TREB SEC filings, in plain English
Everything Trebia Acquisition Corp. has filed with the SEC that we hold — 40 filings, newest first, 6 with a plain-English summary of what changed and why it matters. Every row links to the primary document on EDGAR, so you can check the source rather than trust us.
The feed
live EDGAR captureNew filings appear here within minutes of hitting EDGAR; summaries follow once the pipeline has read them.
What changed: Item 7.01 8-K of System1, Inc. (NYSE: SST). On August 5, 2026 the company posted supplemental financial information for the quarter ended June 30, 2026 to its investor relations website, furnished as Exhibit 99.1 under Regulation FD and expressly not deemed filed. Why it matters: The 8-K body states no figures; the supplemental information is only in the furnished exhibit. The company's earnings release was filed separately the same day (accession 0001805833-26-000049).
What changed: Exhibit 99.1 to an 8-K of System1, Inc. (NYSE: SST): the August 5, 2026 press release reporting Q2 2026 results. Revenue was $30.2 million with GAAP gross profit of $24.3 million at an 80% margin and adjusted gross profit of $25.5 million at 85%; GAAP net loss was $15.3 million and Adjusted EBITDA $1.9 million. The CFO attributes the year-over-year revenue decline to a decision late in the first quarter to significantly reduce marketing activity tied to search monetization across owned and operated properties, which he states drove adjusted gross margin to 85%. Why it matters: The company's own risk list states substantial doubt about its ability to continue as a going concern in the same release as an 85% adjusted gross margin and a debt exchange that it says halves gross debt. Revenue fell by design, as a deliberate pullback in paid marketing.
What changed: The 10-Q filed under Commission file number 001-39331 is that of System1, Inc. (NYSE: SST) for the quarter ended June 30, 2026, with 8,708,922 Class A and 1,779,727 Class C shares outstanding as of August 1, 2026. Revenue was $30,200 thousand against $78,115 thousand a year earlier, down 61%, and $67,434 thousand for the six months against $152,628 thousand, while cost of revenue fell to $5,926 thousand from $50,212 thousand. Why it matters: Revenue fell 61% year over year while $291.8 million of debt remains, $76.9 million of it current against $40.5 million of cash — the balance sheet went from positive to negative equity in six months and carries a $37.7 million impairment against the intangibles the debt financed. Cost of revenue fell faster than revenue, so the gross line held while the enterprise shrank.
going-concern doubtnothing moved · 1 with no prior record of ours
- Going-concern doubt
- stated · unchanged
The clause …“traffic across a wide range of advertising category verticals. Liquidity and Going Concern We have evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about our ability to”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
What changed: 8-K of System1. Item 5.07 (submission of matters to a vote): at the July 22, 2026 virtual annual meeting, holders of 7,900,179 common shares, about 79.01% of shares outstanding on the June 18, 2026 record date, were present or represented. The Share Issuance Proposal, approving issuance of the Series A Cumulative Convertible Preferred Stock for NYSE purposes, passed 6,714,340 for, 21,108 against, 1,765 abstaining with 1,162,966 broker non-votes; three Class I directors were elected; and Deloitte and Touche LLP was ratified 7,878,446 to 4,489. Why it matters: Item 8.01 states the debt exchange and settlement transaction with the participating lenders closed on July 23, 2026 on the strength of that vote, issuing the Preferred Shares to the lenders and entering the Priority Credit Agreement. Item 5.03 designates 39,250 Preferred Shares at an initial stated value of $1,022.05, being $1,000 plus dividends deemed accrued from April 1, 2026 to closing, and Item 5.02 records that the preferred holders used their right to designate a director, electing Robert Sharp, which they keep while at least 19,625 preferred shares remain outstanding.
What changed: System1, Inc. (successor to SPAC Trebia Acquisition Corp) called its annual meeting for Wednesday, July 22, 2026 at 11:00 a.m. Pacific Time at virtualshareholdermeeting.com/SST2026, record date June 18, 2026, with Class A and Class C common stock voting. Proposal 1 asks holders to approve, for purposes of the NYSE listing rules, the issuance of Preferred Shares. The preferred matures on January 14, 2031, when the company must redeem all outstanding Preferred Shares for cash at the then-applicable liquidation value, subject to conversion rights. Three Class I directors also stand for election. Why it matters: The preferred issuance is a senior claim ahead of common: distributions to common stock and other junior equity are blocked until the preferred is served, and the January 14, 2031 mandatory cash redemption at liquidation value creates a fixed future cash obligation the company must fund or refinance. Holders' conversion rights mean the alternative outcome is share issuance and dilution to common. The NYSE vote is required because the issuance is large enough to shift control or exceed the 20% threshold, so either path costs existing equity.
What changed vs 2025-05-19going concern RESOLVEDgoing-concern doubt, outside date1 moved · 1 with no prior record of ours
- Going-concern doubt
- statednot stated
- Outside date
- 2026-10-11 · unchanged
SpacBrain reads this as the substantial-doubt sentence is in the previous filing and not in this one.
The clause …“the SEC notifies the Company that it intends to review this Proxy Statement, October 11, 2026 (the “Outside Date”) and (y) such date that the Priority Borrower notifies the other parties to the Exchange Agreement that it does not”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
What changed: System1, Inc. filed a preliminary proxy for its annual meeting of stockholders on Wednesday, July 22, 2026 at 11:00 a.m. Pacific Time, held entirely virtually, with a June 18, 2026 record date. Proposal 1 asks holders to approve, for purposes of complying with NYSE listing rules, the issuance of 39,250 shares of Series A Cumulative Convertible Preferred Stock with an aggregate initial stated value of $39.25 million. Proposal 2 is the election of three Class I directors and Proposal 3 the ratification of Deloitte & Touche LLP for the fiscal year ending December 31, 2026. Why it matters: The preferred issuance is one leg of the May 29, 2026 Exchange Agreement with all existing term and revolving lenders, under which their loans and commitments are deemed repaid in full and terminated in exchange for a new $150.0 million priority term loan, the 39,250 preferred shares, and a one-time cash payment of $31,379,300.18. At the initial conversion price of $10.40 the preferred converts into 3,775,000 Class A shares, roughly 37.8% of common outstanding at the record date, which is what trips the NYSE 20% threshold. Closing the transaction is conditioned on this approval.
outside datenothing moved · 1 with no prior record of ours
- Outside date
- not previously extracted2026-10-11
SpacBrain reads this as the agreement may be terminated from 2026-10-11.
The clause …“the SEC notifies the Company that it intends to review this Proxy Statement, October 11, 2026 (the “Outside Date”) and (y) such date that the Priority Borrower notifies the other parties to the Exchange Agreement that it does not”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
- What changed vs 2025-11-05going concern APPEARED
going-concern doubt1 moved
- Going-concern doubt
- not statedstated
SpacBrain reads this as the substantial-doubt sentence is in this filing and not in the previous one.
The clause …“and System1 Holdings and S1 Media are not parties thereto. Liquidity and Going Concern We have evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about our ability to”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
- What changed vs 2025-03-10going concern APPEARED
going-concern doubt1 moved
- Going-concern doubt
- not statedstated
SpacBrain reads this as the substantial-doubt sentence is in this filing and not in the previous one.
The clause …“following: • We have performed an analysis of our ability to continue as a going concern and have identified substantial doubt about our ability to continue as a going concern. If we are unable to obtain sufficient additional funding”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
In plain English
Redemption deadlinethe last day to hand shares back for cash
Set by the filing that calls the meeting. Tender after it and the company is under no obligation to pay you the trust value.
Cash in trust / trust per sharethe cash the company is holding for each public share
Filed quarterly in the 10-Q's XBRL. It earns interest between filings, so the figure on a given day is slightly higher than the last filed one — where we show that we label it an estimate.
Accession numberthe SEC's unique id for one filing
Every figure on this page carries the accession of the filing that states it, so you can open the primary document rather than trust us.