System1 receives $240M non-binding offer for Total Security from Just Develop It

System1, Inc.

Offer: $240M cash, assumption of earnout obligations, and repurchase of ~29M SST shares held by Just Develop It.
Special committee of board formed; retained Solomon Partners and Weil, Gotshal as advisors to evaluate offer and alternatives.
Transaction non-binding; no assurance of completion; System1 will not update unless required by law.
Target is Total Security, System1's subscription offering, valued at $240M cash component.

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