---
schema_version: "secwatch.filing_event.v1"
accession: "0001704720-22-000003"
form_type: "8-K"
ticker: "CNNE"
cik: "0001704720"
company_name: "Cannae Holdings, Inc."
filed_at: "2022-01-27T23:59:59+00:00"
generated_at: "2026-06-27T15:01:04.766228+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001704720-22-000003
- form_type: 8-K
- ticker: CNNE
- cik: 0001704720
- company_name: Cannae Holdings, Inc.
- filed_at: 2022-01-27T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1704720/000170472022000003/0001704720-22-000003-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1704720/000170472022000003/cnne-20220127.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001704720-22-000003
- JSON: https://secwatch.observer/filing/0001704720-22-000003.json
- Plain text: https://secwatch.observer/filing/0001704720-22-000003.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.