DSAC - DSAC Stock Pops on FiscalNote SPAC Merger News. 14 Things to Know.
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Duddell Street Acquisition (NASDAQ:DSAC) stock is on the move Monday following news of a special purpose acquisition company merger with FiscalNote.
Let’s jump into the details of the SPAC deal below!
- SPAC Duddell Street Acquisition will merge with AI-driven enterprise SaaS company FiscalNote to take it public.
- This sets FiscalNote with a pro forma market capitalization of approximately $1.3 billion.
- It will also see shares of DSAC stock change over to the new NOTE ticker once the deal is complete.
- The deal will see FiscalNote equity holders roll 100% of their equity interests into the combined company.
- This will have them holding 76% ownership of the new company.
- There’s also a six-month lockup for current shareholders of FiscalNote.
- However, they can also earn additional shares if certain stock price targets are met.
- Investors led by Maso Capital have agreed to purchase $100 million of common stock for $10 each in a private placement.
- That will contribute to the $275 million in gross proceeds FiscalNote expects from the deal.
- The other $150 million comes from funds held in trust by Duddell Street Acquisition.
- FiscalNote points out that this should easily surpass the $190 million minimum cash required in the definitive business combination agreement.
- New of the SPAC merger has DSAC stock experiencing heavy trading today.
- As of this writing, more than 800,000 shares have changed hands.
- That’s quite the jump over its daily average trading volume of around 29,000 shares.
DSAC stock was down slightly as of Monday morning.
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