FiscalNote Holdings, Inc.'s (NYSE:NOTE) Chief Financial Officer and Senior Vice President of Corporate Development, Jon Slabaugh, has sold a portion of his company stock, primarily to satisfy tax obligations related to the vesting of restricted stock units. The transaction, which took place on May 7, 2024, involved the sale of 987 shares of FiscalNote's Class A Common Stock at a price of $1.2101 per share, totaling approximately $1,194.
The sale was conducted in accordance with a pre-arranged Rule 10b5-1 trading plan, which Slabaugh adopted on May 14, 2023. This type of plan allows company insiders to sell shares at predetermined times to avoid accusations of trading on nonpublic information. The shares sold were part of a "sell-to-cover" transaction, a common practice where employees sell a portion of their vested shares to cover the taxes incurred upon vesting.
Following the transaction, Slabaugh still has a significant stake in the company, retaining ownership of 139,390 shares of Class A Common Stock. The sale represents a small fraction of his overall holdings and is a routine financial move to manage tax liabilities that come with the vesting of restricted stock units.
Investors and followers of FiscalNote Holdings, Inc. can continue to monitor insider transactions as they provide insights into executives' perspectives on the company's stock value and financial health.
InvestingPro Insights
In the context of FiscalNote Holdings, Inc.'s (NYSE:NOTE) recent insider stock sale, it's pertinent to consider the company's financial health and stock performance through the lens of InvestingPro data and insights. With a market capitalization of $170.48 million USD and a notable gross profit margin of 69.66% for the last twelve months as of Q4 2023, FiscalNote stands out for its ability to generate profit relative to revenue. Nonetheless, it's important to acknowledge the company's substantial operating loss of $66.06 million USD during the same period, reflecting challenges in converting gross profits to net earnings.
Investors should also be aware of the stock's recent volatility, as evidenced by a 9.63% decline over the past week and an 11.59% drop over the past month. This volatility is a critical factor for those considering an investment, especially in light of the InvestingPro Tip highlighting the stock's high price volatility. Moreover, another InvestingPro Tip points out that the company's short-term obligations exceed its liquid assets, suggesting potential liquidity risks that could affect its financial flexibility.
For those interested in a deeper analysis of FiscalNote Holdings, Inc., there are additional InvestingPro Tips available that could further inform investment decisions. By using the coupon code PRONEWS24, readers can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, which includes a comprehensive set of tips to navigate the complexities of the market. Visit https://www.investing.com/pro/NOTE for more insights.
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