FiscalNote divests Aicel Technologies for $9.65M

FiscalNote (NOTE) announced the divestiture of its South Korean subsidiary, Aicel Technologies, to a South Korea based-group consisting of Aicel’s current CEO and lead executive as well as a third-party institutional equity investor. Total consideration for the transaction is $9.65M, consisting of $8.5M in cash and the assumption of an existing convertible note previously issued by Aicel in 2022, with an outstanding total principal and accrued paid-in-kind interest amount of $1.15M. FiscalNote acquired Aicel in July 2022 using approximately 800,000 shares of its common stock in an all stock transaction. Aicel represents approximately $2M, or 1.6%, of FiscalNote’s GAAP revenue over the previous 12-month period through June 30, 2024. Management will provide further details regarding the financial impact of this divestiture on its third quarter earnings call, scheduled for November 12. FiscalNote further deleverages its balance sheet through the prepayment of senior debt using the net cash proceeds from the divestiture of Aicel.