<SEC-DOCUMENT>0001140361-22-015413.txt : 20220421
<SEC-HEADER>0001140361-22-015413.hdr.sgml : 20220421
<ACCEPTANCE-DATETIME>20220421164044
ACCESSION NUMBER:		0001140361-22-015413
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20220419
FILED AS OF DATE:		20220421
DATE AS OF CHANGE:		20220421

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Cannae Holdings, LLC
		CENTRAL INDEX KEY:			0001546148
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-39331
		FILM NUMBER:		22841974

	BUSINESS ADDRESS:	
		STREET 1:		1701 VILLAGE CENTER CIRCLE
		CITY:			LAS VEGAS
		STATE:			NV
		ZIP:			18934
		BUSINESS PHONE:		904 854-8100

	MAIL ADDRESS:	
		STREET 1:		1701 VILLAGE CENTER CIRCLE
		CITY:			LAS VEGAS
		STATE:			NV
		ZIP:			18934

	FORMER NAME:	
		FORMER CONFORMED NAME:	Fidelity National Financial Ventures, LLC
		DATE OF NAME CHANGE:	20141223

	FORMER NAME:	
		FORMER CONFORMED NAME:	Fidelity National Special Opportunities, Inc.
		DATE OF NAME CHANGE:	20120330

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Cannae Holdings, Inc.
		CENTRAL INDEX KEY:			0001704720
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-EATING & DRINKING PLACES [5810]
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-39331
		FILM NUMBER:		22841975

	BUSINESS ADDRESS:	
		STREET 1:		C/O CANNAE HOLDINGS, INC.
		STREET 2:		1701 VILLAGE CENTER CIRCLE
		CITY:			LAS VEGAS
		STATE:			NV
		ZIP:			89134
		BUSINESS PHONE:		702-323-7334

	MAIL ADDRESS:	
		STREET 1:		C/O CANNAE HOLDINGS, INC.
		STREET 2:		1701 VILLAGE CENTER CIRCLE
		CITY:			LAS VEGAS
		STATE:			NV
		ZIP:			89134

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			System1, Inc.
		CENTRAL INDEX KEY:			0001805833
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370]
		IRS NUMBER:				981531250
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		4235 REDWOOD AVENUE
		CITY:			MARINA DEL REY
		STATE:			CA
		ZIP:			90066
		BUSINESS PHONE:		310-924-6037

	MAIL ADDRESS:	
		STREET 1:		4235 REDWOOD AVENUE
		CITY:			MARINA DEL RAY
		STATE:			CA
		ZIP:			90066

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Trebia Acquisition Corp.
		DATE OF NAME CHANGE:	20200306
</SEC-HEADER>
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<SEQUENCE>1
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<DESCRIPTION>FORM 4
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<ownershipDocument>

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    <documentType>4</documentType>

    <periodOfReport>2022-04-19</periodOfReport>

    <issuer>
        <issuerCik>0001805833</issuerCik>
        <issuerName>System1, Inc.</issuerName>
        <issuerTradingSymbol>SST</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001704720</rptOwnerCik>
            <rptOwnerName>Cannae Holdings, Inc.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1701 VILLAGE CENTER CIRCLE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>LAS VEGAS</rptOwnerCity>
            <rptOwnerState>NV</rptOwnerState>
            <rptOwnerZipCode>89134</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isTenPercentOwner>true</isTenPercentOwner>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001546148</rptOwnerCik>
            <rptOwnerName>Cannae Holdings, LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O CANNAE HOLDINGS, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>1701 VILLAGE CENTER CIRCLE</rptOwnerStreet2>
            <rptOwnerCity>LAS VEGAS</rptOwnerCity>
            <rptOwnerState>NV</rptOwnerState>
            <rptOwnerZipCode>89134</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isTenPercentOwner>true</isTenPercentOwner>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2022-04-19</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>228525</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>14.5647</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>26953245</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Note 3</value>
                    <footnoteId id="F3"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2022-04-19</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>334739</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>13.6031</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F4"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>26618506</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Note 3</value>
                    <footnoteId id="F3"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2022-04-20</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>165280</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>14.0322</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F5"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>26453256</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Note 3</value>
                    <footnoteId id="F3"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">The number of shares of Class A common stock reported represents an aggregate number of shares sold in multiple open market transactions over a range of sales prices. The price reported represents the weighted average price per share. The Reporting Persons undertake to provide to the Issuer, any stockholder of the Issuer or the staff of the Securities and Exchange Commission, upon request, the number of shares sold at each separate price within the range.</footnote>
        <footnote id="F2">Sales prices range from $15.195 to $14.22 per share, inclusive.</footnote>
        <footnote id="F3">Directly held by Cannae Holdings, LLC, which is a wholly-owned subsidiary of Cannae Holdings, Inc.</footnote>
        <footnote id="F4">Sales prices range from $14.205 to $13.50 per share, inclusive.</footnote>
        <footnote id="F5">Sales prices range from $14.14 to $14.00 per share, inclusive.</footnote>
    </footnotes>

    <remarks>Exhibit 99.1 (Joint Filer Information) is incorporated herein by reference.</remarks>

    <ownerSignature>
        <signatureName>See Exhibit 99.1 for Signatures</signatureName>
        <signatureDate>2022-04-21</signatureDate>
    </ownerSignature>
</ownershipDocument>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>brhc10036579_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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      <div style="text-align: right; font-family: 'Times New Roman', Times, serif; font-style: italic; font-weight: bold;">Exhibit 99.1</div>
      <div>&#160;</div>
      <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Joint Filer Information</div>
      <div>&#160;</div>
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              <div style="font-family: 'Times New Roman', Times, serif;">Name of Joint Filer:</div>
            </td>
            <td style="width: 60%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">Cannae Holdings, Inc.</div>
            </td>
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          <tr>
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            </td>
            <td style="width: 60%; vertical-align: top;"><br>
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              <div style="font-family: 'Times New Roman', Times, serif;">Address of Joint Filer:</div>
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              <div style="font-family: 'Times New Roman', Times, serif;">1701 Village Center Circle</div>
              <div style="font-family: 'Times New Roman', Times, serif;">Las Vegas, NV 89134</div>
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          <tr>
            <td style="width: 40%; vertical-align: top;"><br>
            </td>
            <td style="width: 60%; vertical-align: top;"><br>
            </td>
          </tr>
          <tr>
            <td style="width: 40%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">Relationship of Joint Filer to Issuer:</div>
            </td>
            <td style="width: 60%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">10% Owner</div>
            </td>
          </tr>
          <tr>
            <td style="width: 40%; vertical-align: top;"><br>
            </td>
            <td style="width: 60%; vertical-align: top;"><br>
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            <td style="width: 40%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">Issuer Name and Ticker or Trading Symbol:</div>
            </td>
            <td style="width: 60%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">System1, Inc. [SST]</div>
            </td>
          </tr>
          <tr>
            <td style="width: 40%; vertical-align: top;"><br>
            </td>
            <td style="width: 60%; vertical-align: top;"><br>
            </td>
          </tr>
          <tr>
            <td style="width: 40%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">Date of Earliest Transaction Required to be Reported:</div>
            </td>
            <td style="width: 60%; vertical-align: bottom;">
              <div style="font-family: 'Times New Roman', Times, serif;">April 19, 2022</div>
            </td>
          </tr>
          <tr>
            <td style="width: 40%; vertical-align: top;"><br>
            </td>
            <td style="width: 60%; vertical-align: top;"><br>
            </td>
          </tr>
          <tr>
            <td style="width: 40%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">Designated Filer:</div>
            </td>
            <td style="width: 60%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">Cannae Holdings, Inc.</div>
            </td>
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      <div><br>
      </div>
      <div style="font-family: 'Times New Roman', Times, serif;">Signature:</div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">CANNAE HOLDINGS, INC.</div>
      <div><br>
      </div>
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            <td style="width: 17%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-family: 'Times New Roman', Times, serif;">/s/ Michael L. Gravelle</div>
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            <td style="width: 83%; vertical-align: top;"><br>
            </td>
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            <td style="width: 5%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">Name:</div>
            </td>
            <td style="width: 95%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;Michael L. Gravelle</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">Title:</div>
            </td>
            <td style="width: 95%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">Executive Vice President, General Counsel and Corporate Secretary</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">Date:</div>
            </td>
            <td style="width: 95%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">April 21, 2022</div>
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      <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Joint Filer Information</div>
      <div>&#160;</div>
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            <td style="width: 40%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">Name of Joint Filer:</div>
            </td>
            <td style="width: 60%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">Cannae Holdings, LLC</div>
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          <tr>
            <td style="width: 40%; vertical-align: top;"><br>
            </td>
            <td style="width: 60%; vertical-align: top;"><br>
            </td>
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          <tr>
            <td style="width: 40%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">Address of Joint Filer:</div>
            </td>
            <td style="width: 60%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">c/o Cannae Holdings, Inc.</div>
              <div style="font-family: 'Times New Roman', Times, serif;">1701 Village Center Circle</div>
              <div style="font-family: 'Times New Roman', Times, serif;">Las Vegas, NV 89134</div>
            </td>
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          <tr>
            <td style="width: 40%; vertical-align: top;"><br>
            </td>
            <td style="width: 60%; vertical-align: top;"><br>
            </td>
          </tr>
          <tr>
            <td style="width: 40%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">Relationship of Joint Filer to Issuer:</div>
            </td>
            <td style="width: 60%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">10% Owner</div>
            </td>
          </tr>
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            <td style="width: 40%; vertical-align: top;"><br>
            </td>
            <td style="width: 60%; vertical-align: top;"><br>
            </td>
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          <tr>
            <td style="width: 40%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">Issuer Name and Ticker or Trading Symbol:</div>
            </td>
            <td style="width: 60%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">System1, Inc. [SST]</div>
            </td>
          </tr>
          <tr>
            <td style="width: 40%; vertical-align: top;"><br>
            </td>
            <td style="width: 60%; vertical-align: top;"><br>
            </td>
          </tr>
          <tr>
            <td style="width: 40%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">Date of Earliest Transaction Required to be Reported:</div>
            </td>
            <td style="width: 60%; vertical-align: bottom;">
              <div style="font-family: 'Times New Roman', Times, serif;">April 19, 2022</div>
            </td>
          </tr>
          <tr>
            <td style="width: 40%; vertical-align: top;"><br>
            </td>
            <td style="width: 60%; vertical-align: top;"><br>
            </td>
          </tr>
          <tr>
            <td style="width: 40%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">Designated Filer:</div>
            </td>
            <td style="width: 60%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">Cannae Holdings, Inc.</div>
            </td>
          </tr>

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      <div><br>
      </div>
      <div style="font-family: 'Times New Roman', Times, serif;">Signature:</div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">CANNAE HOLDINGS, LLC</div>
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            <td style="width: 17%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-family: 'Times New Roman', Times, serif;">/s/ Michael L. Gravelle</div>
            </td>
            <td style="width: 83%; vertical-align: top;"><br>
            </td>
          </tr>

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            <td style="width: 5%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">Name:</div>
            </td>
            <td style="width: 95%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;Michael L. Gravelle</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">Title:</div>
            </td>
            <td style="width: 95%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">Managing Director, General Counsel and Corporate Secretary</div>
            </td>
          </tr>
          <tr>
            <td style="width: 5%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">Date:</div>
            </td>
            <td style="width: 95%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">April 21, 2022</div>
            </td>
          </tr>

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      <div> <br>
      </div>
      <div> <br>
      </div>
      <div>
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