Cannae Holdings Ups System1 Stake to 10.4%

TL;DR

Cannae Holdings now owns 10.4% of System1, filing an amendment on 3/21/24.

AI Summary

On March 21, 2024, Cannae Holdings, Inc. filed an amendment (Amendment No. 6) to its Schedule 13D regarding its holdings in System1, Inc. The filing indicates a change in beneficial ownership, with Cannae Holdings, Inc. now holding 10,000,000 shares of System1, Inc. Class A common stock, representing approximately 10.4% of the outstanding shares. This filing follows a previous amendment where Cannae Holdings, Inc. reported holding 10,000,000 shares as of March 15, 2024.

Why It Matters

This filing signals a significant ownership stake by Cannae Holdings in System1, potentially influencing corporate strategy or future transactions involving System1.

Risk Assessment

Risk Level: medium — Changes in significant beneficial ownership can indicate shifts in control or strategy, which may impact the company's stock price and future performance.

Key Numbers

• 10.4% — Ownership Stake (Cannae Holdings' beneficial ownership in System1, Inc.)
• 10,000,000 — Shares Held (Number of Class A common shares of System1, Inc. held by Cannae Holdings, Inc.)

Key Players & Entities

• Cannae Holdings, Inc. (company) — Filing entity
• System1, Inc. (company) — Subject company
• Bryan D. Coy (person) — Mentioned in relation to Cannae Holdings
• 10,000,000 shares (dollar_amount) — Number of shares held by Cannae Holdings
• 10.4% (dollar_amount) — Percentage of System1 owned by Cannae Holdings
• March 21, 2024 (date) — Filing date
• March 15, 2024 (date) — Previous reporting date

FAQ

Key Financial Figures

• $0.0001 — ssuer) Class A common stock, par value $0.0001 per share (Title of Class of Securitie

Filing Documents

• cnne-sstschedule13damar2024.htm (SC 13D/A) — 93KB
• 0001704720-24-000037.txt ( ) — 95KB

Interest in Securities of the Issuer

Item 5. Interest in Securities of the Issuer.

of the Schedule 13D is supplemented as follows

Item 5 of the Schedule 13D is supplemented as follows Information as of March 21, 2024 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) of the cover pages of this Amendment No. 6, as of the date of this Amendment No. 6, are incorporated herein by reference. The calculation in this Amendment No. 6 of the percentage of Class A common stock outstanding beneficially owned by a Reporting Person or a Schedule A Person is based on 68,420,666 shares of Class A common stock outstanding as of March 8, 2024, as reported by the Issuer in its Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 15, 2024. (a)-(b) As of the date of this Amendment No. 6, the Reporting Persons beneficially owned an aggregate of 27,012,794 shares of Class A common stock directly held by CHL, which represents approximately 39.5% of the outstanding Class A common stock. None of the Reporting Persons beneficially own any of the 21,203,676 shares of Class C common stock, par value $0.0001 per share, of the Issuer (the " Class C common stock ") outstanding as of March 8, 2024 (such outstanding shares based on information reported by the Issuer in its Annual Report on Form 10-K). Holders of Class A common stock and Class C common stock are entitled to cast one vote per share of Class A common stock or Class C common stock on each matter submitted to the Issuer stockholders. Accordingly, the shares of Class A common stock beneficially owned by the Reporting Persons had a total voting power of 30.1%. By virtue of the Shareholders Agreement, CHL, BGPT, Michael Blend, Chuck Ursini, Nick Baker, and Just Develop It Limited, may constitute a group (the " Group ") within the meaning of Section 13(d) of the Exchange Act. The members of the Group are each filing separate Schedules 13Ds to report the shares of Class A common stock that they may b

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