Duddell Street (DSAC) Shareholders Approve FiscalNote Deal
by Marlena Haddad on 2022-07-27 at 6:03pm

Duddell Street (NASDAQ:DSAC) announced this afternoon that its shareholders approved its combination with legal and regulatory data provider FiscalNote at a special meeting held earlier today.

The press release did not provide details on redemption amounts, but DSAC traded above its trust value of $10 throughout its redemption deadline, July 25. And, at today’s meeting, 92.5% of the votes cast were in favor of the approval of the business combination, and the other proposals presented on the ballot.

The SPAC recently secured up to $250 million in senior debt financing as well as a bonus pool for non-redeeming shareholders a few months ago in May. The investment was led by Runway Growth Capital, ORIX Growth Capital, and Atalaya Capital Management, and will be provided as a 5-year senior secured term loan. This will include an aggregate principal amount of $150 million financing committed at closing with an additional accordion facility for $100 million.

The proceeds from the debt financing are expected to be used to drive FiscalNote’s growth through an acceleration of investment in go-to-market and other capabilities, fund M&A strategy, and refinance certain existing indebtedness of the company.  This credit facility replaced the previously announced PIPE with a flexible source of funding that can expand as the company grows.

Following the closing, which is expected to take place Friday, July 29, 2022, the combined company’s stock and warrants are expected to begin trading on the New York Stock Exchange under the ticker symbols “NOTE” and “NOTE WS”, respectively, on Monday, August 1, 2022.

The parties initially announced the $1.18 billion combination on November 8. Washington, DC-based FiscalNote uses AI tools to crunch legislative, regulatory and geopolitical data to provide insights and analysis


  • J.P. Morgan acted as financial advisor to FiscalNote.
  • Citi and BTIG, LLC acted as capital markets advisors to Duddell Street.
  • Citi and J.P. Morgan served as joint placement agents for the PIPE financing.
  • Davis Polk & Wardwell LLP is serving as legal advisor to Duddell Street
  • Paul Hastings LLP is serving as legal advisor to FiscalNote.
  • Shearman & Sterling LLP is serving as legal advisor to Citi and J.P. Morgan.
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