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WASHINGTON—Tim Hwang, a director and ten percent owner at FiscalNote Holdings, Inc. (NYSE:NOTE), recently sold shares of the company's Class A Common Stock. According to a Form 4 filing with the Securities and Exchange Commission, Hwang sold 34,120 shares on April 3 at a price of $0.684 per share, totaling approximately $23,338. The transaction comes as FiscalNote's stock has declined over 38% in the past six months, according to InvestingPro data.
The transaction was conducted to satisfy a tax obligation related to the vesting of restricted stock units, as part of a pre-arranged trading plan adopted in August 2023. Following the sale, Hwang retains indirect ownership of 2,621,872 shares through the Timothy T. Hwang Revocable Trust and direct ownership of an additional 49,318 shares. While FiscalNote maintains impressive gross profit margins of nearly 79%, InvestingPro analysis indicates the company operates with significant debt concerns. Investors can access 15+ additional key insights about FiscalNote through InvestingPro's comprehensive research reports.
In other recent news, FiscalNote Holdings reported its fourth-quarter 2024 earnings, revealing a wider-than-expected loss and lower revenue than forecasted. The company posted an earnings per share loss of $0.10, missing the consensus estimate of a $0.08 loss, with revenue also falling short at $27.06 million compared to the expected $30.59 million. Despite these results, FiscalNote achieved its first full year of positive adjusted EBITDA, totaling $9.8 million, and reduced its operating expenses by 24% in the fourth quarter. Additionally, FiscalNote completed the sale of its Global Intelligence businesses, Oxford Analytica and Dragonfly, to Dow Jones for $40 million, allowing the company to pay down its debt by 30.6%.
FiscalNote also announced an amendment to its financial agreements, extending the maturity date of its Subordinated Convertible Promissory Notes and offering an option to convert part of the notes into Class A common stock. The company launched its EU Defense and Space Policy vertical, aiming to provide insights into the European Union's evolving defense strategies. This move aligns with FiscalNote's focus on delivering AI-driven policy and regulatory intelligence solutions. These developments reflect FiscalNote's ongoing efforts to streamline operations, manage debt, and focus on its core policy customer base.
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