FiscalNote To Become Publicly Listed Through Merger With Duddell Street Acquisition

FiscalNote Holdings, Inc., and Duddell Street Acquisition Corp. (DSAC), a publicly traded special purpose acquisition company, have entered into a business combination agreement. Upon closing, the combined company will operate under the FiscalNote name and trade on the Nasdaq under the ticker, NOTE. The deal implies a pro forma market capitalization of approximately $1.3 billion for the combined company. Current FiscalNote equity holders will roll 100% of their equity interests into the combined company and will retain approximately 76% ownership.

Also, investors, anchored by Maso Capital, have committed to purchase $100 million of common stock of the combined company in a fully committed private placement at $10.00 per share. Upon closing, the deal will provide approximately $275 million of gross proceeds to the combined company.

Headquartered in Washington, D.C., FiscalNote is a global technology provider of legal and policy data and insights. It has more than 3,000 subscription customers across a diverse range of blue-chip global enterprises, small and medium-sized businesses, non-profits, and the public sector.

The Boards of FiscalNote and Duddell Street have each unanimously approved the proposed business deal, which is anticipated to be completed in the first quarter of 2022.

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