<SEC-DOCUMENT>0001909643-22-000011.txt : 20221209
<SEC-HEADER>0001909643-22-000011.hdr.sgml : 20221209
<ACCEPTANCE-DATETIME>20221209181436
ACCESSION NUMBER:		0001909643-22-000011
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20221207
FILED AS OF DATE:		20221209
DATE AS OF CHANGE:		20221209

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Lone Star Friends Trust
		CENTRAL INDEX KEY:			0001909643
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-39331
		FILM NUMBER:		221455835

	BUSINESS ADDRESS:	
		STREET 1:		2301 BROADWAY STREET
		CITY:			SAN ANTONIO
		STATE:			TX
		ZIP:			78215
		BUSINESS PHONE:		(210) 250-6000

	MAIL ADDRESS:	
		STREET 1:		2301 BROADWAY STREET
		CITY:			SAN ANTONIO
		STATE:			TX
		ZIP:			78215

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Blend Stanley
		CENTRAL INDEX KEY:			0001912571

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-39331
		FILM NUMBER:		221455834

	MAIL ADDRESS:	
		STREET 1:		C/O TREBIA ACQUISITION CORP.
		STREET 2:		41 MADISON AVENUE, SUITE 2020
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10010

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>wf-form4_167062765811262.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0306</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2022-12-07</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001909643</rptOwnerCik>
            <rptOwnerName>Lone Star Friends Trust</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>14122 BLUFF MANOR DRIVE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>SAN ANTONIO</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>78216</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001912571</rptOwnerCik>
            <rptOwnerName>Blend Stanley</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O SYSTEM1, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>4235 REDWOOD AVENUE</rptOwnerStreet2>
            <rptOwnerCity>LOS ANGELES</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>90066</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2022-12-07</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>2146</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>4.85</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>5731423</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes></footnotes>

    <remarks></remarks>

    <ownerSignature>
        <signatureName>/s/ Daniel Weinrot, Attoney-in-Fact for Lone Star Friends Trust</signatureName>
        <signatureDate>2022-12-09</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Daniel Weinrot, Attorney--in-Fact for Stanley Blend</signatureName>
        <signatureDate>2022-12-09</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
