DSAC Stock Pops on FiscalNote SPAC Merger News. 14 Things to Know.


Duddell Street Acquisition (NASDAQ:DSAC) stock is on the move Monday following news of a special purpose acquisition company merger with FiscalNote.

The letters "M&A" on a wooden table, surrounded by a calculator and other business items. repersenting DSAC Stock.

Source: Shutterstock.com

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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