FiscalNote Holdings, Inc. (NYSE: NOTE) received a delisting notice from the New York Stock Exchange on March 25, 2026 for failing to maintain the required $1.00 average closing share price over a consecutive 30‑day period. The exchange suspended NYSE trading of the company’s Class A common stock and warrants, and the shares will resume trading on the OTC market under the same ticker symbol.
The delisting notice follows a history of compliance challenges. FiscalNote had previously received similar notices on April 10, 2025 and November 25, 2024, and it executed a reverse stock split on September 2, 2025 in an effort to lift the share price. The March 25 notice marks the third consecutive year the company has struggled to meet the NYSE’s minimum price requirement.
FiscalNote’s financial performance has been under pressure. Full‑year 2025 revenue fell 21% to $95.4 million from $120.3 million in 2024, and the company posted a net loss of $81.8 million in 2025 versus $62.5 million in 2024. Q4 2025 revenue was $22.2 million, a 25% decline year‑over‑year, while adjusted EBITDA reached $2.5 million, exceeding guidance. The company’s guidance for 2026 projects GAAP revenue between $80 million and $83 million and adjusted EBITDA between $14 million and $16 million.
Management has pursued an aggressive restructuring to stabilize the business. FiscalNote cut its workforce by 25% and reduced cash operating costs by 19%, a move that CFO Jon Slabaugh said would “substantially expand the Company’s Adjusted EBITDA margins and position FiscalNote to generate positive Free Cash Flow over the twelve‑month period beginning April 1, 2026.” The company is also investing in its PolicyNote API, AI integrations, and a new political prediction market, with the goal of creating higher‑margin, subscription‑based revenue streams.
The delisting has significant implications for liquidity and capital‑raising. Trading on the OTC market typically offers lower visibility and tighter bid‑ask spreads, which can make it more difficult for FiscalNote to attract institutional investors. The company’s debt structure also carries default risk; a delisting could trigger cross‑default clauses on its senior secured term loan and subordinated convertible debt, potentially forcing a restructuring of its balance sheet. Additionally, a large portion of FiscalNote’s revenue comes from U.S. government agencies, making the company vulnerable to budgetary disruptions and shutdowns.
Investor sentiment has turned negative following the delisting notice, reflecting concerns about the company’s ability to maintain liquidity, meet debt obligations, and sustain its transition to a more profitable operating model. The announcement underscores the challenges FiscalNote faces as it navigates a market increasingly influenced by large‑language‑model‑driven data services and a shrinking demand for traditional policy‑data intermediaries.
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