Recent Updates — SIMAU

SIM Acquisition Corp. I entered into a binding Letter of Intent to acquire 100% of American Industrial Technologies, Inc. (AIT) in a proposed business combination. Under the agreement, AIT will merge with a subsidiary of SIM and become the surviving entity. SIM will issue approximately 50,000,000 shares of common stock to AIT equity holders upon closing. John Chiorando, current CEO of AIT, is set to serve as CEO and Chairman of the combined company. The transaction remains subject to customary closing conditions, including shareholder approvals and execution of definitive documents by December 31, 2026. SIM operates in the special purpose acquisition company sector.