August 22, 2026 is the date separating FiscalNote Holdings, Inc. (NOTE) from two subordinated creditors holding unresolved defaults. GPO FN Noteholder, LLC and YA II PN, Ltd. each signed letter agreements on July 22, 2026 amending forbearance arrangements first dated April 21, 2026, according to an 8-K filed July 24 and executed by CFO Jon Slabaugh. The NYSE delisting that triggered the defaults remains in place.
The default and its origin
FiscalNote's Class A common stock was removed from the New York Stock Exchange, and that event constituted a default under subordinated convertible debt instruments held by both GPO and YA. The original forbearance agreements, dated April 21, 2026, acknowledged those defaults from the start. The July 22 letter agreements are a further amendment, not the first.
Terms of the extended forbearance
Each Subordinated Creditor holds a separate subordinated convertible debt instrument and signed a separate letter agreement. Under the amended terms, both GPO FN Noteholder, LLC and YA II PN, Ltd. have agreed to waive the delisting-triggered defaults and to forbear from exercising any rights tied to those defaults through August 22, 2026.
The filing carries no revised debt principal or updated conversion terms, and states no cash consideration for the extension.
What remains unresolved
The forbearance is a standstill, not a cure. August 22 is a hard stop: if no further agreement is reached by that date, both creditors recover the right to act on the underlying defaults. FiscalNote is incorporated in Delaware, files under Commission File Number 001-39672, and maintains principal offices at 1201 Pennsylvania Avenue NW, 6th Floor, Washington, D.C. 20004.