<SEC-DOCUMENT>0001140361-22-015987.txt : 20220426
<SEC-HEADER>0001140361-22-015987.hdr.sgml : 20220426
<ACCEPTANCE-DATETIME>20220426170034
ACCESSION NUMBER:		0001140361-22-015987
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20220422
FILED AS OF DATE:		20220426
DATE AS OF CHANGE:		20220426

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:		22855179

	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:		22855180

	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>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>form4.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0306</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2022-04-22</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>2022-04-22</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>50929</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>14.0194</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>26402297</value>
                    <footnoteId id="F3"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Note 4</value>
                    <footnoteId id="F4"/>
                </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 $14.17 to $14.00 per share, inclusive.</footnote>
        <footnote id="F3">Due to a typographical error, the number of shares in Column 5 of Table I was reported as 26,453,256 in the prior Form 4 filed on April 21, 2022. This number should have been 26,453,226.</footnote>
        <footnote id="F4">Directly held by Cannae Holdings, LLC, which is a wholly-owned subsidiary of Cannae Holdings, Inc.</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>2022-04-26</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>brhc10036726_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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  <div>
    <div style="text-align: right; font-style: italic; font-weight: bold;">Exhibit 99.1</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">Joint Filer Information</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zec759f54a62e4225b5350a50b77b637c">

        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div>Name of Joint Filer:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div>Cannae Holdings, Inc.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div>Address of Joint Filer:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div>1701 Village Center Circle</div>
            <div>Las Vegas, NV 89134</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div>Relationship of Joint Filer to Issuer:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div>10% Owner</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div>Issuer Name and Ticker or Trading Symbol:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div>System1, Inc. [SST]</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div>Date of Earliest Transaction Required to be Reported:</div>
          </td>
          <td style="width: 70%; vertical-align: bottom;">
            <div>April 22, 2022</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div>Designated Filer:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div>Cannae Holdings, Inc.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>Signature:</div>
    <div><br>
    </div>
    <div style="font-weight: bold;">CANNAE HOLDINGS, INC.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z00bad668972c48f28c39565127beb7fa">

        <tr>
          <td style="width: 20%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>/s/ Michael L. Gravelle</div>
          </td>
          <td style="width: 80%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
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        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>Name:</div>
          </td>
          <td style="width: 55%; vertical-align: top;">
            <div>Michael L. Gravelle</div>
          </td>
          <td style="width: 40%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>Title:</div>
          </td>
          <td style="width: 55%; vertical-align: top;">
            <div>Executive Vice President, General Counsel and Corporate Secretary</div>
          </td>
          <td style="width: 40%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>Date:</div>
          </td>
          <td style="width: 55%; vertical-align: top;">
            <div>April 26, 2022</div>
          </td>
          <td style="width: 40%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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    </div>
    <div style="text-align: center; font-weight: bold;">Joint Filer Information</div>
    <div style="text-align: center; font-weight: bold;"> <br>
    </div>
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          <td style="width: 30%; vertical-align: top;">
            <div>Name of Joint Filer:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div>Cannae Holdings, LLC</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div>Address of Joint Filer:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div>c/o Cannae Holdings, Inc.</div>
            <div>1701 Village Center Circle</div>
            <div>Las Vegas, NV 89134</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div>Relationship of Joint Filer to Issuer:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div>10% Owner</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div>Issuer Name and Ticker or Trading Symbol:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div>System1, Inc. [SST]</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div>Date of Earliest Transaction Required to be Reported:</div>
          </td>
          <td style="width: 70%; vertical-align: bottom;">
            <div>April 22, 2022</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30%; vertical-align: top;">
            <div>Designated Filer:</div>
          </td>
          <td style="width: 70%; vertical-align: top;">
            <div>Cannae Holdings, Inc.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>Signature:</div>
    <div><br>
    </div>
    <div style="font-weight: bold;">CANNAE HOLDINGS, LLC</div>
    <div><br>
    </div>
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          <td style="width: 20%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>/s/ Michael L. Gravelle</div>
          </td>
          <td style="width: 80%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>Name:</div>
          </td>
          <td style="width: 55%; vertical-align: top;">
            <div>Michael L. Gravelle</div>
          </td>
          <td style="width: 40%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>Title:</div>
          </td>
          <td style="width: 55%; vertical-align: top;">
            <div>Managing Director, General Counsel and Corporate Secretary</div>
          </td>
          <td style="width: 40%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">
            <div>Date:</div>
          </td>
          <td style="width: 55%; vertical-align: top;">
            <div>April 26, 2022</div>
          </td>
          <td style="width: 40%; vertical-align: top;">&#160;</td>
        </tr>

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    <div><br>
    </div>
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