FiscalNote Holdings, Inc. (NOTE)

FiscalNote Holdings, Inc. is a technology and data company that provides information on public policy, regulation and government activity. It was founded in 2013 by Tim Hwang, who served as chief executive for most of its public life, and is headquartered in Washington, D.C. Its products combined artificial intelligence and machine learning with human research to help organizations monitor legislation and manage risk.

The company served corporations, government agencies, law firms, professional services organizations, trade associations and nonprofits. Its offerings included policy and issues management software, global government relations tools, advocacy and constituent management products, and data and news from acquired brands. FiscalNote built much of its portfolio through acquisitions of businesses such as Roll Call and CQ, Oxford Analytica, Board Intelligence and others.

FiscalNote became public in July 2022 through a business combination with Duddell Street Acquisition Corp., a special purpose acquisition company, and its Class A common stock and public warrants were listed on the New York Stock Exchange under the symbols NOTE and NOTEW. As with many companies that went public through SPACs, its share price fell substantially after the listing.

The company pursued cost reductions and strategic changes, and it carried subordinated convertible debt held by creditors including GPO FN Noteholder, LLC and YA II PN, Ltd. Its stock traded at low prices for an extended period, creating concern about continued compliance with NYSE continued listing standards.

On April 3, 2026, NYSE staff filed a Form 25 with the SEC to delist the Class A common stock and the warrants, which have an exercise price of $11.50 and cover 0.131 shares each. The delisting took effect on April 13, 2026, and the securities began trading on the OTCID Basic Market under the symbols NOTE and NOTEW. FiscalNote said it intended to pursue a listing on another tier or exchange offering better investor access and liquidity.

The delisting created defaults under the company's subordinated convertible debt. On April 21, 2026, FiscalNote entered into forbearance agreements with the two subordinated creditors, who agreed to waive those defaults and refrain from exercising related rights through May 21, 2026.