Software Development

A year after NYSE listing, DC policy tech company FiscalNote may go private

The Penn Quarter software company was first listed on the New York Stock Exchange in August 2022 following a SPAC deal.

Tim Hwang. (Courtesy FiscalNote)

After a year of trading publicly, DC’s FiscalNote might move into the private eye.

FiscalNote, the DC policy tech software company, announced in an earnings call Tuesday that it formed a special committee to explore delisting publicly. The company began trading on the New York Stock Exchange (NYSE) under the ticker “NOTE” in August 2022 following a SPAC deal with Duddell Street Acquisition Corp. The deal was expected to value the company at $1.3 billion.

FiscalNote opened on Aug. 1, 2022, at a price of $9.92 per share. Shares closed Tuesday at $0.89 per share.

In a statement on the company’s quarterly earnings meeting, FiscalNote said its board established a special committee to explore going private, made up of board members Michael Callahan, Manoj Jain, Stanley McChrystal and Anna Sedgley. The committee was established in response to statements from Tim Hwang, CEO and cofounder, on his interest in putting together such a committee, FiscalNote said.

According to the statement, Hwang “has not provided any specific proposal, and there can be no assurance that one will be made.” However, should a proposal on this or any other transaction be received, the committee will evaluate it.

The special committee “has the full power and authority of the Board to take any and all actions on behalf of the Board as it deems necessary to evaluate and negotiate a potential go-private transaction and alternatives to any transaction proposed by Mr. Hwang,” the statement said.

FiscalNote reported a 17% revenue increase for the third quarter, at $34 million, compared to $29.1 million in the previous year. According to the earnings call statement, the company does not plan to comment further on the decision to create a committee until a transaction has been “reviewed and recommended.”

Over the summer, the company celebrated its 10-year anniversary. Over the past few years, it has acquired more than 10 companies, including CQ Roll Call, fellow Penn Quarter company Fireside, Australia’s TimeBase, Factba.se parent company FactSquared, and the UK’s Oxford Analytica.

In July, Hwang said he was committed to remaining with the company, with plans to continue expanding geographically and growing anywhere from five to 15 times its current size — employee count was around 800 then — given new interest in artificial intelligence.

“Being an AI company pre-last year was a slog, for sure,” Hwang told Technical.ly at the time. “Now, I think it’s just starting to get fun in terms of the level of interest and opportunities, and the potential of the marketplace overall.”

Companies: FiscalNote

Before you go...

Please consider supporting Technical.ly to keep our independent journalism strong. Unlike most business-focused media outlets, we don’t have a paywall. Instead, we count on your personal and organizational support.

Our services Preferred partners The journalism fund
Engagement

Join our growing Slack community

Join 5,000 tech professionals and entrepreneurs in our community Slack today!

Trending

19 tech and entrepreneurship events to check out before the holidays

EDA officials are ‘hopeful’ Tech Hubs program will live on under Trump

DC’s year in tech: An interactive timeline for 2024

AI is being used in more and more of the hiring process, especially at high-volume companies

Technically Media