Legal data company FiscalNote Holdings and Duddell Street Acquisition today announced plans to merge with a pro forma market capitalization of approximately $1.3 billion.
If approved, upon closing the combined company will operate under the FiscalNote name and trade on the Nasdaq under NOTE.
Current FiscalNote equity holders will roll 100% of their equity interests into the combined company and will retain approximately 76% ownership.
Existing FiscalNote equity holders will be under a lock-up of at least six months from the closing of the transaction and have the potential to receive an earnout of additional shares of common stock of the combined company if certain price targets are met.
Investors anchored by Maso Capital have committed to a $100 million PIPE. At closing, the transaction will provide approximately $275 million of gross proceeds to the combined company, consisting of approximately $175 million of cash held in the Duddell Street trust , with any redemptions backstopped by Maso Capital, as well as the PIPE.
Gross proceeds are expected to far exceed the minimum cash condition of $190 million.
FiscalNote provides legal and policy data and insights using AI technology. Read more.
