Our lawyers regularly advise issuers, agents and investors in connection with private placements of equity, debt and hybrid securities. Private placements may be the first stop for a venture capital or entrepreneurial client, or an alternative for a well-established issuer needing to raise capital when the public equity markets are unavailable.

We work with our financial institution clients to devise new distribution methodologies for securities, such as the PIPE. Created by Morrison & Foerster lawyers in 1985, the PIPE (private investment in public equity) transaction has become a key financing alternative. Regional banks, REITs, biotech and technology-based companies all have used PIPEs to raise capital in tough markets.

Read more about PIPEs and registered directs:

Articles

• Over the Worst of It by Anna Pinedo & James Tanenbaum
  First published in International Financial Law Review June 2008. Used by permission.
• The SEC’s December 2007 Rule Revisions: Updates to Standard Transaction Documentation for Financial Intermediaries (Part II) by Lloyd Harmetz and Anna Pinedo
  First published in Wall Street Lawyer May 2008. Used by permission.
• The SEC’s December 2007 Rule Revisions: Updates to Standard Transaction Documentation for Financial Intermediaries by Lloyd Harmetz and Anna Pinedo
  First published in Wall Street Lawyer in April 2008. Copyright 2008 Thomson/West Legalworks. Used by permission. All rights reserved.
• Follow the Rules: The SEC’s Amendments to Rules 144 and 145-A Little Something for Everyone by Lloyd Harmetz First published in The Deal February 2008. Used by permission.
• PIPEs 2007: The Status Quo Takes a Blow by Anna Pinedo and James Tanenbaum
  First published in Financier Worldwide October 2007. Used by permission.
• A Time to Reap, Sow, and Think About a Secondary PIPE by Anna Pinedo and James Tanenbaum
  First published in Financier Worldwide September 2007. Used by permission.
• When a Primary is not a Primary by Anna Pinedo and James Tanenbaum
  First published in International Financial Law Review May 2007. Used by permission.
• PIPEs and Registered Directs: Back to the Future by Anna Pinedo and James Tanenbaum
  First published in Financier Worldwide Magazine’s 2006 Private Equity & Venture Capital Review 2006. Used by permission.
• PIPES: the Law -- Legal and Regulatory Framework by Anna Pinedo and James Tanenbaum
  First published in PIPEs: A Guide - Bloomberg Press 2006. Used by permission.
  
• A Registered PIPE? by Anna Pinedo and James Tanenbaum
  First published in Wall Street Reporter August 2002. Used by permission.
• “A PIPE by Any Other Name…” by Anna Pinedo and James Tanenbaum
  First published in Euromoney Institutional Lawyer 2001. Used by permission.

Client Stories

• PIPE Transaction: Problem, Creativity, Solution
  
• Hedging PIPEs

Resources

• Frequently Asked Questions About PIPEs
• Frequently Asked Questions About Registered Directs

See also Recent Attorney Articles for additional articles.