New York, May 29, 2026, 18:02 (EDT)
- SIMA ended the session at $10.76, slipping roughly 0.2%. Fewer than 600 shares changed hands.
- After redemptions by shareholders earlier this month, the number of public shares left dropped to 552,768.
- The company remains under a non-binding letter of intent with American Industrial Technologies.
SIM Acquisition Corp. I shares slipped a bit Friday on light volume. Investors looked at the proposed merger with American Industrial Technologies and the much smaller public float.
Shares of SIMA Class A were trading near $10.76, off about 0.2% on Nasdaq, with volume thin at about 590 shares. The warrants traded close to 18 cents.
SIM is back in focus after stepping away from its old status as a low-profile SPAC. It held a shareholder vote this month. Most public shareholders cashed out, with just a smaller float left for trading. That means the main question now is if SIM can turn its AIT letter of intent into an actual agreement.
Investors pulled out about $242.2 million after redeeming 22.45 million public shares for about $10.79 each at the May 7 meeting, according to a filing. That left just 552,768 public shares still outstanding.
SIM shareholders gave the SPAC another year to finish a merger, pushing back the deadline for a business combination from July 11, 2026 to July 12, 2027. The vote means SIM can keep looking for a deal instead of shutting down.
SIM shares hovered just above the cash value tied to its public shares. The company listed a $10.75 per-share redemption price as of March 31 in its quarterly filing, with the stock recently trading only slightly higher.
The stock trailed the stronger U.S. benchmarks. On Friday, the S&P 500 added 0.22%, the Nasdaq was up 0.21% and the Dow rose 0.72%, according to market reports. SIM’s slight drop looked like a liquidity issue tied to the stock, not a wider risk-off trade.
SIM said April 28 it signed a non-binding letter of intent to buy all of AIT, a Nevada firm with Q1 operations in telecom manufacturing, logistics, distribution, and connected-device services. The letter is not final—it’s an early-stage agreement, not a completed merger deal.
AIT CEO and founder John Chiorando said in the company’s release that the company was focused on “bringing manufacturing back to the United States.” SIM Chairman Anthony Hayes called the LOI an “important step” toward a potential business combination. PR Newswire
The LOI put in place a 45-day exclusivity window for due diligence and talks, plus a possible 15-day extension if both sides are still negotiating in good faith. SIM said the deal’s terms won’t be binding before they sign final documents.
The deal could fall through, or close on different terms. SIM flagged the risk in its latest quarterly filing, saying it might not finish a business combination by July 12, 2027. SIM added that required liquidation and dissolution create “substantial doubt” about its future as a going concern. SEC
Right now, SIM is trading much like a SPAC stuck around trust value instead of as an operating company. FT market data shows similar blank-check names like Haymaker Acquisition Corp. 4, Lionheart Holdings, and Vine Hill Capital Investment Corp. on the list. For SIM, the immediate trigger is tighter: land a final AIT deal, pick a new path, or keep hanging near its cash level.
