Form 4: FiscalNote Holdings CEO Tim Hwang Sells Shares to Cover Tax Obligations

Tim Hwang, Chairman, CEO, and Director of FiscalNote Holdings, sold shares of Class A Common Stock to cover tax obligations and pursuant to a pre-arranged trading plan.

Summary

• Tim Hwang, Chairman, CEO, and Director of FiscalNote Holdings, sold 25,000 shares of Class A Common Stock at a weighted average price of $1.396 on July 1, 2024.
• He also sold 29,329 shares of Class A Common Stock at $1.4382 on the same day.
• These transactions were executed under a Rule 10b5-1 trading plan.
• The first sale was executed pursuant to a Rule 10b5-1 trading plan adopted on March 20, 2024.
• The second sale was to cover tax obligations upon the vesting of 89,832 restricted stock units, pursuant to a Rule 10b5-1 trading plan adopted on August 11, 2023.
• Following these transactions, Hwang directly owns 49,318 shares and indirectly owns 2,662,043 shares through the Timothy T. Hwang Revocable Trust.

Sentiment

Score: 5

Explanation: The sentiment is neutral as the filing simply reports stock sales under pre-existing trading plans and to cover tax obligations, which is a routine activity.

Industry Context

Insider sales are a common occurrence and are often viewed in the context of pre-planned trading activities or personal financial management rather than a reflection of the company's prospects.

Stakeholder Impact

• The stock sales could have a minor impact on shareholders due to the increased supply of shares in the market, but the impact is likely to be minimal given the pre-planned nature of the transactions.

Key Dates