The balance sheet shows significant stress with a current ratio of 0.79 and the emergence of $702.3K in total debt, signaling a departure from previous debt-free operations.
| Total Current Assets | 607.15K | 270.43K | 824.28K |
| Cash & Short-Term Investments | - | - | - |
| Cash Only | - | - | - |
| Short-Term Investments | - | - | - |
| Accounts Receivable | - | - | - |
| Days Sales Outstanding | - | - | - |
| Inventory | - | - | - |
| Days Inventory Outstanding | - | - | - |
| Other Current Assets | 0 | -245.12M | 0 |
| Total Non-Current Assets | 247.27M | 245.12M | 235.5M |
| Property, Plant & Equipment | 0 | 0 | 0 |
| Fixed Asset Turnover | - | - | - |
| Goodwill | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 |
| Long-Term Investments | 975.43M | 245.12M | 235.32M |
| Other Non-Current Assets | - | - | - |
| Total Assets | 247.88M | 245.39M | 236.33M |
| Asset Turnover | 0.00x | - | - |
| Asset Growth % | 106378.36% | 3.83% | - |
| Total Current Liabilities | 768.22K | 304.59K | 32.61K |
| Accounts Payable | 0 | 304.59K | 32.61K |
| Days Payables Outstanding | - | - | - |
| Short-Term Debt | 702.26K | 0 | 0 |
| Deferred Revenue (Current) | 0 | - | - |
| Other Current Liabilities | 65.96K | 0 | 0 |
| Current Ratio | 0.79x | 0.89x | 25.28x |
| Quick Ratio | 0.79x | 0.89x | 25.28x |
| Cash Conversion Cycle | - | - | - |
| Total Non-Current Liabilities | 0 | 10.95M | 10.95M |
| Long-Term Debt | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | - | - |
| Deferred Tax Liabilities | 0 | - | - |
| Other Non-Current Liabilities | - | - | - |
| Total Liabilities | 768.22K | 11.25M | 10.98M |
| Total Debt | 702.26K | 0 | 0 |
| Net Debt | 233.86K | -65.43K | -697.09K |
| Debt / Equity | 0.00x | - | - |
| Debt / EBITDA | -0.79x | - | - |
| Net Debt / EBITDA | -0.26x | - | -0.15x |
| Interest Coverage | - | - | - |
| Total Equity | 247.11M | 234.13M | 225.34M |
| Equity Growth % | -60552.15% | 3.9% | - |
| Book Value per Share | 10.74 | 10.18 | 10.99 |
| Total Shareholders' Equity | 247.11M | 234.13M | 225.34M |
| Common Stock | 247.17M | 245.02M | 235.22M |
| Retained Earnings | -61.84K | -10.88M | -9.88M |
| Treasury Stock | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 |
Liquidation and deal failure
As reported in the 2026Q1 financial statements, SIMAU's current ratio has plummeted to 0.79, signaling that the company's liquid assets are no longer sufficient to cover its immediate short-term liabilities, a concerning trend for a shell entity that relies on cash to fund ongoing due diligence activities.
The sharp decline in the current ratio from previous periods suggests that the company is exhausting its available capital without a clear path to a business combination. Investors should monitor this liquidity squeeze, as it may force management to seek dilutive financing or accept a suboptimal merger target to avoid liquidation.
Based on the most recent quarterly data, SIMAU has reported $702.3K in total debt, marking a departure from its previously debt-free status and indicating that the entity is increasingly reliant on external financing to sustain its administrative operations while searching for a viable acquisition target.
The introduction of debt onto the balance sheet warrants further investigation, as it suggests that internal cash reserves are insufficient to meet the company's ongoing obligations. This shift may indicate that the sponsor is providing bridge loans, which could complicate the capital structure during any future de-SPAC transaction.
According to historical balance sheet filings, SIMAU's equity position has experienced significant volatility, swinging from negative values in 2025Q2 to $247.1M in 2026Q1, which appears to be driven by accounting adjustments rather than the accumulation of retained earnings or organic growth in shareholder value.
The erratic nature of the equity account suggests that the company's book value is highly sensitive to non-cash items and warrant liability revaluations. This lack of stability makes it difficult for investors to assess the true underlying value of the equity until a definitive merger agreement is reached.
As indicated by the 2026Q1 balance sheet, the company's total assets of $247.9M are heavily concentrated in non-operational vehicles, which may mask the underlying risk that these assets are restricted and unavailable for the day-to-day operational expenses required to maintain the company's public listing.
The discrepancy between total assets and the meager cash balance of $468.4K suggests that the vast majority of the company's value is tied up in trust accounts that are inaccessible for general corporate purposes. This structural limitation creates a significant disconnect between the headline asset figure and the company's actual operational flexibility.
Quick answers to the most common questions about buying SIMAU stock.
As of 2025, SIM Acquisition Corp. I Unit (SIMAU) had total assets of $245.4M including $0.3M in current assets.
SIM Acquisition Corp. I Unit (SIMAU) carries total debt of $0.0M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
SIM Acquisition Corp. I Unit (SIMAU) has total shareholders' equity (book value) of $234.1M ($10.18 book value per share). Book value represents the net worth of the company belonging to common stock holders.
SIM Acquisition Corp. I Unit (SIMAU) reported a current ratio of 0.89x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.