# EDGAR Filing Document

**Accession Number:** 0001805833
**File Stem:** 0001628280-25-033314
**Filing Date:** 2025-6
**Character Count:** 22246
**Document Hash:** a437fe75c57f150b47bb80e1db6ef6d1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-25-033314.hdr.sgml**: 20250627

**ACCESSION NUMBER**: 0001628280-25-033314

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 6

**FILED AS OF DATE**: 20250627

**DATE AS OF CHANGE**: 20250627

**EFFECTIVENESS DATE**: 20250627

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** System1, Inc.
- **CENTRAL INDEX KEY:** 0001805833
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 923978051
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-288384
- **FILM NUMBER:** 251086371

**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

**As filed with the Securities and Exchange Commission on June 27, 2025**

**Registration No. 333-**

    

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM S-8**

**REGISTRATION STATEMENT**

***UNDER***

***THE SECURITIES ACT OF 1933***

**System1, Inc.**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Delaware** | **92-3978051** |
| (State or other jurisdiction of<br>incorporation or organization) | (I.R.S. Employer<br>Identification No.) |

---

**4235 Redwood Avenue**

**Los Angeles, California 90066**

(Address of Principal Executive Offices) (Zip Code)

**System1, Inc. 2022 Incentive Award Plan**

(Full title of the plan)

**Daniel Weinrot**

**General Counsel & Corporate Secretary**

**4235 Redwood Avenue**

**Los Angeles, California 90066**

(Name and address for agent for service)

**(310) 924-6037**

(Telephone number, including area code, of agent for service)

*Copies to:*

**Steven B. Stokdyk, Esq.**

**Brent T. Epstein, Esq.**

**Latham & Watkins LLP**

**10250 Constellation Blvd, Suite 1100**

**Los Angeles, California 90067**

**(213) 485-1234**

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer  | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company  | ☒ |
| | | Emerging growth company  | ☒ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

------

**Explanatory Note:**

This Registration Statement on Form S-8 (this "Registration Statement") is being filed with the Securities and Exchange Commission (the "SEC") by System1, Inc., a Delaware corporation (the "Registrant"), to register an additional 1,912,500 shares of the Registrant's Class A common stock, par value $0.0001 per share (the "Class A Common Stock"), which became available for issuance under the System 1, Inc. 2022 Incentive Award Plan, as amended by that certain First Amendment to the System1, Inc. 2022 Incentive Award Plan (as amended, the "2022 Plan"), which was approved by the Registrant's stockholders at the Registrant's annual meeting of stockholders on June 10, 2025. The additional shares of Class A Common Stock registered hereby pursuant to the 2022 Plan are of the same class as other securities relating to the 2022 Plan for which Registration Statements on Form S-8 (Nos. 333-264522, 333-276032, 333-280365, and 333-286698) are effective (collectively, the "Prior Registration Statements").

Pursuant to General Instruction E of Form S-8, the contents of the Prior Registration Statements are incorporated by reference herein to the extent not modified or superseded hereby or by any subsequently filed document, which is incorporated by reference herein or therein.

**PART II**

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

*References in this Registration Statement to "we," "us," "our," and the "Company," or similar references, refer to the Registrant unless otherwise stated or the context otherwise requires.*

**Item 3. Incorporation of Documents by Reference.**

The SEC allows us to incorporate by reference the information we file with them, which means that we can disclose important information to you by referring you to those documents. The information incorporated by reference is considered to be part of this Registration Statement, and later information filed with the SEC will update and supersede this information. The following documents, which have been filed by the Registrant with the SEC pursuant to the Securities Exchange Act of 1934, as amended (the "Exchange Act"), are incorporated by reference in, and shall be deemed to be a part of, this Registration Statement:

(a) The Company's Annual Report on Form <u>[10-K](https://www.sec.gov/Archives/edgar/data/1805833/000162828025011690/sst-20241231.htm)</u> for the fiscal year ended December 31, 2024, filed with the SEC on March 10, 2025, as amended by <u>[Amendment No. 1](https://www.sec.gov/Archives/edgar/data/1805833/000162828025020027/sst-20241231.htm)</u> thereto filed with the SEC on April 25, 2025 (File No. 001-39331);

(b) The Company's Quarterly Report on Form <u>[10-Q](https://www.sec.gov/Archives/edgar/data/1805833/000162828025022712/sst-20250331.htm)</u> for the quarter ended March 31, 2025, filed with the SEC on May 6, 2025 (File No. 001-39331);

(c) The Company's Current Reports on Form 8-K filed with the Commission on <u>[January 10, 2025](https://www.sec.gov/Archives/edgar/data/1805833/000162828025001158/sst-20250106.htm)</u>, <u>[April 7, 2025](https://www.sec.gov/Archives/edgar/data/1805833/000162828025016948/sst-20250407.htm)</u>, <u>[April 18, 2025](https://www.sec.gov/Archives/edgar/data/1805833/000162828025018356/sst-20250415.htm)</u>, <u>[April 29, 2025](https://www.sec.gov/Archives/edgar/data/1805833/000162828025020664/sst-20250428.htm)</u>, <u>[May 23, 2025](https://www.sec.gov/Archives/edgar/data/1805833/000162828025027355/sst-20250522.htm)</u>, <u>[June 10, 2025](https://www.sec.gov/Archives/edgar/data/1805833/000162828025030451/sst-20250610.htm)</u> and <u>[June 11, 2025](https://www.sec.gov/Archives/edgar/data/1805833/000162828025030708/sst-20250611.htm)</u> (other than the information furnished under Item 7.01 and Exhibit 99.1) (File No. 001-39331); and

(d) The description of the Company's securities contained in <u>[Exhibit 4.2](https://www.sec.gov/Archives/edgar/data/1805833/000180583323000078/system1-ex42xdescriptionof.htm)</u> of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the Commission on March 10, 2025 (File No. 001-39331), including any amendments or reports filed for purposes of updating such description.

All reports and other documents subsequently filed by the Company with the SEC pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act after the date hereof and prior to the filing of a post-effective amendment, which indicates that all securities offered pursuant to this Registration Statement have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference herein and to be a part hereof from the date of filing of such documents or reports; except as to any portion of any future annual or quarterly report to stockholders or document or current report furnished under current Items 2.02 or 7.01 of Form 8-K, and exhibits furnished on such form that relate to such items, that is not deemed filed under such provisions.

For purposes of this Registration Statement, any document or any statement contained in a document incorporated or deemed to be incorporated herein by reference shall be deemed to be modified or superseded to the extent that a subsequently filed document or a statement contained therein, or in any other subsequently filed document which also is or is deemed to be incorporated by reference, modifies or supersedes such document or such statement in such document. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.

Under no circumstances shall any information furnished under Item 2.02 or 7.01 of Form 8-K, and exhibits furnished on such form that relate to such items, be deemed incorporated herein by reference unless such Form 8-K expressly provides to the contrary.

**Item 8. Exhibits**

The following are the exhibits required by Item 601 of Regulation S-K:

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Incorporated by Reference** | **Incorporated by Reference** | **Incorporated by Reference** | **Incorporated by Reference** | |
| **Exhibit**<br>**Number** | **Description** | **Form** | **File No.** | **Exhibit** | **Filing Date** | **Filed or Furnished**<br>**Herewith** |
| 4.1 | <u>[Certificate of Incorporation of System1, Inc.](https://www.sec.gov/Archives/edgar/data/1805833/000119312522025942/d222372dex31.htm)</u> | 8-K | 001-39331 | 3.1 | February 2, 2022 |  |
| 4.2 | <u>[Certificate of Amendment to Certificate of Incorporation of System](https://www.sec.gov/Archives/edgar/data/1805833/000162828024028123/ex31amendmenttosystem1incc.htm)[1, Inc.](https://www.sec.gov/Archives/edgar/data/1805833/000162828024028123/ex31amendmenttosystem1incc.htm)</u> | 8-K | 001-39331 | 3.1 | June 14, 2024 |  |
| 4.3 | <u>[Certificate of Amendment to Certificate of Incorporation of System1, Inc.](https://www.sec.gov/Archives/edgar/data/1805833/000162828025030708/exhibit31-certificateofame.htm)</u> | 8-K | 001-39331 | 3.1 | June 11, 2025 |  |
| 4.4 | <u>[Second Amended and Restated Bylaws of System1, Inc.](https://www.sec.gov/Archives/edgar/data/1805833/000180583323000005/system1-secondamendedandre.htm)</u> | 8-K | 001-39331 | 3.1 | March 1, 2023 |  |
| 4.5 | <u>[Description of System1, Inc.'s Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934.](https://www.sec.gov/Archives/edgar/data/1805833/000180583323000078/system1-ex42xdescriptionof.htm)</u> | 10-K | 001-39331 | 4.2 | June 6, 2023 |  |
| 5.1 | <u>[Opinion of Latham & Watkins LLP.](exhibit51-lwopinion.htm)</u> |  |  |  |  | X |
| 23.1 | <u>[Consent of Deloitte & Touche LLP.](exhibit231-deloitteconsent.htm)</u> |  |  |  |  | X |
| 23.2 | <u>[Consent of PricewaterhouseCoopers LLP.](exhibit232-pwcconsent.htm)</u> |  |  |  |  | X |
| 23.3 | <u>[Consent of Latham & Watkins LLP (included in Exhibit 5.1).](exhibit51-lwopinion.htm)</u> |  |  |  |  | X |
| 99.1 | <u>[System1, Inc. 2022 Incentive Award Plan.](https://www.sec.gov/Archives/edgar/data/1805833/000119312522025942/d222372dex102.htm)</u> | 8-K | 001-39331 | 10.2 | February 2, 2022 |  |
| 99.2 | <u>[First Amendment to System1, Inc. 2022 Incentive Award Plan.](https://www.sec.gov/Archives/edgar/data/1805833/000162828025030451/exhibit101-firstamendmentt.htm)</u> | 8-K | 001-39331 | 10.1 | June 10, 2025 |  |
| 107 | <u>[Filing Fee Table.](exhibit107-filingfeetable.htm)</u> |  |  |  |  | X |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Los Angeles, State of California, on June 27, 2025.

---

| |
|:---|
| System1, Inc. |
| By: /s/ Michael Blend |
| Name: Michael Blend |
| Title: Chief Executive Officer |

---

**POWER OF ATTORNEY**

Each person whose signature appears below constitutes and appoints each of Michael Blend and Tridivesh Kidambi, acting alone or together with another attorney-in-fact, as his or her true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for such person and in his or her name, place and stead, in any and all capacities, to sign any or all further amendments (including post-effective amendments) to this registration statement (and any additional registration statement related hereto permitted by Rule 462(b) promulgated under the Securities Act (and all further amendments, including post-effective amendments, thereto)), and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the date indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| <u>/s/</u> <u>Michael Blend &nbsp;&nbsp;&nbsp;&nbsp;</u> <br>Michael Blend | <br>Chief Executive Officer and Chairman<br>(Principal Executive Officer) | June 27, 2025 |
| <u>/s/</u> <u>Tridivesh Kidambi&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Tridivesh Kidambi | Chief Financial Officer<br>(Principal Financial and Accounting Officer) | June 27, 2025 |
| <u>/s/ Ryan Caswell &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>Ryan Caswell | Director | June 27, 2025 |
| <u>/s/ John Civantos&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>John Civantos | Director | June 27, 2025 |
| <u>/s/ Caroline Horn &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Caroline Horn | Director | June 27, 2025 |
| <u>/s/ Moujan Kazerani &nbsp;&nbsp;&nbsp;&nbsp;</u> <br>Moujan Kazerani | Director | June 27, 2025 |
| <u>/s/ Tanmay Kumar &nbsp;&nbsp;&nbsp;&nbsp;</u> <br>Tanmay Kumar | Director | June 27, 2025 |
| <u>/s/ Frank R. Martire, Jr. &nbsp;&nbsp;&nbsp;&nbsp;</u> <br>Frank R. Martire, Jr. | Director | June 27, 2025 |
| <u>/s/ Taryn Naidu &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Taryn Naidu | Director | June 27, 2025 |
| <u>/s/ Charles Ursini&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Charles Ursini | Director | June 27, 2025 |

---

## Ex-Filing

**Exhibit 107**

**Calculation of Filing Fee Tables**

**Form S-8**

(Form Type)

**System1, Inc.**

(Exact Name of Registrant as Specified in its Charter)

**Table 1: Newly Registered Securities**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Type** | **Security Class Title** | **Fee Calculation Rule** | **Amount Registered** <sup>(1)</sup> | **Proposed Maximum Offering Price Per Unit** <sup>(3)</sup> | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of Registration Fee** |
| Equity | Class A Common Stock, par value $0.0001 per share, to be issued under System1, Inc. 2022 Incentive Award Plan | Rules 457(c) and 457(h) | 1912500 <sup>(2)</sup> | $12.03 | $23007375 | 0.00015310 | $3522.43 |
|  | **Total Offering Amounts** |  | 1912500 | $12.03 | $23007375 |  | $3522.43 |
|  | **Total Fee Offsets** |  |  |  |  |  |  |
|  | **Net Fee Due** |  |  |  |  |  | $3522.43 |

---

<sup>(1)</sup> Pursuant to Rule 416 under the Securities Act of 1933, as amended (the "Securities Act"), this registration statement on Form S-8 ("Registration Statement") covers any additional number of shares of Class A Common Stock, par value $0.0001 per share ("Common Stock"), of System1, Inc. (the "Company") that become issuable under the System1, Inc. 2022 Incentive Award Plan (as amended, the "2022 Plan") by reason of any stock splits, stock dividends or other distribution, recapitalization or similar transaction effected without receipt of consideration that increases the number of outstanding shares of Common Stock.

<sup>(2)</sup> Represents 1,912,500 shares of Common Stock that became available for issuance under the 2022 Plan pursuant to that certain First Amendment to the Plan.

<sup>(3)</sup> Estimated solely for purposes of calculating the registration fee pursuant to Rules 457(c) and 457(h) of the Securities Act, the proposed maximum offering price per share and proposed maximum aggregate offering price are based upon the average of the high and low prices of the Company's shares of Common Stock as reported on the New York Stock Exchange on June 23, 2025, which date is within five business days prior to the filing of this Registration Statement.

## Exhibit 5.1

---

| | |
|:---|:---|
| ![lathamnewa.jpg](lathamnewa.jpg) | 10250 Constellation Blvd., Suite 1100<br>Los Angeles, California 90067<br>Tel: +1.424.653.5500 Fax: +1.424.653.5501<br>www.lw.com<br>FIRM / AFFILIATE OFFICES<br>Austin&nbsp;&nbsp;&nbsp;&nbsp; Milan<br>Beijing&nbsp;&nbsp;&nbsp;&nbsp; Munich<br>Boston&nbsp;&nbsp;&nbsp;&nbsp; New York<br>Brussels&nbsp;&nbsp;&nbsp;&nbsp; Orange County<br>Century City Paris<br>Chicago&nbsp;&nbsp;&nbsp;&nbsp; Riyadh<br>Dubai&nbsp;&nbsp;&nbsp;&nbsp; San Diego<br>Düsseldorf&nbsp;&nbsp;&nbsp;&nbsp; San Francisco<br>Frankfurt&nbsp;&nbsp;&nbsp;&nbsp; Seoul<br>Hamburg&nbsp;&nbsp;&nbsp;&nbsp; Silicon Valley<br>Hong Kong&nbsp;&nbsp;&nbsp;&nbsp; Singapore<br>Houston&nbsp;&nbsp;&nbsp;&nbsp; Tel Aviv<br>London&nbsp;&nbsp;&nbsp;&nbsp; Tokyo<br>Los Angeles Washington, D.C.<br>Madrid&nbsp;&nbsp;&nbsp;&nbsp; |

---

June 27, 2025

System1, Inc.

4235 Redwood Avenue

Los Angeles, California 90066

Re: <u>System1, Inc. – Registration Statement on Form S-8</u>

To the addressees set forth above:

We have acted as special counsel to System1, Inc., a Delaware corporation (the **"*Company*"**), in connection with the registration by the Company of an aggregate of 1,912,500 shares of the Company's Class A common stock, $0.0001 par value per share (the **"*Shares*"**), issuable under the System1, Inc. 2022 Incentive Award Plan (as amended, the **"*Plan*"**). The Shares are included in a registration statement on Form S-8 under the Securities Act of 1933, as amended (the **"Act"**), filed with the Securities and Exchange Commission (the **"*Commission*"**) on June 27, 2025 (the **"*Registration Statement*"**). This opinion is being furnished in connection with the requirements of Item 601(b)(5) of Regulation S-K under the Act, and no opinion is expressed herein as to any matter pertaining to the contents of the Registration Statement or the related prospectus, other than as expressly stated herein with respect to the issue of the Shares.

As such counsel, we have examined such matters of fact and questions of law as we have considered appropriate for purposes of this letter. With your consent, we have relied upon certificates and other assurances of officers of the Company and others as to factual matters without having independently verified such factual matters. We are opining herein as to the General Corporation Law of the State of Delaware (the **"*DGCL*"**) and we express no opinion with respect to any other laws.

Subject to the foregoing and the other matters set forth herein, it is our opinion that, as of the date hereof, when the Shares shall have been duly registered on the books of the transfer agent and registrar therefor in the name or on behalf of the recipients thereof and have been issued by the Company for legal consideration in excess of par value in the circumstances contemplated by the Plan, assuming in each case that the individual grants or awards under the Plan are duly authorized by all necessary corporate action and duly granted or awarded and exercised in accordance with the requirements of the law and the Plan (and the agreements and awards duly adopted thereunder and in accordance therewith), the issue and sale of the Shares will have been duly authorized by all necessary corporate action of the Company, and the Shares will be validly issued, fully paid and nonassessable. In rendering the foregoing opinion, we have assumed that the Company will comply with all applicable notice requirements regarding uncertificated shares provided in the DGCL.

This opinion is for your benefit in connection with the Registration Statement and may be relied upon by you and by persons entitled to rely upon it pursuant to the applicable provisions of the Act. We consent to your filing this opinion as an exhibit to the Registration Statement. In giving such consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Act or the rules and regulations of the Commission thereunder.

Sincerely,

**/s/ Latham & Watkins LLP**

## Exhibit 23.1

**Exhibit 23.1**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the incorporation by reference in this Registration Statement on Form S-8 of our report dated March 10, 2025, relating to the consolidated financial statements of System1, Inc. appearing in the Annual Report on Form 10-K of System1, Inc. for the year ended December 31, 2024.

/s/ Deloitte & Touche LLP

Los Angeles, California <br>June 27, 2025

## Exhibit 23.2

**Exhibit 23.2**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the incorporation by reference in this Registration Statement on Form S-8 of System1, Inc. of our report dated March 15, 2024 relating to the financial statements, which appears in System1, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2024.

/s/ PricewaterhouseCoopers LLP

Los Angeles, California <br>June 27, 2025

<br>