Cannae sells 2.34M System1 shares to management-led Kenloch at $4.2565/share

System1, Inc.

Cannae Holdings sold 2,344,482 Class A shares to Kenloch Holdings, formed by management/independent directors and managed by CEO Michael Blend.
Total purchase price of $9,979,315.50: $5,239,328.11 cash plus a $4,739,987.39 secured promissory note.
Director Ryan Caswell resigned from the Board effective Dec 1, 2025, in connection with the share sale.
Kenloch is managed by co-founder/CEO Michael Blend; transaction concentrates ownership with insider group.

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