DSAC - FiscalNote to go public via a SPAC deal at ~$1.3 billion valuation

FiscalNote Holdings and Duddell Street Acquisition (NASDAQ:DSAC) has entered a merger agreement that will result in FiscalNote becoming a publicly listed company with a pro forma market capitalization of ~$1.3 billion (combined). FiscalNote is one of the largest technology companies headquartered in Washington, D.C., operating in eight countries and with about 650 employees globally. The transaction values company at ~6.9x of enterprise value to 2022E pro forma revenue. Current FiscalNote equity holders will roll 100% of their equity interests into the combined company and will retain ~76% ownership. Existing FiscalNote equity holders will be under a lock-up of at least six months from the transaction's closing. The holders will potentially receive an earnout of additional shares of common stock of the combined company if specific stock price targets are met as per the terms. Concurrently with the deal's consummation, investors anchored by Maso Capital have committed to purchase $100 million

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FiscalNote to go public via a SPAC deal at ~$1.3 billion valuation