Well, this is not the kind of note you want to receive. FiscalNote Holdings Inc. (NOTE) said on Wednesday that the New York Stock Exchange is showing it the door. The exchange will suspend trading and start delisting proceedings because the company's stock has been trading below the $1 minimum average share price for more than 30 trading days. It's the financial equivalent of failing to meet the dress code.
The NYSE will halt trading of the company's Class A common stock and warrants, shifting them over to the over-the-counter (OTC) market. If all goes as planned, they'll start trading there under the same NOTE ticker on March 26, 2026. FiscalNote says it's considering an appeal to the NYSE's Listing Qualifications Panel, but let's be real—success is far from guaranteed. The move at least keeps the shares trading somewhere, just not on the big board's fancy floor.
Cost Cuts and a Platform Shift
This delisting news arrives as FiscalNote is already in the middle of a major corporate makeover. The company is implementing a restructuring plan that includes slashing its workforce by 25%. It's also aiming to cut its cash operating costs by roughly 19% to try and improve its margins. The goal? To start generating positive free cash flow over the 12 months beginning April 1, 2026. That's a specific and ambitious target.
On the product side, FiscalNote has finished moving customers off its old legacy platform in 2025. Now, it's continuing its shift to a newer platform called PolicyNote throughout 2026. The company says the new system is showing stronger user engagement and early signs of better customer retention. So, there's at least some hope on the operational front.
Betting on AI and Political Predictions
Even as it deals with this exchange drama, FiscalNote is pushing forward with new initiatives. The company is expanding its PolicyNote API, building infrastructure to support AI agents from big names like Anthropic, OpenAI, Google Gemini, and Microsoft. There's also a new integration that lets users access FiscalNote's data directly within ChatGPT.
In a more unconventional move, FiscalNote is jumping into the political predictions market. Think prediction markets, tip sheets, and even fantasy-style formats—it's trying to monetize the chaos of politics. Meanwhile, the company's board is reviewing strategic options, which could include selling off non-core assets. There's no set timeline for any decisions on that front.
Price Action: Investors reacted about as well as you'd expect. NOTE shares cratered, plunging 24.45% to close at $0.53 on Wednesday. They slipped another 3.95% to $0.51 in after-hours trading. When you get delisted, the market tends to take it personally.
