secwatch.observer — SEC 8-K summary
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Issuer:     FiscalNote Holdings, Inc. (NOTE)
CIK:        0001823466
Form:       8-K
Filed at:   2024-03-15T23:59:59+00:00
Accession:  0001193125-24-068263
Event type: other_material
Sentiment:  positive
Materiality: 0.75
Item codes: 1.01, 2.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

FiscalNote sells Board.org for $95M cash; uses $65.7M to retire term loans
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- Sold Board.org for $95M cash at closing plus up to $8M earnout based on 2024 revenue targets.
- Used $65.7M of proceeds to permanently retire term loans; paid ~$7.1M in prepayment and exit fees.
- Post-closing cash ~$45M; total debt ~$176M; pro forma net loss improved to $46.3M from $115.3M.
- Credit Amendment extended amortization start to Aug 2026 and raised minimum liquidity covenant to $22.5M.
- Pro forma 2023 revenue of $119M (down from $133M) after removing Board.org's historical results.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1823466/000119312524068263/0001193125-24-068263-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1823466/000119312524068263/d809804d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-24-068263

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