Cannae completes $248M backstop investment in System1/Trebia merger; holds ~26% of SST

Cannae Holdings, Inc.

Cannae invested $248.3M via backstop facility; received 28.2M SST shares and 1.24M warrants post-close.
System1 (Trebia) business combination closed Jan 27, 2022; SST begins trading on NYSE Jan 28 under ticker SST.
Cannae now holds ~26% of SST; management retains ~68% and is not selling shares.
William P. Foley II and Frank Martire Jr. join System1 Board; CEO Michael Blend continues leading combined company.
Backstop agreement originally disclosed June 2021; Cannae committed up to $250M to fund redemptions.

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