SIM Acquisition Corp agrees binding deal to acquire American Industrial Technologies

SIM Acquisition Corp signed a binding LOI on October 2, 2026 to acquire 100% of American Industrial Technologies for approximately 50 million shares of SIM common stock plus $5 million termination fee provision. The deal replaces a non-binding LOI from April and includes specific milestones (due diligence satisfaction, financial statement delivery by November 15, definitive documents by December 31), with AIT's current CEO John Chiorando becoming CEO and Chairman of the combined company post-closing. This is a material M&A commitment between two companies with defined consideration and control

A blank-check acquisition company (SIM) agreed to buy an industrial technology firm (AIT) by issuing about 50 million new shares to AIT's owners, with the deal expected to close later this year if key financial and legal milestones are met.