FiscalNote Holdings Inc. ( NOTE/WS ) on Wednesday said the New York Stock Exchange will suspend trading and begin delisting proceedings after the company fell below the $1 minimum average share price requirement over 30 trading days.

Trading Shift, Appeal Under Consideration

The NYSE will suspend trading of the company's Class A common stock and warrants and shift them to the OTC market, where they are expected to begin trading under the same ticker on March 26, 2026.

FiscalNote ( NOTE/WS ) is evaluating an appeal to the NYSE's Listing Qualifications Panel, though success is not assured. The move allows shares to continue trading on an alternative platform.

Cost Cuts, Platform Transition

The update comes as FiscalNote ( NOTE/WS ) implements a restructuring plan, including a 25% workforce reduction. The plan also includes a roughly 19% cut in cash operating costs to improve margins.

The company aims to generate positive free cash flow over the 12 months starting April 1, 2026.

The company has completed migrating customers off its legacy platform in 2025 and is continuing its shift to PolicyNote in 2026, citing stronger engagement and early signs of improved retention.

AI Push, New Revenue Streams Under Review

FiscalNote ( NOTE/WS ) is expanding its PolicyNote API, including infrastructure to support AI agents from providers such as Anthropic, OpenAI, Google Gemini, and Microsoft, alongside a new integration that enables access to its data within ChatGPT.

The company is also entering the political predictions market with products such as prediction markets, tip sheets, and fantasy-style formats. Its board is reviewing strategic options, including potential divestitures of non-core assets, with no set timeline for updates.

Price Action: NOTE shares plunged 24.45% to close at $0.53 and slipped another 3.95% to $0.51 in after-hours trading on Wednesday.