FiscalNote Holdings Receives NYSE Delisting Notice, Plans Appeal Process

Key Takeaways

FiscalNote is set to move its shares to the over-the-counter market following delisting from the NYSE due to non-compliance with price standards.
The company has implemented significant operational changes, including a 25% workforce reduction, to improve its financial outlook.
FiscalNote aims for sustainable growth through enhancements to its API and entry into the political predictions market.

FiscalNote Shifts Trading to OTC Market Amid Operational Reforms

FiscalNote Holdings, Inc. (“FiscalNote”) has announced a significant transition following a notification from the New York Stock Exchange (NYSE) regarding its non-compliance with the listing standard requiring a minimum average closing share price of $1.00 for 30 consecutive trading days. Consequently, trading of the company’s Class A common stock will be suspended on the NYSE, with OTC market trading expected to begin on March 26, 2026, under the same ticker symbol, NOTE. While FiscalNote is considering appealing the delisting decision, there is no guarantee of success.

In preparation for its transition, FiscalNote is entering a phase characterized by increased health and opportunity. The company has recently initiated a comprehensive organizational transformation, which includes a 25% reduction in workforce and an approximate 19% cut in cash operating costs. These measures are anticipated to enhance FiscalNote’s EBITDA margins and set the stage for positive free cash flow beginning April 1, 2026, marking a shift toward a more sustainable operating model.

A major focus in FiscalNote’s future strategy is to improve its core business. The company successfully transitioned customers from its legacy platform to a new service called PolicyNote in 2025, which is already showing higher user engagement and signs of retention improvement as it prepares for further migrations in 2026.

FiscalNote also plans significant advancements in two key growth initiatives. The first centers around bolstering its PolicyNote API, which will accommodate AI agents, including those developed by major companies like OpenAI and Google. This enhancement aims to leverage FiscalNote’s unique data set, further expanding its capabilities within the AI-driven policy intelligence sector. An integration with OpenAI was announced recently, allowing developers and analysts to access FiscalNote’s structured data directly through ChatGPT.

The second initiative involves entering the burgeoning market for political predictions, expanding FiscalNote’s monetization avenues through a range of products, including prediction markets and engagement tools like tip sheets and fantasy-style experiences.

Ongoing reviews by the Board of Directors and their advisors will examine all strategic options to enhance shareholder value, including possible divestitures of non-core assets. There is no fixed timeline for the completion of this review, and updates will be provided only when deemed appropriate.

Overall, FiscalNote’s strategic pivots and operational reforms underscore its commitment to fostering long-term growth in an evolving market landscape, solidifying its position as a leader in AI-driven policy intelligence.

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