Director Tim Hwang of FiscalNote Holdings (NYSE: NOTE) completed two separate stock dispositions on February 2, 2026, selling a total of 4,090 shares of Class A common stock. The shares were transacted at $1.1983 per share, producing combined proceeds of approximately $4,900.
The breakdown of the sale was 3,082 shares for an aggregate of about $3,693, and a second lot of 1,008 shares totaling roughly $1,207. Company filings indicate the sales were executed to cover tax liabilities associated with the vesting of restricted stock units. The transactions were carried out pursuant to a pre-established Rule 10b5-1 trading agreement that Hwang adopted on May 16, 2025.
After these transactions, Hwang’s disclosed holdings consist of 195,399 shares indirectly held through the Timothy T. Hwang Revocable Trust and 4,109 shares held directly.
The trades occurred while FiscalNote’s shares were trading close to a 52-week low of $1.09, and the stock has declined 93.1% over the past 12 months, according to InvestingPro data. The company’s market capitalization stands at about $17.3 million.
On profitability metrics, FiscalNote reports strong gross profit margins of 78.57% and a Price/Book ratio of 0.23. InvestingPro analysis cited in company-related research indicates the stock may be undervalued and refers investors to its Pro Research Report for further detail.
Operationally, FiscalNote disclosed its Q3 2025 financial results, reporting revenue of $22.4 million, which met the company’s guidance. Adjusted EBITDA for the quarter came in at $2.2 million, exceeding expectations. Management has also completed a migration of customers to the PolicyNote platform, a strategic consolidation of services under an AI-driven policy intelligence framework.
Product development continued with the launch of Impact Summaries on the PolicyNote platform. This feature delivers customized legislative and regulatory analysis tailored to individual organizations' industries and policy priorities. FiscalNote also reported increased adoption of its Global Policy Dashboard, citing new client relationships across multiple sectors.
Newly disclosed clients adopting the platform include HP Inc., McKesson Corporation, and Teladoc Health, reflecting traction in technology, healthcare, and consumer-focused policy intelligence use cases.
Contextual note: the insider sales were explicitly tied to tax obligations from vested RSUs and were executed under a previously established 10b5-1 plan. The director’s remaining direct and indirect holdings were reported immediately following the transactions.
The combination of recent product deployments and client additions accompanies financial results that met guidance and delivered positive adjusted EBITDA. Nonetheless, the company’s equity trades at depressed levels relative to its recent trading range and small market capitalization.
Key points
- Director Tim Hwang sold a total of 4,090 Class A common shares on February 2, 2026, at $1.1983 per share to cover RSU-related tax obligations under a 10b5-1 plan.
- FiscalNote reported Q3 2025 revenue of $22.4 million that met guidance and adjusted EBITDA of $2.2 million that exceeded expectations, while product consolidation onto PolicyNote and feature launches progressed.
- The share price is near its 52-week low of $1.09 and down 93.1% over the past year; market capitalization is approximately $17.3 million, though gross margins remain high at 78.57%.
Risks and uncertainties
- Significant share-price decline and recent trading near the 52-week low - this volatility affects investor sentiment and market valuation.
- Low market capitalization of about $17.3 million - smaller market caps can correlate with reduced liquidity and heightened price swings.
- Future performance depends on continued adoption of platform features such as PolicyNote and Impact Summaries and on retaining and expanding client relationships across sectors like technology and healthcare.