{"schema_version":"secwatch.filing_event.v1","accession":"0001805833-23-000162","form_type":"8-K","ticker":"SST","cik":"0001805833","company_name":"System1, Inc.","filed_at":"2023-09-12T23:59:59+00:00","discovered_at":"2026-05-14T18:03:35.329841+00:00","generated_at":"2026-06-10T21:17:24.043047+00:00","sec_items":["1.01","2.03","9.01"],"event_type":"debt","sentiment":"neutral","materiality_score":0.45,"calibrated_materiality_score":0.45,"confidence":"high","headline":"System1 subsidiary issues $5.2M promissory note to insider Marc Mezzacca, converting M&A holdback into loan","bullets":["Principal $5.16M; interest at SOFR + 3.15%; four equal amortization payments of ~$1.3M from Apr to Jul 2024.","Issued to Marc Mezzacca, CouponFollow GM, substituting holdback from NextGen Shopping merger.","12% closing fee ($618,778) payable in two installments on Oct 15 and Dec 15, 2023.","Matures Jul 1, 2024; mandatory prepayment on change of control, asset sales >$2.5M, or refinancing of existing credit.","CouponFollow Incentive Plan amended in connection with this note."],"urls":{"canonical":"https://secwatch.observer/filing/0001805833-23-000162","json":"https://secwatch.observer/filing/0001805833-23-000162.json","markdown":"https://secwatch.observer/filing/0001805833-23-000162.md","text":"https://secwatch.observer/filing/0001805833-23-000162.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1805833/000180583323000162/0001805833-23-000162-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1805833/000180583323000162/sst-20230906.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-10T21:17:24.043047+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"549ba18195be36269efe760addf7f9ed22dca49a","claim":"System1, Inc. incurred loan of $5.2 million with Marc Mezzacca at Secured Overnight Financing Rate (\"SOFR\") as administered by the Federal Reserve.","evidence_excerpt":"System1 entered into a $5.2 million Senior Unsecured Promissory Note with the Lender party thereto.","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1805833/000180583323000162/0001805833-23-000162-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"loan"},{"label":"Principal","value":"$5.2 million"},{"label":"Counterparty","value":"Marc Mezzacca"},{"label":"Rate","value":"Secured Overnight Financing Rate (\"SOFR\") as administered by the Federal Reserve"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}