FiscalNote
AI-driven policy and regulatory intelligence company based in Washington, DC, founded in 2013. After a 2022 NYSE listing and the 2018 acquisition of CQ Roll Call, it was delisted from the NYSE in April 2026 and now trades over the counter amid divestitures and a 25% workforce reduction.
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- Location
- Washington, DC
- Country
- United States
- Full name
- FiscalNote Holdings, Inc.
- Business
- AI-driven enterprise SaaS for legal, regulatory, and policy intelligence
- Founded
- 2013, by Tim Hwang
- Headquarters
- 1201 Pennsylvania Avenue NW, Washington, DC
- CQ Roll Call acquisition
- $180 million from The Economist Group, completed August 2018
- Public listing
- NYSE: NOTE from August 1, 2022; delisted April 13, 2026; now quoted on the OTCID Basic Market under the same ticker
- CEO
- Josh Resnik, President and CEO since January 1, 2025; founder Tim Hwang moved to Executive Chairman
- Revenue
- $95.4 million in fiscal 2025 (down 21%); net loss $65.2 million
- Restructuring
- Workforce reduction of approximately 25% announced March 2026; multiple business divestitures in 2024-2025
Overview
FiscalNote Holdings, Inc. is an AI-driven enterprise software company that sells policy and regulatory intelligence — tools for tracking legislation, analyzing regulation, and managing government-affairs workflows — from its headquarters at 1201 Pennsylvania Avenue NW in Washington, DC (U.S. SEC, Form 8-K). Founded in 2013 by Tim Hwang, the company built its early product around aggregating public legislative data from all 50 states and analyzing bills against past voting history to predict their likelihood of passage (TechCrunch). By the time it went public, it counted more than 3,000 customers — corporations, and, at one point, the U.S. Supreme Court among them — with roughly 650 employees across eight countries (Artificial Lawyer).
The company is a registered filer with the U.S. Securities and Exchange Commission, and its financial history below is drawn from those regulatory filings rather than from company marketing.
The CQ Roll Call bet and the public listing
FiscalNote’s defining acquisition came in August 2018, when it bought CQ Roll Call — the Washington political-news operation — from The Economist Group for $180 million in a combination of cash and equity (Technical.ly). The deal made The Economist Group FiscalNote’s largest single shareholder with an 18% stake, put the group’s CEO on FiscalNote’s board, and brought in a strategic equity investment from S&P Global (Financial News). The acquisition fused the newsroom’s journalism with FiscalNote’s data products and made the combined company one of the largest technology employers headquartered in Washington, DC (Technical.ly).
FiscalNote went public in 2022 through a business combination with the special purpose acquisition company Duddell Street Acquisition Corp. Shareholders approved the deal with 92.5% of votes cast, and FiscalNote’s Class A common stock and warrants began trading on the New York Stock Exchange on August 1, 2022, under the ticker symbols NOTE and NOTE WS (SPACInsider). Less than two years later, Hwang disclosed in an SEC filing that he was exploring putting together a consortium to take the company private again; the board set up a special committee, but no transaction materialized (Benzinga).
From profitable-on-paper to shrinking
In November 2024 the company announced a leadership succession: Hwang, after nearly 12 years as chief executive, would move to Executive Chairman, and President and COO Josh Resnik — previously the company’s general counsel — would become President and CEO effective January 1, 2025 (U.S. SEC, Form 8-K). FiscalNote’s 2024 annual report showed revenue of $120.3 million, down from $132.6 million in 2023, and net income of $9.5 million — but that profit was entirely an accounting artifact: a $72.0 million gain on the sale of businesses offset an operating loss of $31.9 million (Form 10-K).
The selloff continued through 2025. The company divested Aicel Technologies, Oxford Analytica, Dragonfly Intelligence, and TimeBase (after Board.org in 2024), shrinking full-year revenue to $95.4 million — a 21% decline — and producing a net loss of $65.2 million. Annual recurring revenue ended 2025 at $84.1 million, down 21% year over year (Form 8-K, March 2026).
Delisting and the OTC chapter
On March 25, 2026, the NYSE notified FiscalNote that its 30-trading-day average share price had fallen below $1.00 and that delisting proceedings would commence; trading in the stock and warrants was suspended immediately (Form 8-K). FiscalNote chose not to appeal, the NYSE filed Form 25, and the delisting became effective April 13, 2026 — the shares are now quoted on the OTCID Basic Market, still under the ticker NOTE (DEF 14A proxy). In the same March 2026 announcement, the company unveiled a workforce reduction of approximately 25%, guided 2026 revenue at just $80–83 million, and said its board continued to review strategic options (Form 8-K, March 2026).
What this profile does not claim
- No claim is made about FiscalNote’s current share price, debt load, or creditor forbearance terms; those are covered only in lower-tier market commentary that does not meet this profile’s sourcing bar.
- The $72.0 million gain on sale of businesses is stated as reported in the 10-K; the profile does not attribute the profit to operations.
- No statement is made about whether the 2023 go-private exploration or the 2026 strategic-options review concluded; neither was confirmed to a citable independent source.
- Customer counts (“4,000+ customers”) are drawn from 2020-era press coverage and the March 2026 filing’s ARR metrics; no current customer count is asserted.
Timeline
- 2013
- Tim Hwang founds FiscalNote to help businesses track and predict state and local legislation, pulling public legislative data into one platform and analyzing bills by past voting history to estimate the likelihood they will pass.
- 2018
- FiscalNote completes its $180 million acquisition of CQ Roll Call from The Economist Group through a combination of cash and equity. The Economist Group takes an 18% equity stake — the largest single shareholder at the time — and its CEO joins FiscalNote's board; S&P Global takes a strategic equity investment.
- 2022
- FiscalNote completes its business combination with SPAC Duddell Street Acquisition Corp. (92.5% shareholder approval) and its Class A common stock and warrants begin trading on the New York Stock Exchange on August 1, 2022, under the ticker symbols NOTE and NOTE WS.
- 2023
- CEO Tim Hwang discloses in an SEC filing interest in forming a consortium to explore taking the company private; the board forms a special committee. No transaction results.
- 2024
- The company announces a leadership succession: Tim Hwang transitions from CEO to Executive Chairman after nearly 12 years as chief executive, and President and COO Josh Resnik becomes President and CEO effective January 1, 2025. FiscalNote reports full-year revenue of $120.3 million and net income of $9.5 million — the latter driven by a $72.0 million gain on the sale of businesses, against an operating loss of $31.9 million.
- 2025
- FiscalNote divests Aicel Technologies, Oxford Analytica, Dragonfly Intelligence, and TimeBase (after Board.org in 2024), shrinking revenue to $95.4 million and producing a $65.2 million net loss. Annual recurring revenue ends the year at $84.1 million.
- 2026
- On March 25, 2026, the NYSE notifies FiscalNote that its 30-trading-day average share price has fallen below $1.00 and commences delisting proceedings. The company declines to appeal; the NYSE files Form 25 and the delisting becomes effective April 13, 2026, with the shares now quoted on the OTCID Basic Market. The same month FiscalNote announces a workforce reduction of about 25% and 2026 revenue guidance of $80-83 million.
What we could not verify
These claims came up in research and could not be confirmed. They are recorded here rather than published as fact or quietly dropped. If you hold a source that settles one, please tell us.
- The precise dates of some smaller acquisitions and the identities of all divested-entity buyers were not fully verified from independent sources in this pass, so only the divestitures named in the FY2025 earnings release are stated.
- Debt levels, creditor forbearance terms, and current OTC share price are covered only in lower-tier market commentary and are not stated.
- Whether the go-private exploration of 2023 is formally closed, and the status of the board's review of strategic options announced in March 2026, could not be verified to a citable independent source in this pass.
Sources
11 sources (4 tier 1, 7 tier 2), each opened and read against the claim it supports. Every source is independent of the subject; no first-party material is cited. See the source policy.
Financial and governance facts come from FiscalNote's own SEC filings (Form 8-K and 10-K), which are regulatory records, not marketing materials — no company press releases, blog posts, or website content were used. Business narrative (founding, acquisitions, listing) comes from independent technology and financial press. The delisting history is from the company's SEC-filed 8-K and definitive proxy statement.
- Supports: Hwang to Executive Chairman, Josh Resnik to President and CEO effective Jan. 1, 2025; Resnik background (SVP/GC from Oct 2018, President/COO from Feb 2022); HQ address Open original source
- Supports: FY2025 revenue $95.4M, net loss $65.2M, ARR $84.1M; divestitures of Board.org, Aicel, Oxford Analytica, Dragonfly Intelligence, TimeBase; 25% workforce reduction; FY2026 guidance $80-83M revenue Open original source
- Supports: March 25, 2026 NYSE delisting notice (sub-$1.00 30-day average); trading suspended; OTC trading expected from March 26, 2026 Open original source
- Supports: Company declined to appeal; NYSE filed Form 25; delisting effective April 13, 2026; shares now quoted on the OTCID Basic Market Open original source
- Gov't Analysis Startup FiscalNote Enlists Former Cabinet Secretary Lu And Elsevier's Chi As Advisors Tier 2Supports: 2013 founding by Tim Hwang; legislation-tracking and bill-passage-prediction business model; Lu and Chi advisory validation Open original source
- Supports: Founded 2013 by Hwang; $1.3B SPAC valuation narrative; 3,000+ customers including corporates and the U.S. Supreme Court; ~650 employees; Washington DC headquarters Open original source
- Supports: $180M CQ Roll Call acquisition completed August 2018 from The Economist Group; Hwang largest individual shareholder; Tim Hwang as chairman and CEO Open original source
- Supports: Corroboration of $180M cash-and-equity deal; Economist Group 18% stake as largest single shareholder; S&P Global strategic equity investment Open original source
- Supports: 92.5% shareholder approval of Duddell Street combination; NYSE trading under NOTE and NOTE WS from August 1, 2022; $1.18B combination value Open original source
- Supports: Hwang explored go-private consortium per SEC filing; board formed special committee; brief public-trading history since Aug 2022 Open original source
- Supports: FY2024 revenue $120.3M vs $132.6M in 2023; net income $9.5M including $72.0M gain on sale of businesses; operating loss $31.9M Open original source
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