FiscalNote Special Committee Retains Independent Financial Advisor, Shares Surge 36%
AI-driven enterprise SaaS technology provider, FiscalNote Holdings (NYSE: NOTE) has retained Centerview Partners, LLC as an independent financial advisor to its Special Committee. The company’s Board of Directors previously established the Special Committee to evaluate potential future transactions or proposals it receives from the Company’s CEO and Co-founder, Tim Hwang, regarding a potential go-private transaction, as well as any other transaction proposals submitted to the Company.
FiscalNote’s share price rose more than 30% following the news.
This month, FiscalNote reported its financial results for Q3 2023, announcing it had reached adjusted EBITDA profitability.
The company delivered 17% revenue growth year-over-year, reaching $34 million, amidst ongoing enterprise demand for its AI-enabled global regulatory, policy, and market intelligence.
Subscription revenue, which comprises approximately 89% of total revenue, grew 15% year-over-year of which 7% was on an organic basis.
Gross profit was $23.6 million representing 69% gross margin, and non-GAAP adjusted gross profit(2) was $28.4 million representing 83% non-GAAP adjusted gross margin.
FiscalNote had cash and cash equivalents (inclusive of short-term investments) of $24.4 million and approximately $94 million of additional debt capacity, as of September 30, 2023.
FiscalNote (NYSE: NOTE) is a leader in policy and global intelligence. By uniquely combining data, technology, and insights, FiscalNote empowers customers to manage political and business risk. Since 2013, FiscalNote has pioneered technology that delivers critical insights and the tools to turn them into action. Home to CQ, FrontierView, Oxford Analytica, VoterVoice, and many other industry-leading brands, FiscalNote serves approximately 5,000 customers worldwide with global offices in North America, Europe, Asia, and Australia. To learn more about FiscalNote and its family of brands, visit FiscalNote.com and follow @FiscalNote.