By Denny Jacob
FiscalNote Holdings shares plummeted 50% to 66 cents after the company issued lower-than-expected revenue guidance for the current quarter and 2023.
The stock, down 90% on the year so far, is on pace for a new all-time low and its largest percentage decrease on record.
The company, an artificial-intelligence-driven technology provider, forecast revenue in the range of $34 million to $35 million for the fourth quarter and between $132 million and $133 million for 2023. Analysts polled by FactSet expected $37.4 million and $136.5 million, respectively.
FiscalNote also said that its board established a special committee in response to statements made by Chief Executive Tim Hwang regarding his interest in putting together a consortium to explore a potential go-private transaction.
Write to Denny Jacob at [email protected]
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