FiscalNote will begin trading on the New York Stock Exchange Monday, August 1, 2022 Under the “NOTE” symbol
Long Term Growth Plan Funded by 425 million dollars In the capital
Co-founder, Chairman and CEO Tim Hwang will join the company’s senior executives and employees at the New York Stock Exchange to ring the opening bell IN Thursday, August 4, 2022
HONG KONG AND WASHINGTON, July 29, 2022 /PRNewswire/ — Duddell Street Acquisition Corp . (Nasdaq: DSAC) (“Duddell Street”), a publicly traded special purpose buyout company, today announced the completion of its business combination (the “Combination Business”) with FiscalNote Holdings, Inc. (“FiscalNote”), a leading AI-driven enterprise SaaS company that provides legal and regulatory data and insights.
In connection with the completion of the Business Combination, FiscalNote’s Class A common stock and warrants are expected to begin trading on the New York Stock Exchange on Monday, August 1, 2022 under the symbols marked “NOTE” and “WS NOTE”, respectively. Then Co-Founder, Chairman and CEO of FiscalNote, Tim Hwangwill ring the opening bell of the NYSE at 9:30 a.m. ET, Thursday, August 4, 2022 alongside the company’s senior executives and employees at a celebration of FiscalNote’s public trading debut. A direct source of the Bell Opening can be found at www.nyse.com/bell.
“We are excited to enter the public markets following the successful completion of this transaction. A new chapter for FiscalNote is about to begin and we could not be more enthusiastic about what is to come,” said Tim Hwang, Co-Founder, Chairman and CEO of FiscalNote. “Going public will enhance and accelerate our growth strategy, which serves our global clients with excellence through our world-class suite of results-oriented solutions. We remain focused on strengthening our ability to execute in short- and long-term organic and inorganic growth opportunities – with a particular emphasis on the rapidly expanding regulated industries market of the future. Our success will be driven by mission, purpose and continuous innovation, while the core nature of what offers FiscalNote will remain stable and essential in a world where change and uncertainty are the only constants. We are more committed than ever to delivering sustainable value to our customers, our partners and our shareholders.”
“We are pleased to complete our business combination with FiscalNote and are very excited about FiscalNote’s future as a market leader and category creator,” said Manoj Jain, CEO of Duddell Street, and Co-Chief Investment Officer of Maso Capital. “FiscalNote’s outstanding track record of organic and inorganic growth – powered by product innovation and strategic M&A plan – will enable the company to further disrupt and revolutionize the market with its strategy to turn data and insights into action-driven advice. There was no doubting FiscalNote’s fundamental value to companies and organizations around the world when we first announced our deal in November of last year. Now, in a climate of growing geopolitical uncertainty and volatility of the market, its mission and purpose is needed more than ever and continues to deliver outstanding value and positive results for thousands of global customers. We are confident that the company’s strong business fundamentals and strategy going forward offer excellent prospects for continued growth. We look forward to partnering with FiscalNote and its experienced management team as they bears enter the public markets.”
JP Morgan acted as financial advisor to FiscalNote. Citi, BTIG, LLC, Chardan, Cohen & Company Capital Markets, a division of JVB Financial Group, LLC, DA Davidson & Co., EF Hutton, a division of Benchmark Investments, LLC and Northland Securities, Inc., acted as capital markets advisors on Duddell Road. Davis Polk & Wardwell LLP served as legal counsel to Duddell Street, and Paul Hastings LLP served as legal counsel to FiscalNote. Shearman & Sterling LLP served as legal counsel to Citi and JP Morgan.
note: “The long-term growth plan funded by 425 million dollars in the Capital”: consists of 175 million dollars in the proceeds from the business combination and a 5-year secured loan with a term of up to 250 million dollarsincluding 150 million dollars of financing engaged in closing with an additional accordion facility for 100 million dollarssubject to certain conditions.
FiscalNote is a leading technology provider of global policy and market intelligence. By uniquely combining AI technology, actionable data and expert and peer insights, FiscalNote empowers clients to manage policy, address regulatory developments and mitigate global risk. Since 2013, FiscalNote has seen technology deliver mission-critical insights and the tools to turn them into action. Home to CQ, Equilibrium, FrontierView, Oxford Analytica, VoterVoice and many other industry-leading brands, FiscalNote serves more than 5,000 clients worldwide with global offices in North America, Europe, AsiaAND Australia. To learn more about FiscalNote and its family of brands, visit FiscalNote.com and follow @FiscalNote.
About Duddell Street Acquisition Corp.
Duddell Street Acquisition Corp. was created for the purpose of effecting a merger, exchange of shares, acquisition of assets, purchase of shares, reorganization or similar business combinations with one or more businesses. Duddell Street is sponsored by Hong Kong-based hedge fund Maso Capital. Since inception, Maso Capital has invested in more than a thousand companies and situations across multiple sectors and geographies. Using her status and reputation in Hong Kong and its experienced investment team, Maso Capital has had investments in a variety of TMT, healthcare, fintech and consumer companies in the region. For more information, please visit DSAC.co.
Additional information and where to find it
In connection with the Business Combination, Duddell Street has filed relevant materials with the SEC, including a registration statement on Form S-4, which includes a Duddell Street proxy statement/prospectus, which was declared effective by the SEC on July 1, 2022, and will submit other documents related to the Business Combination to the SEC. Duddell Street stockholders and other interested persons are advised to read the definitive proxy statement and the documents incorporated by reference filed in connection with the Business Combination, as these materials contain important information about FiscalNote, Duddell Street and the Business Combination. Documents filed by Duddell Street with the SEC may be obtained free of charge at the SEC’s website at www.sec.gov.
No offers or requests
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor will there be any sale of securities in any jurisdiction in which an offer , such solicitation or sale would be illegal prior to registration or qualification under the securities laws of any such jurisdiction.
Caution Regarding Forward-Looking Statements
This communication contains “forward-looking statements” within the meaning of the Private Securities Reform Act of 1995. Such statements may include, but are not limited to, statements about future financial and operating results, plans, objectives , expectations and intentions regarding future operations, products and services; and other statements identified by words such as “will,” “expect,” “anticipate,” “estimate,” “believe,” “aim,” “plan,” “projection,” “pro forma,” ” view”. ” or words of similar meaning. These forward-looking statements include, but are not limited to, statements about FiscalNote’s industry and market size, future opportunities for FiscalNote and Duddell Street, FiscalNote’s estimated future results and the combination of of the proposed business between Duddell Street and FiscalNote, including pro forma market capitalization, pro forma revenue, the expected transaction and ownership structure and the likelihood, timing and ability of the parties to successfully complete the proposed transaction. Such forward-looking statements are based on in the current beliefs and expectations of the managements of Duddell Street and FiscalNote and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond the control of Duddell Street or FiscalNote Actual results and timing of events may change materially ht from the results anticipated in these forward-looking statements. Except as required by law, Duddell Street and FiscalNote undertake no obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
ICR, Inc. for FiscalNote
Duddell Street Acquisition Corp.
SOURCE Fiscal Note