FiscalNote, the D.C. software and regulatory dashboard company that owns CQ-Roll Call, will go public via a special purpose acquisition company (SPAC) merger, the firm announced Monday.
The company will combine with Duddell Street Acquisition Corp., a blank-check company backed by Hong Kong hedge fund Maso Capital, in a deal that values FiscalNote at $1.3 billion, according to the announcement. Current FiscalNote shareholders, which include AOL and Revolution Growth co-founder Steve Case, Yahoo! co-founder Jerry Yang, billionaire entrepreneur Mark Cuban and New Enterprise Associates, will roll their stakes into the public company and retain a 76% ownership, according to a press release.
When the transaction is complete, FiscalNote will trade on the Nasdaq exchange under the ticker NOTE.
The SPAC transaction includes a $100 million, fully-committed private placement of stock whose buyers are led by Maso Capital. The deal is expected to yield gross proceeds of $275 million — the…
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