FiscalNote to Begin Trading on the New York Stock Exchange on
Monday, August 1, 2022 Under
the Ticker Symbol "NOTE"
Long-Term Growth Plan Funded by $425
Million in Capital
Co-Founder, Chairman & CEO Tim Hwang Will Join Senior
Leadership and Company Employees at the New York Stock Exchange to
Ring Opening Bell on 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 acquisition company, today announced the completion of its
business combination (the "Business Combination") with FiscalNote
Holdings, Inc. ("FiscalNote"), a leading AI-driven enterprise SaaS
company that delivers 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
commence trading on the New York Stock Exchange on Monday, August 1, 2022 under the ticker symbols
"NOTE" and "NOTE WS," respectively. Subsequently, FiscalNote's
Co-Founder, Chairman and CEO, Tim
Hwang, will ring the NYSE Opening Bell at 9:30 a.m. ET, Thursday,
August 4, 2022 alongside senior leaders and employees of the
company in a celebration of FiscalNote's public trading debut. A
live feed of the Bell Opening can be found at
www.nyse.com/bell.
"We are excited to enter the public markets following the
successful conclusion of this transaction. A new chapter for
FiscalNote is about to begin, and we could not be more enthusiastic
about what's to come," said Tim
Hwang, Co-Founder, Chairman and CEO of FiscalNote. "Becoming
a public company will enhance and accelerate our growth strategy
which super-serves our global customers with excellence through our
world-class suite of results-oriented solutions. We remain focused
on strengthening our ability to execute on near-and long-term
organic and inorganic growth opportunities - with a special
emphasis on the rapidly-expanding market of regulated industries of
the future. Our success will be guided by mission, purpose, and
continued innovation, while the essential nature of what FiscalNote
offers will remain steadfastly durable and essential in a world
where change and uncertainty are the only constant. We are
more committed than ever to providing lasting value to our
customers, our partners, and our shareholders."
"We are pleased to complete our Business Combination with
FiscalNote, and we are very excited about FiscalNote's future as
both a market leader and category creator," said Manoj Jain, CEO of Duddell Street, and Co-Chief
Investment Officer of Maso Capital. "FiscalNote's exceptional track
record of organic and inorganic growth - powered by its product
innovation and strategic M&A plan - will enable the company to
further disrupt and revolutionize the marketplace with its strategy
of turning data and advisory-driven insights into action. There was
no question of FiscalNote's essential value to companies and
organizations around the world when we first announced our
agreement in November last year. Now, in a climate of increasing
geopolitical uncertainty and market volatility, its mission and
purpose are needed more than ever, and continues to deliver
tremendous value and positive results for thousands of global
customers. We are confident that the company's strong business
fundamentals and go-forward strategy provide excellent prospects
for continued growth. We look forward to partnering with FiscalNote
and its experienced management team as they officially enter the
public markets."
Advisors
J.P. Morgan acted as financial advisor to
FiscalNote. Citi, BTIG, LLC, Chardan, Cohen & Company Capital
Markets, a division of J.V.B. Financial Group, LLC, D.A. Davidson
& Co., EF Hutton, division of Benchmark Investments, LLC, and
Northland Securities, Inc., acted as capital markets advisors to
Duddell Street. Davis Polk &
Wardwell LLP served as legal advisor to Duddell Street, and Paul
Hastings LLP served as legal advisor to FiscalNote. Shearman &
Sterling LLP served as legal advisor to Citi and J.P. Morgan.
Note: "Long-Term Growth Plan Funded by $425 Million in Capital": consists of
$175 million in proceeds from the
business combination and a 5-year senior secured term loan of up to
$250 million, including $150 million of committed financing at closing
with an additional accordion facility for $100 million, subject to certain
conditions.
About FiscalNote
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 customers to manage policy,
address regulatory developments, and mitigate global risk. Since
2013, FiscalNote has pioneered technology that delivers
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 customers worldwide with global offices in
North America, Europe, Asia,
and 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 formed for the purpose of effecting a merger,
share exchange, asset acquisition, share purchase, reorganization
or similar Business Combination 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 one thousand companies and
situations across multiple sectors and geographies. Leveraging its
stature and reputation in Hong
Kong and its experienced investment team, Maso Capital has
had investments in a number 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 proxy statement/prospectus
of Duddell Street, which was declared effective by the SEC on
July 1, 2022, and will file other
documents regarding the Business Combination with the SEC. Duddell
Street's shareholders and other interested persons are advised to
read the definitive proxy statement and documents incorporated by
reference therein filed in connection with the Business
Combination, as these materials contain important information about
FiscalNote, Duddell Street and the Business Combination. The
documents filed by Duddell Street with the SEC may be obtained free
of charge at the SEC's website at www.sec.gov.
No Offer or Solicitation
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
shall there be any sale of securities in any jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
jurisdiction.
Caution Concerning Forward-Looking Statements
This
communication contains "forward-looking statements" within the
meaning of the Private Securities Litigation 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 with respect to future operations,
products and services; and other statements identified by words
such as "will," "are expected to," "is anticipated," "estimated,"
"believe," "intend," "plan," "projection," "pro forma," "outlook"
or words of similar meaning. These forward-looking statements
include, but are not limited to, statements regarding FiscalNote's
industry and market sizes, future opportunities for FiscalNote and
Duddell Street, FiscalNote's estimated future results and the
proposed business combination 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
consummate the proposed transaction. Such forward-looking
statements are based upon the current beliefs and expectations of
Duddell Street's and FiscalNote's managements and are inherently
subject to significant business, economic and competitive
uncertainties and contingencies, many of which are difficult to
predict and generally beyond Duddell Street's or FiscalNote's
control. Actual results and the timing of events may differ
materially from the results anticipated in these forward-looking
statements. Except as required by law, Duddell Street and
FiscalNote do not undertake any obligation to update or revise any
forward-looking statements whether as a result of new information,
future events or otherwise.
Contacts:
Media
Nicholas Graham
FiscalNote
press@fiscalnote.com
Investors
ICR, Inc. for FiscalNote
Sean Hannan
IR@fiscalnote.com
Duddell Street Acquisition Corp.
Sam Joshi
IR@masocapital.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/duddell-street-acquisition-corp-and-fiscalnote-complete-business-combination-301596349.html
SOURCE FiscalNote