{"schema_version":"secwatch.filing_event.v1","accession":"0001805833-25-000018","form_type":"8-K","ticker":"SST","cik":"0001805833","company_name":"System1, Inc.","filed_at":"2025-12-03T23:59:59+00:00","discovered_at":"2026-05-14T18:02:40.523421+00:00","generated_at":"2026-05-16T15:22:10.349523+00:00","sec_items":["5.02","8.01","9.01"],"event_type":"other_material","sentiment":"neutral","materiality_score":0.65,"calibrated_materiality_score":0.65,"confidence":"high","headline":"Cannae sells 2.34M System1 shares to management-led Kenloch at $4.2565/share","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0001805833-25-000018","json":"https://secwatch.observer/filing/0001805833-25-000018.json","markdown":"https://secwatch.observer/filing/0001805833-25-000018.md","text":"https://secwatch.observer/filing/0001805833-25-000018.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1805833/000180583325000018/0001805833-25-000018-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1805833/000180583325000018/sst-20251201.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-16T15:22:10.349523+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":[],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}