# EDGAR Filing Document

**Accession Number:** 0001805833
**File Stem:** 0001704720-25-000218
**Filing Date:** 2025-12
**Character Count:** 17850
**Document Hash:** e8ab95d0a26633e8f8555812f2b9a292
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001704720-25-000218.hdr.sgml**: 20251202

**ACCESSION NUMBER**: 0001704720-25-000218

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

**PUBLIC DOCUMENT COUNT**: 2

**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 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-91754
- **FILM NUMBER:** 251544157

**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:** Cannae Holdings, Inc.
- **CENTRAL INDEX KEY:** 0001704720
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-EATING & DRINKING PLACES [5810]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 821273460
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

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

**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

## Exhibit 99.1

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<u>SCHEDULE A</u>** | **<u>SCHEDULE A</u>** | **<u>SCHEDULE A</u>** | **<u>SCHEDULE A</u>** | **<u>SCHEDULE A</u>** | **<u>SCHEDULE A</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The name, business address, and present principal occupation or employment of each of the executive officers and directors of the Reporting Persons are set forth below. The citizenship of each such person is the United States, unless otherwise stated. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The name, business address, and present principal occupation or employment of each of the executive officers and directors of the Reporting Persons are set forth below. The citizenship of each such person is the United States, unless otherwise stated. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The name, business address, and present principal occupation or employment of each of the executive officers and directors of the Reporting Persons are set forth below. The citizenship of each such person is the United States, unless otherwise stated. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The name, business address, and present principal occupation or employment of each of the executive officers and directors of the Reporting Persons are set forth below. The citizenship of each such person is the United States, unless otherwise stated. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The name, business address, and present principal occupation or employment of each of the executive officers and directors of the Reporting Persons are set forth below. The citizenship of each such person is the United States, unless otherwise stated. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The name, business address, and present principal occupation or employment of each of the executive officers and directors of the Reporting Persons are set forth below. The citizenship of each such person is the United States, unless otherwise stated. |
| **<u>Cannae Holdings, Inc.</u>** | **<u>Cannae Holdings, Inc.</u>** | **<u>Cannae Holdings, Inc.</u>** | **<u>Cannae Holdings, Inc.</u>** | **<u>Cannae Holdings, Inc.</u>** | **<u>Cannae Holdings, Inc.</u>** |
| **Name** | **Present Principal Occupation or Employment** | **Business Address** | **Amount of Securities Beneficially Owned (1)** |  | **Percentage Beneficially Owned (1)** |
| William P. Foley II | Vice Chairman of the Board of Directors of Cannae Holdings, Inc. | (2) | 390473 | (3) | 4.8% |
| Douglas K. Ammerman | Chairman of the Board of Directors of Cannae Holdings, Inc. | (2) |  |  |  |
| Hugh R. Harris | Director of Cannae Holdings, Inc | (2) |  |  |  |
| C. Malcolm Holland | Chief Executive Officer of Veritex Holdings, Inc. | 8215 Westchester Dr Ste 400 <br>Dallas, TX 75225 |  |  |  |
| Mark D. Linehan | Chief Executive Officer of Wynmark Company | 1125 Vereda Del Ciervo<br>Goleta, CA 93117 | 1250 | (4) | Less than 1% |
| Frank R. Martire, Jr. | Founder and Partner of Bridgeport Partners | 220 Fifth Avenue, 18th Floor<br>New York, NY 10001 | 486662 | (5) | 6.0% |
| Erika Meinhardt | Director of Cannae Holdings, Inc | 601 Riverside Avenue <br>Jacksonville, FL 32204 |  |  |  |
| Barry B. Moullet | Principal of BBM Executive Insights, LLC | 4017 S Atlantic Ave Ste 705 <br>New Smyrna Beach, FL 32169 |  |  |  |
| James B. Stallings, Jr. | Managing Partner of PS27 Ventures, LLC | 7835 Bayberry Rd <br>Jacksonville, FL 32256 |  |  |  |
| Frank P. Willey | Partner at Hennelly & Grossfeld, LLP | 10900 Wilshire Blvd, Ste 400<br>Los Angeles, CA 90024 | 5000 |  | Less than 1% |
| Ryan R. Caswell | Chief Executive Officer of Cannae Holdings, Inc. | (2) | 38577 |  | Less than 1% |
| Bryan D. Coy | Executive Vice President and Chief Financial Officer of Cannae Holdings, Inc. | (2) |  |  |  |
| Peter T. Sadowski | Executive Vice President and Chief Legal Officer of Cannae Holdings, Inc. | (2) |  |  |  |
| Michael L. Gravelle | Executive Vice President, General Counsel and Corporate Secretary of Cannae Holdings, Inc. | (2) |  |  |  |

---

(1) Based on (i) 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) plus (ii) the number of shares of Class A common stock issuable to such Schedule A Person upon the exercise of Warrants or other securities convertible into shares of Class A common stock within 60 days of the date hereof owned by such Schedule A Person, if any.

(2) c/o Cannae Holdings, Inc., 1701 Village Center Circle, Las Vegas, NV 89134.

(3) Reflects 385,137 shares of Class A common stock held by Mr. Foley and 5,336 shares of Class A common stock directly held by Trasimene Trebia, LLC. Mr. Foley is the managing member of Trasimene Trebia, LLC, and therefore may be deemed to beneficially own the 5,336 shares of Class A common stock and ultimately exercises voting and dispositive power over such shares held by Trasimene Trebia, LLC.

(4) Reflects 1, 2500 shares of Class A common stock issuable upon the exercise of 1,250 Warrants.

(5) Reflects 445,087 shares of Class A common stock held by BGPT and 30,325 shares of Class A common stock and 11,250 unvested restricted stock units which convert into Class A common stock on a one-for-one basis upon vesting directly held by Mr. Martire, Jr. as Mr. Martire Jr. and Mr. Frank Martire, III are the managing members of Bridgeport Partners GP LLC, the general partner of BGPT, and therefore may be deemed to beneficially own the 445,087 shares of Class A common stock and ultimately exercises voting and dispositive power over, such shares held by BGPT.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Cannae Holdings, LLC.</u>** | **<u>Cannae Holdings, LLC.</u>** | **<u>Cannae Holdings, LLC.</u>** | **<u>Cannae Holdings, LLC.</u>** | **<u>Cannae Holdings, LLC.</u>** |
| **Name** | **Present Principal Occupation or Employment** | **Business Address** | **Amount of Securities Beneficially Owned** | **Percentage Beneficially Owned** |
| Ryan R. Caswell | Managing Director and President, Cannae Holdings, LLC | (2) | (2) | (2) |
| Bryan D. Coy | Managing Director and Chief Finance Officer, Cannae Holdings, LLC | (2) | (2) | (2) |
| Michael L. Gravelle | Managing Director, General Counsel and Corporate Secretary, Cannae Holdings, LLC | (2) | (2) | (2) |
| Cannae Holdings, Inc. (1) | Managing Member, Cannae Holdings, LLC | (3) | (1) | (1) |

---

(1) Cannae Holdings, Inc., a Nevada corporation, is the Managing Member of Cannae Holdings, LLC. See above and Item 5 of this Schedule 13D.

(2) See table for "Cannae Holdings, Inc." in this Schedule A.

(3) c/o Cannae Holdings, Inc., 1701 Village Center Circle, Las Vegas, NV 89134.

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

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 9)**

**System1, Inc.**

*(Name of Issuer)*

**Class A common stock, par value $0.0001 per share**

*(Title of Class of Securities)*

**87200P109**

*(CUSIP Number)*

**Bryan D. Coy**<br>1701 Village Center Circle<br>Las Vegas NV 89134<br>702-323-7330

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**12/01/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **87200P109** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Cannae Holdings, Inc.** | Name of reporting person<br>**Cannae Holdings, Inc.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**NEVADA** | Citizenship or place of organization<br>**NEVADA** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**356797.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**356797.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**356797.00** | Aggregate amount beneficially owned by each reporting person<br>**356797.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[x] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[x] | |
| 13 | Percent of class represented by amount in Row (11)<br>**4.4%** | Percent of class represented by amount in Row (11)<br>**4.4%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** The calculation in this Amendment No. 9 of the percentage of Class A common stock outstanding beneficially owned by a Reporting Person or a Schedule A Person 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.

| **CUSIP No.** | **87200P109** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Cannae Holdings, LLC** | Name of reporting person<br>**Cannae Holdings, LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**356797.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**356797.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**356797.00** | Aggregate amount beneficially owned by each reporting person<br>**356797.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[x] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[x] | |
| 13 | Percent of class represented by amount in Row (11)<br>**4.4%** | Percent of class represented by amount in Row (11)<br>**4.4%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** The calculation in this Amendment No. 9 of the percentage of Class A common stock outstanding beneficially owned by a Reporting Person or a Schedule A Person 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.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Class A common stock, par value $0.0001 per share

**(b) Name of Issuer:**
System1, Inc.

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

This Amendment No. 9 ("Amendment No. 9") amends the statement on Schedule 13D originally filed by Cannae Holdings, Inc. ("CHI") and Cannae Holdings, LLC ("CHL") (each individually a "Reporting Person" and collectively, the "Reporting Persons") on February 7, 2022, and amended on April 21, 2022, May 23, 2022, March 14, 2023, November 17, 2023, December 4, 2023, March 15, 2024, March 25, 2025 and November 12, 2025 ("Amendment No. 8" and as amended thereafter from time to time, the "Schedule 13D") and relates to the Class A common stock, par value $0.0001 per share ("Class A common stock"), of System1, Inc. (the "Issuer" or the "Company"). Except as specifically provided herein, this Amendment No. 9 does not modify any of the information previously reported in the Schedule 13D. Unless otherwise indicated, each defined term used but not defined in this Amendment No. 9 shall have the meaning assigned to such term in the Schedule 13D.

**Item 4. Purpose of Transaction**

Item 4 of the Schedule 13D is supplemented as follows:

On December 1, 2025, Cannae Holdings, LLC sold 2,344,482 shares of Class A common stock of the Issuer for $4.2565 per share, or approximately $10.0 million in the aggregate, in a privately negotiated transaction pursuant to a Stock Purchase Agreement dated November 24, 2025. Cannae Holdings, LLC received $5.2 million of the aggregate sales price at closing and a note receivable for the remaining approximately $4.8 million of proceeds.

**Item 5. Interest in Securities of the Issuer**

**(a)**
Item 5(a) of the Schedule 13D is supplemented as follows:

Information as of November 25, 2025 with respect to the Schedule A Persons is set forth on Schedule A hereto and is incorporated herein by reference.

The responses of the Reporting Persons to rows 7 through 13 and the related "Comments for Type of Reporting Person" of the cover pages to this Amendment No. 9 and are incorporated herein by reference into this Item 5 as of the date of this Amendment No. 9.

**(b)**
Item 5(b) of the Schedule 13D is supplemented as follows:

Information as of November 25, 2025 with respect to the Schedule A Persons is set forth on Schedule A hereto and is incorporated herein by reference.

The responses of the Reporting Persons to rows 7 through 13 and the related "Comments for Type of Reporting Person" of the cover pages to this Amendment No. 9 and are incorporated herein by reference into this Item 5 as of the date of this Amendment No. 9.

**(c)**
The Reporting Persons have effected a transaction in Class A common stock during the past 60 days as disclosed in Item 4 of this Amendment No. 9 which is incorporated herein by reference.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

Item 6 of the Schedule 13D is supplemented as follows:

The information required by this Item 6 is set forth in Item 4 of this Amendment No. 9 and is incorporated herein by reference.

### 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.

**Reporting Person:** Cannae Holdings, Inc.

**Signature:** Cannae Holdings, Inc.

**Name/Title:** Bryan D. Coy, Chief Financial Officer

**Date:** 12/02/2025

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.

**Reporting Person:** Cannae Holdings, LLC

**Signature:** Cannae Holdings, LLC

**Name/Title:** Bryan D. Coy, Managing Director and Chief Financial Officer

**Date:** 12/02/2025