Mark Cuban-backed FiscalNote to go public via $1.3 billion SPAC deal
(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, Netflix and Tesla 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 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