FiscalNote, a leading AI-driven enterprise SaaS company that delivers legal and regulatory data and insights, has entered into a SPAC merger agreement with Duddell Street Acquisition (DSAC).
The merger is looking at a valuation of $1.3b. Existing FiscalNote shareholders and strategic investors will be able to roll 100% of their equity interests for approximately 76% ownership of the newly listed company. Upon closing, the transaction will provide $275m of gross proceeds to the combined company. The combined company will operate under the FiscalNote name and trade on the Nasdaq under the ticker symbol NOTE.
Though it’s not a household name, FiscalNote has some pretty-famous clients – including Nestle, Netflix (NFLX), and Tesla (TSLA).
why it matters
With adherence to regulation coming under extreme scrutiny this day – thanks, Meta (well, back then it was Facebook) – platforms like FiscalNote that help companies track regulatory developments will become more and more essential.