Duddell Street Acquisition Corp.: management transactions · United States · SEC (Form 4)

About Duddell Street Acquisition Corp.

Duddell Street Acquisition Corp. should be understood primarily as a SPAC rather than as a conventional operating company. It was incorporated on August 28, 2020 as a Cayman Islands exempted company with the stated purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more target businesses. Its principal executive office was listed in Hong Kong at 8/F Printing House, 6 Duddell Street, and the company was publicly traded on Nasdaq under the ticker DSAC before completing its transaction. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1823466/000110465922045619/dsac-20211231x10k.htm?utm_source=openai)) Because it was a blank-check vehicle, Duddell Street did not have traditional product lines, manufacturing operations, or recurring customer-facing services. Its business model was financial and transactional: raise capital in the public markets, hold those proceeds in trust, identify a suitable acquisition target, and deliver a public listing path for that target. The company’s sponsor was Maso Capital, a Hong Kong-based hedge fund, which provided the platform with Asia-linked sourcing capability and a cross-border investment profile. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1823466/000110465922083482/tm2221910d1_ex99-1.htm)) The defining milestone in Duddell Street’s history was its business combination with FiscalNote Holdings, Inc. Shareholders approved the merger on July 27, 2022, and the combined company was expected to begin trading on the New York Stock Exchange under the symbol NOTE on August 1, 2022. As a result, Duddell Street effectively transitioned from an independent SPAC into the public-market vehicle for FiscalNote. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1823466/000110465922083482/tm2221910d1_ex99-1.htm)) For investors, the competitive assessment of Duddell Street is therefore not about operating margins or product-market fit, but about sponsor quality, execution discipline, and transaction outcomes. In a crowded SPAC market, those attributes determine whether a blank-check company can secure an attractive target and complete a value-accretive deal. In this case, the chosen target was FiscalNote, a technology company focused on policy and regulatory intelligence, which shifted the economic story away from the original SPAC shell and toward the merged operating business. Recent public-market news is therefore best read through FiscalNote’s reporting and disclosures, including its 2025 financial updates and cost-optimization efforts, rather than through any standalone operating developments at Duddell Street itself. ([fiscalnote.com](https://fiscalnote.com/newsroom/fiscalnote-reports-fourth-quarter-and-full-year-2025-financial-results?utm_source=openai))