FiscalNote to Go Public in $1.3 Billion Business Combination with Duddell Street Acquisition Corp.
Washington, D.C. and San Francisco – Paul Hastings LLP, a leading global law firm, announced today that it advised FiscalNote, a leading AI-driven enterprise SaaS company, in a definitive agreement for a $1.3 billion business combination with Duddell Street Acquisition Corp., a publicly traded special purpose acquisition company.
The proposed business combination will result in FiscalNote becoming a publicly listed company. Upon closing, the combined company will operate under the FiscalNote name and trade on the Nasdaq Global Market under the ticker symbol “NOTE”.
The fully financed transaction includes a fully committed $100 million PIPE, anchored by Maso Capital. Upon closing, the transaction will provide approximately $275 million of gross proceeds to the combined company, comprised of approximately $175 million of cash held in the trust account of Duddell Street, with redemptions of the trust account backstopped by Maso Capital, and the $100 million PIPE.
The transaction is expected to close during the first quarter of 2022, subject to the approval of the business combination by Duddell Street’s shareholders, the concurrent PIPE transaction, satisfaction of the conditions stated in the definitive agreement and other customary closing conditions.
The Paul Hastings team that advised FiscalNote was led by Capital Markets partner Brandon Bortner and M&A partner Steve Camahort, and included associates Flavio Averbug, Amir Heyat, Elena Burns, Daniel O'Connor, Tyler Born, and Megan Craig.
Additional advice was provided by partner Lucas Rachuba and of counsel Amy Lawrence on Tax, and Eric Keller on Employee Benefits and Compensation.
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