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

Executive Summary

• Trading Significance: Low
• Key Takeaway: The Chief Accounting Officer disposed of shares in a non-discretionary "sell-to-cover" transaction to satisfy tax liabilities on vested Restricted Stock Units (RSUs), which is not an indicator of insider sentiment.
• Market Impact: Neutral. The transaction is financially immaterial and unlikely to influence the stock price.

Company Information

Field	Value
Company	FiscalNote Holdings, Inc.
Ticker Symbol	NOTE
CIK	0001823466
Industry	SERVICES-BUSINESS SERVICES, NEC [7389]

Insider Information

Field	Value
Name	Donnell Paul
CIK	0001939432
Title/Position	Chief Accounting Officer
Relationship	Officer

Transaction Details

Field	Value
Form Type	4
Transaction Date	2025-10-17
Transaction Code	F - Withholding of securities for tax liability
Security Type	Class A Common Stock
Shares Involved	202
Price Per Share	$4.25
Total Value	$858.50
Shares Owned After	34,355
Ownership Type	Direct

Financial Impact Assessment

Transaction Materiality

Metric	Value
Transaction Value	$858.50
% of Market Cap	0.0014%
Shares Transacted	202
% of Shares Outstanding	Not Available
Post-Transaction Ownership	34,355 shares (N/A% of outstanding)
Materiality Assessment	Low

Impact Evaluation

• Market Cap Context: The transaction value of $858.50 is insignificant against the company's $60 million market capitalization.
• Ownership Concentration: Without shares outstanding data, a precise ownership percentage cannot be calculated. However, the sale represents a very small fraction of the insider's holdings (approx. 0.58%).
• Dilution Impact: Not applicable, as this was a disposition of shares, not an issuance.
• Transaction Significance: The transaction is classified as low significance. The 'F' code and accompanying footnote confirm it was an automatic withholding of shares to cover taxes on 575 vested RSUs. This is a routine, non-discretionary event and does not reflect a voluntary decision to sell stock.

Market Impact Analysis

Stock Impact Prediction

• Direction: Neutral
• Reasoning: The market generally disregards "sell-to-cover" transactions as they are automatic and not indicative of an insider's outlook on the company's future performance. The value is also de minimis.

Volume & Sentiment

• Expected Volume Impact: Negligible. The transaction size is too small to affect trading volume.
• Sentiment Indicator: Neutral. This filing provides no bullish or bearish signal.

Investment Insights

Positive Market Indicators

• None identified in this filing.

Risk Factors

• None identified in this filing.

Key Takeaways

1. Non-Discretionary Sale: The transaction was an automatic withholding of shares to cover tax liabilities, not a proactive sale by the insider.
2. Immaterial Value: The total value of $858.50 is negligible, representing just 0.0014% of the company's market cap.
3. No Change in Sentiment: This filing should not be interpreted as a change in the insider's confidence in FiscalNote Holdings, Inc.

Additional Context

Transaction Notes

• Special Circumstances: As per footnote 1, the transaction represents shares withheld to satisfy tax obligations upon the vesting of restricted stock units. This is a standard and common practice for executives receiving equity compensation.