FiscalNote Holdings, an AI-based policy intelligence company, was Delisting from the NYSE on March 25, 2026, for failing to maintain an Medium share price of $1.00 for 30 consecutive trading sessions. The company had already performed a reverse stock Chia the previous year, leaving no time to rectify the situation.
The Delisting marked a multi-year decline stemming from the popularization of large language models (LLMs) as intermediaries in the policy data landscape, which Capital once been the foundation of the company's development.
A pioneering policy intelligence project drops below $1.
The New York Stock Exchange (NYSE) announced it will begin Delisting proceedings for FiscalNote (NOTE) under Section 802.01C of the Listed Companies Regulations. Trading of Class A shares and Call Option of the company will cease immediately. Note shares are expected to begin trading on the over-the-counter (OTC) market on March 26, 2026, with the same ticker symbol.
The timing was quite remarkable. On the very day FiscalNote was Delisting from the NYSE, it announced that its PolicyNote MCP server had been approved on the OpenAI App Store. This allowed 700 million weekly ChatGPT users to access policy data organized by the US Congress, all 50 US states, and over 100 other countries.
FiscalNote XEM its Delisting as the beginning of “a new phase of health and opportunity.” The company stated it has reduced its workforce by 25% and cut operating cash costs by 19%. FiscalNote forecasts positive free cash flow for the 12 months from April 2026.
Founded in 2013, FiscalNote provides legal monitoring and policy analysis solutions for businesses and governments through its core platform, PolicyNote. The company went public in 2021 through a merger with a SPAC.
The SaaSpocalypse has forced one data middleman out of the game.
FiscalNote's slump is part of what experts call the " SaaSpocalypse "—a phenomenon where SaaS business models are heavily impacted by players using LLM. Since the beginning of 2026, the entire software industry has lost approximately $1 trillion in market Capital as businesses increasingly shift their budgets from subscription-based models to proactive AI platforms.
FiscalNote previously built its competitive advantage on information asymmetry. While policy documents were publicly available, collecting, processing, and analyzing them on a large scale was prohibitively expensive. With the advent of LLM models, this cost was reduced to virtually zero. Now, any compliance team can input bill text into AI to obtain summaries, something that previously required purchasing a FiscalNote service package.
The company's new direction also reflects this. The launch of the PolicyNote MCP server on March 4, 2026, demonstrates a shift from selling in-depth analytics to providing raw data infrastructure. In fact, FiscalNote almost acknowledges that LLM handles this interpretation layer much better and more cheaply.
A series of moves related to cryptocurrency.
Over the past year, FiscalNote has experimented with various cryptocurrency-related strategies. In June 2025, they began XEM stablecoins as a payment method for international customers. By September 2025, the company announced it was researching the use of Bitcoin, Ethereum, and Solana as strategic reserve assets, following the BTC treasury model pioneered by MicroStrategy.
In February 2026, FiscalNote expanded into the political prediction market . They launched a pilot program at PoliticalPredictions.com, signed a non-binding memorandum of Mnemonics with 365Prediction, and appointed Dr. Laila Mintas, former director of Sportradar, as a strategic advisor. Last week, the company signed another memorandum of Mnemonics with the South Korean law firm D&A LLC to distribute US policy data to Asian markets.
Each of these strategies aims at a new direction of development. However, so far, none have generated enough revenue to push the stock price above $1.
The market forecast suggests it may last longer than the company's other projects.
In FiscalNote's recent strategic direction, focusing on the prediction market is considered the most aligned with industry trends. Currently, the monthly volume of the prediction market has reached approximately $10 billion . Kalshi hassurpassed Polymarket and become the leading platform in terms of liquidation, holding approximately 66% of the market share.
Policy data and forecasting markets are naturally linked. Businesses aren't really interested in the content of a bill; they want to know the likelihood of its passage and when it will be passed. It's a matter of probability, and forecasting markets are the most direct way to assess these probabilities.
However, structural issues remain. The prediction market only becomes active during major events that attract significant attention, such as elections, interest rate decisions, or wars. Meanwhile, micro-level questions about regulation – the area where FiscalNote data is most valuable, for example, “Will the high-risk classification criteria of Article 6 of the European AI Act be adopted before Q3?” – receive too little attention to generate sufficient betting volume.
FiscalNote's management stated that the company is still XEM all strategic options, including selling non-core assets. Whether the company's shift away from the OTC market will be successful remains an open question. However, the clear lesson from this case is: in the LLM era, companies that profit from the gap between publicly available data and user insights will face existential pressure. The profit margins of intermediaries are increasingly shrinking, and FiscalNote's Delisting is a testament to this trend.
