SIM Acquisition Corp. I

SIM Acquisition Corp. I (SIM) has entered into a binding Letter of Intent (Binding LOI) to acquire American Industrial Technologies, Inc. (AIT), replacing a previous non-binding LOI. The transaction will involve SIM acquiring 100% of AIT's equity, with AIT merging into a SIM subsidiary. SIM will issue approximately 50,000,000 shares of its common stock to AIT's equity holders. John Chiorando, AIT's current CEO, is slated to become the CEO and Chairman of the combined company. The Binding LOI also outlines terms for an employee stock incentive plan, executive compensation for Mr. Chiorando, and a termination fee for SIM under certain circumstances. The parties have extended exclusivity through December 31, 2026.

SIM Acquisition Corp. I reported a net income of $2,028,399 for the three months ended March 31, 2026. The company successfully extended its Business Combination period to July 12, 2027, following shareholder approval. This quarter also saw significant leadership changes, including the appointment of Christopher Devall as CEO and new board members, stemming from a Sponsor Acquisition in January 2026. The company's cash and marketable securities in its Trust Account increased to $247,273,611.

SIM Acquisition Corp. I announced that its shareholders approved an extension of the business combination period from July 11, 2026, to July 12, 2027, at an extraordinary general meeting. Shareholders also ratified WithumSmith+Brown, PC as the independent registered public accounting firm for 2026. In connection with the extension vote, holders of 22,447,232 Public Shares exercised their redemption rights for approximately $242.2 million. Additionally, SIM Sponsor 1 LLC converted 3,000,000 Class B Ordinary Shares into Class A Ordinary Shares.

SIM Acquisition Corp. I (SIMA) has postponed its extraordinary general meeting from May 1, 2026, to May 7, 2026, at 3:00 p.m. ET. The meeting's primary purpose is to approve an amendment extending the deadline for the company to complete an initial business combination from July 11, 2026, to July 12, 2027. The deadline for shareholders to exercise redemption rights has also been extended to May 5, 2026, at 5:00 p.m. ET.

SIM Acquisition Corp. I 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's primary purpose is to approve an amendment extending the deadline for the company to complete an initial business combination from July 11, 2026, to July 12, 2027. Consequently, the deadline for shareholders to exercise their redemption rights has also been extended to April 29, 2026.

SIM Acquisition Corp. I has postponed its extraordinary general meeting of shareholders from April 16, 2026, to April 23, 2026, at 10:00 a.m. Eastern Time. The meeting's primary objective is to approve an amendment extending the deadline for the company to complete an initial business combination from July 11, 2026, to July 12, 2027. Consequently, the deadline for shareholders to exercise their redemption rights has also been extended to April 21, 2026, at 5:00 p.m. Eastern Time.