Tim Hwang, Chairman and CEO of FiscalNote Holdings, Inc. (NYSE:NOTE), recently sold a portion of his holdings in the company. The sale comes as FiscalNote's stock has declined over 21% in the past six months, though InvestingPro analysis suggests the stock is currently trading below its Fair Value. According to a recent SEC filing, Hwang sold a total of 72,439 shares of Class A common stock on December 2. The shares were sold in two separate transactions, with 47,439 shares sold at an average price of $0.9604, totaling $45,560, and 25,000 shares sold at an average price of $1.0372, totaling $25,929.
These transactions were conducted under a Rule 10b5-1 trading plan, a pre-arranged trading strategy allowing insiders to sell a predetermined number of shares at a set time. Following these transactions, Hwang retains 2,353,073 shares indirectly through the Timothy T. Hwang Revocable Trust and 49,318 shares directly.
In other recent news, FiscalNote, a renowned AI platform for regulatory and legislative intelligence, has reported key developments in its financial and leadership aspects. The company announced its fifth consecutive quarter of positive adjusted EBITDA, revising its 2024 forecast upwards to $9 million. This announcement came during their Third Quarter 2024 Financial Results Conference Call, which also revealed a strategic leadership change. CEO Tim Hwang will transition to Executive Chairman, focusing on strategy and innovation, while President and COO Josh Resnik will assume the role of CEO.
FiscalNote reported Q3 2024 total revenue of $29.4 million, a significant portion of which was subscription-based. Despite this, the company has lowered its total revenue expectations for 2024 to $120 million, mainly due to the impact of divestitures. The company has improved its gross margin to 79% and reduced operating expenses by 24% year-over-year.
In terms of future expectations, FiscalNote aims to refine its capital structure, focusing on a sustainable net debt-to-EBITDA ratio. The company is optimistic about returning to growth in fiscal 2025 through enhanced customer experiences and targeting international markets. These are the latest developments for FiscalNote, providing insights into its strategic shifts and financial performance.
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