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

Rhea-AI Filing Summary

Karpus Management, Inc. reports beneficial ownership of 1,917,889 shares of SIM Acquisition Corp. I common stock, representing 6.25% of the class. The shares are held in accounts managed by Karpus and the filing states Karpus has sole voting and sole dispositive power over these shares. Karpus identifies itself as a registered investment adviser organized in New York and notes that it is controlled by City of London Investment Group plc but maintains informational barriers so voting and investment decisions are exercised independently. The filing indicates the holdings are in the ordinary course of business and not intended to influence control of the issuer.

Positive

• Holds a material stake (6.25%) which is publicly disclosed, improving transparency for investors
• Sole voting and dispositive power clarifies who directs votes and dispositions for the reported shares
• Filer is a registered investment adviser, and states holdings are managed in the ordinary course of business

Negative

• None.

Insights

Financial Analyst

TL;DR: A registered adviser holds a meaningful passive stake (6.25%) with full voting and dispositive control, which is material for shareholder composition.

Karpus Management, acting as an investment adviser, reports direct beneficial ownership of 1,917,889 shares and retains sole voting and dispositive authority. Ownership above the 5% threshold makes this a material passive stake for investors monitoring shareholder concentration and potential voting blocks. The filing explicitly disclaims intent to change or influence control and cites established informational barriers with its parent, limiting attribution. For valuation or governance impact, this disclosure signals a notable institutional holder but not an activist position per the statement.

Corporate Governance Expert

TL;DR: Institutional ownership above 5% with sole voting power is governance-relevant but the filer affirms passive intent and informational barriers to its parent.

The report shows Karpus has sole voting and dispositive power over the reported shares, which can affect vote outcomes if aligned with other holders. However, the certification states the securities are held in the ordinary course of business and not for control purposes. The filing also notes effective informational barriers between Karpus and its listed parent, reducing immediate attribution risk. Governance practitioners should note the stake size for proxy and voting scenarios but recognize the filer’s declared passive posture.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

SIM Acquisition Corp. I

(Name of Issuer)

Common

(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

KARPUS 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

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,917,889.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,917,889.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,917,889.00

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)

6.25 %

12

Type of Reporting Person (See Instructions)

IA

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, FL 33130
Item 2.
(a)	Name of person filing: This statement is being filed by Karpus Management, Inc., d/b/a Karpus Investment Management ("Karpus" or the "Reporting Person"). Karpus is a registered investment adviser under Section 203 of the Investment Advisers Act of 1940. Karpus is controlled by City of London Investment Group plc ("CLIG"), which is listed on the London Stock Exchange. However, in accordance with SEC Release No. 34-39538 (January 12, 1998), effective informational barriers have been established between Karpus and CLIG such that voting and investment power over the subject securities is exercised by Karpus independently of CLIG, and, accordingly, attribution of beneficial ownership is not required between Karpus and CLIG. The Shares to which this Schedule 13G relates are owned directly by the accounts managed by Karpus.
(b)	Address or principal business office or, if none, residence: 183 Sully's Trail, Pittsford, New York 14534.
(c)	Citizenship: The members of the Karpus Management Committee are US citizens. Karpus is a New York corporation.
(d)	Title of class of securities: Common
(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: 1,917,889.00
(b)	Percent of class: 6.25 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 1,917,889.00
	(ii) Shared power to vote or to direct the vote: 0.00
	(iii) Sole power to dispose or to direct the disposition of: 1,917,889.00
	(iv) Shared power to dispose or to direct the disposition of: 0.00
Item 5.	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 acquired and are held in the ordinary course of business and 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.

KARPUS MANAGEMENT, INC.

Signature:	/s/ Jodi L. Hedberg
Name/Title:	Jodi L. Hedberg / Chief Compliance Officer
Date:	08/14/2025

FAQ

How many SIM Acquisition Corp. I shares does Karpus Management (SIMAW) report owning?

The filing reports 1,917,889 shares beneficially owned.

What percentage of SIM Acquisition Corp. I does Karpus Management (SIMAW) own?

Karpus reports ownership of 6.25% of the class.

Does Karpus Management have voting control over the reported SIMAW shares?

Yes. The filing states Karpus has sole voting power and sole dispositive power over the shares.

Is Karpus Management acting on behalf of another entity or group for these SIMAW shares?

The filing states the shares are owned directly by accounts managed by Karpus and no group attribution is reported.

Does the filing indicate Karpus intends to influence control of SIM Acquisition Corp. I?

No. The certification states the securities are held in the ordinary course of business and not for the purpose of changing or influencing control.