secwatch.observer — SEC 8-K summary
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Issuer:     System1, Inc. (SST)
CIK:        0001805833
Form:       8-K
Filed at:   2023-10-12T23:59:59+00:00
Accession:  0001805833-23-000164
Event type: debt
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

System1 obtains $2.5M term loan from co-founders' trusts and $10M secured facility from significant shareholder
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- Term loan of $2.5M from Openmail2, LLC (co-founders' trusts) at SOFR + 5.75%, maturity Dec 31, 2024, with 10% closing fee.
- Secured facility of $10M from Onyx Asset Finance (subsidiary of significant shareholder) at 8.5% interest, due Oct 6, 2024, with 12% closing fee.
- Both transactions approved by the independent members of the Board due to related-party nature.
- Proceeds used for working capital and general corporate purposes.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1805833/000180583323000164/0001805833-23-000164-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1805833/000180583323000164/sst-20231006.htm
  HTML page:      https://secwatch.observer/filing/0001805833-23-000164

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