FiscalNote to go Public via SPAC
Posted on 07/05/2022
Hong Kong-based Duddell Street Acquisition Corporation, a publicly-traded special purpose acquisition company, is taking FiscalNote Holdings, Inc., public. FiscalNote is an enterprise SaaS company that delivers legal and regulatory data and insights. FiscalNote owns businesses such as CQ, Roll Call, Oxford Analytica, and VoterVoice. FiscalNote relies on third parties, including public sources, for data, information and other products and services, and FiscalNote’s relationships with such third parties may not be successful or may change, which could adversely affect its results of operations. For the year ended December 31, 2021, according to an SEC filing, FisalNote had income of negative US$ 125,422,000,000 over revenue of US$ 82,912,000.
Duddell Street is sponsored by Hong Kong-based hedge fund Maso Capital. Since inception, Maso Capital has invested in more than one thousand companies and situations across multiple sectors and geographies.
In December 2020, Maso Capital, the owner of Duddell Street, was approached by a broker-dealer working on a private financing for FiscalNote. Maso Capital participated in the financing and invested US$ 3 million in FiscalNote in the form of a convertible note. The note accrues at an interest rate of 10% per annum and will be due and payable at the earlier of July 31, 2025 or the occurrence of an event of default. On October 11, 2021, Duddell Street and FiscalNote agreed to adjust the valuation of New FiscalNote to reflect a fully diluted pro forma enterprise valuation of US$ 1.2 billion and an implied equity value of FiscalNote of US$ 1 billion.
