FiscalNote business combination with Duddell Street Acquisition Corp.
Davis Polk is advising Duddell Street Acquisition Corp. in connection with its business combination with FiscalNote Holdings, Inc., that will result in FiscalNote becoming a public company with a pro forma market capitalization of approximately $1.3 billion. The transaction is expected to deliver $275 million of gross proceeds to the combined company, through the contribution of $175 million of cash held in Duddell Street’s trust account, backstopped by Maso Capital, and a concurrent $100 million common stock PIPE, anchored by Maso Capital. The transaction, which is expected to close in the first quarter of 2022, is subject to approval by Duddell Street’s shareholders, certain regulatory approvals and other customary closing conditions.
Duddell Street is a special purpose acquisition company formed for the purpose of effecting a merger, stock purchase or similar business combination with one or more businesses and is sponsored by Hong Kong-based hedge fund Maso Capital. Leveraging its stature and reputation in Hong Kong and its experienced investment team, Maso Capital has had investments in a number of TMT, healthcare, fintech and consumer companies in the region. FiscalNote is a leading global technology provider of legal and policy data and insights.
The Davis Polk corporate team includes partners Miranda So and James C. Lin, counsel Sam Kelso and registered foreign lawyers Beiming Liu and Alex Cui. Partner Adam Kaminsky is providing executive compensation advice. Partner Frank J. Azzopardi is providing intellectual property advice. Counsel Alon Gurfinkel is providing tax advice. Partner Paul D. Marquardt is providing CFIUS advice. Partner Patrick S. Sinclair is providing compliance advice. Members of the Davis Polk team are based in the Hong Kong, New York, London and Washington DC offices.