FiscalNote share conversion

In August 2022, FiscalNote went public through a merger with SPAC under the ticker symbol NOTE. This resulted in their shares being converted into shares of the new public company at a rate of 1.288812888x. In other words, the number of shares increased by 1.29x and their price decreased by 1.29x.

We went through a similar process on the United Traders platform. As a result of FiscalNote's active convertible borrowing prior to the IPO, the final conversion involved a significant dilution of the initial investment.

As a reminder, there is a lockup period (200 days after the offering date) for investors in the pre-IPO phase, which will end in February 2023. We are in the process of transferring the shares to our brokerage account.