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Investing.com -- FiscalNote Holdings Inc (NYSE:NOTE) stock plunged 23.5% after the company announced it has filed a preliminary information statement with the SEC to authorize a potential reverse stock split. The AI-driven policy intelligence provider is taking steps to regain compliance with NYSE listing requirements.
The filing authorizes FiscalNote’s Board to implement a reverse split at a ratio ranging from 1:2 to 1:15, at their discretion. This move comes as the company faces an October 10, 2025 deadline to maintain an average closing share price of at least $1.00 over a consecutive 30-day trading period to remain listed on the NYSE.
FiscalNote stated it plans to regain compliance either through "organic recovery of the stock price or, if necessary, a reverse split." The company noted that such a move could potentially make its stock "more attractive to a broader range of investors" while ensuring continued NYSE listing compliance.
According to the company, the reverse split, if implemented, would not affect any shareholder’s percentage ownership interests or proportionate voting power. The decision follows approval from holders representing over 67% of the voting power of FiscalNote’s outstanding common stock.
The company cited potential benefits including improved investor perception, continued NYSE compliance, and tighter bid-ask spreads that could enhance liquidity. However, FiscalNote acknowledged that the Board reserves the right not to proceed with the split if it determines implementation is no longer in the best interests of the company and its shareholders.
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