System1, Inc. - 8-K Filing
System1, Inc. entered into an Exchange Agreement with its lenders to settle existing debt obligations totaling $259 million through a new $150 million term loan facility maturing in January 2031 (SOFR + 5.0%), the issuance of Series A Cumulative Convertible Preferred Stock valued at $39.3 million, and a one-time cash payment of up to $31.4 million. The transaction is expected to close by Q3 2026 after shareholder approval. (Items: 1.01 Entry into a Material Definitive Agreement, 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, 3.02 Unregistered Sales of Equity Securities, 7.01 Regulation FD Disclosure)
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