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Josh Resnik, President and CEO of FiscalNote Holdings, Inc. (NYSE:NOTE), recently sold 4,435 shares of the company's Class A common stock. The shares were sold at a price of $0.684 each, amounting to a total transaction value of $3,033. The transaction comes as FiscalNote's stock has declined over 38% in the past six months, with InvestingPro analysis indicating the stock is currently trading below its Fair Value. Following this transaction, Resnik holds 2,786,885 shares directly. The sale was executed as part of a sell-to-cover transaction to satisfy tax obligations related to the vesting of restricted stock units, under a pre-established Rule 10b5-1 trading plan. Despite recent market challenges, FiscalNote maintains impressive gross profit margins of nearly 79%, though InvestingPro data reveals significant debt considerations that investors should monitor. For comprehensive analysis including 17 additional ProTips and detailed financial metrics, explore FiscalNote's Pro Research Report.
In other recent news, FiscalNote Holdings reported its fourth-quarter 2024 financial results, revealing a wider-than-expected loss and lower revenue than forecasted. The company posted an earnings per share (EPS) loss of $0.10, missing the consensus estimate of a $0.08 loss. Revenue also fell short, coming in at $27.06 million compared to the expected $30.59 million. Despite these results, FiscalNote achieved its first full year of positive adjusted EBITDA at $9.8 million and reduced its operating expenses by 24% in the fourth quarter.
Additionally, FiscalNote has completed the sale of its Global Intelligence businesses, Oxford Analytica and Dragonfly, to Dow Jones for $40 million. The transaction is expected to yield net proceeds of about $27.1 million, which will be used to reduce the company's senior term debt by 30.6%. In another strategic move, FiscalNote extended the maturity date of its outstanding Subordinated Convertible Promissory Notes to April 15, 2026, offering an option to convert a portion of the notes into Class A common stock.
Furthermore, FiscalNote launched its EU Defense and Space Policy vertical, providing insights into the European Union's evolving defense and space policies. This expansion is part of the company's effort to solidify its role in offering actionable policy intelligence. These developments reflect FiscalNote's strategic focus on enhancing its core offerings and managing financial obligations to ensure long-term growth.
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