The IPO Buzz: SIM Acquisition I (SIMAU) Raises $200 Million in July’s Second SPAC IPO

Healthcare-focused SIM Acquisition Corp. I (SIMAU) raised $200 million – as expected – by pricing its SPAC IPO on Tuesday night, July 9, 2024. At pricing, SIM Acquisition I became the second SPAC IPO priced so far in July. The SIM I  deal was the 18th SPAC IPO priced in 2024 so far.

SIM Acquisition I priced 20.0 million units at $10.00 each on Tuesday night, July 9, to trade Wednesday, July 10, 2024, on the NASDAQ. Each unit consists of one Class A ordinary share and one-half of one redeemable warrant.

Shares of SIM Acquisition I dipped to start trading at $9.98 – down 2 cents from their $10.00 SPAC IPO price – at 10:58 a.m. EDT on the NASDAQ in their debut on Wednesday, July 10, 2024. Volume totaled 371,802 shares on that opening trade. SIM Acquisition I shares ended their first day on NASDAQ  right where they started – at $9.98 – on volume of 11.99 million shares after trading in a narrow band from $9.97 to $9.99.

Cantor was the sole book-runner.

SIM Acquisition Corp. I, based in Miami, is run by CEO Erich Spangenberg and CFO David Kutcher. They are the co-founders of Sauvegarder Investment Management (also known as “SIM”). Sauvegarder, or SIM, was founded in 2023. SIM invests across IP (intellectual property) as an asset class and across jurisdictions, mostly focusing on the United States, Europe and Israel.

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