System1 delays Q4 and yearly earnings report to review accounting

System1 announced that the Company is postponing its scheduled earnings release and conference call for the fourth quarter and full-year ended December 31 previously scheduled for today. The Company requires additional time to complete its preparation and corresponding review process of its consolidated financial statements as of and for the year ended December 31. Additionally, the Company is reviewing its accounting for last year’s business combination transactions, including completion of its purchase accounting for business combinations and to perform its annual goodwill impairment analysis. In order to accommodate this schedule, the Company today filed a timely Notification of Late Filing on Form 12b-25 with respect to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31. As of today’s date, the Company does not expect any material changes to its previously reported revenue or cash expenses for fiscal year 2022 to result from such review. The Company will announce the schedule for its fourth quarter and full-year ended December 31 financial results and conference call in a future press release.