FiscalNote Holdings Delisted from NYSE, Enters Forbearance on Debt Default

summarizeSummary

FiscalNote Holdings, Inc. announced its common stock and warrants were delisted from the NYSE and now trade on the OTCID Basic Market, triggering a default on subordinated debt for which it secured a temporary forbearance agreement.

check_boxKey Events

• NYSE Delisting

  The company's Class A common stock and warrants were delisted from the New York Stock Exchange on April 13, 2026, and now trade on the OTCID Basic Market under symbols 'NOTE' and 'NOTEW' respectively.

• Debt Default Triggered

  The delisting caused an event of default under the terms of subordinated convertible debt instruments issued to GPO FN Noteholder, LLC and YA II PN, Ltd.

• Temporary Forbearance Agreement

  FiscalNote Holdings entered into forbearance agreements with its subordinated creditors, waiving defaults and forbearing from exercising any rights related to these defaults until May 21, 2026.

auto_awesomeAnalysis

This 8-K reveals critical financial distress for FiscalNote Holdings. The delisting from the NYSE to the OTCID Basic Market significantly reduces liquidity and investor visibility, often signaling severe underlying issues. This delisting also triggered an event of default on the company's subordinated convertible debt. While the company secured temporary forbearance agreements until May 21, 2026, this only postpones immediate action by creditors and highlights the precarious financial position. Investors should be aware of the heightened risk of further default and the challenges associated with trading on the OTC market. The company's stated intent to seek relisting on other exchanges indicates an attempt to mitigate these issues, but the path forward remains uncertain.