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Here are 1-3 brief analogies to describe FiscalNote Holdings Inc. (the company DSAC is associated with):

• Bloomberg for legal and public policy professionals.

• Thomson Reuters (Westlaw) meets Salesforce for government affairs.

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• Public Policy and Issues Management Products: A suite of technology and data services providing critical legal data and insights to understand and navigate public policy landscapes and specific issues.
• Workflow Management Tools: Software solutions designed to streamline operational processes related to public policy, legal, and advocacy activities.
• Advocacy Campaign Management Tools: Platforms that assist organizations in planning, executing, and monitoring their advocacy campaigns.
• Constituent Relationship Management Tools: Specialized systems for managing and tracking relationships with constituents and key stakeholders.

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Daedalus Special Acquisition (DSAC) merged with FiscalNote Holdings Inc. The description provided refers to the operations of FiscalNote, a technology and data company. FiscalNote primarily serves organizational customers rather than individuals.

Based on the provided description, FiscalNote's major customer categories include:

• Businesses, including Fortune 100 companies
• Government agencies
• Law firms
• Professional services organizations
• Trade groups
• Non-profits

Specific names of individual customer companies are not provided in the background information.

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Amazon.com, Inc. (AMZN)

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Josh Resnik, Chief Executive Officer & President

Prior to becoming CEO and President of FiscalNote effective January 1, 2025, Josh Resnik served as the company's President and Chief Operating Officer. Before joining FiscalNote, Mr. Resnik was a senior executive and a member of the Board of Directors of Spree Commerce, a company he helped lead to a successful acquisition by First Data Corporation (now Fiserv). He also led the Digital division of Gannett and was a senior in-house attorney at AOL.

Jon Slabaugh, Chief Financial Officer & Chief Investment Officer

Jon Slabaugh has three decades of experience as an investor, operating executive, and board member at high-growth, business intelligence, data, and SaaS workflow companies. Before FiscalNote, he was the Managing Director of UCG, a private holding company, where he managed mergers, acquisitions, divestitures, debt and equity financings, and oversaw over 30 strategic acquisitions for the portfolio. Earlier in his career, Mr. Slabaugh co-founded and served as Managing Director of MCG Capital, an investment company backed by Goldman Sachs, Heller Financial, Vestar Capital Partners, and Soros Private Equity Partners, which later became a publicly-traded Business Development Company.

Timothy Hwang, Executive Chairman

Timothy Hwang is a co-founder of FiscalNote, which he launched in 2013, and served as CEO until January 1, 2025, when he transitioned to Executive Chairman. FiscalNote has raised significant venture capital from investors such as Mark Cuban and Jerry Yang, and went public with a valuation over $1 billion. Prior to founding FiscalNote, Mr. Hwang founded Operation Fly and the National Youth Association. He also serves as Chairman or Board member for other companies including Nitra, Ownerific, Amber, and Jericho.

Todd Aman, Chief Legal and Administrative Officer

Todd Aman serves as the Chief Legal and Administrative Officer at FiscalNote.

Can Babaoglu, Chief Product Officer

Can Babaoglu is the Chief Product Officer at FiscalNote, responsible for product strategy and delivery across various markets. He brings almost two decades of product development and management experience. Previously, Mr. Babaoglu was Vice President for Product at Casetext, a company that was acquired by Thomson Reuters in 2023. He also co-founded Smartup Network and Sprongo.

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Key Risks to FiscalNote Holdings Inc.

Here are the key risks to FiscalNote Holdings Inc. (formerly Daedalus Special Acquisition, DSAC):

1. Financial Health and High Debt Burden: FiscalNote faces significant financial challenges, including poor financial strength with a low Piotroski F-Score of 3, indicating weak business operations. The company exhibits negative profitability metrics, with an operating margin of -35.7% and a net margin of -54.31%. Furthermore, FiscalNote carries a high debt-to-equity ratio of 2.05, and an Altman Z-Score of -4.38, placing it in a distress zone which suggests a potential risk of bankruptcy. The company has a total debt of $131.5 million and a debt-to-equity ratio of 174.2%. Ongoing liquidity pressure, operational losses, material internal control weaknesses, and reliance on external funding are also noted concerns, requiring close monitoring of cash burn and compliance with debt covenants.
2. Intense Competition and the Need for Continuous Technological Innovation: FiscalNote operates in a dynamic market subject to significant competition and rapid technological disruptions. The company faces ongoing challenges from established players and emerging technologies. To remain competitive, FiscalNote's market analysis indicates a critical need for continuous innovation and adaptation to stay ahead of competitors, including larger, well-funded companies that may shift their business models to become more competitive. Its success hinges on its ability to maintain and improve its data collection, organization, and analysis technologies, and anticipate new methods or technologies.
3. Evolving Regulatory Landscape, AI, and Data Privacy: FiscalNote's operations are subject to the complexities of evolving regulations, particularly those pertaining to artificial intelligence and data privacy. The company's ability to adapt its products and services to changes in these laws and regulations, or shifts in public perception and enforcement, is crucial for its business model, which heavily relies on AI technology and legal data.

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The rapid advancement and adoption of large language models (LLMs) and generative artificial intelligence by major technology companies and specialized legal tech startups represent a clear emerging threat. These powerful new AI capabilities could offer more sophisticated, efficient, or cost-effective solutions for legal research, policy analysis, and content generation, potentially diminishing the unique value proposition of FiscalNote's existing AI-driven platforms and workflow tools.

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For Daedalus Special Acquisition (DSAC), which completed its business combination with FiscalNote Holdings Inc., the addressable markets for its main products and services are estimated as follows:

• The total addressable market for regulatory intelligence is estimated at $40 billion globally.
• The global legal and regulatory information solutions market was approximately $37 billion in 2020.
• The global Legal Analytics Market was valued at USD 3.15 billion in 2025 and is projected to reach USD 6.60 billion by 2030, growing at a CAGR of 15.92%. North America is the leading region in this market.
• The global legal AI market was valued at USD 1.9 billion in 2024 and is projected to grow to USD 6.5 billion by 2034, with a CAGR of 13.1% between 2025 and 2034. North America held over 35% of the market share in 2024.
• The global Policy Management Software Market size was valued at USD 1.85 billion in 2026 and is expected to reach USD 7.19 billion by 2035, at a CAGR of 18.48%. North America holds a dominant position, accounting for 34.7% of the global market share, with the U.S. contributing over 81.3% of this regional share.
• The Public Affairs and Advocacy Software Market size is valued at USD 1.5 billion in 2025 and is projected to reach USD 3.8 billion by 2035, with a CAGR of 10.0% during the forecast period (2026-2035). The North America industry is forecast to lead with a 41.0% share from 2026 to 2035.
• The global AI in government and public services market size was estimated at USD 22.41 billion in 2024 and is projected to reach USD 98.13 billion by 2033, growing at a CAGR of 17.8% from 2025 to 2033. North America dominated this market with a 32.0% revenue share in 2024.

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Here are 3-5 expected drivers of future revenue growth for FiscalNote Holdings Inc. (formerly Daedalus Special Acquisition, DSAC) over the next 2-3 years:

1. Growth and Adoption of the PolicyNote Platform with AI-Powered Enhancements: FiscalNote anticipates revenue growth through the continued development and increased adoption of its PolicyNote platform. The company is actively enhancing PolicyNote with enterprise features and AI-powered tools, such as legislative drafting capabilities and social listening features, which are expected to drive upsells to existing customers and attract new ones. The migration of users to the PolicyNote platform is also expected to improve customer engagement and retention.
2. New Customer Acquisition and Improved Retention in the Corporate Sector: A key driver for FiscalNote's future revenue is its focus on improving new logo sales and overall customer retention, particularly within the corporate segment. The company has noted growing momentum in its corporate pipeline, coupled with increased inbound demand, sustained pipeline strength, and strong user engagement on PolicyNote, which are contributing to gains in new corporate client acquisition.
3. Strategic Application of AI and Data to Expand Offerings and Market Opportunities: As an AI-driven enterprise SaaS company, FiscalNote aims to leverage its core artificial intelligence technology and data capabilities to develop enhanced solutions and explore new market opportunities. This includes automating policy and regulatory workflows to increase customer "share of wallet" and potentially expanding into adjacent areas such as political prediction markets, indicating a strategy to diversify and grow its intelligence offerings.

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Here is a summary of Daedalus Special Acquisition's (DSAC) capital allocation decisions over the last 3-5 years, reflecting its operations as FiscalNote Holdings Inc. since the merger in August 2022:

Share Issuance

• In connection with its business combination with Duddell Street Acquisition Corp. (DSAC) in August 2022, FiscalNote Holdings Inc. became a publicly listed company.
• A fully committed $100 million Private Investment in Public Equity (PIPE) at $10.00 per share was part of the de-SPAC transaction, anchored by Maso Capital.
• In August 2025, FiscalNote entered into an agreement to issue convertible debentures totaling approximately $33 million, with the second tranche of $12.3 million issued in September 2025.

Inbound Investments

• FiscalNote received $425 million as part of its merger with Duddell Street Acquisition Corp., which included $175 million from the SPAC trust and a 5-year senior secured term loan of up to $250 million, with $150 million committed at closing.
• A credit facility of up to $250 million in senior debt funding was arranged in May 2022 with Runway Growth Capital, ORIX Growth Capital, and Atalaya Capital Management, which replaced the previously announced PIPE.
• Approximately $33 million was secured in August 2025 through the issuance of convertible debentures from YA II PN, Ltd.

Outbound Investments

• FiscalNote actively pursued acquisitions in 2021, including Predata in August, FactSquared in January, Oxford Analytica in February, TimeBase and Fireside in May, Board.org in June, Equilibrium in August, Curate in August, and Forge.AI in September.
• In January 2023, FiscalNote acquired Dragonfly Eye Ltd., a UK-based geopolitical and security intelligence provider.
• The company strategically divested non-core assets, including the sale of Board.org in March 2024 and Aicel in October 2024 to enhance operating efficiencies, and the sale of TimeBase to Thomson Reuters for $6.5 million in July 2025.

Capital Expenditures

• Capital expenditures for the last 12 months (as of February 2026) amounted to -$7.57 million.
• For the third quarter ended September 30, 2025, capital expenditures were $5.561 million.
• Capital expenditures were $6.875 million for the third quarter ended September 30, 2024.