System1, Inc. (SST) Form 8-K — Jul 24, 2026
System1, Inc. announced the consummation of a comprehensive debt exchange transaction resulting in the issuance of 39,250 shares of Series A Cumulative Convertible Preferred Stock to participating lenders. The Preferred Stock ranks senior to common stock with a liquidation preference and pays cumulative dividends at a rate of 7.0% per annum, accruing daily. The Certificate of Designation grants significant control rights to the preferred shareholders, including the ability to elect one director to the board as long as at least 19,625 shares remain outstanding.
Key figures
- Debt incurrence limit
- 175000000
- Preferred dividend rate
- 7.0%
- Preferred conversion price
- 10.4
- Preferred shares authorized
- 39250
- Annual restricted payment limit
- 1000000
- Annual meeting shares outstanding
- 7900179
- Negative covenant threshold shares
- 9812
- Preferred director threshold shares
- 19625
- Annual meeting voting quorum percentage
- 79.01%
Price after filing
Close on the filing date to close N calendar days later (from $1.83). Historical, not a forecast.
AI analysis
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