[SCHEDULE 13G/A] SIM Acquisition Corp. I Warrant SEC Filing

Rhea-AI Filing Summary

MMCAP International Inc. SPC and MM Asset Management Inc. report beneficial ownership of 980,000 Class A ordinary shares of SIM Acquisition Corp. I, representing 4.26% of the class. The filers disclose shared voting and shared dispositive power over the 980,000 shares and no sole voting or dispositive power. The filing is a Schedule 13G amendment and includes a certification that the securities were not acquired to change or influence control of the issuer. The disclosure clarifies these entities’ non-controlling, reported stake in the company.

Positive

• Transparent disclosure of beneficial ownership: 980,000 shares representing 4.26% of Class A ordinary shares
• Shared voting and dispositive power are explicitly reported, clarifying the nature of control over the disclosed holdings

Negative

• None.

Insights

Securities Analyst

TL;DR: Reported stake of 980,000 shares (4.26%) with shared voting/dispositive power; disclosure signals a non-controlling, transparent holding.

The Schedule 13G/A indicates the reporting parties collectively hold 980,000 Class A shares, equal to 4.26% of the class, and report shared voting and dispositive authority with no sole powers. The filing includes a certification that the holdings were not acquired to influence control, consistent with a passive reporting position. For investors, this represents a disclosed minority stake that does not, on its face, change governance dynamics.

Corporate Governance Expert

TL;DR: Disclosure shows a minority, shared-interest position; ownership under the 5% threshold implies limited governance influence.

The two reporting entities identify shared voting and disposition over the same 980,000 shares, which suggests coordinated reporting but not sole control. Because the reported percentage is 4.26%, the position is below common thresholds for mandatory activist disclosure and is explicitly certified as not intended to affect control. From a governance perspective, this filing documents ownership but does not indicate a change in board influence or control rights.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 4)

SIM Acquisition Corp. I

(Name of Issuer)

Class A ordinary shares, par value $0.0001 per share

(Title of Class of Securities)

G8431T101

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. G8431T101

1

Names of Reporting Persons

MMCAP International Inc. SPC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 980,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 980,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

980,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.26 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. G8431T101

1

Names of Reporting Persons

MM Asset Management Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

ONTARIO, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 980,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 980,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

980,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.26 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

Item 1.
(a)	Name of issuer: SIM Acquisition Corp. I
(b)	Address of issuer's principal executive offices: 78 SW 7th Street, Suite 500, Miami, FLORIDA 33130
Item 2.
(a)	Name of person filing: MMCAP International Inc. SPC MM Asset Management Inc.
(b)	Address or principal business office or, if none, residence: c/o Mourant Governance Services (Cayman) Limited 94 Solaris Avenue Camana Bay, P.O. Box 1348 Grand Cayman, KY1-1108, Cayman Islands 161 Bay Street, TD Canada Trust Tower, Suite 2240, Toronto, ON M5J 2S1 Canada
(c)	Citizenship: Cayman Islands Ontario, Canada
(d)	Title of class of securities: Class A ordinary shares, par value $0.0001 per share
(e)	CUSIP No.: G8431T101
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 980,000
(b)	Percent of class: 4.26 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 980,000
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 980,000
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

MMCAP International Inc. SPC

Signature:	/s/ Ulla Vestergaard
Name/Title:	Director
Date:	08/12/2025

MM Asset Management Inc.

Signature:	/s/ Hillel Meltz
Name/Title:	President
Date:	08/12/2025

FAQ

How many SIMAW shares do MMCAP International Inc. SPC and MM Asset Management Inc. report owning?

They report beneficial ownership of 980,000 Class A ordinary shares of SIM Acquisition Corp. I.

What percentage of SIMAW does the 980,000-share position represent?

The 980,000 shares represent 4.26% of the Class A ordinary shares.

Do the filers report sole voting or dispositive power over the shares?

No. The filers report 0 sole voting power and 0 sole dispositive power, with shared voting and shared dispositive power of 980,000 shares.

What type of SEC form was filed for this disclosure?

The document is filed as a Schedule 13G/A reporting beneficial ownership of Class A ordinary shares.

Did the filers state a purpose to influence control of SIM Acquisition Corp. I?

The filing includes a certification stating the securities were not acquired and are not held to change or influence control of the issuer.