving Tier 1 and Tier 2 carriers in the United States, Europe, and Latin America. The parties agreed to an initial 45-day exclusivity period, automatically extendable by 15 days if they continue working in good faith toward a transaction, while most LOI terms remain non-binding until definitive documents are executed.
Picton Mahoney Asset Management reports beneficial ownership of 1,300,000 Class A ordinary shares of SIM Acquisition Corp. I, equal to 5.65% of the Class A shares. The filing states shares outstanding were 23,000,000 as of March 31, 2026. The Schedule 13G/A amendment is signed by the filer’s General Counsel certifying the disclosure.
SIM Acquisition Corp. I filed an update stating it has postponed its extraordinary general meeting of shareholders from April 23, 2026 to May 1, 2026 at 10:00 a.m. Eastern Time. The meeting will consider an Extension Amendment Proposal to move the deadline to complete an initial business combination from July 11, 2026 to July 12, 2027, as well as an auditor ratification proposal and other matters.
The deadline for shareholders to exercise redemption rights in connection with the Extension Amendment Proposal is now April 29, 2026 at 5:00 p.m. Eastern Time. The company previously filed and mailed a definitive proxy statement to shareholders of record as of March 25, 2026.
SIM Acquisition Corp. I is postponing its extraordinary general meeting in lieu of an annual general meeting of shareholders from April 16, 2026 at 10:00 a.m. Eastern Time to April 23, 2026 at 10:00 a.m. Eastern Time.
The meeting will consider, among other items, an Extension Amendment Proposal to move the deadline to complete an initial business combination from July 11, 2026 to July 12, 2027, subject to the board’s discretion. The deadline for shareholders to exercise redemption rights tied to this vote is extended to April 21, 2026 at 5:00 p.m. Eastern Time.
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.