SEC Filing Analysis: FiscalNote Holdings, Inc. (NOTE)

Executive Summary

• Trading Significance: Low
• Key Takeaway: The Chief Legal & Admin. Officer disposed of shares in a non-discretionary transaction to cover tax liabilities from vesting Restricted Stock Units (RSUs).
• Market Impact: Negligible. This is a routine, non-market transaction with no bearing on insider sentiment.

Company Information

Field	Value
Company	FiscalNote Holdings, Inc.
Ticker Symbol	NOTE
CIK	0001823466
Industry	SERVICES-BUSINESS SERVICES, NEC

Insider Information

Field	Value
Name	Aman Todd
CIK	0001939429
Title/Position	Chief Legal & Admin. Officer
Relationship	Officer

Transaction Details

Field	Value
Form Type	4
Transaction Date	2025-10-17
Transaction Code	F - Payment of tax liability by withholding securities
Security Type	Class A Common Stock
Shares Involved	269
Price Per Share	$4.25
Total Value	$1,143.25
Shares Owned After	88,418
Ownership Type	Direct

Financial Impact Assessment

Transaction Materiality

Metric	Value
Transaction Value	$1,143.25
% of Market Cap	0.002%
Shares Transacted	269
% of Shares Outstanding	Not Available
Post-Transaction Ownership	88,418 shares (N/A% of outstanding)
Materiality Assessment	Low

Impact Evaluation

• Market Cap Context: FiscalNote Holdings, Inc. is a nano-cap company with a $60 million market capitalization. The transaction value of $1,143.25 is insignificant in this context.
• Ownership Concentration: Data on total shares outstanding is not available, so the insider's ownership percentage cannot be calculated. However, the number of shares transacted is very small relative to the insider's remaining holdings.
• Dilution Impact: This transaction is a disposition, not an issuance, so there is no dilutive impact.
• Transaction Significance: The transaction is classified as 'Low' significance. The value is less than 0.1% of the market cap, and the nature of the transaction (Code 'F') indicates it was an automatic withholding for taxes, not a discretionary sale reflecting the insider's market outlook.

Market Impact Analysis

Stock Impact Prediction

• Direction: Neutral
• Reasoning: The market does not typically react to 'F' code transactions as they are non-discretionary and do not signal a change in insider confidence. The value is de minimis.

Volume & Sentiment

• Expected Volume Impact: None. This was not an open-market transaction.
• Sentiment Indicator: Neutral. This filing provides no bullish or bearish signal.

Investment Insights

Positive Market Indicators

• None can be derived from this filing.

Risk Factors

• None can be derived from this filing.

Key Takeaways

1. Non-Discretionary Transaction: The filing reports a tax withholding event, not an insider sale based on market sentiment.
2. Low Materiality: The transaction value of ~$1.1K is immaterial, representing just 0.002% of the company's $60M market cap.
3. No Signal: This filing should be considered informational and does not provide any insight into the insider's view of the company's future prospects.

Additional Context

Transaction Notes

• Special Circumstances: The filing's footnote explicitly states the shares were withheld to satisfy tax obligations upon the vesting of 893 restricted stock units. This is a common and routine corporate action.