System1 discloses NYSE notice of late filing

System1 reported in its Notification of Late Filing on Form 12b-25, previously filed with the Securities and Exchange Commission on March 17, 2023, that it was unable to file its Annual Report on Form 10-K for the fiscal year ended December 31, 2022 within the prescribed period, as it requires additional time to close. As a result, the Company received a notice from the New York Stock Exchange on April 3, 2023 indicating that, because the Company did not timely file its Annual Report, the Company is not currently in compliance with Section 802.01E of the NYSE Listed Company Manual, which requires that NYSE-listed companies timely file all periodic reports with the SEC. The Company requires additional time to file its Annual Report in order to complete certain accounting-related items, including, but not limited to, the evaluation and quantification of identified accounting errors in the historical 2022 quarterly reporting periods, the completion of the purchase accounting for business combinations which closed during the year ended December 31, 2022, and the fiscal year 2022 goodwill impairment analysis in order to determine the amount of any associated goodwill impairment and the evaluation of the period in which an impairment of goodwill originated. Notwithstanding the foregoing, 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.