Home / Going-concern warnings / FiscalNote Holdings, Inc.
Filed 2025-11-10 路 Form 10-Q 路 Accession 0001193125-25-274550 nano
Price before filing: $3.06 (2025-11-07 close, split/dividend-adjusted)
Market cap at flag: $47.4M (2025-11-10) 路 Latest: $390,714 (2026-10-16)
| Window | NOTE | SPY | vs SPY | |
|---|---|---|---|---|
| 30 days | -39.5% | +2.5% | -42.0% | 2025-12-10 |
| 90 days | -60.1% | +3.7% | -63.9% | 2026-02-09 |
| 180 days | -93.8% | +10.8% | -104.6% | 2026-05-11 |
Return from the last close before the filing date to the first close on/after the window end. Pending windows have not fully elapsed. Past performance says nothing certain about the future.
90 days before the flag: 1 insider sold $67K (6 sales)
30 days after: 1 insider sold $11K (2 sales)
| Date | Insider | Type | Shares | Price | Value | 10b5-1 plan | Source |
|---|---|---|---|---|---|---|---|
| 2025-09-03 | Hwang Tim Director, 10% owner | Sale | 4,347 | $4.24 | $18K | yes | Form 4 |
| 2025-09-03 | Hwang Tim Director, 10% owner | Sale | 1,438 | $4.24 | $6K | yes | Form 4 |
| 2025-10-01 | Hwang Tim Director, 10% owner | Sale | 3,591 | $4.80 | $17K | yes | Form 4 |
| 2025-10-01 | Hwang Tim Director, 10% owner | Sale | 1,175 | $4.80 | $6K | yes | Form 4 |
| 2025-11-06 | Hwang Tim Director, 10% owner | Sale | 5,799 | $2.59 | $15K | yes | Form 4 |
| 2025-11-06 | Hwang Tim Director, 10% owner | Sale | 1,896 | $2.59 | $5K | yes | Form 4 |
| 2025-11-10: red flag filed | |||||||
| 2025-12-02 | Hwang Tim Director, 10% owner | Sale | 4,213 | $1.91 | $8K | yes | Form 4 |
| 2025-12-02 | Hwang Tim Director, 10% owner | Sale | 1,377 | $1.91 | $3K | yes | Form 4 |
Open-market purchases and sales (Form 4 codes P and S) by officers, directors and 10% owners, by transaction date, from 2025-08-12 to 2025-12-10. Excludes option exercises, grants, gifts and tax withholding. Amended filings replace the originals; joint filings count once. Foreign private issuers do not file Form 4. Many insider sales are pre-scheduled (10b5-1 plans) and are not by themselves a sign of wrongdoing.
"Accordingly, the Company has concluded that there is substantial doubt about its ability to continue as a going concern within one year from the date of this filing."
Quoted from the filing. Source
The filing states that substantial doubt exists about the company's ability to continue as a going concern: it may not have enough cash to last the next 12 months. Expect dilution, debt deals or worse. An auditor's going-concern paragraph is the strongest form of this warning.
Source: management disclosure in Form 10-Q (period 2025-09-30)
Why this score: quarterly (unaudited) disclosure
Read the original filing on SEC.gov →
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