Mark Cuban-backed FiscalNote to go public via $1.3 bln SPAC deal

Fiscalnote Holdings

08/11/2021 11:32

Nov 8 (Reuters) - FiscalNote Holdings Inc, a Mark
Cuban-backed legal data and analytics company, said on Monday it
would merge with a blank-check firm to go public in a deal
valuing it at about $1.3 billion.
    Founded in 2013, the company offers a platform that gives
its customers such as Nestle  NESN.S , Netflix  NFLX.O  and
Tesla  TSLA.O  access and analysis on every U.S. government
bill. 
    The company uses artificial intelligence to make government
data more accessible and also tracks regulatory developments in
the European Union.
    FiscalNote's deal with Duddell Street Acquisition Corp
 DSAC.O  will provide it with proceeds of $275 million,
consisting of a $100 million private placement in public equity
and about $175 million from the special purpose acquisition
company's (SPAC) IPO.
    FiscalNote, which is also backed by billionaire venture
capitalist and Yahoo Inc co-founder Jerry Yang, intends to use
the proceeds to expand its product offering and fund
acquisitions. 
    A SPAC is a publicly listed shell company that raises funds
with the intention of merging with a private company within two
years of floating its shares. The private firm goes public
through the merger.
    After the deal closes in the first quarter of 2022,
FiscalNote will list on the Nasdaq under the ticker symbol
"NOTE".
    

 (Reporting by Manya Saini in Bengaluru; Editing by Aditya Soni)
 ((Manya.Saini@thomsonreuters.com;))