secwatch.observer — SEC 8-K summary
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Issuer:     FiscalNote Holdings, Inc. (NOTE)
CIK:        0001823466
Form:       8-K
Filed at:   2023-01-27T23:59:59+00:00
Accession:  0000950170-23-001285
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 2.03, 3.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

FiscalNote acquires Dragonfly Eye for up to £26.5M in cash, stock, and convertible notes
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- Purchase price: £4.5M cash, £9.5M in Class A common stock, and £9.0M in convertible notes.
- Additional earnout of up to £3.5M based on Dragonfly's 2023 revenue targets.
- Convertible notes bear 8% interest (paid in kind), convertible at $10/share after 18 months, maturing in 5 years.
- Notes subordinated to existing Senior Loans with Runway Growth Finance Corp.; conversion of full principal would issue ~900k shares.
- Transaction closed on January 27, 2023; shares and notes issued in exempt private placement.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1823466/000095017023001285/0000950170-23-001285-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1823466/000095017023001285/note-20230127.htm
  HTML page:      https://secwatch.observer/filing/0000950170-23-001285

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer