Brief: System1 Announces Sale Of Total Security

System1

30/11/2023 14:18

System1 Inc  SST.N :
    * SYSTEM1 ANNOUNCES SALE OF TOTAL SECURITY
    * SYSTEM1 INC - TRANSACTION PROVIDES SYSTEM1 WITH $240
MILLION IN
CASH TO INVEST IN CORE ADVERTISING BUSINESS, IMPROVE LIQUIDITY &
LEVERAGE
    * SYSTEM1 INC - SALE OF TOTAL SECURITY LIMITED TO A GROUP
LED BY
JUST DEVELOP IT LIMITED
    * SYSTEM1 INC - TRANSACTION CONSIDERATION VALUED AT
APPROXIMATELY
$340 MILLION
    * SYSTEM1 INC - AS RESULT OF TRANSACTION, CO IS WITHDRAWING
ITS
GUIDANCE FOR SECOND HALF OF FISCAL YEAR 2023 WHICH WAS PROVIDED
IN AUGUST OF THIS YEAR
    * SYSTEM1 INC - RECONFIRMED IT STILL HAS ABOUT $24 MILLION
REMAINING ON ITS PREVIOUSLY ANNOUNCED STOCK AND WARRANT
REPURCHASE PROGRAM
    * SYSTEM1 INC - WILL USE $51.0 MILLION OF PROCEEDS TO REPAY
CERTAIN OF ITS OUTSTANDING INDEBTEDNESS

Source text for Eikon:  ID:nBwMLr8ga 
Further company coverage:  SST.N