# EDGAR Filing Document

**Accession Number:** 0000903213
**File Stem:** 0001704720-25-000222
**Filing Date:** 2025-12
**Character Count:** 11798
**Document Hash:** fb5e6cac10449229d54327c906ac7953
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001704720-25-000222.hdr.sgml**: 20251202

**ACCESSION NUMBER**: 0001704720-25-000222

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13G/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20251202

**DATE AS OF CHANGE**: 20251202

**SUBJECT COMPANY**: 

**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:** SCHEDULE 13G/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-91754
- **FILM NUMBER:** 251544185

**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
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FOLEY WILLIAM P II
- **CENTRAL INDEX KEY:** 0000903213
- **STANDARD INDUSTRIAL CLASSIFICATION:** UNKNOWN SIC - 0000 [0000]

**ORGANIZATION NAME:**
- **STATE OF INCORPORATION:** CA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G/A

**MAIL ADDRESS:**
- **STREET 1:** FIDELITY NATIONAL FINANCIAL, INC.
- **STREET 2:** 601 RIVERSIDE AVENUE
- **CITY:** JACKSONVILLE
- **STATE:** FL
- **ZIP:** 32204

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13G

### Under the Securities Exchange Act of 1934

**(Amendment No. 1)**

**Issuer:** System1, Inc.

**Title of Class of Securities:** Class A Common Stock, par value $0.0001 per share

**CUSIP Number:** 87200P109

**Date of Event Which Requires Filing of this Statement:** 11/05/2025

**Check the appropriate box to designate the rule pursuant to which this Schedule is filed:**

- [ ] Rule 13d-1(b)

- [x] Rule 13d-1(c)

- [ ] Rule 13d-1(d)

---

| 1. | Names of Reporting Persons<br>William P. Foley, II | Names of Reporting Persons<br>William P. Foley, II |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>X1 | Citizenship or Place of Organization<br>X1 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>390473.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>390473.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>0.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>390473.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>390473.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>4.8% | Percent of Class Represented by Amount in Row (9)<br>4.8% |
| 12. | Type of Reporting Person (See Instructions)<br>IN | Type of Reporting Person (See Instructions)<br>IN |

**Comment for Type of Reporting Person:** The calculation in this Amendment No. 1 of the percentage of Class A common stock outstanding beneficially owned by the Reporting Persons is based on 8,128,321 shares of Class A common stock outstanding as of October 29, 2025, as reported by the Issuer in its Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 5, 2025. As a result, the Reporting Persons' ownership changed by more than one percent from its ownership reported in the Schedule 13G originally filed.

As of the date of this Amendment No. 1, the Reporting Persons beneficially owned an aggregate of 390,473 shares of Class A Common Stock, which includes (i) 385,137 shares of Class A Common Stock directly owned by William P. Foley, II and (ii) 5,336 shares of Class A Common Stock directly owned by Trasimene Trebia, LLC.

---

| 1. | Names of Reporting Persons<br>Trasimene Trebia, LLC | Names of Reporting Persons<br>Trasimene Trebia, LLC |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>5336.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>5336.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>0.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>5336.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>5336.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>0.1% | Percent of Class Represented by Amount in Row (9)<br>0.1% |
| 12. | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>OO |

**Comment for Type of Reporting Person:** The calculation in this Amendment No. 1 of the percentage of Class A common stock outstanding beneficially owned by the Reporting Persons is based on 8,128,321 shares of Class A common stock outstanding as of October 29, 2025, as reported by the Issuer in its Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 5, 2025. As a result, the Reporting Persons' ownership changed by more than one percent from its ownership reported in the Schedule 13G originally filed.

As of the date of this Amendment No. 1, the Reporting Persons beneficially owned an aggregate of 390,473 shares of Class A Common Stock, which includes (i) 385,137 shares of Class A Common Stock directly owned by William P. Foley, II and (ii) 5,336 shares of Class A Common Stock directly owned by Trasimene Trebia, LLC.

---

**Item 1(a). Name of Issuer:**
System1, Inc.

**Item 1(b). Address of Issuer's Principal Executive Offices:**
4235 Redwood Avenue, Marina Del Rey, CA, 90066

**Item 2(a). Name of Person Filing:**
This statement is being filed on behalf of William P. Foley, II ("Mr. Foley") and Trasimene Trebia, LLC ("TT") (collectively, the "Reporting Persons").  TT is a Delaware limited liability company and Mr. Foley is a citizen of the United States and is the sole member and Manager and Executive Chairman of TT.

**Item 2(b). Address of Principal Business Office:**
1701 Village Center Circle
Las Vegas, NV 89134

**Item 2(c). Citizenship:**
UNITED STATES

**Item 2(d). Title of Class of Securities:**
Class A Common Stock, par value $0.0001 per share

**Item 2(e). CUSIP Number:**
87200P109

**Item 3. If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:**

(a) [ ] Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).

(b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).

(c) [ ] Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).

(d) [ ] Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).

(e) [ ] An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);

(f) [ ] An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);

(g) [ ] A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);

(h) [ ] A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

(i) [ ] A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

(j) [ ] A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), if filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:

(k) [ ] Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).

**Item 4. Ownership:**

**(a) Amount beneficially owned:**

Incorporated by reference from item 9 and the Comment for Type of Reporting Person of each cover page of this Amendment No. 1 to schedule 13G.

**(b) Percent of class:**

Incorporated by reference from item 11 and the Comment for Type of Reporting Person of each cover page of this Amendment No. 1 to schedule 13G.

**(c) Number of shares as to which the person has:**

**(i) Sole power to vote or to direct the vote:**

Incorporated by reference from item 5 and the Comment for Type of Reporting Person of each cover page of this Amendment No. 1 to schedule 13G.

**(ii) Shared power to vote or to direct the vote:**

Incorporated by reference from item 6 of each cover page of this Amendment No. 1 to schedule 13G.

**(iii) Sole power to dispose or to direct the disposition of:**

Incorporated by reference from item 7 and the Comment for Type of Reporting Person of each cover page of this Amendment No. 1 to schedule 13G.

**(iv) Shared power to dispose or to direct the disposition of:**

Incorporated by reference from item 8 of each cover page of this Amendment No. 1 to schedule 13G.

**Item 5. Ownership of Five Percent or Less of a Class.**

[ ] If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following.

**Item 6. Ownership of More than 5 Percent on Behalf of Another Person.**

Not Applicable

**Item 7. Identification and Classification of the Subsidiary**

Not Applicable

**Item 8. Identification and Classification of Members of the Group**

Not Applicable

**Item 9. Notice of Dissolution of Group**

Not Applicable

**Item 10. Certification:**

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**William P. Foley, II**

**Date:** 12/02/2025

**By:** William P. Foley, II

**Name & Title:** William P. Foley, II

**Trasimene Trebia, LLC**

**Date:** 12/02/2025

**By:** Trasimene Trebia, LLC

**Name & Title:** William P. Foley, II, Manager and Executive Chairman