secwatch.observer — SEC 8-K summary
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Issuer:     System1, Inc. (SST)
CIK:        0001805833
Form:       8-K
Filed at:   2023-09-12T23:59:59+00:00
Accession:  0001805833-23-000162
Event type: debt
Sentiment:  neutral
Materiality: 0.45
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

System1 subsidiary issues $5.2M promissory note to insider Marc Mezzacca, converting M&A holdback into loan
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1805833/000180583323000162/0001805833-23-000162-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1805833/000180583323000162/sst-20230906.htm
  HTML page:      https://secwatch.observer/filing/0001805833-23-000162

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