FiscalNote says Hwang held initial talks with board on potential go-private bid

In a regulatory filing from Friday, FiscalNote disclosed that on November 9, Timothy Hwang held initial discussions with certain senior management members and the board of directors regarding his interest in putting together a consortium to explore a potential go-private transaction. “Hwang has not yet provided any specific proposal, and there can be no assurance that one will be made. As a result, the Board established a special committee of the Board to evaluate, together with its advisors, any proposal it receives from Mr. Hwang regarding such a transaction, as well as any other transaction proposals that may be submitted to the Issuer. Mr. Hwang has confirmed that he will condition any proposed go-private transaction on approval of the transaction by the Special Committee and a majority of the unaffiliated stockholders of the Issuer. There can be no assurance that the foregoing will result in any transaction or any other strategic change or outcome, or as to the timing of any of the foregoing,” the filing stated. In Monday afternoon trading following Friday’s disclosure, shares of FiscalNote are up 20c, or 25% to $1.005.