Form 4: FiscalNote CSO Gerald Yao Sells Shares Under 10b5-1 Trading Plan

FiscalNote Holdings CSO and Director Gerald Yao sold 2,750 shares of Class A Common Stock at $1.50 per share on June 24, 2024, under a pre-arranged 10b5-1 trading plan.

Summary

• On June 24, 2024, Gerald Yao, the CSO and a Director of FiscalNote Holdings, Inc., sold 2,750 shares of Class A Common Stock.
• The sale was executed at a price of $1.50 per share.
• This transaction was conducted under a Rule 10b5-1 trading plan adopted on March 19, 2024.
• Following the transaction, Yao directly owns 4,000 shares of Class A Common Stock.
• Yao also indirectly owns 75,873 shares through the Gerald Yao Revocable Trust Dated January 10, 2019, for which he serves as Trustee.

Sentiment

Score: 5

Explanation: The sentiment is neutral as the transaction was conducted under a pre-arranged trading plan and doesn't necessarily reflect a change in the insider's view of the company's prospects.

Industry Context

Insider sales are a common occurrence, and the use of a 10b5-1 trading plan suggests the sale was pre-planned and not based on current inside information. Investors often monitor insider transactions for signals about a company's prospects, but sales under 10b5-1 plans are generally viewed as less informative.

Stakeholder Impact

• The sale of shares by a company executive could be perceived negatively by some shareholders, although the existence of a 10b5-1 plan mitigates this concern.

Key Dates