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
ADVISORS
- 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.


Cayson Acquisition Corp. (NASDAQ:CAPN) has entered into a definitive agreement to combine with boutique investment firm Mango Financial for $300 million in equity consideration. Hong Kong-based Mango provides a range of M&A and equity capital markets advisory services to clients considering listings in China and the US. The combined company is expected to trade on...
Trailblazer (NASDAQ:BLZRU) has filed for a $200 million SPAC to bring a first-time team to market with serial sponsor terms. The new SPAC is offering investors a 1/3 warrant in each unit and it is the first SPAC filed so far this month with 24 months on its initial transaction clock. All other July SPACs...
This week, we speak with Kyivstar CEO Oleksandr Komarov about the company’s $2.2 billion dollar combination with Cohen Circle Acquisition Corp. I (NASDAQ:CCIR). Few companies have been had to forge themselves in the flames recently quite like Ukraine’s leading telecom and digital services provider Kyivstar. Now, Kyivstar is not only telling that story but pitching it to...
At the SPAC of Dawn The market still has one full trading session before it adds Tuesday’s Core CPI reading and a variety of Fed comments to messaging it is already ingesting on US President Donald Trump’s ever-shifting tariff policy. SPACs are meanwhile continuing on with business as usual, with Cayson (NASDAQ:CAPN) announcing the third...
Terms Tracker for the Week Ending July 11, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. One more IPO priced this week bringing July’s total to 8. However, there are still three more weeks left in the month so that number...