Duddell Street Acquisition (NASDAQ:DSAC) stock is on the move Monday following news of a special purpose acquisition company merger with FiscalNote.
Let’s jump into the details of the SPAC deal below!
- SPAC Duddell Street Acquisition will merge with AI-driven enterprise SaaS company FiscalNote to take it public.
- This sets FiscalNote with a pro forma market capitalization of approximately $1.3 billion.
- It will also see shares of DSAC stock change over to the new NOTE ticker once the deal is complete.
- The deal will see FiscalNote equity holders roll 100% of their equity interests into the combined company.
- This will have them holding 76% ownership of the new company.
- There’s also a six-month lockup for current shareholders of FiscalNote.
- However, they can also earn additional shares if certain stock price targets are met.
- Investors led by Maso Capital have agreed to purchase $100 million of common stock for $10 each in a private placement.
- That will contribute to the $275 million in gross proceeds FiscalNote expects from the deal.
- The other $150 million comes from funds held in trust by Duddell Street Acquisition.
- FiscalNote points out that this should easily surpass the $190 million minimum cash required in the definitive business combination agreement.
- New of the SPAC merger has DSAC stock experiencing heavy trading today.
- As of this writing, more than 800,000 shares have changed hands.
- That’s quite the jump over its daily average trading volume of around 29,000 shares.
DSAC stock was down slightly as of Monday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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