SEC Form SC 13G filed by Duddell Street Acquisition Corp.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
(Amendment No. )*
Under the Securities Exchange Act of 1934
FiscalNote Holdings, Inc.
(Name of Issuer)
Class A Common Stock, par value $0.0001 per share
(Title of Class of Securities)
337655 104
(CUSIP Number)
July 29, 2022
(Date of Event which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
☐ Rule 13d-1(b)
☒ Rule 13d-1(c)
☐ Rule 13d-1(d)
* | The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page. |
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
CUSIP No. 337655 104 | Page 2 of 17 Pages |
1 | NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Stonehill Capital Management LLC | |||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) ☐ (b) ☒
| |||||
3 | SEC USE ONLY
| |||||
4 | CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware, USA |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH: |
5 | SOLE VOTING POWER
0 | ||||
6 | SHARED VOTING POWER
7,781,723 | |||||
7 | SOLE DISPOSITIVE POWER
0 | |||||
8 | SHARED DISPOSITIVE POWER
7,781,723 |
9 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,781,723 | |||||
10 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
☐ | |||||
11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
6.4% | |||||
12 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IA |
CUSIP No. 337655 104 | Page 3 of 17 Pages |
1 | NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
GPO FN Noteholder LLC | |||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) ☐ (b) ☒
| |||||
3 | SEC USE ONLY
| |||||
4 | CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH: |
5 | SOLE VOTING POWER
0 | ||||
6 | SHARED VOTING POWER
7,781,723 | |||||
7 | SOLE DISPOSITIVE POWER
0 | |||||
8 | SHARED DISPOSITIVE POWER
7,781,723 |
9 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,781,723 | |||||
10 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
☐ | |||||
11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
6.4% | |||||
12 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
OO |
CUSIP No. 337655 104 | Page 4 of 17 Pages |
1 | NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Stonehill Master Fund Ltd. | |||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) ☐ (b) ☒
| |||||
3 | SEC USE ONLY
| |||||
4 | CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands | |||||
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH: |
5 | SOLE VOTING POWER
0 | ||||
6 | SHARED VOTING POWER
3,462,876 | |||||
7 | SOLE DISPOSITIVE POWER
0 | |||||
8 | SHARED DISPOSITIVE POWER
3,462,876 | |||||
9 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,462,876 | |||||
10 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
☐ | |||||
11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
2.9% | |||||
12 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
CO |
CUSIP No. 337655 104 | Page 5 of 17 Pages |
1 | NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Stonehill Institutional Partners, L.P. | |||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) ☐ (b) ☒
| |||||
3 | SEC USE ONLY
| |||||
4 | CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware, USA |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH: |
5 | SOLE VOTING POWER
0 | ||||
6 | SHARED VOTING POWER
4,241,039 | |||||
7 | SOLE DISPOSITIVE POWER
0 | |||||
8 | SHARED DISPOSITIVE POWER
4,241,039 |
9 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,241,039 | |||||
10 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
☐ | |||||
11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
3.5% | |||||
12 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
PN |
CUSIP No. 337655 104 | Page 6 of 17 Pages |
1 | NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
John Motulsky | |||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) ☐ (b) ☒
| |||||
3 | SEC USE ONLY
| |||||
4 | CITIZENSHIP OR PLACE OF ORGANIZATION
USA |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH: |
5 | SOLE VOTING POWER
0 | ||||
6 | SHARED VOTING POWER
7,781,723 | |||||
7 | SOLE DISPOSITIVE POWER
0 | |||||
8 | SHARED DISPOSITIVE POWER
7,781,723 |
9 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,781,723 | |||||
10 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
☐ | |||||
11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
6.4% | |||||
12 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN, HC |
CUSIP No. 337655 104 | Page 7 of 17 Pages |
1 | NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Jonathan Sacks | |||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) ☐ (b) ☒
| |||||
3 | SEC USE ONLY
| |||||
4 | CITIZENSHIP OR PLACE OF ORGANIZATION
USA |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH: |
5 | SOLE VOTING POWER
0 | ||||
6 | SHARED VOTING POWER
7,781,723 | |||||
7 | SOLE DISPOSITIVE POWER
0 | |||||
8 | SHARED DISPOSITIVE POWER
7,781,723 |
9 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,781,723 | |||||
10 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
☐ | |||||
11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
6.4% | |||||
12 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN, HC |
CUSIP No. 337655 104 | Page 8 of 17 Pages |
1 | NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Peter Sisitsky | |||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) ☐ (b) ☒
| |||||
3 | SEC USE ONLY
| |||||
4 | CITIZENSHIP OR PLACE OF ORGANIZATION
USA |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH: |
5 | SOLE VOTING POWER
0 | ||||
6 | SHARED VOTING POWER
7,781,723 | |||||
7 | SOLE DISPOSITIVE POWER
0 | |||||
8 | SHARED DISPOSITIVE POWER
7,781,723 |
9 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,781,723 | |||||
10 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
☐ | |||||
11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
6.4% | |||||
12 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN, HC |
CUSIP No. 337655 104 | Page 9 of 17 Pages |
1 | NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Michael Thoyer | |||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) ☐ (b) ☒
| |||||
3 | SEC USE ONLY
| |||||
4 | CITIZENSHIP OR PLACE OF ORGANIZATION
USA |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH: |
5 | SOLE VOTING POWER
0 | ||||
6 | SHARED VOTING POWER
7,781,723 | |||||
7 | SOLE DISPOSITIVE POWER
0 | |||||
8 | SHARED DISPOSITIVE POWER
7,781,723 |
9 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,781,723 | |||||
10 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
☐ | |||||
11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
6.4% | |||||
12 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN, HC |
CUSIP No. 337655 104 | Page 10 of 17 Pages |
1 | NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Michael Stern | |||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) ☐ (b) ☒
| |||||
3 | SEC USE ONLY
| |||||
4 | CITIZENSHIP OR PLACE OF ORGANIZATION
USA |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH: |
5 | SOLE VOTING POWER
0 | ||||
6 | SHARED VOTING POWER
7,781,723 | |||||
7 | SOLE DISPOSITIVE POWER
0 | |||||
8 | SHARED DISPOSITIVE POWER
7,781,723 |
9 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,781,723 | |||||
10 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
☐ | |||||
11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
6.4% | |||||
12 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN, HC |
CUSIP No. 337655 104 | Page 11 of 17 Pages |
1 | NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Samir Arora | |||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) ☐ (b) ☒
| |||||
3 | SEC USE ONLY
| |||||
4 | CITIZENSHIP OR PLACE OF ORGANIZATION
USA |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH: |
5 | SOLE VOTING POWER
0 | ||||
6 | SHARED VOTING POWER
7,781,723 | |||||
7 | SOLE DISPOSITIVE POWER
0 | |||||
8 | SHARED DISPOSITIVE POWER
7,781,723 |
9 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,781,723 | |||||
10 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
☐ | |||||
11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
6.4% | |||||
12 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN, HC |
CUSIP No. 337655 104 | Page 12 of 17 Pages |
ITEM 1(a). | NAME OF ISSUER: |
FiscalNote Holdings, Inc. (f/k/a Duddell Street Acquisition Corp.)
ITEM 1(b). | ADDRESS OF ISSUER’S PRINCIPAL EXECUTIVE OFFICES: |
12 Pennsylvania Avenue, 6th Floor, Washington D.C. 20004
ITEM 2(a). | NAME OF PERSON FILING: |
This Schedule 13G is being filed on behalf of the following persons (the “Reporting Persons”):
(i) | Stonehill Capital Management LLC (“Management”) |
(ii) | GPO FN Noteholder LLC (“GPO FN”) |
(iii) | Stonehill Master Fund Ltd. (“Master Fund”) |
(iv) | Stonehill Institutional Partners, L.P. (“Fund”) |
(v) | John Motulsky (“Motulsky”) |
(vi) | Jonathan Sacks (“Sacks”) |
(vii) | Peter Sisitsky (“Sisitsky”) |
(viii) | Michael Thoyer (“Thoyer”) |
(ix) | Michael Stern (“Stern”) |
(x) | Samir Arora (“Arora”) |
ITEM 2(b). | ADDRESS OF PRINCIPAL BUSINESS OFFICE: |
c/o Stonehill Capital Management LLC
320 Park Avenue, 26th Floor
New York, NY 10022
ITEM 2(c). | CITIZENSHIP: |
Management: Delaware limited liability company |
FPO NF: Delaware limited liability company |
Master Fund: Cayman Island corporation |
Fund: Delaware limited partnership |
Motulsky: US Citizen |
Sacks: US Citizen |
Sisitsky: US Citizen |
Thoyer: US Citizen |
Stern: US Citizen |
Arora: US Citizen |
ITEM 2(d). | TITLE OF CLASS OF SECURITIES: |
Class A common stock, par value $0.0001 per share (the “Class A Common Stock”)
ITEM 2(e). | CUSIP NUMBER: |
337655 104
ITEM 3. | IF THIS STATEMENT IS FILED PURSUANT TO RULE 13D-1(B), OR 13D-2(B) OR (C) CHECK WHETHER THE PERSON FILING IS A: |
Not applicable.
CUSIP No. 337655 104 | Page 13 of 17 Pages |
ITEM 4. | OWNERSHIP: |
The information in items 1 and 5 through 11 on the cover pages of this Schedule 13G is hereby incorporated by reference into this Item 4. The amounts of securities reported as beneficially owned on this Schedule 13G are the number of shares of Common Stock that may be deemed to be beneficially owned by the Reporting Persons. The beneficial ownership information is based on an aggregate of 121,449,403 shares of Class A Common Stock outstanding, as reported in the Issuer’s Current Report on Form 8-K filed on August 2, 2022.
FPO FN directly holds 7,781,723 shares of Class A Common Stock. The Fund and the Master Fund together are the owners of 99% of the equity interests of FPO FN. Management is the manager of GPO FN, the Fund and the Master Fund. Motulsky, Sacks, Sisitsky, Thoyer, Stern and Arora are the managing members of Management.
ITEM 5. | OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS: |
If this statement is being filed to report the fact that as of the date hereof the Reporting Persons have ceased to be the beneficial owner of more than five percent of the class of securities check the following. ☐
ITEM 6. | OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON: |
Not applicable.
ITEM 7. | IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY: |
Not applicable.
ITEM 8. | IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF A GROUP: |
Not applicable.
ITEM 9. | NOTICE OF DISSOLUTION OF GROUP: |
Not applicable.
ITEM 10. | CERTIFICATION |
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.
CUSIP No. 337655 104 | Page 14 of 17 Pages |
SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Dated: August 12, 2022
STONEHILL CAPITAL MANAGEMENT LLC* | ||
By: | /s/ Paul D. Malek | |
Paul D. Malek | ||
An Authorized Signatory of a Member | ||
FPO FN NOTEHOLDER LLC* | ||
By: | /s/ Paul D. Malek | |
Paul D. Malek | ||
An Authorized Signatory of a Member | ||
STONEHILL MASTER FUND LTD.* | ||
By: | /s/ Paul D. Malek | |
Paul D. Malek | ||
An Authorized Signatory of Stonehill General Partner, LLC, its investment adviser | ||
STONEHILL INSTITUTIONAL PARTNERS, L.P.* | ||
By: | /s/ Paul D. Malek | |
Paul D. Malek | ||
An Authorized Signatory of Stonehill General Partner, LLC, its general partner |
JOHN MOTULSKY* |
/s/ Paul D. Malek |
Paul D. Malek |
Attorney-in-Fact for John Motulsky |
JONATHAN SACKS* |
/s/ Paul D. Malek |
Paul D. Malek |
Attorney-in-Fact for Jonathan Sacks |
PETER SISITSKY* |
/s/ Paul D. Malek |
Paul D. Malek |
Attorney-in-Fact for Peter Sisitsky |
MICHAEL THOYER* |
/s/ Paul D. Malek |
Paul D. Malek |
Attorney-in-Fact for Michael Thoyer |
MICHAEL STERN* |
/s/ Paul D. Malek |
Paul D. Malek |
Attorney-in-Fact for Michael Stern |
CUSIP No. 337655 104 | Page 15 of 17 Pages |
SAMIR ARORA* |
/s/ Paul D. Malek |
Paul D. Malek |
Attorney-in-Fact for Samir Arora |
* | The Reporting Persons disclaim beneficial ownership in the shares reported herein except to the extent of their pecuniary interest therein, and this report shall not otherwise be deemed an admission that any of them is the beneficial owner of such securities for purposes of Section 13(d) or Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purposes. |
CUSIP No. 337655 104 | Page 16 of 17 Pages |
EXHIBIT 1
AGREEMENT OF JOINT FILING
Stonehill Capital Management LLC, GPO FN Noteholder LLC, Stonehill Master Fund Ltd., Stonhill Institutional Partners, L.P, John Motulsky, Peter Sisitsky, Michael Thoyer, Jonathan Sacks, Michael Stern and Samir Arora hereby agree that the Statement on Schedule 13G to which this agreement is attached as an exhibit as well as all future amendments to such Statement, shall be filed jointly on behalf of each of them. This agreement is intended to satisfy the requirements of Rule 13d-1(k)(1)(iii) under the Securities Exchange Act of 1934, as amended.
Dated: August 12, 2022
STONEHILL CAPITAL MANAGEMENT LLC | ||
By: | /s/ Paul D. Malek | |
Paul D. Malek | ||
An Authorized Signatory of a Member | ||
FPO FN NOTEHOLDER LLC* | ||
By: | /s/ Paul D. Malek | |
Paul D. Malek | ||
An Authorized Signatory of a Member | ||
STONEHILL MASTER FUND LTD.* | ||
By: | /s/ Paul D. Malek | |
Paul D. Malek | ||
An Authorized Signatory of Stonehill General Partner, LLC, its investment adviser | ||
STONEHILL INSTITUTIONAL PARTNERS, L.P. | ||
By: | /s/ Paul D. Malek | |
Paul D. Malek | ||
An Authorized Signatory of Stonehill General Partner, LLC, its general partner |
JOHN MOTULSKY |
/s/ Paul D. Malek |
Paul D. Malek |
Attorney-in-Fact for John Motulsky |
JONATHAN SACKS |
/s/ Paul D. Malek |
Paul D. Malek |
Attorney-in-Fact for Jonathan Sacks |
PETER SISITSKY |
/s/ Paul D. Malek |
Paul D. Malek |
Attorney-in-Fact for Peter Sisitsky |
MICHAEL THOYER |
/s/ Paul D. Malek |
Paul D. Malek |
Attorney-in-Fact for Michael Thoyer |
CUSIP No. 337655 104 | Page 17 of 17 Pages |
MICHAEL STERN |
/s/ Paul D. Malek |
Paul D. Malek |
Attorney-in-Fact for Michael Stern |
SAMIR ARORA |
/s/ Paul D. Malek |
Paul D. Malek |
Attorney-in-Fact for Samir Arora |